N-CSR 1 b67065a1nvcsr.txt SPDR(R) INDEX SHARES UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-21145 ---------- SPDR(R) INDEX SHARES FUNDS (Exact name of registrant as specified in charter) One Lincoln Street, Boston, Massachusetts 02111 (Address of principal executive offices) (zip code) (Name and Address of Agent for Service) Copy to: Ryan M. Louvar, Esq. W. John McGuire, Esq. State Street Bank and Trust Company Morgan, Lewis & Bockius LLP One Lincoln Street 1111 Pennsylvania Avenue, N.W. Boston, MA 02111 Washington, DC 20004 Registrant's telephone number, including area code: (866) 787-2257 Date of fiscal year end: September 30 Date of reporting period: September 30, 2007 ITEM 1. REPORTS TO SHAREHOLDERS. ANNUAL REPORT September 30, 2007 (SPDRS(SM) LOGO) STATE STREET GLOBAL ADVISORS Precise in a world that Isn't.(SM) TABLE OF CONTENTS PRESIDENT'S LETTER............................................... 1 MANAGEMENT DISCUSSIONS OF FUND PERFORMANCE DJ STOXX 50(R) ETF (FEU)....................................... 2 DJ EURO STOXX 50(R) ETF (FEZ).................................. 6 SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF)................. 10 SPDR(R) S&P(R) CHINA ETF (GXC)................................. 14 SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)...................... 18 SPDR(R) S&P(R) BRIC 40 ETF (BIK)............................... 22 SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)....................... 23 SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)................ 27 SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF)......... 31 SPDR(R) S&P(R) WORLD EX-US ETF (GWL)........................... 35 SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)............... 36 SPDR(R) DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF (RWX)........ 37 SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII)..... 42 SPDR(R) MSCI ACWI EX-US ETF (CWI).............................. 46 SPDR(R) RUSSELL/NOMURA PRIME(TM) Japan ETF (JPP)............... 50 SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) Japan ETF (JSC)........... 54 SCHEDULES OF INVESTMENTS DJ STOXX 50(R) ETF (FEU)....................................... 58 DJ EURO STOXX 50(R) ETF (FEZ).................................. 59 SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF)................. 60 SPDR(R) S&P(R) CHINA ETF (GXC)................................. 62 SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)...................... 65 SPDR(R) S&P(R) BRIC 40 ETF (BIK)............................... 70 SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)....................... 71 SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)................ 72 SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF)......... 74 SPDR(R) S&P(R) WORLD EX-US ETF (GWL)........................... 76 SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)............... 83 SPDR(R) DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF (RWX)........ 89 SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII)..... 91 SPDR(R) MSCI ACWI EX-US ETF (CWI).............................. 93 SPDR(R) RUSSELL/NOMURA PRIME(TM) Japan ETF (JPP)............... 100 SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) Japan ETF (JSC)........... 105 FINANCIAL STATEMENTS............................................. 110 FINANCIAL HIGHLIGHTS............................................. 126 NOTES TO FINANCIAL STATEMENTS.................................... 131 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.......... 140 OTHER INFORMATION................................................ 141
(streetTRACKS Logo/annual report) PRESIDENT'S LETTER TO SHAREHOLDERS Dear Shareholders, Enclosed, please find a copy of the annual report for the period ended September 30, 2007. State Street has launched seventeen new SPDR ETFs so far in 2007, offering investors exposure to segments of the global stock markets, along with a suite of fixed income products. NEW INTERNATIONAL AND EMERGING MARKET SPDRS International SPDRs launched cover key segments of the developed international and global markets and include: - SPDR(R) S&P(R) International Small Cap ETF (Ticker Symbol: GWX) - SPDR(R) MSCI ACWI ex-US ETF (Ticker Symbol: CWI) - SPDR(R) FTSE/Macquarie Global Infrastructure 100 ETF (Ticker Symbol: GII) and - SPDR(R) S&P(R) World ex-US ETF (Ticker Symbol: GWL) State Street has also introduced its new emerging markets ETF line-up, which I believe provides a competitively distinct array of SPDRs. Our line-up offers exposure to virtually the entire emerging markets universe, certain key regions and China. They are: - SPDR(R) S&P(R) Emerging Markets ETF (Ticker Symbol: GMM) - SPDR(R) S&P(R) Emerging Latin America ETF (Ticker Symbol: GML) - SPDR(R) S&P(R) Emerging Middle East & Africa ETF (Ticker Symbol: GAF) - SPDR(R) S&P(R) Emerging Europe ETF (Ticker Symbol: GUR) - SPDR(R) S&P(R) Emerging Asia Pacific ETF (Ticker Symbol: GMF) - SPDR(R) S&P(R) China ETF (Ticker Symbol: GXC) and - SPDR(R) S&P(R) BRIC 40 ETF (Ticker Symbol: BIK) NEW FIXED INCOME SPDRS State Street also introduced fixed income SPDRs to provide bond and cash exposure at highly competitive expense ratios. Fixed Income SPDRs launched during the period include: - SPDR(R) Barclays Capital TIPS ETF (Ticker Symbol: IPE) - SPDR(R) Lehman 1-3 Month T-Bill ETF (Ticker Symbol: BIL) - SPDR(R) Lehman Aggregate Bond ETF (Ticker Symbol: LAG) - SPDR(R) Lehman Intermediate Term Treasury ETF (Ticker Symbol: ITE) - SPDR(R) Lehman Long Term Treasury ETF (Ticker Symbol: TLO) - SPDR(R) Lehman Municipal Bond ETF (Ticker Symbol: TFI) Each of these new ETFs was created to meet the demands of our investors, and in the months ahead, we look forward to launching new ETFs that will provide additional opportunities for those looking to diversify their portfolios. Given State Street's heritage as the industry's pioneer, my colleagues and I take great pride in these new additions to our SPDR family and we look forward to continue helping you reach your investment goals in the days ahead. On behalf of the SPDR Index Shares Funds, I thank you for your continued support. Sincerely, -s- James Ross James Ross President 1 (streetTRACKS Logo/Annual Report) DJ STOXX 50 ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The DJ STOXX 50 ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the price and yield of the Dow Jones STOXX 50 Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" or indexing approach to invest in a portfolio of stocks to replicate the Index. For the twelve-month period ended September 30, 2007, the Fund returned 24.22% and the Index returned 24.39%. European equities posted remarkable gains for the year ended September 30, 2007. Equity returns were driven by a number of factors including solid economic performance, favorable liquidity conditions and significant merger and acquisition activity. U.S.-based investors also benefited from the strength of European currencies, especially the Euro and U.K. Sterling. Near the end of the fiscal year, concerns over fixed income and money market issues (especially in the U.S.) weighed on markets, but the U.S. Federal Reserve Bank lowering both the discount rate and the Fed funds rate appeared to positively affect equities before the end of the period. Gains were widespread during the fiscal year, with a large majority of names posting strong performance. Finnish firm Nokia Oyj was a top performer during the fiscal year, appreciating significantly and adding a positive return to the index. The company reported increased market share and improved margins. Telecom firms also fared well as investors appeared encouraged with results and growth opportunities for these firms. Telefonica SA of Spain was a particularly strong performer in the group, rising significantly, while Vodafone Group of the U.K. also rose significantly. German company Daimler AG (formerly Daimler Chrysler) also rose significantly during the year. The company sold the former Chrysler to private equity investors during the year. Materials companies posted excellent results during the period as strong commodity prices gave a boost to the entire sector. BHP Billiton PLC led this group, gaining appreciably during the year. The company posted a large increase in earnings and record results in a number of its businesses. 2 (streetTRACKS Logo/Annual Report) DJ STOXX 50 ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/15/02, 10/21/02, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR DJ STOXX 50 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2007 IS 0.31%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET DOW JONES STOXX 50 INDEX VALUE VALUE (Broad-Based Comparative Index) -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/07 24.22% 23.79% 24.39% -------------------------------------------------------------------------------------------------------------------- THREE YEARS ENDED 9/30/07 77.33% 76.86% 78.58% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 144.29% 144.77% 146.72% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET DOW JONES STOXX 50 INDEX VALUE VALUE (Broad-Based Comparative Index) -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/07 24.22% 23.79% 24.39% -------------------------------------------------------------------------------------------------------------------- THREE YEARS ENDED 9/30/07 21.04% 20.93% 21.32% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 19.72% 19.77% 19.96%
(1) For the period October 15, 2002 to September 30, 2007. 3 (streetTRACKS Logo/Annual Report) DJ STOXX 50 ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT DJ STOXX 50 ETF (BASED ON NET ASSET VALUE) LINE GRAPH
DOW JONES STOXX 50 INDEX - DJ STOXX US DOLLAR 50 ETF DENOMINATED -------- ----------- 10/15/2002 10000.00 10000.00 12/31/2002 10059.00 9978.00 3/31/2003 9129.00 9132.00 6/30/2003 11098.00 11096.00 9/30/2003 11279.00 11287.00 12/31/2003 13631.00 13660.00 3/31/2004 13384.00 13423.00 6/30/2004 13524.00 13552.00 9/30/2004 13776.00 13815.00 12/31/2004 15710.00 15814.00 3/31/2005 15626.00 15695.00 6/30/2005 15612.00 15682.00 9/30/2005 16751.00 16856.00 12/31/2005 16872.00 16994.00 3/31/2006 18242.00 18401.00 6/30/2006 18818.00 18954.00 9/30/2006 19666.00 19835.00 12/31/2006 21383.00 21577.00 3/31/2007 21801.00 22014.00 6/30/2007 23864.00 24079.00 9/30/2007 24429.00 24672.00
4 (streetTRACKS Logo/Annual Report) DJ STOXX 50 ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
----------------------------------------------------------------------------------------------------------- DESCRIPTION BP PLC HSBC HOLDINGS PLC VODAFONE GROUP TOTAL SA ----------------------------------------------------------------------------------------------------------- MARKET VALUE $8,258,495 8,119,831 7,135,662 6,853,078 ----------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.5% 4.4 3.9 3.7 ----------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------ DESCRIPTION NESTLE SA ------------------------------------------------------------------ MARKET VALUE 6,586,971 ------------------------------------------------------------------ % OF NET ASSETS 3.6 ------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Banks 29.9% Oil & Gas 13.0 Health Care 11.6 Telecommunications 9.7 Insurance 6.8 Food & Beverages 5.8 Technology 5.3 Basic Resources 5.2 Utilities 3.8 Industrial Goods & Services 2.4 Automobiles & Parts 2.0 Chemicals 1.4 Retail 1.4 Personal & Household Goods 1.0 Short-Term Investments 0.5 Other Assets & Liabilities 0.2 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 5 (streetTRACKS Logo/Annual Report) DJ EURO STOXX 50 ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The DJ EURO STOXX 50 ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the price and yield of the Dow Jones EURO STOXX 50 Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" or indexing approach to invest in a portfolio of stocks to replicate the Index. For the twelve-month period ended September 30, 2007, the Fund returned 29.76% and the Index returned 29.47%. European equities posted remarkable gains in the year ended September 30, 2007. Equity returns were driven by a number of factors, including solid economic performance, favorable liquidity conditions and significant merger and acquisition activity. U.S.-based investors also benefited from the strength of the Euro. Near the end of the fiscal year, concerns over fixed income and money market issues (especially in the U.S.) weighed on markets, but the U.S. Federal Reserve Bank lowering both the discount rate and the Fed funds rate appeared to positively affect equities before the end of the period. Gains were widespread during the fiscal year, with the vast majority of names posting strong gains. Finnish firm Nokia Oyj was a top performer during the year, appreciating significantly. The company reported increased market share and improved margins. German company Daimler AG (formerly Daimler Chrysler) also rose significantly during the year. The company sold the former Chrysler to private equity investors during the year. Materials companies posted excellent results during the period as strong commodity prices gave a boost to the entire sector. Telecom firms also fared well as investors appeared encouraged with results and growth opportunities for these firms. Telefonica SA of Spain was a particularly strong performer in the group. 6 (streetTRACKS Logo/Annual Report) DJ EURO STOXX 50 ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/15/02, 10/21/02, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR DJ EURO STOXX 50 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2007 IS 0.32%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE DOW JONES EURO STOXX 50 INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/07 29.76% 29.43% 29.47% -------------------------------------------------------------------------------------------------------------------- THREE YEARS ENDED 9/30/07 98.39% 98.37% 98.24% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 189.44% 189.63% 188.68% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE DOW JONES EURO STOXX 50 INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/07 29.76% 29.43% 29.47% -------------------------------------------------------------------------------------------------------------------- THREE YEARS ENDED 9/30/07 25.65% 25.65% 25.62% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 23.89% 23.90% 23.82% --------------------------------------------------------------------------------------------------------------------
(1) For the period October 15, 2002 to September 30, 2007. 7 (streetTRACKS Logo/Annual Report) DJ EURO STOXX 50 ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT DJ EURO STOXX 50 ETF (BASED ON NET ASSET VALUE) LINE GRAPH
DOW JONES EURO STOXX DJ 50 INDEX EURO STOXX - US 50 ETF DOLLAR DENOMINATED ---------- ------------------ 10/15/2002 10000.00 10000.00 12/31/2002 10343.00 10283.00 3/31/2003 9148.00 9156.00 6/30/2003 11657.00 11641.00 9/30/2003 11746.00 11732.00 12/31/2003 14658.00 14657.00 3/31/2004 14443.00 14452.00 6/30/2004 14685.00 14664.00 9/30/2004 14590.00 14562.00 12/31/2004 17299.00 17325.00 3/31/2005 17161.00 17147.00 6/30/2005 16958.00 16927.00 9/30/2005 18211.00 18212.00 12/31/2005 18626.00 18636.00 3/31/2006 20603.00 20633.00 6/30/2006 21028.00 21004.00 9/30/2006 22306.00 22297.00 12/31/2006 24591.00 24595.00 3/31/2007 25448.00 25238.00 6/30/2007 28094.00 28022.00 9/30/2007 28944.00 28868.00
8 (streetTRACKS Logo/Annual Report) DJ EURO STOXX 50 ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
----------------------------------------------------------------------------------------------------------------------------- DESCRIPTION TOTAL SA NOKIA OYJ BANCO SANTANDER E. ON AG SIEMENS AG CENTRAL HISPANO SA ----------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $26,372,645 21,475,078 17,461,072 17,457,681 16,854,142 ----------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 5.4% 4.4 3.6 3.6 3.5 -----------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
-------------------------------------------------- PERCENT OF INDUSTRY NET ASSETS -------------------------------------------------- Banks 23.9% Utilities 12.2 Insurance 12.0 Oil & Gas 9.0 Telecommunications 8.1 Technology 6.7 Chemicals 4.8 Construction & Materials 4.2 Automobiles & Parts 3.8 Industrial Goods & Services 3.5 Personal & Household Goods 3.4% Food & Beverages 2.7 Health Care 2.6 Media 1.4 Retail 1.1 Short-Term Investments 14.6 Other Assets & Liabilities (14.0) -------------------------------------------------- TOTAL 100.0% --------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 9 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING ASIA PACIFIC ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR S&P Emerging Asia Pacific ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P Citigroup/BMI Asia Pacific Emerging Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" or indexing approach to invest in a portfolio of stocks to replicate the Index. The Fund commenced operations on March 20, 2007. For the period ended September 30, 2007, the Fund returned 45.03% and the Index returned 47.02%. Since the Fund's inception, emerging markets, including those in Asia Pacific, have been very strong performers relative to other markets. A number of factors have driven the strong returns, including the growth rate of the underlying economies that continued in aggregate to outpace the growth rates found in other markets. Although many emerging markets have enjoyed some spectacular returns during the period, there has been an overall concern of overheating economies in Asia Pacific, notably the two major countries in the Fund, China and India. These countries made efforts to sustain their incredible growth rates during this period to avoid overheating. During the period, the Chinese authorities announced that they want to slow the economy to a more sustainable 10% growth rate. During the period, China announced yet another increase in banking reserves and an acceleration of currency bands, as well as a tripling of the stamp tax on securities transactions. Output in India grew at a rate equal to roughly 9% per annum, well in excess of the rate in the 1990s. Financial and industrial stocks led the way. During the period, the Indian economy showed signs that it was overheating. The Indian rupee continued to appreciate, and capital inflows remained strong in India. While the market sold at roughly 17 times forward earnings, earnings growth was very rapid. Another contributing factor was the positive impact of relative calmness on the geopolitical front. Though there has certainly been unrest in the world, there have been no significant events in Asia Pacific during this period. Finally, the actions of the U.S. Federal Reserve Bank when it cut the discount rate and Fed funds rate, appeared to help in easing a credit crunch and in reducing potential fears of a global recession. 10 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING ASIA PACIFIC ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P EMERGING ASIA PACIFIC ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI VALUE VALUE ASIA PACIFIC EMERGING INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 45.03% 45.10% 47.02% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007. 11 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING ASIA PACIFIC ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P EMERGING ASIA PACIFIC ETF (BASED ON NET ASSET VALUE) (Line Graph
S&P/CITIGROUP BMI SPDR S&P ASIA PACIFIC EMERGING ASIA EMERGING INDEX PACIFIC ETF ------------- ----------------- 3/20/2007 10000.00 10000.00 3/31/2007 10191.00 10276.00 4/30/2007 10650.00 10718.00 5/31/2007 11262.00 11400.00 6/30/2007 12073.00 12233.00 7/31/2007 12791.00 13117.00 8/31/2007 12854.00 13016.00 9/30/2007 14503.00 14702.00
12 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING ASIA PACIFIC ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
----------------------------------------------------------------------------------------------------------------------- DESCRIPTION CHINA MOBILE, CHINA LIFE RELIANCE PETROCHINA LTD. INSURANCE CO., LTD. INDUSTRIES, LTD. GDR CO., LTD. ----------------------------------------------------------------------------------------------------------------------- MARKET VALUE $2,851,216 1,559,882 1,533,155 1,524,307 ----------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.6% 2.5 2.5 2.5 ----------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------- DESCRIPTION TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD. ADR ------------------------------------------------------------------------- MARKET VALUE 1,482,954 ------------------------------------------------------------------------- % OF NET ASSETS 2.4 -------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 12.5% Commercial Banks 10.6 Wireless Telecommunication Services 8.6 Semiconductors & Semiconductor Equipment 7.2 Electronic Equipment & Instruments 7.0 Insurance 4.6 Computers & Peripherals 4.1 Metals & Mining 4.1 Transportation Infrastructure 3.1 Chemicals 3.0 Real Estate Management & Development 2.6 IT Services 2.3 Marine 2.3 Automobiles 2.1 Diversified Telecommunication Services 2.1 Construction & Engineering 1.9 Hotels, Restaurants & Leisure 1.7 Food Products 1.6 Construction Materials 1.5 Internet Software & Services 1.4 Media 1.2 Thrifts & Mortgage Finance 1.0 Energy Equipment & Services 1.0 Electric Utilities 1.0 Independent Power Producers & Energy Traders 0.9 Industrial Conglomerates 0.8 Airlines 0.7 Beverages 0.7 Diversified Financial Services 0.6 Capital Markets 0.6 Household Products 0.5 Distributors 0.5 Textiles, Apparel & Luxury Goods 0.4 Tobacco 0.4 Machinery 0.4 Pharmaceuticals 0.2 Health Care Providers & Services 0.2 Gas Utilities 0.2 Electronics 0.2 Leisure Equipment & Products 0.1 Paper & Forest Products 0.1 Short-Term Investments 3.0 Other Assets & Liabilities 1.0 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 13 (streetTRACKS Logo/Annual Report) SPDR S&P CHINA ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR S&P China ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P/Citigroup BMI China Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" or indexing approach to invest in a portfolio of stocks to replicate the Index. The Fund commenced operations on March 20, 2007. For the period ended September 30, 2007, the Fund returned 80.64% and the Index returned 82.86%. A number of factors have driven the strong returns we have seen across emerging markets, including China, during the period, including the growth rate of the underlying economy in China that continued in aggregate to dramatically outpace the growth rates found in other markets. Commodities have had a strong return during this period and emerging markets, including China, with a comparably heavy weighting in these stocks, have been helped by these returns. Another factor that positively impacted performance during this period was a relative calmness on the geopolitical front. Though there has certainly been unrest in the world, there have been no significant events in China during the period. Finally, the Chinese markets were positively affected by the actions of the U.S. Federal Reserve Bank, when it cut the discount rate and Fed funds rate. This appeared to help in easing a credit crunch and in reducing the likelihood of the U.S. falling into a recession. Since its inception in March 2007, the Fund has been a very strong performer with a return of 80.64%. Similar to other emerging market economies, China is experiencing a period of dramatic growth. Gross domestic product in China rose 11.5 percent from a year earlier in the third calendar quarter of 2007, and inflation surged to a 10-year high of 6.5 percent in August 2007, ending at 6.2 percent in September 2007. Chinese investors have opened about 49 million trading accounts this calendar year alone; nine times the total for calendar year 2006. This extensive growth has fueled investors' interest in the Chinese economy both at home and abroad. 14 (streetTRACKS Logo/Annual Report) SPDR S&P CHINA ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P CHINA ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE S&P/CITIGROUP BMI CHINA INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 80.64% 79.66% 82.86% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007. 15 (streetTRACKS Logo/Annual Report) SPDR S&P CHINA ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P CHINA ETF (BASED ON NET ASSET VALUE) (Line Graph
SPDR S&P S&P/CITIGROUP BMI CHINA ETF CHINA INDEX --------- ----------------- 3/20/2007 10000.00 10000.00 3/31/2007 10355.00 10373.00 4/30/2007 10719.00 10820.00 5/31/2007 11550.00 11742.00 6/30/2007 12839.00 12985.00 7/31/2007 14141.00 14345.00 8/31/2007 15073.00 15260.00 9/30/2007 18064.00 18288.00
16 (streetTRACKS Logo/Annual Report) SPDR S&P CHINA ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
---------------------------------------------------------------------------------------------------------------------- DESCRIPTION CHINA MOBILE, CHINA LIFE INSURANCE PETROCHINA CHINA CONSTRUCTION LTD. CO., LTD CO., LTD. BANK CORP. ---------------------------------------------------------------------------------------------------------------------- MARKET VALUE $15,824,989 8,324,484 7,870,289 5,816,204 ---------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 12.9% 6.8 6.4 4.7 ---------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------- DESCRIPTION CNOOC, LTD. ----------------------------------------------------- MARKET VALUE 5,660,567 ----------------------------------------------------- % OF NET ASSETS 4.6 -----------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 20.3% Wireless Telecommunication Services 13.8 Commercial Banks 12.7 Insurance 10.8 Metals & Mining 4.8 Real Estate Management & Development 4.8 Transportation Infrastructure 3.6 Marine 2.7 Diversified Telecommunication Services 2.4 Independent Power Producers & Energy Traders 2.4 Internet Software & Services 2.3 Food Products 2.2 Electrical Equipment 1.9 Construction & Engineering 1.4 Automobiles 1.2 Paper & Forest Products 1.1 Construction Materials 1.0 Distributors 1.0 Hotels, Restaurants & Leisure 0.9 Media 0.8 Energy Equipment & Services 0.8 Computers & Peripherals 0.6 Machinery 0.6 Chemicals 0.6 Airlines 0.5 Industrial Conglomerates 0.5 Textiles, Apparel & Luxury Goods 0.4 Multiline Retail 0.4 Leisure Equipment & Products 0.4 Semiconductors & Semiconductor Equipment 0.4 Communications Equipment 0.3 Water Utilities 0.3 Road & Rail 0.2 Air Freight & Logistics 0.2 Beverages 0.2 Health Care Equipment & Supplies 0.2 IT Services 0.2 Software 0.2 Personal Products 0.1 Commercial Services & Supplies 0.1 Short-Term Investments 0.2 Other Assets & Liabilities 0.5 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 17 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING MARKETS ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR S&P Emerging Markets ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P Citigroup/BMI Emerging Markets Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" or indexing approach to invest in a portfolio of stocks to replicate the Index. The Fund commenced operations on March 20, 2007. For the period ended September 30, 2007, the Fund returned 35.20% and the Index returned 35.75%. Since its inception in March 2007, the Fund has been a very strong performer. A number of factors have driven this return. One of these has been the growth rate of the underlying economies that, in aggregate, continued to dramatically outpace the growth rates of other markets. Commodities have had a strong return during this period and emerging markets, with a comparably heavy weighting in these stocks, have been helped by these returns. Another factor that positively impacted performance during this period was a relative calmness on the geopolitical front. Though there has certainly been unrest in the world, there have been no significant events during the period in question. Finally, the emerging markets were positively affected by the actions of the U.S. Federal Reserve Bank when it cut the discount rate and the Fed funds rate. This appeared to help in easing a credit crunch and in reducing the likelihood of the U.S. falling into a recession. 18 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING MARKETS ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P EMERGING MARKETS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI VALUE VALUE EMERGING MARKETS INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 35.20% 35.47% 35.75% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007. 19 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING MARKETS ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P EMERGING MARKETS ETF (BASED ON NET ASSET VALUE) (Line Graph)
SPDR S&P S&P/CITIGROUP BMI EMERGING MARKETS EMERGING MARKETS ETF INDEX ---------------- ----------------- 3/20/2007 10000.00 10000.00 3/31/2007 10338.00 10389.00 4/30/2007 10818.00 10863.00 5/31/2007 11294.00 11357.00 6/30/2007 11823.00 11927.00 7/31/2007 12305.00 12467.00 8/31/2007 12156.00 12226.00 9/30/2007 13520.00 13575.00
20 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING MARKETS ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
----------------------------------------------------------------------------------------------------------------- GAZPROM COMPANHIA VALE DO PETROLEO CHINA DESCRIPTION OAO ADR RIO DOCE ADR BRASILEIRO SA ADR MOBILE, LTD. ----------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,972,505 1,461,916 1,243,199 1,105,211 ----------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.4% 3.2 2.8 2.4 ----------------------------------------------------------------------------------------------------------------- ------------------------------------------------------- AMERICA DESCRIPTION MOVIL SAB DE CV ------------------------------------------------------- MARKET VALUE 901,300 ------------------------------------------------------- % OF NET ASSETS 2.0 -------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 17.8% Commercial Banks 12.9 Metals & Mining 10.2 Wireless Telecommunication Services 8.2 Semiconductors & Semiconductor Equipment 3.2 Insurance 2.7 Diversified Telecommunication Services 2.6 Chemicals 1.8 Diversified Financial Services 1.8 Computers & Peripherals 1.8 Industrial Conglomerates 1.7 Construction Materials 1.7 Electronic Equipment & Instruments 1.7 Real Estate Management & Development 1.6 Pharmaceuticals 1.6 Construction & Engineering 1.5 Beverages 1.5 Electric Utilities 1.4 Food Products 1.3 IT Services 1.3 Transportation Infrastructure 1.2 Hotels, Restaurants & Leisure 1.1 Media 1.0 Independent Power Producers & Energy Traders 1.0 Electrical Equipment 0.9 Food & Staples Retailing 0.9 Marine 0.8 Multiline Retail 0.8 Specialty Retail 0.7 Energy Equipment & Services 0.7 Household Durables 0.7 Automobiles 0.7 Thrifts & Mortgage Finance 0.6 Internet Software & Services 0.6 Paper & Forest Products 0.5 Capital Markets 0.5 Water Utilities 0.4 Airlines 0.4 Household Products 0.3 Machinery 0.3 Leisure Equipment & Products 0.3 Software 0.3 Tobacco 0.3 Distributors 0.2 Communications Equipment 0.2 Telecommunications 0.2 Gas Utilities 0.2 Building Products 0.2 Air Freight & Logistics 0.2 Aerospace & Defense 0.2 Textiles, Apparel & Luxury Goods 0.2 Health Care Providers & Services 0.1 Road & Rail 0.1 Consumer Finance 0.1 Personal Products 0.1 Commercial Services & Supplies 0.1 Trading Companies & Distributors 0.1 Electronics 0.0** Biotechnology 0.0** Short-Term Investments 1.2 Other Assets & Liabilities 3.3 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 21 (streetTRACKS Logo/Annual Report) SPDR S&P BRIC 40 ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
------------------------------------------------------------------------------------------------------------------------------- DESCRIPTION CHINA GAZPROM COMPANHIA VALE LUKOIL ADR CHINA LIFE MOBILE, LTD. OAO ADR DO RIO DOCE ADR INSURANCE CO., LTD. ------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $18,297,388 9,975,376 8,623,886 8,483,596 7,756,122 ------------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 11.7% 6.4 5.5 5.4 4.9 -------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 35.6% Commercial Banks 22.8 Diversified Telecommunication Service 13.0 Metals & Mining 10.4 Insurance 7.0 IT Services 3.0 Wireless Telecommunication Services 2.7 Electric Utilities 2.1 Beverages 1.9 Aerospace & Defense 0.6 Telecommunications 0.3 Short Term Investments 0.2 Other Assets and Liabilities 0.4 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 22 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING EUROPE ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR S&P Emerging Europe ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P/Citigroup BMI European Capped Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" or indexing approach to invest in a portfolio of stocks to replicate the Index. The Fund commenced operations on March 20, 2007. For the period ended September 30, 2007, the Fund returned 18.73% and the Index returned 20.55%. A number of factors have driven the strong returns we have seen across emerging markets, including Europe, during the period, including the growth rate of the underlying economies in Europe, that continued in aggregate to dramatically outpace the growth rates found in other markets. Commodities have had a strong return during this period and emerging markets, including Europe, with a comparably heavy weighting in such stocks, have been helped by these returns. Another factor that positively impacted performance during this period was a relative calmness on the geopolitical front. Any shocks to the markets have originated in the developed world rather than in the emerging world. Finally, European emerging markets were positively affected by the actions of the U.S. Federal Reserve Bank when it cut both the discount rate and Fed funds rate. This appeared to help in easing a credit crunch and in reducing the likelihood of the U.S. falling into a recession. Europe substantially underperformed during the period, when compared with Asia or Latin America, although still registering a positive return. After a blistering run over the five calendar years ending December 31, 2006, the Russian markets essentially stalled during the period. Several factors impacted the Russian markets: new issuances, a run-up in valuations in Russian oil and gas stocks (which are priced more in line with international competitors) and growing uncertainty over the future direction of economic policy, given the presidential elections in 2008. The Russian economy continued to grow rapidly given massive oil inflows and Russian energy stocks substantially underperformed their emerging market peers from July 2007 to September 2007. Turkey was the best performing market in Europe, rising overall from April to June and from July to September. The Turkish lira, a high-yielding currency that tends to benefit from global inflows when risk appetite is high, rose during the period. Despite political uncertainty and intimations by the Turkish military that an invasion of Northern Iraq would be appropriate to destroy Kurdish bases, domestic demand in Turkey remained very strong. Turkcell, the wireless telecom company, rose significantly during the period. After the sweeping victory on July 22, 2007 by the AK party, the Turkish Prime Minister stressed that the government will protect secular principles and continued democratic reforms designed to strengthen the economy and promote EU accession. The disinflation process continued in Turkey during the period when the Turkish central bank reduced rates and the Turkish banks surged. Foreign Direct Investment flows into Turkey continued at record levels. Amongst the Czech Republic, Hungary and Poland, Hungary was the stand-out from April 2007 to June 2007, rising while the Czech Republic (led by Unipetrol, the chemical producer) was the best performer from July 2007 to September 2007. OTP Bank NyRt, the Hungarian financial services firm that has undertaken regional acquisitions, rose during the period. An ongoing takeover offer for MOL Hungarian Oil and Gas NyRt, the refiner, helped to lift the stock during the same period. While Hungary's deficits continued to be problematic, the presence of several competitive companies continued to attract international investors. Eastern Europe continued to integrate rapidly with its Western neighbors. 23 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING EUROPE ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P EMERGING EUROPE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI EUROPEAN VALUE VALUE EMERGING CAPPED INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 18.73% 19.03% 20.55% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007. 24 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING EUROPE ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P EMERGING EUROPE ETF (BASED ON NET ASSET VALUE) (Line Graph)
SPDR S&P S&P/CITIGROUP BMI EMERGING EUROPE EUROPEAN EMERGING ETF CAPPED INDEX --------------- ----------------- 3/20/2007 10000.00 10000.00 3/31/2007 10597.00 10577.00 4/30/2007 10796.00 10655.00 5/31/2007 10316.00 10385.00 6/30/2007 11059.00 11109.00 7/31/2007 11386.00 11588.00 8/31/2007 10877.00 11120.00 9/30/2007 11873.00 12055.00
25 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING EUROPE ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
----------------------------------------------------------------------------------------------------------------------- DESCRIPTION GAZPROM LUKOIL SURGUTNEFTEGAZ SBERBANK JSC MMC NORILSK OAO ADR ADR ADR GDR NICKEL ADR ----------------------------------------------------------------------------------------------------------------------- MARKET VALUE $8,288,066 4,019,796 3,017,340 2,317,016 1,751,136 ----------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 21.4% 10.4 7.8 6.0 4.5 -----------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 48.1% Commercial Banks 20.6 Metals & Mining 7.8 Diversified Telecommunication Services 5.8 Electric Utilities 5.2 Industrial Conglomerates 1.5 Media 1.4 Pharmaceuticals 1.3 Household Durables 1.0 Wireless Telecommunication Services 1.0 Real Estate Management 0.8 Diversified Financial Services 0.7 Construction & Engineering 0.7 Beverages 0.5 Food & Staples Retailing 0.5 Airlines 0.4 Chemicals 0.4 Building Products 0.3 Auto Components 0.3 Hotels, Restaurants & Leisure 0.3 Software 0.3 Electronic Equipment & Instruments 0.2 Biotechnology 0.2 Short-Term Investments 0.1 Other Assets & Liabilities 0.6 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 26 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING LATIN AMERICA ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR S&P Emerging Latin America ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P Citigroup/BMI Latin America Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" or indexing approach to invest in a portfolio of stocks to replicate the Index. The Fund commenced operations on March 20, 2007. For the period ended September 30, 2007, the Fund returned 36.49% and the Index returned 38.49%. Emerging market equities proved to be remarkably resilient in the face of the liquidity crisis, which was spurred in large part by the subprime mortgage troubles in the U.S. At the end of September 2007, the Index stood at an all- time high. The emerging markets in Latin America held up so well during a period of global financial stress because the shock to markets originated in the developed world, notably the U.S. and Europe, rather than in the emerging world, as did several financial crises of the 1990s. More importantly, market participants appeared to reason that the U.S. Federal Reserve Bank's pre-emptive action would forestall a recession in the U.S. and ease liquidity conditions. They also seemed to believe that banks in emerging markets, primarily in Asia, might experience modest subprime losses. During the period, Latin America continued to benefit from Asia's demand for commodities. Brazil surged significantly. Interest rates continued to come down in Brazil and by the end of September 2007, the SELIC rate (Banco Central do Brasil's overnight lending rate) stood at 11.25%. Among the big gainers were the Brazilian materials stocks and energy stocks. CVRD (CIA VALE DO RIO DOCE) and Petrobas (Petroleo Brasileiro SA) rose significantly during the period. The Brazilian economy continues to perform strongly and the Real currency remains well-bid despite turbulence in the global credit markets. Mexico, the second-largest market in Latin America, rose for the period, but declined during the quarter ended September 30, 2007. During the quarter, it was announced that Mexican year-over-year inflation was running at 4%, one percent in excess of the central bank's target. Mexican financial stocks fell as fears of interest rate increases rose. Telmex (Telefonos de Mexico SA de CV) fell during the quarter. Cemex SAB de CV fell as well, as fears that the housing slow-down in the U.S. could negatively impact demand. 27 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING LATIN AMERICA ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P EMERGING LATIN AMERICA ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI VALUE VALUE LATIN AMERICA INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 36.49% 36.33% 38.49% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007. 28 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING LATIN AMERICA ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P EMERGING LATIN AMERICA ETF (BASED ON NET ASSET VALUE) (Line Graph)
SPDR S&P S&P/CITIGROUP BMI EMERGING LATIN LATIN AMERICA AMERICA ETF INDEX -------------- ----------------- 3/20/2007 10000.00 10000.00 3/31/2007 10333.00 10407.00 4/30/2007 10966.00 11050.00 5/31/2007 12152.00 12210.00 6/30/2007 12423.00 12580.00 7/31/2007 12578.00 12803.00 8/31/2007 12197.00 12391.00 9/30/2007 13649.00 13849.00
29 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING LATIN AMERICA ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
------------------------------------------------------------------------------------------------------------------------- COMPANHIA PETROLEO AMERICA BANCO ITAU BANCO DESCRIPTION VALE DO RIO BRASILEIRO MOVIL HOLDING BRADESCO SA ADR DOCE ADR SA ADR SAB DE CV FINANCEIRA SA ADR ------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $5,084,049 4,344,497 3,048,900 1,472,333 1,425,884 ------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 13.0% 11.1 7.8 3.8 3.6 -------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Metals & Mining 22.7% Commercial Banks 16.5 Oil, Gas & Consumable Fuels 11.7 Wireless Telecommunication Services 8.7 Diversified Telecommunication Services 4.3 Beverages 4.0 Electric Utilities 3.1 Construction Materials 2.8 Industrial Conglomerates 2.5 Paper & Forest Products 2.5 Multiline Retail 2.1 Household Durables 1.9 Food Products 1.9 Food & Staples Retailing 1.8 Independent Power Producers & Energy Traders 1.6 Media 1.6 Energy Equipment & Services 1.6 Diversified Financial Services 1.2 Transportation Infrastructure 0.9 Airlines 0.9 Construction & Engineering 0.8 Food Staples & Retailing 0.8 Aerospace & Defense 0.7 Household Products 0.6 Water Utilities 0.5 Tobacco 0.4 Building Products 0.4 Internet & Catalog Retail 0.4 Chemicals 0.3 Personal Products 0.3 Real Estate Management & Development 0.0** Short-Term Investments 0.7 Other Assets & Liabilities (0.2) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 30 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR S&P Emerging Middle East & Africa ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P/Citigroup Middle East & Africa Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" or indexing approach to invest in a portfolio of stocks to replicate the Index. The Fund commenced operations on March 20, 2007. For the period ended September 30, 2007, the Fund returned 15.84% and the Index returned 16.52%. Despite very high volatility and a severe interbank liquidity crisis, emerging market equities were still able to enjoy positive returns during this period. However, among the major emerging market regions (Asia, Europe/Middle East/Africa, and Latin America), the Europe/Middle East/Africa (EMEA) region substantially underperformed Asia and Latin America for the period ending September 30, 2007. In South Africa, inflation remained a persistent problem, and it appeared to accelerate. The central bank raised rates during the period, and financial stocks, an important part of the Index, rose only modestly. Although, some mining and energy stocks enjoyed some gains, the overall market in South Africa fell during the period. Turkey was the best performing market in the EMEA region, and rose significantly during the period. After the sweeping victory on July 22, 2007 by the AK party, the Turkish Prime Minister stressed that the government will protect secular principles and continued democratic reforms designed to strengthen the economy and promote EU accession. The disinflation process continued in Turkey during the period when the Turkish central bank reduced rates and the Turkish banks surged. Foreign Direct Investment flows into Turkey continued at record levels. The Israeli market also rose during period. Teva Pharmaceutical Industries, Ltd., a very large stock in the Index, was a strong performer, in part because Teva's return on equity accelerated. Among the smaller Arab markets, Egypt also rose during the period, benefiting from inflows from the Gulf. 31 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JUNE 19, 2007 (AS SUPPLEMENTED) IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI VALUE VALUE MIDDLE EAST & AFRICA INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 15.84% 16.24% 16.52% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2007. 32 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P EMERGING MIDDLE & AFRICA ETF (BASED ON NET ASSET VALUE) (Line Graph)
SPDR S&P S&P/CITIGROUP BMI EMERGING MIDDLE MIDDLE EAST EAST & & AFRICA AFRICA ETF INDEX --------------- ----------------- 3/20/2007 10000.00 10000.00 3/31/2007 10453.00 10469.00 4/30/2007 11246.00 11263.00 5/31/2007 11081.00 11158.00 6/30/2007 10892.00 11037.00 7/31/2007 10944.00 11092.00 8/31/2007 10878.00 10957.00 9/30/2007 11584.00 11652.00
33 (streetTRACKS Logo/Annual Report) SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------------------- DESCRIPTION TEVA PHARMACEUTICAL MTN GROUP, IMPALA PLATINUM SASOL, LTD. FIRSTRAND, INDUSTRIES, LTD. LTD. HOLDINGS, LTD. LTD. --------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $2,236,249 1,450,810 1,194,302 1,131,768 1,021,668 --------------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 8.2% 5.3 4.4 4.1 3.7 ---------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 18.2% Metals & Mining 15.0 Pharmaceuticals 8.8 Diversified Financial Services 8.4 Wireless Telecommunication Services 5.3 Industrial Conglomerates 4.5 Oil, Gas & Consumable Fuels 4.1 Chemicals 2.9 Media 2.6 Specialty Retail 2.4 Diversified Telecommunication Services 2.2 Real Estate Management & Development 2.1 Construction & Engineering 2.0 Food & Staples Retailing 2.0 Insurance 1.5 Telecommunication 1.4 Construction Materials 1.4 Household Durables 1.2 Capital Markets 1.2 Food Products 1.2 Communications Equipment 1.1 Aerospace & Defense 1.0 Software 1.0 Paper & Forest Products 0.9 Hotels, Restaurants & Leisure 0.7 Health Care Providers & Services 0.7 Air Freight & Logistics 0.6 Multiline Retail 0.6 Marine 0.6 Tobacco 0.6 Electronic Equipment & Instruments 0.5 Electric Utilities 0.5 Semiconductors & Semiconductor Equipment 0.2 Internet Software & Services 0.2 Health Care Equipment & Supplies 0.2 Short-Term Investments 0.0** Other Assets & Liabilities 2.2 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 34 (streetTRACKS Logo/Annual Report) SPDR S&P WORLD ex-US ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
------------------------------------------------------------------------------------------------------------------ DESCRIPTION SAMSUNG ELECTRONICS BP PLC VODAFONE GROUP HSBC HOLDINGS PLC CO., LTD. GDR ------------------------------------------------------------------------------------------------------------------ MARKET VALUE $210,526 175,615 156,250 149,579 ------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 1.6% 1.3 1.2 1.1 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------- DESCRIPTION NESTLE SA ------------------------------------------------------- MARKET VALUE 134,757 ------------------------------------------------------- % OF NET ASSETS 1.0 -------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 15.0% Oil, Gas & Consumable Fuels 8.0 Metals & Mining 6.1 Insurance 4.6 Pharmaceuticals 4.5 Diversified Telecommunication Services 3.1 Chemicals 3.0 Automobiles 2.9 Capital Markets 2.6 Electric Utilities 2.5 Real Estate Management & Development 2.4 Food Products 2.2 Machinery 2.2 Wireless Telecommunication Services 2.1 Semiconductors & Semiconductor Equipment 2.1 Diversified Financial Services 2.1 Media 2.0 Food & Staples Retailing 1.8 Multi-Utilities 1.5 Trading Companies & Distributors 1.5 Hotels, Restaurants & Leisure 1.4 Household Durables 1.4 Industrial Conglomerates 1.3 Electrical Equipment 1.3 Communications Equipment 1.3 Construction & Engineering 1.3 Electronic Equipment & Instruments 1.2 Road & Rail 1.1 Commercial Services & Supplies 1.1 Beverages 1.1 Specialty Retail 0.9 Marine 0.9 Building Products 0.8 Auto Components 0.8 Textiles, Apparel & Luxury Goods 0.7 Energy Equipment & Services 0.7 Tobacco 0.7 Health Care Equipment & Supplies 0.6 Real Estate Investment Trusts 0.6 Aerospace & Defense 0.6 Multiline Retail 0.6 IT Services 0.6 Computers & Peripherals 0.6 Gas Utilities 0.5 Software 0.5 Transportation Infrastructure 0.5 Office Electronics 0.4 Construction Materials 0.4 Air Freight & Logistics 0.3 Health Care Providers & Services 0.3 Household Products 0.3 Paper & Forest Products 0.3 Airlines 0.2 Biotechnology 0.2 Consumer Finance 0.2 Distributors 0.2 Personal Products 0.2 Independent Power Producers & Energy Traders 0.2 Leisure Equipment & Products 0.1 Water Utilities 0.1 Life Sciences, Tools & Services 0.1 Thrifts & Mortgage Finance 0.1 Internet & Catalog Retail 0.1 Short-Term Investments 0.1 Other Assets & Liabilities 0.9 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 35 (streetTRACKS Logo/Annual Report) SPDR S&P INTERNATIONAL SMALL CAP ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
---------------------------------------------------------------------------------------------------------------------- DC CHEMICALS CO., LTD. BUNNINGS WAREHOUSE OMX AB ONESTEEL, LTD. DESCRIPTION PROPERTY TRUST ---------------------------------------------------------------------------------------------------------------------- MARKET VALUE $675,890 670,601 574,420 571,597 ---------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 0.6% 0.6 0.5 0.5 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------- CHEIL INDUSTRIES, INC. DESCRIPTION ---------------------------------------------------------------- MARKET VALUE 553,050 ---------------------------------------------------------------- % OF NET ASSETS 0.5 ----------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Metals & Mining 6.2% Machinery 5.9 Real Estate Management & Development 5.1 Commercial Services & Supplies 4.9 Oil, Gas & Consumable Fuels 4.7 Commercial Banks 4.6 Electronic Equipment & Instruments 4.0 Construction & Engineering 3.4 Media 3.4 Chemicals 3.3 Hotels, Restaurants & Leisure 3.1 Capital Markets 2.8 Specialty Retail 2.7 Household Durables 2.6 Food Products 2.4 Auto Components 2.2 Diversified Financial Services 1.7 Marine 1.7 Trading Companies & Distributors 1.7 Health Care Equipment & Supplies 1.6 Energy Equipment & Services 1.6 Electrical Equipment 1.6 Textiles, Apparel & Luxury Goods 1.6 Industrial Conglomerates 1.3 Real Estate Investment Trust 1.3 Multiline Retail 1.3 Road & Rail 1.3 IT Services 1.2 Building Products 1.1 Insurance 1.1 Pharmaceuticals 1.1 Beverages 1.0 Biotechnology 1.0 Software 1.0 Food & Staples Retailing 1.0 Semiconductors & Semiconductor Equipment 0.9 Aerospace & Defense 0.9 Air Freight & Logistics 0.8 Health Care Providers & Services 0.8 Communications Equipment 0.8 Leisure Equipment & Products 0.7 Transportation Infrastructure 0.7 Gas Utilities 0.6 Personal Products 0.6 Paper & Forest Products 0.6 Computers & Peripherals 0.6 Distributors 0.6 Diversified Consumer Services 0.6 Airlines 0.4 Construction Materials 0.4 Real Estate 0.4 Consumer Finance 0.4 Diversified Telecommunication Services 0.3 Independent Power Producers & Energy Traders 0.3 Household Products 0.3 Containers & Packaging 0.2 Internet Software & Services 0.2 Multi-Utilities 0.2 Office Electronics 0.2 Wireless Telecommunication Services 0.1 Automobiles 0.1 Services (Commercial & Consumer) 0.1 Telecommunications 0.0** Short-Term Investments 0.1 Other Assets & Liabilities 0.6 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 36 (streetTRACKS Logo/Annual Report) SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR DJ Wilshire International Real Estate ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Dow Jones Wilshire Ex-US Real Estate Securities Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" management strategy and "sampling" methodology to invest in a portfolio of stocks to replicate the Index. The Fund commenced operations on December 15, 2006. For the period ended September 30, 2007, the Fund returned 8.09% and the Index returned 9.00%. The period began on a strong note for real estate securities, buoyed by competitive pricing in the property markets, robust merger and acquisition activity and strong real estate operating fundamentals. However, by the second calendar quarter of 2007, the U.S. subprime mortgage defaults and related credit market fallout seemed to cause the market to reverse direction and post negative performance. Some stability returned in mid-August 2007, positively affected by the U.S. Federal Reserve Bank's rate cut and injections of liquidity by central banks. The early sell-off, which began in the second calendar quarter of 2007 and continued into the early third quarter, resulted in significantly lower valuations than during the 12 to 18 months preceding the period. This repricing, and possible over-selling, seemed to provide investors with the confidence to move back into the market in the later half of the third calendar quarter of 2007, driving performance into positive territory. In the U.K., an overhang from strong calendar year 2006 REIT speculation, concerns over slowing GDP and apprehension surrounding October and December 2007 property appraisal revaluations have kept pressure on real estate security prices during the period. This negative sentiment resulted in the sector trading at a significant Price/NAV discount of -25% to -30%. Possible employment declines from troubles in the subprime mortgage market induced credit tightening, and when combined with expected prime office supply increases, added additional concern for the Central London office market. European real estate securities were not immune to the follow-on effects of the credit market crisis. However, more stability in underlying property valuations reduced the negative market effect. Selling during the second and third calendar quarters of 2007 resulted in a slightly favorable Price/NAV discount of 0% to 10%. Underlying market support came from strong net operating income growth in the 3% to 5% range and generally strong development pipelines for many companies with development yields in the 6% to 8% range. REIT conversion continued in the region with Finland, Luxemburg and Spain considering new or revised legislation. The Asia Pacific region continued to be the strongest performing region globally during the third calendar quarter of 2007, continuing a trend established in the first half of the year. Hong Kong was clearly the regional leader for the period. An exceptionally strong housing market, bolstered by growth in employment and household income was a key driver. As personal wealth increased, housing appeared to be a clear priority. The retail and office markets also performed well, benefiting from economic growth on the corporate side and a rise in disposable income and growing regional tourism on the retail side. Hong Kong served as the gateway to mainland China both in terms of new real estate company creation and public listings and in terms of investor access. The dynamic growth occurring in China served as a strong catalyst for Hong Kong performance. Singapore continued to develop into a financial and business center for the Asia/Pac region and this translated into strong real estate performance. Some expect annual GDP growth between 4% and 8% through 2010, driven by growth in population, expatriate migration and Asian tourism. Housing and retail real estate were the most leveraged sectors to this strong growth environment. Regional tourism fueled growth in both retail rents and shopping center expansion and provided support for the hotel and leisure industries. The REIT market continued to expand given strong government support, including tax incentives, and the fact that Singapore serves as a logical exchange for new IPOs from emerging countries such as Malaysia, China and India. 37 (streetTRACKS Logo/Annual Report) SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED) Despite a mid-year, valuation-driven sell-off, Japan returned to positive territory in the third calendar quarter of 2007. Both office fundamentals and land prices continued to show growth, however, the market remained cautious regarding sustainability of economic expansion. Foreign buyers returned to the market in the third calendar quarter attracted, in part, by lower valuations post the mid-year selling. Also, Australia's strong performance in September 2007 continued a positive trend that improved throughout the year. Emerging economies, while remaining a small part of the global real estate landscape, increasingly attracted investors' attention. As a result, the region posted some strong performance. Expectations for robust growth in GDP, income and wealth appear to be the drivers behind the speculative investment in the region. 38 (streetTRACKS Logo/Annual Report) SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/15/06, 12/20/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2007 IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- DOW JONES WILSHIRE NET ASSET MARKET EX-US REAL ESTATE VALUE VALUE SECURITIES INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 8.09% 8.47% 9.00% --------------------------------------------------------------------------------------------------------------------
(1) For the period December 15, 2006 to September 30, 2007. 39 (streetTRACKS Logo/Annual Report) SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF (BASED ON NET ASSET VALUE) (Line Graph
SPDR DJ DOW JONES WILSHIRE INTERNATIONAL WILSHIRE EX-US REAL ESTATE REAL ESTATE ETF SECURITIES INDEX ---------------------- ---------------- 12/15/2006 10000.00 10000.00 12/31/2006 10401.00 10397.00 1/31/2007 10545.60 10575.80 2/28/2007 10835.60 10870.90 3/31/2007 11148.70 11206.80 4/30/2007 11389.50 11447.80 5/31/2007 11604.80 11669.80 6/30/2007 10857.50 10948.60 7/31/2007 10297.20 10382.60 8/31/2007 10270.40 10341.10 9/30/2007 10809.00 10900.50
40 (streetTRACKS Logo/Annual Report) SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
---------------------------------------------------------------------------------------------------------------------- DESCRIPTION WESTFIELD MITSUI FUDOSAN BROOKFIELD ASSET UNIBAIL- GROUP CO., LTD. MANAGEMENT, INC. (CLASS A) RODAMCO ---------------------------------------------------------------------------------------------------------------------- MARKET VALUE $91,349,310 65,289,397 58,561,037 55,374,641 ---------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 8.2% 5.9 5.3 5.0 ---------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------- DESCRIPTION LAND SECURITIES GROUP PLC -------------------------------------------------------------- MARKET VALUE 42,596,132 -------------------------------------------------------------- % OF NET ASSETS 3.8 --------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Real Estate Management & Development 53.3% Retail 14.0 Real Estate 8.8 Diversified Financial Services 5.8 Office Equipment & Supplies 4.6 Industrial Goods & Services 2.7 Real Estate Investment Trust 2.6 Specialty Printing 2.1 REITS 1.2 Restaurants 1.2 Telecommunications 1.1 Money Market Fund 1.0 Diversified REITS 0.6 Specialty Retail 0.3 Publishing 0.2 Retail REITS 0.1 Retail (Specialty) 0.0** Short-Term Investments 1.0 Other Assets & Liabilities (0.6) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount shown represents less than 0.05% of net assets. 41 (streetTRACKS Logo/Annual Report) SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR FTSE/Macquarie Global Infrastructure 100 ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the Macquarie Global Infrastructure 100 Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" management strategy and "sampling" methodology to invest in a portfolio of stocks to replicate the Index. The Fund commenced operations on January 25, 2007. For the period ended September 30, 2007, the Fund returned 14.43% and the Index returned 15.08%. Equities posted remarkable gains in the period ending September 30, 2007. Equity returns were driven by a number of factors including solid economic performance, favorable liquidity conditions, and significant merger and acquisition activity. U.S.-based investors also benefited from the strength of major currencies versus the U.S. dollar. Near the end of the year, concerns over fixed income and money market issues (especially in the U.S.) weighed on markets, but the U.S. Federal Reserve Bank lowering both the discount rate and the Fed funds rate appeared to positively affect equities and calm the markets later in the period. Surging economies around the world fueled demand for infrastructure services during the year. This demand lead to positive results across all sectors of the Index. Utilities, which represented the largest weight in the Index, benefited greatly as demand for electricity, gas and water rose along with this surging economic growth. Rising energy costs had a negative impact on the electricity generation and industrial transportation portions of the Index, but these were overwhelmed by demand for these companies' products. The oil and equipment services segment of the Index were beneficiaries of rising energy prices, although these made up a very small percentage of the Index. 42 (streetTRACKS Logo/Annual Report) SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/25/07, 1/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2007 IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET MACQUARIE GLOBAL VALUE VALUE INFRASTRUCTURE 100 INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 14.43% 14.63% 15.08% --------------------------------------------------------------------------------------------------------------------
(1) For the period January 25, 2007 to September 30, 2007. 43 (streetTRACKS Logo/Annual Report) SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (BASED ON NET ASSET VALUE) (LINE GRAPH)
SPDR FTSE/ MACQUARIE GLOBAL MACQUARIE GLOBAL INFRASTRUCTURE 100 INFRASTRUCTURE 100 ETF INDEX ------------------ ------------------ 1/25/07 10000.00 10000.00 1/31/07 10090.20 10089.00 2/28/07 10274.80 10276.70 3/31/07 10685.40 10691.80 4/30/07 11113.90 11124.80 5/31/07 11383.80 11425.20 6/30/07 11080.30 11120.20 7/31/07 10715.20 10754.30 8/31/07 10893.70 10949.00 9/30/07 11443.30 11508.50
44 (streetTRACKS Logo/Annual Report) SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
------------------------------------------------------------------------------------------------------------------ DESCRIPTION E.ON AG SUEZ SA IBERDROLA SA ENEL SPA EXELON CORP. ------------------------------------------------------------------------------------------------------------------ MARKET VALUE $3,550,727 2,182,290 2,100,498 1,523,487 1,482,708 ------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 7.7% 4.7 4.6 3.3 3.2 ------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Electric Utilities 47.9% Multi-Utilities 22.9 Gas Utilities 6.0 Independent Power Producers & Energy Traders 6.0 Oil, Gas & Consumable Fuels 5.4 Water Utilities 4.5 Transportation Infrastructure 2.1 Wireless Telecommunication Services 1.8 Commercial Banks 0.4 Road & Rail 0.9 Short Term Investments 1.3 Other Assets & Liabilities 0.8 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 45 (streetTRACKS Logo/Annual Report) SPDR MSCI ACWI EX-US ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR MSCI ACWI ex-US ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the MSCI All Country World Index ex USA Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" management strategy and "sampling" methodology to invest in a portfolio of stocks to replicate the Index. The Fund commenced operations on January 10, 2007. For the period ended September 30, 2007, the Fund returned 19.55% and the Index returned 21.12%. Equities posted remarkable gains worldwide in the period ending September 30, 2007. Equity returns were driven by a number of factors including solid economic performance, favorable liquidity conditions, and significant merger and acquisition activity. U.S.-based investors also benefited from the strength of major currencies versus the U.S. dollar. End of year concerns over fixed income and money market issues (especially in the U.S.) weighed on markets, but the U.S. Federal Reserve Bank lowering both the discount rate and the Fed funds rate appeared to positively affect equities and calm the markets later in the period. Solid global economic factors allowed widespread gains during the period with every country in the Index except Ireland posting positive returns. Emerging markets, driven by the commodity boom, ended the year at an all time high and continued to outperform developed markets for the period. On a regional basis, Latin America, also a beneficiary of rising commodity prices, was the clear winner during the period. 46 (streetTRACKS Logo/Annual Report) SPDR MSCI ACWI EX-US ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/10/07, 1/17/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR MSCI ACWI EX-US ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2007 IS 0.35%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET MSCI ALL COUNTRY VALUE VALUE WORLD INDEX EX USA INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 19.55% 19.89% 21.12% --------------------------------------------------------------------------------------------------------------------
(1) For the period January 10, 2007 to September 30, 2007. 47 (streetTRACKS Logo/Annual Report) SPDR MSCI ACWI EX-US ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR MSCI ACWI ex-US ETF (Based on Net Asset Value) (Line Graph)
MSCI ALL COUNTRY WORLD SPDR MSCI INDEX EX ACWI EX-US USA INDEX ETF ---------- ------------- 1/10/07 10000.00 10000.00 1/31/07 10306.20 10315.00 2/28/07 10362.90 10377.90 3/31/07 10658.20 10670.60 4/30/07 11141.40 11165.70 5/31/07 11422.20 11471.60 6/30/07 11495.20 11569.10 7/31/07 11402.60 11536.80 8/31/07 11228.50 11359.10 9/30/07 11955.10 12112.00
48 (streetTRACKS Logo/Annual Report) SPDR MSCI ACWI EX-US ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------------------- DESCRIPTION BP PLC HSBC HOLDINGS VODAFONE GROUP NESTLE SA TOTAL SA PLC --------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,542,966 1,365,243 1,334,349 1,194,456 1,149,870 --------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 1.2% 1.1 1.0 0.9 0.9 ---------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 14.5% Oil, Gas & Consumable Fuels 10.3 Metals & Mining 6.6 Insurance 5.0 Pharmaceuticals 4.4 Diversified Telecommunication Services 3.5 Real Estate Management & Development 2.9 Chemicals 2.9 Wireless Telecommunication Services 2.9 Automobiles 2.8 Capital Markets 2.4 Electric Utilities 2.4 Semiconductors & Semiconductor Equipment 2.3 Machinery 2.2 Food Products 2.0 Media 1.8 Food & Staples Retailing 1.8 Industrial Conglomerates 1.6 Communications Equipment 1.5 Electronic Equipment & Instruments 1.5 Diversified Financial Services 1.5 Household Durables 1.4 Beverages 1.4 Multi-Utilities 1.3 Trading Companies & Distributors 1.1 Electrical Equipment 1.1 Road & Rail 1.0 Construction & Engineering 0.9 Tobacco 0.8 Commercial Services & Supplies 0.8 Textiles, Apparel & Luxury Goods 0.8 Hotels, Restaurants & Leisure 0.8 Auto Components 0.7 Marine 0.7 Building Products 0.7 Construction Materials 0.7 IT Services 0.7 Transportation Infrastructure 0.6 Specialty Retail 0.5 Aerospace & Defense 0.5 Office Electronics 0.5 Multiline Retail 0.4 Independent Power Producers & Energy Traders 0.4 Software 0.4 Gas Utilities 0.4 Air Freight & Logistics 0.4 Health Care Equipment & Supplies 0.3 Computers & Peripherals 0.3 Distributors 0.2 Paper & Forest Products 0.2 Energy Equipment & Services 0.2 Personal Products 0.2 Household Products 0.2 Airlines 0.2 Consumer Finance 0.2 Health Care Providers & Services 0.1 Internet Software & Services 0.1 Biotechnology 0.1 Real Estate Investment Trust 0.1 Telecommunications 0.1 Containers & Packaging 0.1 Water Utilities 0.1 Leisure Equipment & Products 0.1 Life Sciences, Tools & Services 0.1 Thrifts & Mortgage Finance 0.1 Internet & Catalog Retail 0.1 Short Term Investments 0.1 Other Assets & Liabilities 1.0 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 49 (streetTRACKS Logo/Annual Report) SPDR RUSSELL/NOMURA PRIME JAPAN ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR Russell/Nomura PRIME Japan ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the Russell/Nomura PRIME Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" or indexing approach to invest in a portfolio of stocks to replicate the Index. The Fund commenced operations on November 9, 2006. For the period ended September 30, 2007, the Fund returned 6.19% and the Index returned 6.88%. Despite a solid December 2006 rally, Japanese stocks continued to struggle during the period. Consumer activity remained tepid, and emergence from deflation continued to proceed only slowly. While the Bank of Japan was widely expected to resume hiking interest rates in calendar year 2007, the lack of any change since the 25-basis-point move back in July 2006 seemed to make it easy for global investors to maintain bearish bets on the yen. On a regional basis, Asian markets opened the calendar year 2007 strongly, with Japan's broad Topix benchmark achieving a new 15-year high in late February 2007, not long after the Bank of Japan had lifted short-term interest rates to half a percent, their loftiest level since 1995. But Japanese inflation data continued to disappoint, slipping below zero again in March, and seemingly dampening perceptions of the magnitude of economic recovery. Between April and June 2007, the Japanese economy remained firmly in recovery mode, but the vigor of incoming data seemed flaccid relative to European economic figures. The Japanese yen, meanwhile, remained frustratingly unpopular. Japan continued to underperform from July to September 2007, posting thin gains for that quarter, but many Japanese stocks showed signs of life late in September 2007 after Yasuo Fukuda took over as prime minister. Nintendo Co., Ltd. was the top performer for the Fund. Conversely, the worst performing name for the period was Mitsubishi UFJ Financial Group, Inc. with negative performance. The clear sector leader for the period was distribution services with a significant gain. The greatest deterioration in performance came from the financial sector, as illustrated by Mitsubishi UFJ Financial Group, Inc. 50 (streetTRACKS Logo/Annual Report) SPDR RUSSELL/NOMURA PRIME JAPAN ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR RUSSELL/NOMURA PRIME JAPAN ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2007 IS 0.51%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET RUSSELL/NOMURA VALUE VALUE PRIME TM INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 6.19% 5.57% 6.88% --------------------------------------------------------------------------------------------------------------------
(1) For the period November 9, 2006 to September 30, 2007. 51 (streetTRACKS Logo/Annual Report) SPDR RUSSELL/NOMURA PRIME JAPAN ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR RUSSELL/NOMURA PRIME JAPAN ETF (Based on Net Asset Value) (Line Graph)
SPDR RUSSELL/ NOMURA PRIME RUSSELL/ NOMURA JAPAN ETF PRIME INDEX ------------- --------------- 11/9/2006 10000.00 10000.00 11/30/2006 10297.20 10323.00 12/31/2006 10490.60 10520.20 1/31/2007 10581.50 10610.60 2/28/2007 10977.60 11024.50 3/31/2007 10833.60 10897.70 4/30/2007 10632.70 10701.50 5/31/2007 10774.90 10848.10 6/30/2007 10740.70 10828.60 7/31/2007 10693.40 10796.10 8/31/2007 10397.80 10475.50 9/30/2007 10619.00 10688.00
52 (streetTRACKS Logo/Annual Report) SPDR RUSSELL/NOMURA PRIME JAPAN ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
------------------------------------------------------------------------------------------------------------------------- DESCRIPTION TOYOTA MITSUBISHI UFJ CANON, INC. TAKEDA PHARMACEUTICAL MOTOR CORP. FINANCIAL GROUP, INC. CO., LTD. ------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $9,731,097 6,147,024 5,645,426 4,914,458 ------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.6% 2.3 2.1 1.8 ------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------- DESCRIPTION NINTENDO CO., LTD. ------------------------------------------------------------- MARKET VALUE 4,808,333 ------------------------------------------------------------- % OF NET ASSETS 1.8 -------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 8.6% Automobiles 6.8 Machinery 5.8 Electronic Equipment & Instruments 5.2 Metals & Mining 5.0 Chemicals 4.7 Pharmaceuticals 4.6 Trading Companies & Distributors 4.4 Electric Utilities 3.8 Household Durables 3.6 Road & Rail 3.0 Real Estate Management & Development 2.9 Auto Components 2.8 Office Electronics 2.6 Insurance 2.4 Software 2.3 Wireless Telecommunication Services 2.0 Capital Markets 1.9 Computers & Peripherals 1.7 Oil, Gas & Consumable Fuels 1.7 Electrical Equipment 1.5 Leisure Equipment & Products 1.5 Consumer Finance 1.4 Diversified Telecommunication Services 1.3 Specialty Retail 1.3 Food & Staples Retailing 1.2 Semiconductors & Semiconductor Equipment 1.2 Construction & Engineering 1.1 Building Products 1.0 Commercial Services & Supplies 1.0 Food Products 1.0 Media 0.9 IT Services 0.8 Marine 0.8 Tobacco 0.8 Beverages 0.7 Textiles, Apparel & Luxury Goods 0.7 Gas Utilities 0.6 Household Products 0.6 Multiline Retail 0.6 Health Care Equipment & Supplies 0.4 Airlines 0.3 Health Care Providers & Services 0.3 Industrial Conglomerates 0.3 Paper & Forest Products 0.3 Personal Products 0.3 Air Freight & Logistics 0.2 Hotels, Restaurants & Leisure 0.2 Independent Power Producers & Energy Traders 0.2 Internet Software & Services 0.2 Transportation Infrastructure 0.2 Communications Equipment 0.1 Construction Materials 0.1 Containers & Packaging 0.1 Distributors 0.1 Diversified Consumer Services 0.1 Diversified Financial Services 0.1 Internet & Catalog Retail 0.1 Short-Term Investments 0.0** Other Assets & Liabilities 0.6 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 53 (streetTRACKS Logo/Annual Report) SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR Russell/Nomura Small Cap Japan ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the Russell/Nomura Japan Small Cap Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" or indexing approach to invest in a portfolio of stocks to replicate the Index. The Fund commenced operations on November 9, 2006. For the period ended September 30, 2007, the Fund returned -0.57% and the Index returned -0.52%. Japan underperformed throughout the course of the period, but many Japanese stocks showed signs of improvement late in September 2007 after Yasuo Fukuda became Prime Minister. The disappointing tenure of his predecessor Shinzo Abe ended when Abe resigned on September 12, 2007. Although Fukuda's roots as a traditional politician did not suggest any quick progress on needed reforms, and Japanese economic growth remained undeniably tepid, equity sentiment had been flagging for so long that a simple changing of the guard may have inspired some fresh upside for beaten down Japanese stocks. The Bank of Japan followed the European Central Bank by holding short-term interest rates steady in September 2007, but the U.S. dollar was weak enough that the yen still gained modest ground against the U.S. dollar during the month. Since its inception in November 2006, the Fund has been a weak performer with a return of -0.57% for the period ending September 30, 2007. As a whole, the Japanese market lagged during the period, and in particular, small cap stocks underperformed for the last two fiscal quarters. Contributing most significantly to the negative returns over the period was the Fund's overweight to the financials sector. 54 (streetTRACKS Logo/Annual Report) SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRETFS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2007 IS 0.56%. PERFORMANCE AS OF SEPTEMBER 30, 2007
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET RUSSELL/NOMURA JAPAN VALUE VALUE SMALL CAP TM INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -0.57% -1.61% -0.52% --------------------------------------------------------------------------------------------------------------------
(1) For the period November 9, 2006 to September 30, 2007. 55 (streetTRACKS Logo/Annual Report) SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF (Based on Net Asset Value) (Line Graph)
SPDR RUSSELL/ NOMURA SMALL RUSSELL/ NOMURA CAP JAPAN JAPAN SMALL ETF CAP INDEX ------------- --------------- 11/09/06 10000.00 10000.00 11/30/06 10427.20 10352.00 12/31/06 10443.30 10359.30 1/31/07 10622.50 10516.70 2/28/07 11015.80 10853.20 3/31/07 10941.70 10749.00 4/30/07 10686.30 10523.30 5/31/07 10443.30 10326.50 6/30/07 10455.60 10401.90 7/31/07 10453.50 10403.00 8/31/07 9975.69 9916.10 9/30/07 9948.00 9943.00
56 (streetTRACKS Logo/Annual Report) SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2007
--------------------------------------------------------------------------------------------------------------- DESCRIPTION MITSUMI ELECTRIC AEON MALL TOKAI CARBON J FRONT RETAILING CO., LTD. CO., LTD. CO., LTD. CO., LTD. --------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,396,908 1,345,497 1,274,005 1,143,892 --------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 1.0% 1.0 0.9 0.8 --------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------ DESCRIPTION YAMATO KOGYO CO., LTD. ------------------------------------------------------------------ MARKET VALUE 1,096,561 ------------------------------------------------------------------ % OF NET ASSETS 0.8 ------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2007*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Machinery 8.3% Commercial Banks 7.0 Electronic Equipment & Instruments 6.7 Chemicals 5.4 Food Products 4.9 Auto Components 4.7 Commercial Services & Supplies 3.7 Real Estate Management & Development 3.4 Metals & Mining 3.3 Building Products 3.3 Specialty Retail 3.1 Hotels, Restaurants & Leisure 3.0 Trading Companies & Distributors 2.5 Capital Markets 2.4 Textiles, Apparel & Luxury Goods 2.4 Pharmaceuticals 2.3 Household Durables 2.2 Construction & Engineering 2.1 Health Care Equipment & Supplies 1.9 Multiline Retail 1.8 Media 1.7 Electrical Equipment 1.7 Transportation Infrastructure 1.6 Food & Staples Retailing 1.5 Software 1.4 Communications Equipment 1.4 IT Services 1.4 Computers & Peripherals 1.3 Diversified Financial Services 1.2 Semiconductors & Semiconductor Equipment 1.1 Oil, Gas & Consumable Fuels 1.1 Personal Products 1.1 Road & Rail 1.1 Beverages 1.0 Containers & Packaging 0.9 Leisure Equipment & Products 0.8 Distributors 0.7 Internet Software & Services 0.6 Consumer Finance 0.6 Marine 0.5 Internet & Catalog Retail 0.5 Industrial Conglomerates 0.4 Office Electronics 0.3 Gas Utilities 0.3 Insurance 0.3 Health Care Providers & Services 0.2 Biotechnology 0.2 Diversified Consumer Services 0.1 Short-Term Investments 0.0** Other Assets & Liabilities 0.6 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 57 DJ STOXX 50 ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 99.2% FINLAND -- 3.0% Nokia Oyj..................... 147,173 $ 5,579,991 ------------ FRANCE -- 13.3% AXA........................... 67,351 3,005,676 BNP Paribas SA................ 33,028 3,604,535 France Telecom SA............. 70,835 2,366,335 Sanofi-Aventis................ 38,945 3,288,797 Societe Generale.............. 17,453 2,920,909 Suez SA....................... 43,932 2,580,336 Total SA...................... 84,511 6,853,078 ------------ TOTAL FRANCE.................. 24,619,666 ------------ GERMANY -- 13.9% Allianz SE.................... 16,811 3,917,285 BASF AG....................... 18,359 2,532,596 DaimlerChrysler AG............ 36,779 3,694,842 Deutsche Bank AG.............. 18,717 2,405,768 Deutsche Telekom AG........... 111,494 2,184,972 E.ON AG....................... 24,604 4,536,877 SAP AG........................ 34,137 1,992,892 Siemens AG.................... 31,943 4,380,141 ------------ TOTAL GERMANY................. 25,645,373 ------------ ITALY -- 6.6% Assicurazioni Generali SpA.... 44,285 1,943,560 Eni SpA....................... 91,768 3,391,898 Intesa Sanpaolo SpA........... 336,459 2,591,050 UniCredito Italiano SpA....... 499,358 4,260,970 ------------ TOTAL ITALY................... 12,187,478 ------------ NETHERLANDS -- 6.8% ABN AMRO Holding NV........... 71,482 3,756,266 Fortis........................ 49,946 1,466,783 ING Groep NV.................. 82,532 3,653,816 Koninklijke (Royal) Philips Electronics NV.............. 40,313 1,814,530 Unilever NV................... 64,183 1,976,165 ------------ TOTAL NETHERLANDS............. 12,667,560 ------------ SPAIN -- 6.6% Banco Bilbao Vizcaya Argentaria SA............... 140,288 3,279,953 Banco Santander Central Hispano SA.................. 234,101 4,537,790 Telefonica SA................. 156,519 4,369,508 ------------ TOTAL SPAIN................... 12,187,251 ------------ SWEDEN -- 1.2% Telefonaktiebolaget LM Ericsson (Class B).......... 554,038 2,209,626 ------------ SWITZERLAND -- 12.4% Credit Suisse Group........... 39,050 2,583,945 Nestle SA..................... 14,713 6,586,971 Novartis AG................... 92,586 5,092,151 Roche Holding AG.............. 26,297 4,752,009 UBS AG........................ 73,677 3,948,108 ------------ TOTAL SWITZERLAND............. 22,963,184 ------------ UNITED KINGDOM -- 35.4% Anglo American PLC............ 50,266 3,368,244 AstraZeneca PLC............... 55,427 2,765,512 Barclays PLC.................. 254,892 3,092,455 BHP Billiton PLC.............. 87,139 3,106,819 BP PLC........................ 714,282 8,258,495 BT Group PLC.................. 303,210 1,896,476 Diageo PLC.................... 97,370 2,130,565 GlaxoSmithKline PLC........... 211,399 5,586,094 HBOS PLC...................... 139,800 2,604,691 HSBC Holdings PLC............. 440,629 8,119,831 Lloyds TSB Group PLC.......... 211,263 2,335,009 Rio Tinto PLC................. 37,309 3,213,764 Royal Bank of Scotland Group PLC......................... 353,963 3,786,017 Royal Dutch Shell PLC (Class A).......................... 136,307 5,613,865 Tesco PLC..................... 294,454 2,635,085 Vodafone Group................ 1,984,377 7,135,662 ------------ TOTAL UNITED KINGDOM.......... 65,648,584 ------------ TOTAL COMMON STOCKS -- (Cost $166,770,909)......... 183,708,713 ------------ RIGHTS -- 0.1% NETHERLANDS -- 0.1% Fortis (expiring 10/09/07) (a) (Cost $339,779)............. 49,946 264,944 ------------ SHORT TERM INVESTMENTS -- 0.5% UNITED STATES -- 0.5% MONEY MARKET FUND -- 0.5% STIC Prime Portfolio (Cost $944,554)............. 944,554 944,554 ------------ TOTAL INVESTMENTS -- 99.8% (Cost $168,055,242)......... 184,918,211 OTHER ASSETS AND LIABILITIES -- 0.2%......... 337,873 ------------ NET ASSETS -- 100.0%.......... $185,256,084 ============
(a) Non-income producing security See accompanying notes to financial statements. 58 DJ EURO STOXX 50 ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 99.2% FINLAND -- 4.4% Nokia Oyj (b)................. 566,408 $ 21,475,078 ------------ FRANCE -- 31.7% Air Liquide SA................ 34,835 4,649,878 Alcatel-Lucent................ 332,250 3,402,066 AXA........................... 259,123 11,563,895 BNP Paribas SA................ 127,077 13,868,643 Carrefour SA.................. 78,271 5,468,810 Compagnie de Saint-Gobain..... 53,823 5,602,281 Credit Agricole SA............ 107,296 4,127,585 France Telecom SA............. 272,497 9,103,114 Groupe Danone................. 67,990 5,337,395 L'Oreal SA.................... 37,230 4,871,089 LVMH Moet Hennessy Louis Vuitton SA.................. 37,073 4,432,452 Renault SA.................... 28,698 4,147,401 Sanofi-Aventis................ 149,844 12,653,911 Schneider Electric SA......... 35,283 4,445,744 Societe Generale.............. 67,146 11,237,457 Suez SA....................... 169,010 9,926,764 Total SA...................... 325,223 26,372,645 Vinci SA...................... 69,458 5,412,137 Vivendi Universal SA.......... 167,539 7,052,658 ------------ TOTAL FRANCE.................. 153,675,925 ------------ GERMANY -- 25.1% Allianz SE (b)................ 64,684 15,072,613 BASF AG....................... 70,629 9,743,164 Bayer AG...................... 110,058 8,736,886 DaimlerChrysler AG............ 141,515 14,216,687 Deutsche Bank AG.............. 72,003 9,254,824 Deutsche Telekom AG........... 428,893 8,405,110 E.ON AG....................... 94,675 17,457,681 Muenchener Rueckversicherungs- Gesellschaft AG............. 31,365 6,011,512 RWE AG........................ 67,073 8,413,206 SAP AG........................ 130,732 7,632,034 Siemens AG (b)................ 122,912 16,854,142 ------------ TOTAL GERMANY................. 121,797,859 ------------ ITALY -- 12.1% Assicurazioni Generali SpA (b)......................... 170,345 7,476,021 Enel SpA...................... 603,323 6,812,643 Eni SpA (b)................... 353,083 13,050,535 Intesa Sanpaolo SpA........... 1,294,399 9,968,088 Telecom Italia SpA............ 1,579,391 4,789,872 UniCredito Italiano SpA....... 1,921,459 16,395,611 ------------ TOTAL ITALY................... 58,492,770 ------------ LUXEMBOURG -- 1.9% ArcelorMittal................. 114,338 9,000,226 ------------ NETHERLANDS -- 10.9% ABN AMRO Holding NV........... 275,043 14,453,075 Aegon NV...................... 208,802 3,988,007 Fortis........................ 194,057 5,698,947 ING Groep NV.................. 317,554 14,058,595 Koninklijke (Royal) Philips Electronics NV.............. 155,053 6,979,095 Unilever NV................... 246,886 7,601,505 ------------ TOTAL NETHERLANDS............. 52,779,224 ------------ SPAIN -- 13.1% Banco Bilbao Vizcaya Argentaria SA............... 539,762 12,619,709 Banco Santander Central Hispano SA.................. 900,803 17,461,072 Endesa SA..................... 69,444 3,959,278 Iberdrola SA.................. 142,889 8,372,232 Repsol YPF SA................. 113,843 4,055,639 Telefonica SA................. 602,266 16,813,335 ------------ TOTAL SPAIN................... 63,281,265 ------------ TOTAL COMMON STOCKS -- (Cost $414,550,643)......... 480,502,347 ------------ RIGHTS -- 0.2% NETHERLANDS -- 0.2% Fortis (expiring 10/09/07) (a) (Cost $1,233,113)........... 194,057 1,029,398 ------------ SHORT TERM INVESTMENTS -- 14.6% UNITED STATES -- 14.6% MONEY MARKET FUNDS -- 14.6% STIC Prime Portfolio (Cost $2,249,384)........... 2,249,384 2,249,384 UBS Private Money Market Fund, LLC (Cost $68,585,300) (c)...... 68,585,300 68,585,300 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $70,834,684).......... 70,834,684 ------------ TOTAL INVESTMENTS -- 114.0% (Cost $486,618,440)......... 552,366,429 OTHER ASSETS AND LIABILITIES -- (14.0)%...... (67,825,458) ------------ NET ASSETS -- 100.0%.......... $484,540,971 ============
(a) Non-income producing security (b) Security, or portion thereof, was on loan at September 30, 2007. (c) Investments of cash collateral for securities loaned. See accompanying notes to financial statements. 59 SPDR S&P EMERGING ASIA PACIFIC ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 96.0% CHINA -- 38.8% Agile Property Holdings, Ltd. ........................ 204,188 $ 428,948 Air China, Ltd. ............... 177,414 253,036 Aluminum Corp. of China, Ltd. ........................ 176,304 506,083 Angang Steel Co., Ltd. ........ 69,709 268,745 Anhui Conch Cement Co., Ltd. .. 39,750 346,402 Baidu.com ADR (a).............. 1,480 428,682 Bank of China, Ltd. ........... 778,382 417,814 Bank of Communications Co., Ltd. ........................ 245,723 297,006 China CITIC Bank (a)........... 208,941 161,910 China Construction Bank Corp. ....................... 1,196,768 1,095,302 China Life Insurance Co., Ltd. ........................ 271,708 1,559,882 China Mengniu Dairy Co., Ltd. ........................ 56,390 244,254 China Merchants Bank Co., Ltd. ........................ 105,669 464,508 China Merchants Holdings International Co., Ltd. ..... 56,529 352,185 China Mobile, Ltd. ............ 174,136 2,851,216 China Oilfield Services, Ltd. ........................ 264,557 609,574 China Overseas Land & Investment, Ltd. ............ 167,043 382,739 China Petroleum & Chemical Corp. ....................... 675,462 840,779 China Resources Enterprise..... 68,746 292,465 China Shenhua Energy Co., Ltd. ........................ 139,056 837,703 China Shipping Container Lines Co., Ltd. ................... 657,339 507,686 China Shipping Development Co., Ltd. ........................ 113,215 367,976 China Telecom Corp., Ltd. ..... 659,930 497,794 China Unicom, Ltd. ............ 134,172 277,717 CNOOC, Ltd. ................... 659,470 1,110,343 COSCO Holdings................. 167,132 522,782 COSCO Pacific, Ltd. ........... 83,331 263,874 Ctrip.com International, Ltd. ADR.......................... 4,354 225,537 Denway Motors, Ltd. ........... 324,205 189,465 Dongfeng Motor Group Co., Ltd. ........................ 232,763 204,040 Focus Media Holding, Ltd. ADR (a).......................... 3,981 230,978 Guangzhou R&F Properties Co., Ltd. ........................ 101,376 478,912 Huaneng Power International, Inc. ........................ 226,472 313,676 Industrial & Commercial Bank of China........................ 1,061,180 741,726 Jiangsu Express................ 210,060 270,394 Jiangxi Copper Co., Ltd. ...... 91,578 297,651 Lenovo Group, Ltd. ............ 335,703 258,843 Maanshan Iron & Steel.......... 166,971 182,045 NetEase.com ADR (a)............ 6,121 103,445 PetroChina Co., Ltd. .......... 803,379 1,524,307 Ping An Insurance Group Co. of China, Ltd. ................. 51,364 709,436 Samling Global, Ltd. (a)....... 194,633 64,388 Semiconductor Manufacturing International Corp. (a)...... 1,205,837 141,249 Shanghai Electric Group Co., Ltd. ........................ 295,179 230,637 SINA Corp. (a)................. 2,462 117,807 Sinopec Shanghai Petrochemical Co., Ltd. ................... 213,252 175,682 Suntech Power Holdings Co., Ltd. ADR (a)................. 4,696 187,370 Tencent Holdings, Ltd. ........ 35,594 230,004 Tingyi Cayman Islands Holding Corp. ....................... 110,383 170,505 Yanzhou Coal Mining Co., Ltd. ........................ 126,882 261,321 Zijin Mining Group Co., Ltd. .. 199,790 310,667 ----------- TOTAL CHINA.................... 23,807,490 ----------- INDIA -- 17.5% Apollo Hospitals Enterprise, Ltd. ........................ 11,698 142,954 Bharat Heavy Electricals, Ltd. ........................ 7,848 400,775 Bharti Airtel, Ltd. (a)........ 37,263 878,985 Cipla, Ltd. ................... 31,139 143,631 HDFC Bank, Ltd. ............... 10,065 362,716 Hero Honda Motors, Ltd. ....... 11,303 210,218 Hindustan Lever, Ltd. ......... 57,666 319,100 Hindustan Zinc, Ltd. .......... 6,659 135,862 Housing Development Finance Corp., Ltd. ................. 9,764 619,863 ICICI Bank, Ltd. ADR........... 9,319 491,298 Idea Cellular, Ltd. (a)........ 100,980 318,037 Indiabulls Financial Services, Ltd. ........................ 11,747 176,467 Indian Hotels Co., Ltd. ....... 55,498 192,201 Infosys Technologies, Ltd. ADR.......................... 15,480 749,077 ITC, Ltd. ..................... 51,842 243,657 Larsen & Toubro, Ltd. GDR...... 5,836 410,854 Mahindra & Mahindra, Ltd. GDR.. 9,125 172,436 Oil & Natural Gas Corp., Ltd. ........................ 14,919 363,545 Reliance Capital, Ltd. ........ 989 39,290 Reliance Communications, Ltd. ........................ 35,063 517,971 Reliance Energy, Ltd. ......... 12,719 387,515 Reliance Industries, Ltd. GDR (b).......................... 13,390 1,533,155 Satyam Computer Services, Ltd. ADR.......................... 11,211 290,253 Siemens India, Ltd. ........... 5,882 198,539 Steel Authority Of India, Ltd. ........................ 40,078 208,197 Sterlite Industries India, Ltd. ........................ 7,677 144,495 Suzlon Energy, Ltd. ........... 4,749 172,810 Tata Consultancy Services, Ltd. ........................ 7,963 210,648 Tata Motors, Ltd. ............. 11,114 224,525 Unitech, Ltd. ................. 20,618 159,159 Wipro, Ltd. ADR................ 12,132 175,186 Zee Entertainment Enterprises, Ltd. ........................ 21,732 187,065 ----------- TOTAL INDIA.................... 10,780,484 ----------- INDONESIA -- 2.8% Astra International Tbk PT..... 123,220 259,375 Bank Central Asia Tbk PT....... 382,148 256,994 Bank Rakyat Indonesia PT....... 360,148 259,921 Bumi Resources Tbk PT.......... 630,964 246,659 Indosat Tbk PT................. 263,248 221,652 Perusahaan Gas Negara PT....... 108,128 142,476 Telekomunikasi Indonesia Tbk PT........................... 273,094 328,489 ----------- TOTAL INDONESIA................ 1,715,566 ----------- MALAYSIA -- 6.9% Bintulu Port Holdings Bhd...... 234,506 450,775 Bursa Malaysia Bhd............. 46,207 149,164 Carlsberg Brewery Bhd.......... 320,303 436,157 Genting Bhd.................... 137,400 324,599 IJM Corp Bhd................... 107,300 250,341 IOI Corp Bhd................... 155,840 276,693 Lingkaran Trans Kota Holdings Bhd.......................... 308,100 367,098 Magnum Corp. Bhd............... 335,358 284,427 Malaysian Airline System Bhd (a).......................... 112,000 141,335 Malaysian Plantations Bhd...... 244,900 222,800 Naim Cendera Holding Bhd....... 184,113 316,085 Sarawake Energy Bhd............ 290,666 200,459 Star Publications Malaysia Bhd.......................... 325,500 322,873 Tan Chong Motor Holdings Bhd... 725,400 283,135 Uchi Technologies Bhd.......... 233,700 204,380 ----------- TOTAL MALAYSIA................. 4,230,321 -----------
See accompanying notes to financial statements. 60 SPDR S&P EMERGING ASIA PACIFIC ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- PHILIPPINES -- 0.9% Ayala Land, Inc. .............. 775,158 $ 279,608 Philippine Long Distance Telephone Co. ............... 3,794 245,073 ----------- TOTAL PHILIPPINES.............. 524,681 ----------- TAIWAN -- 26.1% Acer, Inc. .................... 109,080 192,189 Advanced Semiconductor Engineering, Inc. ........... 190,012 208,440 ASE Test, Ltd. TDR (a)......... 781,000 140,716 Asia Cement Corp. ............. 143,040 249,394 Asustek Computer, Inc. ........ 117,780 358,375 AU Optronics Corp. ADR......... 27,913 472,288 Catcher Technology Co., Ltd. .. 19,900 144,822 Cathay Financial Holding Co., Ltd. ........................ 178,000 421,069 Chang Hwa Commercial Bank...... 267,000 175,900 Chi Mei Optoelectronics Corp. GDR.......................... 19,225 217,820 China Development Financial Holding Corp. ............... 529,930 213,531 China Steel Chemical Corp. .... 143,550 380,483 China Steel Corp. ............. 306,500 447,048 Chinatrust Financial Holding Co., Ltd. (a)................ 330,000 242,179 Chunghwa Picture Tubes, Ltd. (a).......................... 562,000 160,153 Chunghwa Telecom Co., Ltd. .... 130,000 242,991 Compal Electronics, Inc. ...... 234,780 265,463 Delta Electronics, Inc. ....... 70,650 273,854 Epistar Corp. ................. 24,306 118,421 Everlight Electronics Co., Ltd. ........................ 24,478 106,883 Far Eastern Textile Co., Ltd. ........................ 214,200 287,810 First Financial Holding Co., Ltd.......................... 257,360 184,138 Formosa Chemicals & Fibre Corp. ....................... 119,000 304,474 Formosa Plastics Corp. ........ 174,000 490,516 Foxconn Technology Co., Ltd. .. 22,950 265,822 Fubon Financial Holding Co., Ltd. ........................ 244,000 208,224 High Tech Computer Corp. ...... 22,300 326,966 Hon Hai Precision Industry Co., Ltd. ........................ 161,000 1,213,605 Hua Nan Financial Holdings Co., Ltd. ........................ 226,000 159,277 King Yuan Electronics Co., Ltd. ........................ 105,895 67,979 Largan Precision Co., Ltd. .... 6,080 66,138 Lite-On Technology Corp. ...... 101,272 158,262 Macronix International......... 219,163 135,655 MediaTek, Inc. ................ 35,850 645,926 Mega Financial Holding Co., Ltd. ........................ 307,000 193,786 Motech Industries, Inc. ....... 6,850 74,514 Nan Ya Plastics Corp. ......... 186,000 484,449 Novatek Microelectronics Corp., Ltd. ........................ 24,239 105,468 Phoenixtec Power Co., Ltd. .... 201,000 194,625 Polaris Securities Co., Ltd. (a).......................... 382,182 206,110 Powerchip Semiconductor Corp. ....................... 294,638 146,258 Powertech Technology, Inc. .... 40,450 162,990 ProMOS Technologies, Inc. ..... 279,000 85,491 Quanta Computer, Inc. ......... 155,020 243,681 Realtek Semiconductor Corp. ... 35,625 161,560 Shin Kong Financial Holding Co., Ltd. ................... 162,055 150,460 Siliconware Precision Industries Co. .............. 113,085 254,688 SinoPac Financial Holdings Co., Ltd. ........................ 391,000 182,111 Tainan Enterprises............. 166,826 245,626 Taishin Financial Holdings Co., Ltd. (a)..................... 313,000 158,250 Taiwan Cement Corp. ........... 184,210 301,419 Taiwan Semiconductor Manufacturing Co., Ltd. ADR.. 146,537 1,482,954 Tatung Co., Ltd. (a)........... 268,000 139,605 Tripod Technology Corp. ....... 39,380 160,488 Uni-President Enterprises Corp. ....................... 179,900 275,624 United Microelectronics Corp. ADR.......................... 141,402 507,633 Via Technologies, Inc. (a)..... 85,000 57,300 Walsin Lihwa Corp. ............ 250,000 124,100 Wistron Corp. ................. 88,294 159,624 Yageo Corp. ................... 307,000 127,936 ----------- TOTAL TAIWAN................... 16,029,232 ----------- THAILAND -- 3.0% Advanced Info Service PCL...... 77,090 197,926 Bangkok Expressway PCL......... 296,874 215,672 Electricity Generating PCL..... 63,096 213,542 IRPC PCL....................... 501,041 100,866 Kasikornbank PCL............... 109,998 259,951 PTT Exploration & Production PCL.......................... 67,071 266,131 PTT PCL........................ 41,909 410,837 Thai Oil PCL................... 78,396 196,705 ----------- TOTAL THAILAND................. 1,861,630 ----------- TOTAL COMMON STOCKS -- (Cost $46,756,720)........... 58,949,404 ----------- RIGHTS -- 0.0% (C) MALAYSIA -- 0.0% (C) Malaysian Airline System (expiring 10/31/07) (a)...... 37,333 17,530 Malaysian Airline System Bhd (expiring 10/31/07) (a)...... 37,333 -- ----------- TOTAL RIGHTS -- (Cost $27,274)............... 17,530 ----------- WARRANTS -- 0.0% (C) CHINA -- 0.0% (C) China Overseas Land & Investment, Ltd. (expiring 8/27/08) (a) (Cost $0).................... 7,920 6,514 ----------- SHORT TERM INVESTMENTS -- 3.0% UNITED STATES -- 3.0% MONEY MARKET FUND -- 3.0% STIC Prime Portfolio (Cost $1,834,024)............ 1,834,024 1,834,024 ----------- TOTAL INVESTMENTS -- 99.0% (Cost $48,618,018)........... 60,807,472 OTHER ASSETS AND LIABILITIES -- 1.0%.......... 612,065 ----------- NET ASSETS -- 100.0%........... $61,419,537 ===========
(a) Non-income producing security (b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities which represent 2.5% of net assets as of September 30, 2007, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (c) Amount represents less than 0.05% net assets. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 61 SPDR S&P CHINA ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 99.3% CHINA -- 99.3% AIR FREIGHT & LOGISTICS -- 0.2% Sinotrans, Ltd. .............. 483,000 $ 294,700 ------------ AIRLINES -- 0.5% Air China, Ltd. .............. 468,000 667,483 ------------ AUTOMOBILES -- 1.2% Brilliance China Automotive Holdings, Ltd. (a).......... 572,000 156,094 Denway Motors, Ltd. .......... 1,066,000 622,971 Dongfeng Motor Group Co., Ltd. ....................... 640,000 561,024 Great Wall Motor Co., Ltd. ... 78,000 116,267 ------------ 1,456,356 ------------ BEVERAGES -- 0.2% Tsingtao Brewery Co., Ltd. ... 78,000 285,648 ------------ CHEMICALS -- 0.6% China Bluechemical, Ltd. ..... 394,000 260,684 Sinopec Shanghai Petrochemical Co., Ltd. .................. 520,000 428,388 ------------ 689,072 ------------ COMMERCIAL BANKS -- 12.7% Bank of China, Ltd. .......... 4,316,000 2,316,711 Bank of Communications Co., Ltd. ....................... 1,016,000 1,228,043 China CITIC Bank (a).......... 107,056 82,959 China Construction Bank Corp. ...................... 6,355,000 5,816,204 China Merchants Bank Co., Ltd. ....................... 473,000 2,079,248 Industrial & Commercial Bank of China.................... 5,805,000 4,057,481 ------------ 15,580,646 ------------ COMMERCIAL SERVICES & SUPPLIES -- 0.1% Bio-Treat Technology, Ltd. ... 182,000 111,570 ------------ COMMUNICATIONS EQUIPMENT -- 0.3% AAC Acoustic Technology Holdings, Inc. (a).......... 156,000 192,574 ZTE Corp. .................... 36,400 192,106 ------------ 384,680 ------------ COMPUTERS & PERIPHERALS -- 0.6% Lenovo Group, Ltd. ........... 718,000 553,612 TPV Technology, Ltd. ......... 302,000 216,918 ------------ 770,530 ------------ CONSTRUCTION & ENGINEERING -- 1.4% Baoye Group Co., Ltd. ........ 52,000 72,424 China Communications Construction Co., Ltd. ..... 686,059 1,631,992 ------------ 1,704,416 ------------ CONSTRUCTION MATERIALS -- 1.0% Anhui Conch Cement Co., Ltd. ....................... 78,000 679,732 China National Building Material Co., Ltd. ......... 182,000 599,744 ------------ 1,279,476 ------------ DISTRIBUTORS -- 1.0% China Resources Enterprise.... 234,000 995,501 Xinyu Hengdeli Holdings, Ltd. ....................... 380,020 200,560 ------------ 1,196,061 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.4% China Communications Services Corp., Ltd. (a)............. 254,779 200,710 China Netcom Group Corp. -- Hong Kong, Ltd. ... 260,000 696,131 China Telecom Corp., Ltd. .... 2,702,000 2,038,156 ------------ 2,934,997 ------------ ELECTRICAL EQUIPMENT -- 1.9% Byd Co., Ltd. ................ 36,500 272,505 Dongfang Electrical Machinery Co., Ltd.................... 26,000 237,622 Harbin Power Equipment........ 130,000 325,642 Shanghai Electric Group Co., Ltd. ....................... 702,000 548,505 Suntech Power Holdings Co., Ltd. ADR (a)................ 23,562 940,124 ------------ 2,324,398 ------------ ENERGY EQUIPMENT & SERVICES -- 0.8% China Oilfield Services, Ltd. ....................... 416,000 958,519 ------------ FOOD PRODUCTS -- 2.2% Celestial NutriFoods.......... 104,000 100,185 Chaoda Modern Agriculture..... 338,000 273,667 China Foods, Ltd. (a)......... 152,401 96,910 China Huiyuan Juice Group, Ltd. (a).................... 138,144 188,136 China Mengniu Dairy Co., Ltd. ....................... 184,000 796,998 China Milk Products Group, Ltd. ....................... 156,000 136,616 China Yurun Food Group, Ltd. ....................... 145,000 209,045 People's Food Holdings, Ltd. ....................... 156,000 150,278 Pine Agritech, Ltd. .......... 312,000 98,784 Synear Food Holdings, Ltd. ... 104,000 145,024 Tingyi Cayman Islands Holding Corp. ...................... 364,000 562,260 ------------ 2,757,903 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 0.2% China Medical Technologies, Inc. ADR.................... 4,610 197,262 ------------ HOTELS, RESTAURANTS & LEISURE -- 0.9% China Travel International Investment Hong Kong, Ltd. ....................... 520,000 385,550 Ctrip.com International, Ltd. ADR......................... 11,278 584,200 FU JI Food and Catering Services Holdings, Ltd. .... 39,000 119,982 ------------ 1,089,732 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 2.4% China Power International Development, Ltd. .......... 455,000 238,375 China Resources Power Holdings Co. ........................ 208,000 643,922 Datang International Power Generation Co., Ltd. ....... 690,000 793,149 Huadian Power International Co. ........................ 416,000 266,672 Huaneng Power International, Inc. ....................... 692,000 958,457 ------------ 2,900,575 ------------ INDUSTRIAL CONGLOMERATES -- 0.5% Shanghai Industrial Holdings, Ltd. ....................... 112,000 560,097 ------------
See accompanying notes to financial statements. 62 SPDR S&P CHINA ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- INSURANCE -- 10.8% China Insurance International Holdings Co., Ltd. (a)...... 130,000 $ 396,594 China Life Insurance Co., Ltd. ....................... 1,450,000 8,324,484 PICC Property & Casualty Co., Ltd. ....................... 484,000 943,248 Ping An Insurance Group Co. of China, Ltd. ................ 258,500 3,570,382 ------------ 13,234,708 ------------ INTERNET SOFTWARE & SERVICES -- 2.3% Baidu.com ADR (a)............. 3,588 1,039,264 NetEase.com ADR (a)........... 25,586 432,404 SINA Corp. (a)................ 8,211 392,896 Sohu.com, Inc. (a)............ 5,554 209,441 Tencent Holdings, Ltd. ....... 117,000 756,039 ------------ 2,830,044 ------------ IT SERVICES -- 0.2% Travelsky Technology, Ltd. ... 182,000 195,151 ------------ LEISURE EQUIPMENT & PRODUCTS -- 0.4% Li Ning Co., Ltd. ............ 146,000 504,605 ------------ MACHINERY -- 0.6% China Infrastructure Machinery Holdings, Ltd. ............. 66,582 153,756 Guangzhou Shipyard International Co., Ltd. (a)......................... 26,000 168,511 Shanghai Prime Machinery Co., Ltd. ....................... 234,000 111,147 Weichai Power Co., Ltd. ...... 34,000 270,472 ------------ 703,886 ------------ MARINE -- 2.7% China Shipping Container Lines Co., Ltd. .................. 867,500 670,001 China Shipping Development Co., Ltd. .................. 286,000 929,569 COSCO Holdings................ 549,875 1,719,985 ------------ 3,319,555 ------------ MEDIA -- 0.8% Focus Media Holding, Ltd. ADR (a)......................... 16,834 976,709 Xinhua Finance, Ltd. (a)...... 138 39,355 ------------ 1,016,064 ------------ METALS & MINING -- 4.8% Aluminum Corp. of China, Ltd. ....................... 780,000 2,238,999 Angang Steel Co., Ltd. ....... 198,000 763,337 Hunan Non-Ferrous Metal Corp., Ltd. ....................... 312,000 321,693 Jiangxi Copper Co., Ltd. ..... 288,000 936,070 Lingbao Gold Co., Ltd. ....... 104,000 96,655 Maanshan Iron & Steel......... 390,000 425,209 Zijin Mining Group Co., Ltd. ....................... 728,500 1,132,794 ------------ 5,914,757 ------------ MULTILINE RETAIL -- 0.4% Golden Eagle Retail Group, Ltd. ....................... 130,000 153,952 Parkson Retail Group, Ltd. ... 39,000 351,915 ------------ 505,867 ------------ OIL, GAS & CONSUMABLE FUELS -- 20.3% China Coal Energy Co. (a)..... 649,904 1,932,483 China Petroleum & Chemical Corp. ...................... 3,344,000 4,162,432 China Shenhua Energy Co., Ltd. ....................... 670,000 4,036,223 CNOOC, Ltd. .................. 3,362,000 5,660,567 CNPC Hong Kong, Ltd. ......... 520,000 329,993 PetroChina Co., Ltd. ......... 4,148,000 7,870,289 Yanzhou Coal Mining Co., Ltd. ....................... 442,000 910,325 ------------ 24,902,312 ------------ PAPER & FOREST PRODUCTS -- 1.1% Citic Resources Holdings, Ltd. (a)......................... 312,000 248,197 Lee & Man Paper Manufacturing, Ltd. ....................... 78,000 337,356 Nine Dragons Paper Holdings, Ltd. ....................... 234,000 731,942 ------------ 1,317,495 ------------ PERSONAL PRODUCTS -- 0.1% American Oriental Bioengineering, Inc. (a).... 10,247 114,254 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 4.8% Agile Property Holdings, Ltd. ....................... 312,000 655,434 Beijing Capital Land, Ltd. ... 234,000 210,848 China Overseas Land & Investment, Ltd............. 624,000 1,429,747 China Resources Land, Ltd. ... 208,000 433,208 Greentown China Holdings, Ltd. ....................... 104,000 242,307 Guangzhou Investment Co., Ltd. ....................... 796,000 248,985 Guangzhou R&F Properties Co., Ltd. ....................... 211,200 997,733 Shanghai Forte Land Co. ...... 260,000 207,166 Shenzhen Investment, Ltd. .... 343,254 307,082 Shimao Property Holdings, Ltd. ....................... 230,500 701,708 Yanlord Land Group, Ltd. ..... 190,000 473,576 ------------ 5,907,794 ------------ ROAD & RAIL -- 0.2% Guangshen Railway Co., Ltd. .. 364,000 313,460 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.4% Actions Semiconductor Co., Ltd. ADR (a)................ 20,359 112,382 Semiconductor Manufacturing International Corp. (a)..... 2,878,000 337,121 ------------ 449,503 ------------ SOFTWARE -- 0.2% Shanda Interactive Entertainment, Ltd. ADR (a)......................... 5,143 191,371 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 0.4% Ports Design, Ltd. ........... 69,000 239,366 Weiqiao Textile Co. .......... 147,000 276,264 ------------ 515,630 ------------ TRANSPORTATION INFRASTRUCTURE -- 3.6% Anhui Expressway Co. ......... 198,000 180,958 Beijing Capital International Airport Co., Ltd. .......... 364,000 756,240 China Merchants Holdings International Co., Ltd. .... 208,816 1,300,959 COSCO Pacific, Ltd. .......... 234,000 740,978 Dalian Port PDA Co., Ltd. .... 234,000 190,666 Jiangsu Express............... 338,000 435,082 Shenzhen Expressway Co., Ltd. ....................... 312,000 321,291 Zhejiang Expressway Co., Ltd. ....................... 390,000 554,228 ------------ 4,480,402 ------------ WATER UTILITIES -- 0.3% Guangdong Investment, Ltd. ... 498,000 342,955 ------------
See accompanying notes to financial statements. 63 SPDR S&P CHINA ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- WIRELESS TELECOMMUNICATION SERVICES -- 13.8% China Mobile, Ltd. ........... 966,500 $ 15,824,989 China Unicom, Ltd. ........... 520,000 1,076,326 ------------ 16,901,315 ------------ TOTAL COMMON STOCKS -- (Cost $86,402,978).......... 121,805,249 ------------ WARRANTS -- 0.0%(B) CHINA -- 0.0%(B) China Overseas Land & Investment, Ltd. (expiring 8/27/08) (a) (Cost $0)................... 32,000 26,321 ------------ SHORT TERM INVESTMENTS -- 0.2% UNITED STATES -- 0.2% MONEY MARKET FUND -- 0.2% STIC Prime Portfolio (Cost $189,970)............. 189,970 189,970 ------------ TOTAL INVESTMENTS -- 99.5% (Cost $86,592,948).......... 122,021,540 OTHER ASSETS AND LIABILITIES -- 0.5%......... 617,675 ------------ NET ASSETS -- 100.0%.......... $122,639,215 ============
(a) Non-income producing security (b) Amount represents less than 0.05% of net assets. ADR = American Depositary Receipt See accompanying notes to financial statements. 64 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 95.5% ARGENTINA -- 0.5% Grupo Financiero Galicia SA ADR (a).......................... 1,806 $ 14,304 Telecom Argentina SA ADR (a)... 1,533 37,635 Tenaris SA ADR................. 3,254 171,225 ----------- TOTAL ARGENTINA................ 223,164 ----------- BRAZIL -- 13.7% Aracruz Celulose SA ADR........ 845 62,184 Banco Bradesco SA ADR.......... 13,729 403,221 Banco do Brasil SA............. 4,623 77,611 Banco Itau Holding Financeira SA ADR....................... 8,319 421,108 Bradespar SA Preference Shares....................... 2,049 116,593 Brasil Telecom Participacoes SA ADR.......................... 1,250 93,275 Braskem SA ADR................. 1,697 31,955 Centrais Eletricas Brasileiras SA ADR....................... 5,427 79,343 Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR................... 1,070 32,442 Companhia de Bebidas das Americas ADR................. 2,869 209,810 Companhia de Saneamento Basico do Estado de Sao Paulo....... 2,154 53,791 Companhia Energetica de Minas Gerais ADR................... 4,742 101,147 Companhia Siderurgica Nacional SA ADR....................... 2,391 168,613 Companhia Vale do Rio Doce ADR.......................... 47,389 1,461,916 Cosan SA Industria e Comercio.. 1,626 22,092 Cyrela Brazil Realty SA........ 4,299 58,387 Cyrela Commercial Properties SA Empreendimentos e Participacoes (a)............ 2,133 2,701 Duratex SA Preference Shares... 1,773 52,708 Empresa Brasileira de Aeronautica SA............... 6,963 76,442 Gerdau SA ADR.................. 5,519 144,708 Investimentos Itau SA.......... 5,840 59,352 Investimentos Itau SA Preference Shares............ 32,820 225,638 Lojas Americanas SA Preference Shares....................... 5,060 50,050 Lojas Renner SA................ 2,961 59,059 Metalurgica Gerdau SA Preference Shares............ 2,586 87,137 Natura Cosmeticos SA........... 2,526 30,202 Perdigao SA ADR................ 1,158 50,848 Petroleo Brasileiro SA ADR..... 17,933 1,243,199 Souza Cruz SA.................. 1,626 42,064 Tam SA ADR..................... 1,291 35,373 Telemig Celular Participacoes ADR.......................... 579 33,929 Tim Participacoes SA ADR....... 1,281 51,957 Tractebel Energia SA ADR....... 439 26,902 Unibanco -- Uniao de Bancos Brasileiros SA GDR........... 1,673 220,083 Usinas Siderurgicas de Minas Gerais SA ADR................ 1,806 125,643 Vivo Participacoes SA Preference Shares............ 10,482 50,587 Votorantim Celulose e Papel SA ADR.......................... 2,095 59,959 Weg SA......................... 4,041 48,865 ----------- TOTAL BRAZIL................... 6,170,894 ----------- CHILE -- 2.1% Administradora de Fondos de Pensiones Caprum SA.......... 2,298 63,382 Antarchile SA.................. 2,907 59,135 Cementos Bio-Bio SA............ 13,647 39,640 Companhia de Telecomunicaciones de Chile SA ADR.............. 4,871 40,088 Companhia General de Electricidad................. 6,543 53,112 Empresa Nacional de Electricidad SA ADR.......... 1,601 68,763 Empresa Obras Sanitar Volpar... 437,052 89,334 Empresas COPEC SA.............. 6,690 107,302 Enersis SA ADR................. 3,908 69,328 Farmacias Ahumada SA........... 11,433 49,198 Lan Airlines SA ADR............ 2,573 41,297 Parque Arauco SA............... 37,416 45,740 SACI Falabella................. 20,112 99,527 Vina Concha y Toro SA ADR...... 1,046 48,911 Vina San Pedro SA (a).......... 4,681,569 51,838 ----------- TOTAL CHILE.................... 926,595 ----------- CHINA -- 19.1% AAC Acoustic Technology Holdings, Inc. (a)........... 24,000 29,627 Agile Property Holdings, Ltd. ........................ 36,000 75,627 Air China, Ltd. ............... 36,000 51,345 Aluminum Corp. of China, Ltd. ........................ 60,000 172,231 Angang Steel Co., Ltd. ........ 12,000 46,263 Anhui Conch Cement Co., Ltd. .. 12,000 104,574 Baidu.com ADR (a).............. 392 113,543 Bank of China, Ltd. ........... 294,000 157,811 Bank of Communications Co., Ltd. ........................ 78,000 94,279 Beijing Capital International Airport Co., Ltd. ........... 36,000 74,793 Chaoda Modern Agriculture...... 30,000 24,290 China Construction Bank Corp. ....................... 405,000 370,663 China Life Insurance Co., Ltd. ........................ 105,000 602,807 China Mengniu Dairy Co., Ltd. ........................ 18,000 77,967 China Merchants Bank Co., Ltd. ........................ 36,000 158,251 China Merchants Holdings International Co., Ltd. ..... 12,061 75,142 China Mobile, Ltd. ............ 67,500 1,105,211 China Netcom Group Corp. -- Hong Kong, Ltd. ............. 18,000 48,194 China Oilfield Services, Ltd. ........................ 48,000 110,598 China Overseas Land & Investment, Ltd. ............ 48,000 109,981 China Petroleum & Chemical Corp. ....................... 240,000 298,739 China Power International Development, Ltd. ........... 60,000 31,434 China Resources Enterprise..... 12,000 51,051 China Resources Land, Ltd. .... 24,000 49,986 China Resources Power Holdings Co. ......................... 24,000 74,299 China Shenhua Energy Co., Ltd. ........................ 48,000 289,162 China Shipping Container Lines Co., Ltd. ................... 134,350 103,763 China Shipping Development Co., Ltd. ........................ 24,000 78,006 China Telecom Corp., Ltd. ..... 210,000 158,406 China Travel International Investment Hong Kong, Ltd. .. 54,000 40,038 China Unicom, Ltd. ............ 36,000 74,515 CNOOC, Ltd. ................... 236,000 397,351 CNPC Hong Kong, Ltd. .......... 60,000 38,076 COSCO Holdings................. 44,925 140,523 COSCO Pacific, Ltd. ........... 24,000 75,998 Ctrip.com International, Ltd. ADR.......................... 1,205 62,419 Datang International Power Generation Co., Ltd. ........ 72,000 82,763 Denway Motors, Ltd. ........... 84,000 49,090 Dongfeng Motor Group Co., Ltd. ........................ 60,000 52,596 Focus Media Holding, Ltd. ADR (a).......................... 1,343 77,921 Guangdong Investment, Ltd. .... 48,000 33,056 Guangshen Railway Co., Ltd. ... 48,000 41,335
See accompanying notes to financial statements. 65 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Guangzhou Investment Co., Ltd. ........................ 84,000 $ 26,275 Guangzhou R&F Properties Co., Ltd. ........................ 21,600 102,041 Harbin Power Equipment......... 12,000 30,059 Huadian Power International Co. ......................... 72,000 46,155 Huaneng Power International, Inc. ........................ 60,000 83,103 Industrial & Commercial Bank of China........................ 399,000 278,886 Jiangsu Express................ 36,000 46,340 Jiangxi Copper Co., Ltd. ...... 24,000 78,006 Lenovo Group, Ltd. ............ 78,000 60,142 Li Ning Co., Ltd. ............. 12,000 41,474 Maanshan Iron & Steel.......... 36,000 39,250 NetEase.com ADR (a)............ 1,424 24,066 Nine Dragons Paper Holdings, Ltd. ........................ 18,000 56,303 Parkson Retail Group, Ltd. .... 3,000 27,070 PetroChina Co., Ltd. .......... 300,000 569,211 PICC Property & Casualty Co., Ltd. ........................ 48,000 93,545 Pine Agritech, Ltd. ........... 48,000 15,198 Ping An Insurance Group Co. of China, Ltd. ................. 18,000 248,615 Semiconductor Manufacturing International Corp. (a)...... 291,000 34,087 Shanghai Electric Group Co., Ltd. ........................ 60,000 46,881 Shenzhen Expressway Co., Ltd. ........................ 48,000 49,429 Shimao Property Holdings, Ltd. ........................ 18,000 54,797 SINA Corp. (a)................. 743 35,553 Sinopec Shanghai Petrochemical Co., Ltd. ................... 48,000 39,544 Sinotrans, Ltd. ............... 60,000 36,609 Suntech Power Holdings Co., Ltd. ADR (a)................. 1,158 46,204 Tencent Holdings, Ltd. ........ 12,000 77,542 Tingyi Cayman Islands Holding Corp. ....................... 36,000 55,608 TPV Technology, Ltd. .......... 48,000 34,477 Travelsky Technology, Ltd. .... 27,000 28,951 Weiqiao Textile Co. ........... 15,500 29,130 Xinyu Hengdeli Holdings, Ltd. ........................ 96,000 50,665 Yanzhou Coal Mining Co., Ltd. ........................ 36,000 74,144 Zhejiang Expressway Co., Ltd. ........................ 42,000 59,686 Zijin Mining Group Co., Ltd. .. 54,000 83,968 ZTE Corp. ..................... 4,800 25,333 ----------- TOTAL CHINA.................... 8,632,071 ----------- CZECH REPUBLIC -- 0.7% CEZ AS......................... 2,487 153,255 Komercni Banka AS.............. 273 63,435 Telefonica O2 Czech Republic AS........................... 1,751 49,466 Unipetrol (a).................. 1,775 28,121 Zentiva NV..................... 681 41,612 ----------- TOTAL CZECH REPUBLIC........... 335,889 ----------- EGYPT -- 0.8% Commercial International Bank.. 4,572 62,998 Egyptian Co. for Mobile Services..................... 1,095 36,623 Egyptian Financial Group-Hermes Holding...................... 4,281 34,784 Orascom Construction Industries................... 1,728 144,898 Orascom Telecom Holding SAE GDR.......................... 1,469 96,073 ----------- TOTAL EGYPT.................... 375,376 ----------- HUNGARY -- 1.1% FHB Mortgage Bank NyRt......... 4,051 49,508 MOL Hungarian Oil and Gas NyRt......................... 1,040 167,778 OTP Bank NyRt.................. 3,598 194,602 Richter Gedeon NyRt............ 297 63,221 Tiszai Vegyi Kominat NyRt (a).. 914 40,846 ----------- TOTAL HUNGARY.................. 515,955 ----------- INDIA -- 7.7% Ambuja Cements, Ltd. .......... 15,312 54,817 Bajaj Auto, Ltd. GDR........... 563 35,469 Bharat Heavy Electricals, Ltd. ........................ 2,177 111,173 Bharti Airtel, Ltd. (a)........ 14,362 338,781 Cipla, Ltd. ................... 7,139 32,929 Dr Reddy's Laboratories, Ltd. ADR.......................... 2,213 36,205 Gail India, Ltd. .............. 5,235 49,857 Grasim Industries, Ltd. ....... 628 55,892 HCL Technologies, Ltd. ........ 2,010 15,385 HDFC Bank, Ltd. ............... 2,994 107,896 Hero Honda Motors, Ltd. ....... 2,287 42,535 Hindustan Lever, Ltd. ......... 18,131 100,330 Housing Development Finance Corp., Ltd. ................. 3,193 202,706 ICICI Bank, Ltd. ADR........... 3,437 181,199 Indian Hotels Co., Ltd. ....... 9,818 34,002 Infosys Technologies, Ltd. ADR.......................... 5,981 289,421 ITC, Ltd. GDR (b).............. 15,463 72,676 Larsen & Toubro, Ltd........... 65 4,576 Larsen & Toubro, Ltd. GDR...... 1,235 86,944 Mahindra & Mahindra, Ltd. GDR.. 2,299 43,244 Maruti Udyog, Ltd. ............ 1,724 43,181 Oil & Natural Gas Corp., Ltd. ........................ 5,255 128,053 Reliance Capital, Ltd. ........ 911 36,191 Reliance Communications, Ltd. ........................ 11,497 169,840 Reliance Energy, Ltd. ......... 2,807 85,522 Reliance Industries, Ltd. ..... 2,665 305,142 Reliance Industries, Ltd. GDR (b).......................... 2,356 269,762 Satyam Computer Services, Ltd. ADR.......................... 3,417 88,466 Siemens India, Ltd. ........... 1,212 40,909 State Bank of India GDR........ 643 72,016 Suzlon Energy, Ltd. ........... 1,357 49,379 Tata Consultancy Services, Ltd. ........................ 2,463 65,155 Tata Motors, Ltd. ADR.......... 2,867 54,874 Tata Power Co., Ltd. .......... 2,344 49,942 Tata Steel, Ltd. .............. 3,209 68,291 Wipro, Ltd. ADR................ 3,604 52,042 ----------- TOTAL INDIA.................... 3,474,802 ----------- INDONESIA -- 1.4% Astra International Tbk PT..... 36,000 75,779 Bank Central Asia Tbk PT....... 105,500 70,949 Bank Danamon Indonesia Tbk PT.. 28,500 26,334 Bank Mandiri Persero Tbk PT.... 112,500 43,364 Bank Rakyat Indonesia PT....... 96,000 69,284 Bumi Resources Tbk PT.......... 181,500 70,953 Indofood Sukses Makmur Tbk PT.. 133,500 28,174 Indosat Tbk PT................. 60,000 50,519 Kalbe Farma Tbk PT............. 145,500 21,161 Medco Energi Internasional Tbk PT........................... 69,000 31,312 Perusahaan Gas Negara PT....... 30,000 39,530 Telekomunikasi Indonesia Tbk PT........................... 76,000 91,416 United Tractors Tbk PT......... 36,000 32,280 ----------- TOTAL INDONESIA................ 651,055 ----------- ISRAEL -- 2.6% Avner Oil & Gas, Ltd. LP....... 351,961 27,421 Bank Hapoalim BM............... 16,105 82,179 Bank Leumi Le-Israel BM........ 16,411 71,812 Check Point Software Technologies (a)............. 2,712 68,288
See accompanying notes to financial statements. 66 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Formula Systems (1985), Ltd. (a).......................... 2,133 $ 29,095 Israel Chemicals, Ltd. ........ 7,410 67,912 Israel Discount Bank, Ltd. (a).......................... 14,152 32,056 Koor Industries, Ltd. ......... 368 29,220 Makhteshim-Agan Industries, Ltd. (a)..................... 6,394 56,611 Mizrahi Tefahot Bank, Ltd. .... 5,471 40,786 NICE Systems, Ltd. (a)......... 1,135 41,162 Ormat Industries............... 3,221 45,298 Partner Communications......... 2,166 35,972 Retalix, Ltd. (a).............. 1,469 27,310 Teva Pharmaceutical Industries, Ltd. ........................ 10,882 482,681 The Israel Corp., Ltd. ........ 54 43,536 ----------- TOTAL ISRAEL................... 1,181,339 ----------- JORDAN -- 0.3% Arab Bank PLC.................. 4,120 122,117 ----------- MALAYSIA -- 3.0% Aeon Co. Bhd................... 23,700 73,030 Berjaya Sports Toto Bhd........ 20,700 30,374 Bintulu Port Holdings Bhd...... 46,494 89,372 Bursa Malaysia Bhd............. 9,293 29,999 Carlsberg Brewery Bhd.......... 75,897 103,349 Dialog Group Bhd............... 69,600 35,132 Digi.Com Bhd................... 6,000 37,858 Genting Bhd.................... 36,000 85,048 IGB Corp. Bhd.................. 48,600 39,508 IOI Corp Bhd................... 56,700 100,671 KFC Holdings Bhd............... 25,800 49,594 KNM Group Bhd.................. 31,800 43,115 Magnum Corp. Bhd............... 53,342 45,241 Malaysian Airline System Bhd (a).......................... 23,700 29,908 Malaysian Industrial Developement Finance Bhd..... 105,600 58,262 Malaysian Plantations Bhd...... 45,900 41,758 Malaysian Resources Corp. Bhd (a).......................... 48,300 35,578 Multi Purpose Holdings Bhd..... 31,200 16,756 Naim Cendera Holding Bhd....... 29,087 49,937 Osk Holdings Bhd............... 44,100 30,155 Pacificmas Bhd................. 29,700 31,029 Padiberas Nasional Bhd......... 62,100 37,360 Resorts World Bhd.............. 4,500 5,177 Sarawake Energy Bhd............ 52,434 36,161 SP Setia Bhd................... 19,500 50,359 Sunrise Bhd.................... 46,500 47,762 Ta Enterprise Bhd.............. 58,500 25,237 UEM World Bhd.................. 16,800 20,116 WCT Engineering Bhd............ 29,800 67,340 ----------- TOTAL MALAYSIA................. 1,345,186 ----------- MEXICO -- 5.8% Alfa SAB de CV................. 6,340 42,848 America Movil SAB de CV........ 281,583 901,300 Axtel SAB de CV (a)............ 6,472 49,570 Cemex SAB de CV (a)............ 102,349 305,700 Coca-Cola Femsa SAB de CV...... 9,780 41,965 Consorcio ARA SAB de CV........ 19,293 25,848 Corp GEO SAB de CV (a)......... 8,193 35,957 Corp Interamericana de Entretenimiento SAB de CV (a).......................... 10,735 30,532 Desarrolladora Homex SAB de CV (a).......................... 3,605 33,397 Empresas ICA SAB de CV (a)..... 7,911 47,714 Fomento Economico Mexicano SAB de CV........................ 29,343 109,325 Grupo Aeroportuario del Sureste SAB de CV.................... 7,644 37,945 Grupo Bimbo SAB de CV.......... 9,474 52,852 Grupo Elektra SA de CV......... 1,400 28,564 Grupo Financiero Banorte SAB de CV........................... 19,882 78,731 Grupo Iusacell SA de CV (a).... 231 2,324 Grupo Mexico SAB de CV......... 20,420 146,595 Grupo Modelo SAB de CV......... 11,110 53,342 Grupo Televisa SA de CV........ 22,540 108,323 Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a).................... 20,084 30,637 Industrias CH SAB de CV (a).... 5,161 19,998 Industrias Penoles SA de CV.... 1,788 30,040 Kimberly-Clark de Mexico SAB de CV........................... 10,404 46,898 Sare Holding SAB de CV (Class B) (a)....................... 22,938 34,613 Telefonos de Mexico SA de CV... 80,494 131,989 TV Azteca SA de CV............. 44,381 24,393 Urbi Desarrollos Urbanos SA de CV (a)....................... 8,647 31,078 Wal-Mart de Mexico SAB de CV... 36,090 132,351 ----------- TOTAL MEXICO................... 2,614,829 ----------- MOROCCO -- 0.7% Banque Marocaine du Commerce et de l'Industrie SA............ 267 41,635 Banque Marocaine du Commerce Exterieur.................... 336 126,780 Banque Marocaine pour le Commerce et l'Industrie (a).. 4 624 Douja Promotion Groupe Addoha SA........................... 84 35,681 Holcim Maroc SA................ 186 66,975 ONA SA......................... 303 62,389 ----------- TOTAL MOROCCO.................. 334,084 ----------- PERU -- 0.8% Companhia de Minas Buenaventura SA........................... 1,602 78,868 Credicorp, Ltd. ............... 1,158 78,396 Southern Copper Corp. ......... 1,001 123,954 Volcan Cia Minera SA........... 13,506 60,586 ----------- TOTAL PERU..................... 341,804 ----------- PHILIPPINES -- 0.6% Ayala Land, Inc. .............. 154,280 55,650 Banco de Oro Universal Bank.... 26,400 34,575 Bank of the Philippine Islands...................... 38,400 56,684 Filinvest Land, Inc. (a)....... 689,000 26,612 Philippine Long Distance Telephone Co. ............... 1,200 77,514 ----------- TOTAL PHILIPPINES.............. 251,035 ----------- POLAND -- 1.8% Bank BPH SA.................... 150 51,503 Bank Pekao SA.................. 1,125 104,208 Bioton SA (a).................. 39,198 17,748 BRE Bank SA (a)................ 210 40,489 Cersanit Krasnystaw SA (a)..... 1,953 29,438 Getin Holding SA (a)........... 3,336 16,804 Globe Trade Centre SA (a)...... 2,094 37,497 Grupa Lotos SA................. 1,383 23,430 KGHM Polska Miedz SA........... 1,830 85,274 Orbis SA....................... 876 24,459 PBG SA (a)..................... 234 31,784 Polimex Mostostal SA........... 8,175 31,308 Polski Koncern Naftowy Orlen (a).......................... 2,555 109,609 Powszechna Kasa Oszczednosci Bank Polski SA............... 5,454 113,593
See accompanying notes to financial statements. 67 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Prokom Software SA............. 459 $ 23,466 Telekomunikacja Polska SA...... 11,184 88,405 ----------- TOTAL POLAND................... 829,015 ----------- RUSSIA -- 9.9% Comstar United Telesystems GDR.......................... 5,285 68,441 Gazprom OAO ADR................ 44,728 1,972,505 Golden Telecom, Inc. .......... 392 31,552 JSC MMC Norilsk Nickel ADR..... 1,135 308,720 LUKOIL ADR..................... 6,957 578,127 Mechel ADR..................... 665 33,915 Mobile Telesystems OJSC ADR.... 2,736 189,632 NovaTek OAO GDR................ 1,533 80,482 Polyus Gold Co. ADR............ 1,135 49,373 Rosneft Oil Co. OAO GDR........ 19,389 164,806 Rostelecom ADR................. 1,181 74,202 Severstal GDR.................. 4,159 88,171 Surgutneftegaz ADR............. 6,122 415,684 Tatneft GDR.................... 1,040 114,400 Vimpel-Communications ADR...... 6,217 168,108 VTB Bank OJSC GDR (a)(b)....... 9,000 80,550 Wimm-Bill-Dann Foods OJSC ADR.. 345 37,722 ----------- TOTAL RUSSIA................... 4,456,390 ----------- SOUTH AFRICA -- 9.1% ABSA Group, Ltd. .............. 4,096 74,238 Adcorp Holdings, Ltd. ......... 5,441 29,585 Afgri, Ltd. ................... 29,981 28,169 African Bank Investments, Ltd. ........................ 9,382 42,593 African Rainbow Minerals, Ltd. ........................ 1,986 37,867 Allied Electronics Corp., Ltd. (a).......................... 6,943 45,402 Anglo Platinum, Ltd. .......... 773 116,856 AngloGold Ashanti, Ltd. ....... 2,252 106,514 Aquarius Platinum, Ltd. ....... 1,533 53,720 Aspen Pharmacare Holdings, Ltd. (a).......................... 7,512 36,499 Aveng, Ltd. ................... 7,662 61,103 Barloworld, Ltd. .............. 2,876 54,044 Bidvest Group, Ltd. ........... 4,252 83,526 Business Connexion Group, Ltd. ........................ 24,744 24,361 Cadiz Holdings, Ltd. .......... 35,377 23,083 Coronation Fund Managers, Ltd. ........................ 23,126 29,072 Ellerine Holdings, Ltd. ....... 2,610 27,967 FirstRand, Ltd. ............... 67,235 215,448 Foschini, Ltd. ................ 3,791 28,583 Gold Fields, Ltd. ............. 9,406 169,320 Grindrod, Ltd. ................ 11,315 42,295 Group Five, Ltd. .............. 3,212 25,801 Harmony Gold Mining Co., Ltd. (a).......................... 5,144 60,855 Impala Platinum Holdings, Ltd. ........................ 7,849 273,137 Imperial Holdings, Ltd. ....... 2,221 41,543 Investec, Ltd. ................ 2,456 26,349 Invicta Holdings, Ltd. ........ 6,865 28,867 JD Group, Ltd. ................ 2,415 20,380 Johnnic Communications, Ltd. .. 2,541 33,159 Kagiso Media, Ltd. ............ 13,423 28,026 Kumba Iron Ore, Ltd. .......... 1,336 43,779 Lewis Group, Ltd. ............. 2,909 23,916 Massmart Holdings, Ltd. ....... 3,863 46,703 Metorex, Ltd. (a).............. 8,381 33,722 Mittal Steel South Africa, Ltd. ........................ 2,821 56,058 MTN Group, Ltd. ............... 22,571 341,997 Murray & Roberts Holdings, Ltd. ........................ 5,948 77,498 Mvelaphanda Resources, Ltd. (a).......................... 3,104 24,299 Naspers, Ltd. ................. 4,739 131,257 Nedbank Group, Ltd. ........... 6,637 120,302 Network Healthcare Holdings, Ltd. (a)..................... 25,299 43,762 Pretoria Portland Cement Co., Ltd. ........................ 2,649 18,360 PSG Group, Ltd. ............... 5,012 19,004 Remgro, Ltd. .................. 5,192 131,743 RMB Holdings, Ltd. ............ 11,508 55,682 Sanlam, Ltd. .................. 25,071 80,956 Sappi, Ltd. ................... 3,416 51,759 Sasol, Ltd. ................... 6,262 268,757 Shoprite Holdings, Ltd. ....... 9,584 50,027 Standard Bank Group, Ltd. ..... 13,658 196,966 Steinhoff International Holdings, Ltd. .............. 18,826 53,229 Sun International, Ltd. ....... 2,000 42,774 Super Group, Ltd. ............. 15,791 29,651 Telkom SA, Ltd. ............... 3,236 81,407 Tiger Brands, Ltd. ............ 2,361 62,254 Tourism Investment Corp., Ltd. (a).......................... 73,918 28,081 Truworths International, Ltd. ........................ 8,741 40,063 Wilson Bayly Holmes-Ovcon, Ltd. ........................ 3,042 52,488 Woolworths Holdings, Ltd. ..... 15,426 40,484 ----------- TOTAL SOUTH AFRICA............. 4,115,340 ----------- TAIWAN -- 10.3% Acer, Inc. .................... 34,180 60,222 Advanced Semiconductor Engineering, Inc. ........... 67,106 73,614 ASE Test, Ltd. (a)............. 264,000 47,566 Asustek Computer, Inc. ........ 35,596 108,310 AU Optronics Corp. ADR......... 12,283 207,828 Cathay Financial Holding Co., Ltd. ........................ 51,000 120,643 Chang Hwa Commercial Bank...... 75,000 49,410 Chi Mei Optoelectronics Corp. GDR.......................... 8,988 101,834 China Development Financial Holding Corp. ............... 158,130 63,717 China Steel Chemical Corp. .... 53,900 142,864 China Steel Corp. ............. 87,900 128,207 Chinatrust Financial Holding Co., Ltd. (a)................ 93,000 68,250 Chunghwa Telecom Co., Ltd. .... 46,500 86,916 Compal Electronics, Inc. ...... 67,120 75,892 Delta Electronics, Inc. ....... 26,450 102,526 Epistar Corp. ................. 8,057 39,254 Far Eastern Textile Co., Ltd. ........................ 61,630 82,809 Formosa Chemicals & Fibre Corp. ....................... 34,000 86,993 Formosa Plastics Corp. ........ 51,000 143,772 Foxconn Technology Co., Ltd. .. 9,450 109,456 Fubon Financial Holding Co., Ltd. ........................ 75,000 64,003 Giant Manufacturing Co., Ltd. ........................ 34,000 88,347 High Tech Computer Corp. ...... 9,900 145,156 Hon Hai Precision Industry Co., Ltd. ........................ 39,400 296,994 Hotai Motor Co., Ltd. ......... 17,000 42,923 Hua Nan Financial Holdings Co., Ltd. ........................ 67,000 47,219 Lite-On Technology Corp. ...... 35,686 55,768 MediaTek, Inc. ................ 8,150 146,842 Nan Ya Plastics Corp. ......... 51,000 132,833 National Petroleum Co., Ltd. .. 84,000 86,870 Novatek Microelectronics Corp., Ltd. ........................ 8,059 35,066 Phoenixtec Power Co., Ltd. .... 67,000 64,875 POU Chen Corp. ................ 43,297 43,251 Powerchip Semiconductor Corp. ....................... 83,660 41,529 Powertech Technology, Inc. .... 9,450 38,078 ProMOS Technologies, Inc. ..... 84,000 25,739 Quanta Computer, Inc. ......... 43,300 68,065 Shin Kong Financial Holding Co., Ltd. ................... 43,436 40,328
See accompanying notes to financial statements. 68 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Siliconware Precision Industries Co. .............. 34,236 $ 77,106 SinoPac Financial Holdings Co., Ltd. ........................ 110,000 51,233 Taishin Financial Holdings Co., Ltd. (a)..................... 93,000 47,020 Taiwan Cement Corp. ........... 52,180 85,381 Taiwan Semiconductor Manufacturing Co., Ltd. ADR.. 62,333 630,810 Tatung Co., Ltd. (a)........... 84,000 43,757 Tripod Technology Corp. ....... 9,420 38,390 United Microelectronics Corp. ADR.......................... 67,532 242,440 Wistron Corp. ................. 26,539 47,979 ----------- TOTAL TAIWAN................... 4,628,085 ----------- THAILAND -- 1.6% Advanced Info Service PCL...... 21,787 55,937 Bangkok Expressway PCL......... 62,180 45,172 Banpu PCL...................... 6,000 60,919 Electricity Generating PCL..... 14,000 47,382 IRPC PCL....................... 158,858 31,980 Kasikornbank PCL............... 29,400 69,479 PTT Exploration & Production PCL.......................... 19,473 77,267 PTT PCL........................ 13,208 129,479 Siam Cement PCL................ 6,900 51,134 Siam Commercial Bank PCL....... 20,675 47,654 Thai Oil PCL................... 19,371 48,604 Tisco Bank PCL Preference Shares....................... 47,100 41,225 TMB Bank PCL (a)............... 531,255 29,915 ----------- TOTAL THAILAND................. 736,147 ----------- TURKEY -- 1.9% Akbank TAS..................... 13,495 102,496 Anadolu Efes Biracilik Ve Malt Sanayii AS................... 3,870 40,256 Dogan Sirketler Grubu Holdings AS (a)....................... 15,940 34,741 Dogan Yayin Holding AS (a)..... 6,520 27,721 Eregli Demir ve Celik Fabrikalari TAS.............. 6,411 59,807 Haci Omer Sabanci Holding AS... 9,154 58,568 KOC Holding AS (a)............. 9,937 52,093 Migros Turk TAS................ 2,190 37,967 Tupras Turkiye Petrol Rafinerileri AS.............. 2,181 57,617 Turkcell Iletisim Hizmet AS.... 8,272 69,656 Turkiye Garanti Bankasi AS..... 18,451 140,900 Turkiye Is Bankasi............. 13,954 84,095 Ulker Gida Sanayi ve Ticaret AS........................... 8,061 35,936 Yapi ve Kredi Bankasi (a)...... 12,885 41,060 ----------- TOTAL TURKEY................... 842,913 ----------- TOTAL COMMON STOCKS -- (Cost $35,567,535)........... 43,104,085 ----------- RIGHTS -- 0.0% (C) MALAYSIA -- 0.0% (C) Malaysian Airline System (expiring 10/31/07) (a)...... 7,900 3,709 Malaysian Airline System Bhd (expiring 10/31/07) (a)...... 7,900 -- ----------- TOTAL RIGHTS -- (Cost $0).................... 3,709 ----------- WARRANTS -- 0.0% (C) CHINA -- 0.0% (C) China Overseas Land & Investment, Ltd. (expiring 8/27/08) (a) (Cost $0).................... 2,000 1,645 ----------- SHORT TERM INVESTMENTS -- 1.2% UNITED STATES -- 1.2% MONEY MARKET FUND -- 1.2% STIC Prime Portfolio (Cost $535,663).............. 535,663 535,663 ----------- TOTAL INVESTMENTS -- 96.7% (Cost $36,103,198)........... 43,645,102 OTHER ASSETS AND LIABILITIES -- 3.3%.......... 1,479,730 ----------- NET ASSETS -- 100.0%........... $45,124,832 ===========
(a) Non-income producing security (b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities which represent 0.9% of net assets as of September 30, 2007, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (c) Amount represents less than 0.05% of net assets. ADR = American Depositary Receipt GDR = Global Depositary Receipt At September 30, 2007, Open Futures Contracts Purchased were as follows:
EXPIRATION AGGREGATE UNREALIZED FUTURES DATE CONTRACTS FACE VALUE VALUE APPRECIATION ------- ---------- --------- ---------- ---------- ------------ MSCI Taiwan Stock Index....... 10/30/2007 49 $1,722,338 $1,784,090 $61,752
See accompanying notes to financial statements. 69 SPDR S&P BRIC 40 ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 99.4% BRAZIL -- 25.5% Banco Bradesco SA ADR......... 196,249 $ 5,763,833 Banco Itau Holding Financeira SA ADR...................... 115,640 5,853,697 Companhia de Bebidas das Americas ADR................ 41,418 3,028,898 Companhia Siderurgica Nacional SA ADR...................... 32,177 2,269,122 Companhia Energetica de Minas Gerais ADR.................. 52,048 1,110,184 Companhia Vale do Rio Doce ADR......................... 254,167 8,623,886 Empresa Brasileira de Aeronautica SA ADR.......... 21,406 940,152 Gerdau SA ADR................. 62,618 1,641,844 Petroleo Brasileiro SA ADR.... 99,099 7,481,975 Tele Norte Leste Participacoes SA ADR...................... 22,133 497,107 Unibanco -- Uniao de Bancos Brasileiros SA GDR............ 21,649 2,847,926 ------------ TOTAL BRAZIL.................. 40,058,624 ------------ CHINA -- 43.9% Bank of China, Ltd. (a)....... 6,524,000 3,501,906 Bank of Communications Co., Ltd. (a).................... 1,040,000 1,257,052 China Construction Bank Corp. ...................... 6,413,000 5,869,286 China Life Insurance Co., Ltd. ....................... 1,351,000 7,756,122 China Merchants Bank Co., Ltd. ....................... 442,000 1,942,976 China Merchants Holdings International Co., Ltd. ...... 208,000 1,295,875 China Mobile, Ltd. ........... 1,117,500 18,297,388 China Petroleum & Chemical Corp. ...................... 2,964,000 3,689,429 China Shenhua Energy Co., Ltd. ....................... 572,000 3,445,850 China Telecom Corp., Ltd. .... 2,806,000 2,116,604 CNOOC, Ltd. .................. 3,223,000 5,426,534 Industrial & Commercial Bank of China.................... 5,770,000 4,033,017 PetroChina Co., Ltd. ......... 3,688,000 6,997,499 Ping An Insurance Group Co. of China, Ltd. .................. 234,000 3,231,990 ------------ TOTAL CHINA................... 68,861,528 ------------ INDIA -- 6.2% HDFC Bank, Ltd. ADR........... 10,293 1,102,689 ICICI Bank, Ltd. ADR.......... 42,327 2,231,479 Infosys Technologies, Ltd. ADR......................... 80,527 3,896,702 Reliance Industries, Ltd. GDR (b)......................... 13,802 1,580,329 Satyam Computer Services, Ltd. ADR......................... 31,553 816,907 ------------ TOTAL INDIA................... 9,628,106 ------------ RUSSIA -- 23.8% Gazprom OAO ADR............... 226,199 9,975,376 JSC MMC Norilsk Nickel ADR.... 14,008 3,810,176 LUKOIL ADR.................... 102,089 8,483,596 Mobile Telesystems OJSC ADR... 33,349 2,311,419 NovaTek OAO GDR............... 18,733 983,482 OAO Rosneft Oil Co. GDR....... 229,612 1,951,702 Surgutneftegaz ADR............ 69,894 4,745,803 Tatneft GDR................... 8,604 946,440 Unified Energy System GDR..... 18,271 2,210,791 Vimpel-Communications ADR..... 72,861 1,970,161 ------------ TOTAL RUSSIA.................. 37,388,946 ------------ TOTAL COMMON STOCKS -- (Cost $138,011,819)......... 155,937,204 ------------ SHORT TERM INVESTMENTS -- 0.2% UNITED STATES -- 0.2% MONEY MARKET FUND -- 0.2% STIC Prime Portfolio (Cost $367,057)............. 367,057 $ 367,057 ------------ TOTAL INVESTMENTS -- 99.6% (Cost $138,378,876)......... 156,304,261 OTHER ASSETS AND LIABILITIES -- 0.4%......... 617,224 ------------ NET ASSETS -- 100.0%.......... $156,921,485 ============
(a) Non-income producing security (b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security which represents 1.0% of net assets as of September 30, 2007, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 70 SPDR S&P EMERGING EUROPE ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 99.3% CZECH REPUBLIC -- 4.8% CEZ AS.......................... 14,225 $ 876,576 Komercni Banka AS............... 1,511 351,102 Telefonica O2 Czech Republic AS............................ 10,488 296,286 Unipetrol (a)................... 10,069 159,520 Zentiva NV...................... 2,994 182,948 ----------- TOTAL CZECH REPUBLIC............ 1,866,432 ----------- HUNGARY -- 7.0% Magyar Telekom NyRt............. 59,717 331,269 MOL Hungarian Oil and Gas NyRt.. 5,531 892,288 OTP Bank NyRt................... 21,515 1,163,667 Richter Gedeon NyRt............. 1,572 334,622 ----------- TOTAL HUNGARY................... 2,721,846 ----------- POLAND -- 13.3% Agora SA........................ 9,383 181,617 Apator SA....................... 9,315 84,949 Asseco Poland SA................ 3,570 99,879 Bank BPH SA..................... 702 241,032 Bank Pekao SA................... 5,665 524,745 Bank Zachodni WBK SA............ 1,978 188,818 Bioton SA (a)................... 169,626 76,802 BRE Bank SA (a)................. 782 150,773 Cersanit Krasnystaw SA (a)...... 8,937 134,712 Debica SA....................... 3,138 117,807 Echo Investment SA (a).......... 2,780 93,354 Getin Holding SA (a)............ 16,068 80,936 Globe Trade Centre SA (a)....... 11,267 201,759 Impexmetal SA................... 16,856 59,147 ING Bank Slaski SA.............. 533 183,006 KGHM Polska Miedz SA............ 9,200 428,698 Netia SA (a).................... 46,511 67,564 Orbis SA........................ 4,110 114,755 PBG SA (a)...................... 918 124,693 Polimex Mostostal SA (a)........ 37,100 142,081 Polski Koncern Naftowy Orlen (a)........................... 22,607 473,405 Powszechna Kasa Oszczednosci Bank Polski SA................ 29,263 609,473 Telekomunikacja Polska SA....... 66,612 526,542 TVN SA.......................... 17,092 140,587 Zaklad Przetworstwa Hutniczego Stalprodukt SA................ 276 104,137 ----------- TOTAL POLAND.................... 5,151,271 ----------- RUSSIA -- 61.9% Comstar United Telesystems GDR.. 25,899 335,392 CTC Media, Inc. (a)............. 5,038 110,634 Gazprom Neft OAO ADR (Class S).. 12,417 260,136 Gazprom OAO ADR................. 187,938 8,288,066 Golden Telecom, Inc. ........... 1,699 136,753 JSC MMC Norilsk Nickel ADR...... 6,438 1,751,136 LUKOIL ADR...................... 48,373 4,019,796 NovaTek OAO GDR................. 6,267 329,017 Polyus Gold Co. ADR............. 7,573 329,425 Rosneft Oil Co. OAO GDR......... 127,682 1,085,297 Rostelecom ADR.................. 8,296 521,238 Sberbank GDR.................... 4,990 2,317,016 Severstal GDR................... 1,309 27,751 Surgutneftegaz ADR.............. 44,438 3,017,340 Unified Energy System GDR (a)... 9,416 1,139,336 VTB Bank OJSC (a)............... 47,515 219 VTB Bank OJSC GDR (a)(b)........ 33,086 296,120 ----------- TOTAL RUSSIA.................... 23,964,672 ----------- TURKEY -- 12.3% Akbank TAS...................... 74,669 567,122 Anadolu Efes Biracilik Ve Malt Sanayii AS.................... 19,845 206,429 Arcelik......................... 17,178 138,978 Beko Elektronik (a)............. 80,408 128,780 Dogan Sirketler Grubu Holdings AS............................ 73,381 159,932 Dogan Yayin Holding AS (a)...... 30,317 128,897 Enka Insaat ve Sanayi AS........ 15,127 191,070 Eregli Demir ve Celik Fabrikalari TAS............... 33,741 314,764 Haci Omer Sabanci Holding AS.... 44,662 285,751 KOC Holding AS.................. 44,616 233,891 Migros Turk TAS................. 10,993 190,583 Tupras Turkiye Petrol Rafinerileri AS............... 9,678 255,672 Turk Hava Yollari (a)........... 20,712 160,730 Turkcell Iletisim Hizmet AS..... 46,477 391,369 Turkiye Garanti Bankasi AS...... 89,311 682,017 Turkiye Is Bankasi.............. 70,570 425,296 Vestel Elektronik Sanayi (a).... 46,066 127,021 Yapi ve Kredi Bankasi (a)....... 59,042 188,146 ----------- TOTAL TURKEY.................... 4,776,448 ----------- TOTAL COMMON STOCKS -- (Cost $34,550,522)............ 38,480,669 ----------- SHORT TERM INVESTMENTS -- 0.1% MONEY MARKET FUND- 0.1% UNITED STATES -- 0.1% STIC Prime Portfolio (Cost $22,069)................ 22,069 22,069 ----------- TOTAL INVESTMENTS -- 99.4% (Cost $34,572,591)............ 38,502,738 OTHER ASSETS & LIABILITIES -- 0.6%........... 238,424 ----------- NET ASSETS -- 100.0%............ $38,741,162 ===========
(a) Non-income producing security (b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security which represents 0.8% of net assets as of September 30, 2007, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 71 SPDR S&P EMERGING LATIN AMERICA ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 99.5% ARGENTINA -- 2.6% Banco Macro SA ADR............. 2,496 $ 73,407 Grupo Financiero Galicia SA ADR (a).......................... 6,802 53,872 Petrobras Energia Participaciones SA ADR....... 15,638 157,162 Telecom Argentina SA ADR (a)... 5,052 124,026 Tenaris SA ADR................. 11,719 616,654 ----------- TOTAL ARGENTINA................ 1,025,121 ----------- BRAZIL -- 59.3% AES Tiete SA Preference Shares....................... 2,648,692 91,841 Aracruz Celulose SA ADR........ 3,920 288,473 B2W Companhia Global Do Varejo....................... 2,936 138,024 Banco Bradesco SA ADR.......... 48,549 1,425,884 Banco do Brasil SA............. 16,010 268,777 Banco Itau Holding Financeira SA ADR....................... 29,086 1,472,333 Bradespar SA Preference Shares....................... 8,464 481,620 Brasil Telecom Participacoes SA ADR.......................... 4,491 335,118 Braskem SA ADR................. 6,702 126,199 Centrais Eletricas Brasileiras SA ADR....................... 16,826 245,996 Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR................... 4,993 151,388 Companhia de Bebidas das Americas ADR................. 10,305 753,605 Companhia de Concessoes Rodoviarias.................. 9,461 189,734 Companhia Energetica de Minas Gerais ADR................... 15,984 340,939 Companhia Energetica de Sao Paulo Preference Shares (a).. 7,368 136,148 Companhia Paranaense de Energia Preference Shares............ 7,349 117,025 Companhia de Saneamento Basico do Estado de Sao Paulo....... 7,127 177,981 Companhia Siderurgica Nacional SA ADR....................... 8,626 608,306 Companhia Vale do Rio Doce ADR.......................... 165,320 5,084,049 Cosan SA Industria e Comercio.. 4,590 62,364 Cyrela Brazil Realty SA........ 14,742 200,219 Cyrela Commercial Properties SA Empreendimentos e Participacoes (a)............ 11,768 14,902 Duratex SA Preference Shares... 5,483 163,000 Empresa Brasileira de Aeronautica SA............... 25,958 284,974 Gafisa SA...................... 6,224 104,353 Gerdau SA ADR.................. 19,789 518,868 Gol Linhas Aereas Inteligentes SA Preference Shares......... 3,513 84,847 Investimentos Itau SA.......... 11,959 121,540 Investimentos Itau SA Preference Shares............ 116,018 797,624 JBS SA (a)..................... 15,687 69,909 Lojas Americanas SA Preference Shares....................... 20,604 203,800 Lojas Renner SA................ 12,613 251,574 Metalurgica Gerdau SA Preference Shares............ 10,469 352,760 Natura Cosmeticos SA........... 10,383 124,145 NET Servicos de Comunicacao SA Preference Shares (a)........ 6,264 102,335 Perdigao SA ADR................ 4,270 187,496 Petroleo Brasileiro SA ADR..... 62,829 4,344,497 Sadia SA Preference Shares..... 35,935 198,814 Souza Cruz SA.................. 6,775 175,266 Tam SA ADR..................... 4,305 117,957 Tele Norte Leste Participacoes SA ADR....................... 17,800 399,788 Tim Participacoes SA ADR....... 4,395 178,261 Tractebel Energia SA ADR....... 1,504 92,165 Unibanco -- Uniao de Bancos Brasileiros SA GDR........... 5,875 772,856 Usinas Siderurgicas de Minas Gerais SA ADR................ 6,295 437,943 Vivo Participacoes SA Preference Shares............ 33,068 159,589 Votorantim Celulose e Papel SA ADR.......................... 11,604 332,106 ----------- TOTAL BRAZIL................... 23,287,392 ----------- CHILE -- 8.8% Almendral SA................... 841,956 96,341 Antarchile SA.................. 13,410 272,790 Banco de Credito e Inversiones.................. 9,280 290,425 CAP SA......................... 6,725 189,418 Centros Comerciales Sudamericanos SA ADR (b)..... 5,113 301,514 Companhia de Telecomunicaciones de Chile SA ADR.............. 24,455 201,265 Companhia General de Electricidad................. 34,557 280,512 Empresa Nacional de Electricidad SA ADR.......... 6,531 280,506 Empresas CMPC SA............... 9,827 351,754 Empresas COPEC SA.............. 25,381 407,089 Enersis SA ADR................. 13,553 240,430 Lan Airlines SA ADR............ 9,170 147,179 SACI Falabella................. 76,420 378,176 ----------- TOTAL CHILE.................... 3,437,399 ----------- COLOMBIA -- 1.3% BanColombia SA ADR............. 14,655 507,796 ----------- MEXICO -- 23.6% Alfa SAB de CV................. 24,761 167,343 America Movil SAB de CV........ 952,533 3,048,900 Cemex SAB de CV (a)............ 370,861 1,107,701 Corp GEO SAB de CV (a)......... 32,926 144,506 Desarrolladora Homex SAB de CV (a).......................... 16,220 150,264 Empresas ICA SAB de CV (a)..... 29,522 178,056 Fomento Economico Mexicano SAB de CV........................ 122,369 455,919 Grupo Aeroportuario del Sureste SAB de CV.................... 35,767 177,549 Grupo Bimbo SAB de CV.......... 39,848 222,296 Grupo Carso SA de CV........... 39,391 150,220 Grupo Financiero Banorte SAB de CV........................... 86,757 343,548 Grupo Iusacell SA de CV (a).... 1,480 14,888 Grupo Mexico SAB de CV......... 72,843 522,941 Grupo Modelo SAB de CV......... 71,892 345,171 Grupo Televisa SA ADR.......... 1,800 43,506 Grupo Televisa SA de CV........ 77,921 374,475 Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a).................... 95,810 146,151 Kimberly-Clark de Mexico SAB de CV........................... 54,328 244,894 Telefonos de Mexico SA de CV... 374,387 613,898 TV Azteca SA de CV............. 177,109 97,344 Urbi Desarrollos Urbanos SA de CV (a)....................... 41,010 147,393 Wal-Mart de Mexico SAB de CV... 153,213 561,869 ----------- TOTAL MEXICO................... 9,258,832 ----------- PERU -- 3.9% Companhia de Minas Buenaventura SA........................... 6,424 316,258 Companhia Minera Milpo SAA..... 29,124 96,687 Credicorp, Ltd. ............... 5,227 353,868
See accompanying notes to financial statements. 72 SPDR S&P EMERGING LATIN AMERICA ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Minsur SA...................... 45,681 $ 153,133 Southern Copper Corp. ......... 3,338 413,345 Volcan Cia Minera SA........... 42,252 189,535 ----------- TOTAL PERU..................... 1,522,826 ----------- TOTAL COMMON STOCKS -- (Cost $30,102,505)................. 39,039,366 ----------- SHORT TERM INVESTMENTS -- 0.7% UNITED STATES -- 0.7% MONEY MARKET FUND -- 0.7% STIC Prime Portfolio (Cost $272,335).............. 272,335 272,335 ----------- TOTAL INVESTMENTS -- 100.2% (Cost $30,374,840)........... 39,311,701 OTHER ASSETS AND LIABILITIES -- (0.2)%........ (67,858) ----------- NET ASSETS -- 100.0%........... $39,243,843 ===========
(a) Non-income producing security (b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security which represents 0.8% of net assets as of September 30, 2007, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 73 SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 97.8% EGYPT -- 6.7% Commercial International Bank... 18,648 $ 256,950 Eastern Tobacco................. 2,198 157,351 Egypt Kuwait Holding Co. ....... 21,342 45,458 Egyptian Financial Group-Hermes Holding....................... 17,306 140,616 El Watany Bank of Egypt......... 12,622 169,423 Orascom Construction Industries.................... 4,534 380,191 Orascom Hotels & Development (a)........................... 5,694 66,749 Orascom Telecom Holding SAE GDR........................... 5,906 386,252 Sidi Kerir Petrochemicals Co. .. 19,396 60,332 Suez Cement..................... 6,858 73,643 Telecom Egypt................... 31,108 94,702 ----------- TOTAL EGYPT..................... 1,831,667 ----------- ISRAEL -- 20.2% Alvarion, Ltd. (a).............. 6,960 101,059 Bank Hapoalim BM................ 77,776 396,866 Bank Leumi Le-Israel BM......... 76,168 333,300 Bezeq Israeli Telecommunication Corp., Ltd.................... 83,492 142,773 Check Point Software Technologies (a).............. 10,490 264,138 Delek Automotive Systems, Ltd. ......................... 14,956 183,158 Delek Group, Ltd. .............. 614 146,168 ECI Telecom, Ltd. (a)........... 6,232 62,071 Elbit Systems, Ltd. ............ 5,704 266,778 Gazit Globe, Ltd. .............. 8,704 102,043 Israel Chemicals, Ltd. ......... 37,852 346,910 Israel Discount Bank, Ltd. ..... 54,964 124,498 Makhteshim-Agan Industries, Ltd. (a)........................... 25,596 226,621 Mizrahi Tefahot Bank, Ltd. ..... 20,550 153,198 NICE Systems, Ltd. (a).......... 4,048 146,806 RADVision, Ltd. (a)............. 2,796 49,098 Saifun Semiconductors, Ltd. (a)........................... 6,042 60,178 Syneron Medical, Ltd. (a)....... 2,074 49,029 Teva Pharmaceutical Industries, Ltd. ......................... 50,416 2,236,249 The Israel Corp., Ltd. ......... 196 158,020 ----------- TOTAL ISRAEL.................... 5,548,961 ----------- JORDAN -- 2.5% Arab Bank PLC................... 17,570 520,776 Jordanian Electric Power Co. (a)........................... 32,490 126,108 United Arab Investors........... 12,672 45,251 ----------- TOTAL JORDAN.................... 692,135 ----------- MOROCCO -- 6.4% Attijariwafa Bank............... 1,038 420,533 Banque Centrale Populaire....... 358 111,066 Banque Marocaine du Commerce et de l'Industrie SA............. 934 145,646 Banque Marocaine du Commerce Exterieur..................... 1,494 563,720 Banque Marcoaine pour le Commerce et l'Industrie (a)... 16 2,495 Ciments du Maroc................ 406 154,317 Douja Promotion Groupe Addoha SA............................ 298 126,582 ONA SA.......................... 1,120 230,613 ----------- TOTAL MOROCCO................... 1,754,972 ----------- SOUTH AFRICA -- 62.0% ABSA Group, Ltd. ............... 20,326 368,398 African Bank Investments, Ltd. ......................... 40,708 184,807 African Rainbow Minerals, Ltd. ......................... 8,316 158,561 Allan Gray Property Trust....... 148,764 145,599 Anglo Platinum, Ltd. ........... 3,604 544,826 AngloGold Ashanti, Ltd. ........ 9,280 438,922 Aquarius Platinum, Ltd. ........ 6,350 222,519 Aspen Pharmacare Holdings, Ltd. ......................... 35,000 170,058 Aveng, Ltd. .................... 21,802 173,866 Barloworld, Ltd. ............... 11,518 216,440 Bidvest Group, Ltd. ............ 18,998 373,197 FirstRand, Ltd. ................ 318,832 1,021,668 Foschini, Ltd. ................. 15,628 117,832 Gold Fields, Ltd. .............. 38,594 694,740 Grindrod, Ltd. ................. 42,140 157,519 Growthpoint Properties, Ltd. ... 83,306 195,559 Harmony Gold Mining Co., Ltd. (a)........................... 20,666 244,483 Hyprop Investments, Ltd. ....... 20,146 135,831 Impala Platinum Holdings, Ltd. ......................... 34,320 1,194,302 Imperial Holdings, Ltd. ........ 9,422 176,233 Investec, Ltd. ................. 13,490 144,724 JD Group, Ltd. ................. 9,832 82,970 Johnnic Communications, Ltd. ... 10,294 134,333 Kumba Iron Ore, Ltd. ........... 5,208 170,661 Massmart Holdings, Ltd. ........ 15,732 190,196 Metorex, Ltd. (a)............... 29,888 120,258 Mittal Steel South Africa, Ltd. ......................... 11,596 230,432 MTN Group, Ltd. ................ 95,750 1,450,810 Murray & Roberts Holdings, Ltd. ......................... 21,496 280,078 Mvelaphanda Resources, Ltd. (a)........................... 10,870 85,094 Naspers, Ltd. .................. 21,218 587,677 Nedbank Group, Ltd. ............ 29,179 528,897 Network Healthcare Holdings, Ltd. ......................... 108,816 188,230 Pick'n Pay Stores, Ltd. ........ 28,148 145,296 Pretoria Portland Cement Co., Ltd. ......................... 21,371 148,118 PSG Group, Ltd. ................ 18,102 68,636 Remgro, Ltd. ................... 28,362 719,665 Reunert, Ltd. .................. 14,864 144,400 RMB Holdings, Ltd. ............. 54,872 265,499 Sanlam, Ltd. ................... 124,806 403,006 Sappi, Ltd. .................... 15,540 235,463 Sasol, Ltd. .................... 26,370 1,131,768 Shoprite Holdings, Ltd. ........ 38,754 202,290 Standard Bank Group, Ltd. ...... 65,110 938,970 Steinhoff International Holdings, Ltd. ............... 76,118 215,217 Sun International, Ltd. ........ 5,994 128,193 Super Group, Ltd. .............. 55,808 104,790 Telkom SA, Ltd. ................ 14,336 360,648 Tiger Brands, Ltd. ............. 12,524 330,227 Truworths International, Ltd. .. 36,472 167,163 Woolworths Holdings, Ltd. ...... 64,966 170,498 ----------- TOTAL SOUTH AFRICA.............. 17,009,567 ----------- TOTAL COMMON STOCKS -- (Cost $24,776,322)............ 26,837,302 -----------
See accompanying notes to financial statements. 74 SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- SHORT TERM INVESTMENTS -- 0.0% (B) UNITED STATES -- 0.0% (B) MONEY MARKET FUND -- 0.0% (B) STIC Prime Portfolio (Cost $101)................... 101 $ 101 ----------- TOTAL INVESTMENTS -- 97.8% (Cost $24,776,423)............ 26,837,403 OTHER ASSETS AND LIABILITIES -- 2.2%........... 614,354 ----------- NET ASSETS -- 100.0%............ $27,451,757 ===========
(a) Non-income producing security (b) Amount represents less than 0.05% of net assets. GDR = Global Depositary Receipt See accompanying notes to financial statements. 75 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 98.6% AUSTRALIA -- 6.3% Abacus Property Group........... 12,458 $ 21,167 Alesco Corp, Ltd. .............. 1,481 17,012 Alumina, Ltd. .................. 1,870 11,816 AMP, Ltd. ...................... 1,710 15,950 Ansell, Ltd. ................... 1,206 13,341 APA Group....................... 4,982 16,489 Aristocrat Leisure, Ltd. ....... 714 8,783 Asciano Group (a)............... 694 5,509 Australia & New Zealand Banking Group, Ltd. .................. 856 22,498 Babcock & Brown, Ltd. .......... 392 9,529 BHP Billiton, Ltd. ............. 2,470 97,379 Billabong International, Ltd. .. 770 10,207 BlueScope Steel, Ltd. .......... 1,030 9,799 Brambles, Ltd. ................. 1,426 18,626 Bunnings Warehouse Property Trust......................... 13,840 28,537 Carindale Property Trust........ 9,598 41,365 Coles Group, Ltd. .............. 1,090 14,855 Commonwealth Bank of Australia.. 672 33,534 Computershare, Ltd. ............ 838 6,889 ConnectEast Group............... 10,266 14,899 CSL, Ltd. ...................... 186 17,662 CSR, Ltd. ...................... 3,466 9,539 DUET Group...................... 8,703 26,032 Envestra, Ltd. ................. 33,939 32,137 GWA International, Ltd. ........ 3,798 13,142 Harvey Norman Holdings, Ltd. ... 2,844 15,000 Hills Industries, Ltd. ......... 2,922 15,127 Insurance Australia Group, Ltd. ......................... 2,090 9,710 Lend Lease Corp., Ltd. ......... 696 11,641 Macquarie Airports.............. 2,100 8,084 Macquarie Bank, Ltd. ........... 249 18,598 Mirvac Real Estate Investment Trust......................... 21,106 26,896 National Australia Bank, Ltd. .. 864 30,362 Newcrest Mining, Ltd. .......... 518 12,835 Perpetual, Ltd. ................ 176 11,381 Rio Tinto, Ltd. ................ 235 22,506 Sonic Healthcare, Ltd. ......... 902 12,452 Suncorp-Metway, Ltd. ........... 944 16,958 Tattersall's, Ltd. ............. 1,962 6,893 Thakral Holdings Group.......... 24,914 23,591 Toll Holdings, Ltd. ............ 694 8,052 Westpac Banking Corp. .......... 903 22,775 Woodside Petroleum, Ltd. ....... 528 23,437 Woolworths, Ltd. ............... 848 22,295 WorleyParsons, Ltd. ............ 334 12,535 Zinifex, Ltd. .................. 624 9,785 ----------- TOTAL AUSTRALIA................. 857,609 ----------- AUSTRIA -- 0.3% Erste Bank der Oesterreichischen Sparkassen AG................. 186 14,139 OMV AG.......................... 230 15,318 voestalpine AG.................. 138 11,893 ----------- TOTAL AUSTRIA................... 41,350 ----------- BELGIUM -- 1.0% Bekaert NV...................... 74 9,894 Delhaize Group.................. 112 10,704 Dexia........................... 608 18,366 Fortis.......................... 888 26,078 Gimv NV......................... 164 11,197 InBev NV........................ 174 15,728 KBC Groep NV.................... 160 21,953 UCB SA.......................... 152 8,945 Umicore......................... 56 13,348 ----------- TOTAL BELGIUM................... 136,213 ----------- CANADA -- 7.0% AGF Management., Ltd. .......... 314 10,554 Agrium, Inc. ................... 220 11,995 Alcan, Inc. .................... 316 31,556 Bank of Montreal................ 306 20,016 Bank of Nova Scotia............. 540 28,394 Barrick Gold Corp. ............. 828 33,288 Bombardier, Inc. (a)............ 1,654 9,837 Brookfield Asset Management, Inc. (Class A)................ 423 16,240 CAE, Inc. ...................... 502 6,764 Cameco Corp. ................... 350 16,160 Canadian Imperial Bank of Commerce...................... 234 23,398 Canadian National Railway Co. .. 436 24,904 Canadian Natural Resources, Ltd. ......................... 442 33,609 Canadian Oil Sands Trust........ 404 13,417 Canadian Pacific Railway, Ltd. ......................... 208 14,652 Canadian Western Bank........... 498 14,283 CGI Group, Inc. (a)............. 1,026 11,760 Cognos, Inc. (a)................ 214 8,851 Crescent Point Energy Trust..... 634 13,296 EnCana Corp. ................... 590 36,515 Fairfax Financial Holdings, Ltd. ......................... 26 6,346 First Quantum Minerals, Ltd. ... 98 9,625 Gildan Activewear, Inc. (a)..... 284 11,258 Goldcorp, Inc. ................. 662 20,252 Husky Energy, Inc. ............. 348 14,516 Imperial Oil, Ltd. ............. 350 17,361 International Royalty Corp...... 1,328 9,155 Kinross Gold Corp. (a).......... 626 9,361 Magna International, Inc. (Class A)............................ 160 15,449 Manulife Financial Corp. ....... 1,012 41,765 MDS, Inc. ...................... 528 11,419 Nexen, Inc. .................... 540 16,515 Nortel Networks, Corp. (a)...... 362 6,142 OPTI Canada, Inc. (a)........... 504 9,444 Petro-Canada.................... 474 27,223 Potash Corp of Saskatchewan..... 264 27,909 Research In Motion, Ltd. (a).... 366 36,003 Rogers Communications, Inc. .... 440 20,050 Royal Bank of Canada............ 770 42,750 Russel Metals, Inc. ............ 402 12,440 Shaw Communications, Inc. ...... 476 11,832 Sherritt International Corp. ... 548 8,779 Sun Life Financial, Inc. ....... 398 20,907 Suncor Energy, Inc. ............ 374 35,552 Talisman Energy, Inc. .......... 1,000 19,654 Teck Cominco, Ltd. (Class B).... 463 22,002 TELUS Corp. (Non-Voting)........ 194 10,933 Toronto-Dominion Bank........... 504 38,699 TransCanada Corp. .............. 492 18,057
See accompanying notes to financial statements. 76 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- TSX Group, Inc. ................ 240 $ 11,593 Western Oil Sands, Inc. (Class A) (a)........................ 326 12,775 ----------- TOTAL CANADA.................... 955,255 ----------- CHINA -- 2.1% Bank of East Asia, Ltd. ........ 2,022 11,387 Chong Hing Bank, Ltd. .......... 4,000 8,743 Dah Sing Banking Group, Ltd. ... 4,800 10,603 Dah Sing Financial Holdings, Ltd. ......................... 800 6,168 Esprit Holdings, Ltd. .......... 1,200 19,077 Foxconn International Holdings, Ltd. (a)...................... 2,000 5,484 Giordano International, Ltd. ... 24,000 11,585 Hang Lung Group, Ltd. .......... 4,000 22,887 Hang Lung Properties, Ltd. ..... 4,000 17,918 Hong Kong Exchanges and Clearing, Ltd. ............... 1,000 30,636 Hong Kong Land Holdings, Ltd. .. 2,000 9,040 Hopewell Holdings............... 2,000 9,551 Hysan Development Co., Ltd. .... 4,075 11,304 Li & Fung, Ltd. ................ 4,000 17,043 New World Development Co., Ltd. ......................... 4,000 11,122 Pacific Basin Shipping, Ltd. ... 8,000 16,621 Sino Land Co., Ltd. ............ 4,000 9,958 Swire Pacific, Ltd. ............ 1,000 12,138 The Link REIT................... 4,081 8,951 Transport International Holdings, Ltd. ............... 2,400 13,608 Wheelock & Co., Ltd. ........... 6,000 16,335 Wing Hang Bank, Ltd. ........... 1,000 11,508 ----------- TOTAL CHINA..................... 291,667 ----------- DENMARK -- 0.9% A P Moller - Maersk A/S......... 2 27,398 Bang & Olufsen A/S (Class B).... 78 8,780 DSV A/S......................... 540 12,698 FLSmidth & Co. A/S.............. 98 10,396 Forstaedernes Bank A/S.......... 252 10,770 GN Store Nord A/S (a)........... 584 5,905 Novo-Nordisk A/S (Class B)...... 208 25,041 SimCorp A/S..................... 38 8,533 Vestas Wind Systems A/S (a)..... 172 13,553 ----------- TOTAL DENMARK................... 123,074 ----------- FINLAND -- 2.2% Amer Sports Oyj (Class A)....... 540 12,479 Elisa Oyj....................... 324 10,045 Fortum Oyj...................... 432 15,814 Kemira Oyj...................... 442 10,296 Kesko Oyj (Class B)............. 200 13,252 Kone Oyj (Class B).............. 212 15,422 Konecranes Oyj.................. 278 11,153 Lassila & Tikanoja Oyj.......... 432 13,903 Metso Oyj....................... 208 14,288 Neste Oil Oyj................... 344 12,558 Nokia Oyj....................... 1,646 62,407 OKO Bank plc.................... 632 13,033 Rautaruukki Oyj................. 172 10,393 Sampo Oyj (Class A)............. 414 12,606 SanomaWSOY Oyj.................. 416 12,903 Stockmann Oyj Abp............... 276 13,279 Stora Enso Oyj.................. 696 13,521 UPM-Kymmene Oyj................. 512 12,349 Uponor Oyj...................... 256 7,926 Wartsila Oyj (Class B).......... 148 10,113 YIT Oyj......................... 306 9,069 ----------- TOTAL FINLAND................... 306,809 ----------- FRANCE -- 8.2% Accor SA........................ 190 16,823 Air France-KLM.................. 192 7,037 Air Liquide SA.................. 152 20,289 Alcatel-Lucent.................. 1,782 18,247 Alstom.......................... 84 17,031 AXA............................. 1,238 55,248 BNP Paribas SA.................. 508 55,441 Bourbon SA...................... 160 10,417 Bouygues SA..................... 222 19,098 CA Ile de France CCI............ 80 10,376 Cap Gemini SA................... 148 9,097 Carrefour SA.................... 454 31,721 Casino Guichard-Perrachon SA.... 94 9,831 Compagnie de Saint-Gobain....... 272 28,312 Compagnie Generale de Geophysique-Veritas (a)....... 38 12,384 Compagnie Generale des Etablissements Michelin....... 134 17,967 Credit Agricole SA.............. 436 16,773 Electricite de France........... 160 16,872 Essilor International SA........ 248 15,518 France Telecom SA............... 1,276 42,626 Groupe Danone................... 332 26,063 Guyenne et Gascogne SA.......... 96 16,793 Hermes International............ 76 8,530 L'Oreal SA...................... 172 22,504 Lafarge SA...................... 126 19,469 Lagardere SCA................... 204 17,317 LVMH Moet Hennessy Louis Vuitton SA............................ 146 17,456 Nexans SA....................... 58 9,515 Pernod - Ricard SA.............. 90 19,587 PPR............................. 74 13,885 PSA Peugeot Citroen............. 170 13,993 Publicis Groupe................. 234 9,597 Renault SA...................... 154 22,256 Rhodia SA (a)................... 1,816 5,449 Sanofi-Aventis.................. 662 55,904 Schneider Electric SA........... 184 23,184 Societe Generale................ 244 40,835 Sodexho Alliance SA............. 136 9,380 Suez SA......................... 932 54,741 Technip SA...................... 154 13,732 Thomson......................... 470 7,139 Total SA........................ 1,637 132,746 Unibail-Rodamco................. 42 10,781 Valeo SA........................ 164 9,101 Vallourec SA.................... 42 12,066 Veolia Environnement............ 310 26,624 Vinci SA........................ 352 27,428 Vivendi Universal SA............ 884 37,213 ----------- TOTAL FRANCE.................... 1,114,396 ----------- GERMANY -- 6.9% Adidas AG....................... 228 14,915 Allianz SE...................... 324 75,498 BASF AG......................... 302 41,660
See accompanying notes to financial statements. 77 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Bayer AG........................ 564 $ 44,773 Bayerische Motoren Werke AG..... 258 16,596 Bilfinger Berger AG............. 86 6,704 Commerzbank AG.................. 532 21,479 Continental AG.................. 134 18,481 DaimlerChrysler AG.............. 714 71,729 Deutsche Bank AG................ 364 46,786 Deutsche Boerse AG.............. 172 23,360 Deutsche Post AG................ 622 18,045 Deutsche Telekom AG............. 2,176 42,644 E.ON AG......................... 492 90,723 Fresenius Medical Care AG & Co. KGaA.......................... 204 10,813 GEA Group AG (a)................ 308 10,806 Hochtief AG..................... 74 8,953 Hypo Real Estate Holding AG..... 180 10,209 Infineon Technologies AG (a).... 714 12,276 IVG Immobilien AG............... 172 6,394 Lanxess AG...................... 176 8,330 Linde AG........................ 106 13,129 MAN AG.......................... 104 15,094 Merck KGaA...................... 78 9,384 Muenchener Rueckversicherungs- Gesellschaft AG............... 176 33,733 Rheinmetall AG.................. 90 7,130 RWE AG.......................... 364 45,658 Salzgitter AG................... 54 10,578 SAP AG.......................... 696 40,632 Siemens AG...................... 658 90,227 ThyssenKrupp AG................. 306 19,435 TUI AG (a)...................... 382 10,235 Volkswagen AG................... 166 37,418 Wincor Nixdorf AG............... 132 10,888 ----------- TOTAL GERMANY................... 944,715 ----------- GREECE -- 0.5% Hellenic Telecommunications Organization SA ADR........... 1,356 25,479 National Bank of Greece SA ADR.. 3,624 46,786 ----------- TOTAL GREECE.................... 72,265 ----------- IRELAND -- 0.9% Anglo Irish Bank Corp PLC....... 720 13,578 Bank of Ireland................. 718 13,274 C&C Group PLC................... 595 4,908 CRH PLC......................... 436 17,269 DCC PLC......................... 314 9,244 Depfa Bank PLC.................. 468 9,664 Elan Corp. PLC (a).............. 366 7,672 Grafton Group PLC (a)........... 728 8,131 Independent News & Media PLC.... 2,192 8,136 Kingspan Group PLC.............. 310 6,789 Ryanair Holdings PLC ADR (a).... 209 8,676 United Drug PLC................. 2,373 11,069 ----------- TOTAL IRELAND................... 118,410 ----------- ITALY -- 3.6% Assicurazioni Generali SpA...... 807 35,417 Atlantia SpA.................... 410 13,813 Banca Italease SpA.............. 166 3,093 Banca Piccolo Credito Valtellinese Scarl............ 888 12,604 Banca Popolare dell'Etruria e del Lazio Scrl................ 662 11,467 Banca Popolare di Milano Scarl.. 786 11,581 Banco Popolare Scarl (a)........ 816 18,231 Capitalia SpA................... 1,536 14,636 Davide Campari-Milano SpA....... 1,104 11,304 Enel SpA........................ 2,546 28,749 Eni SpA......................... 1,616 59,730 Fiat SpA........................ 692 20,873 Finmeccanica SpA................ 388 11,273 Fondiaria -Sai SpA.............. 194 9,085 IFIL Investments SpA............ 836 8,988 Intesa Sanpaolo SpA............. 7,234 55,709 Parmalat SpA.................... 2,336 8,272 Pirelli & C. SpA (a)............ 7,522 9,039 Saipem SpA...................... 436 18,552 Seat Pagine Gialle SpA.......... 17,048 9,480 Societa Cattolica di Assicurazioni Scrl............ 212 13,311 Telecom Italia SpA.............. 9,710 29,448 UniCredito Italiano SpA......... 6,776 57,819 Unione di Banche Italiane Scpa.. 676 18,122 ----------- TOTAL ITALY..................... 490,596 ----------- JAPAN -- 17.5% Advantest Corp. ................ 200 6,225 Aeon Co., Ltd. ................. 800 11,289 Aoyama Trading Co., Ltd. ....... 400 10,155 Asahi Breweries, Ltd. .......... 600 9,129 Asahi Kasei Corp. .............. 2,000 16,137 Astellas Pharma, Inc. .......... 400 19,163 Bridgestone Corp. .............. 600 13,250 Canon, Inc. .................... 800 43,612 Casio Computer Co., Ltd. ....... 500 7,156 Central Japan Railway Co. ...... 2 21,215 Chubu Electric Power Co., Inc. ......................... 600 15,520 Chugai Pharmaceutical Co., Ltd. ......................... 400 6,597 Cosmo Oil Co., Ltd. ............ 2,000 9,529 Credit Saison Co., Ltd. ........ 400 10,294 CSK Holdings Corp. ............. 400 15,615 Daiichi Sankyo Co., Ltd. ....... 600 17,998 Daikin Industries, Ltd. ........ 400 19,232 Daito Trust Construction Co., Ltd. ......................... 200 9,634 Daiwa Securities Group, Inc. ... 2,000 19,024 Denso Corp. .................... 400 15,059 Dentsu, Inc. ................... 4 11,338 East Japan Railway Co. ......... 2 15,754 Eisai Co., Ltd. ................ 200 9,442 Fanuc, Ltd. .................... 200 20,363 FUJIFILM Holdings Corp. ........ 400 18,467 Fujitsu, Ltd. .................. 3,000 21,180 Fukuoka Financial Group, Inc. .. 2,000 11,703 Hankyu Hanshin Holdings, Inc. .. 2,000 10,207 Hitachi, Ltd. .................. 2,000 13,303 Honda Motor Co., Ltd. .......... 1,000 33,561 Hoya Corp. ..................... 400 13,633 Ibiden Co., Ltd. ............... 200 16,815 Isetan Co., Ltd. ............... 900 12,121 Ishikawajima-Harima Heavy Industries Co., Ltd. ......... 4,000 12,555 Isuzu Motors, Ltd. ............. 2,000 11,442 Itochu Corp. ................... 2,000 24,258 Japan Digital Laboratory Co., Ltd. ......................... 800 11,442
See accompanying notes to financial statements. 78 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Japan Tobacco, Inc. ............ 2 $ 10,972 JFE Holdings, Inc. ............. 400 28,309 JSR Corp. ...................... 400 9,790 Kajima Corp. ................... 3,000 10,303 Kawasaki Heavy Industries, Ltd. ......................... 3,000 11,738 KDDI Corp. ..................... 2 14,815 Kintetsu Corp. ................. 4,000 12,416 Kiyo Holdings, Inc. ............ 6,000 8,712 Kobe Steel, Ltd. ............... 2,000 7,460 Komatsu, Ltd. .................. 800 26,849 Konica Minolta Holdings, Inc. .. 1,000 16,928 Kubota Corp. ................... 2,000 16,450 Kurita Water Industries, Ltd. .. 400 13,563 Kyocera Corp. .................. 200 18,728 Leopalace21 Corp. .............. 400 13,111 Marubeni Corp. ................. 2,000 18,328 Matsushita Electric Industrial Co., Ltd. .................... 2,000 37,473 Mediceo Paltac Holdings Co., Ltd. ......................... 400 6,107 Millea Holdings, Inc. .......... 600 24,101 MISUMI Group, Inc. ............. 800 13,563 Mitsubishi Chemical Holdings Corp. ........................ 1,000 8,695 Mitsubishi Corp. ............... 1,000 31,648 Mitsubishi Electric Corp. ...... 2,000 25,040 Mitsubishi Heavy Industries, Ltd. ......................... 2,000 13,059 Mitsubishi Materials Corp. ..... 2,000 12,416 Mitsubishi Motors Corp. (a)..... 7,000 10,651 Mitsubishi UFJ Financial Group, Inc. ......................... 9,000 79,033 Mitsui & Co., Ltd. ............. 2,000 48,515 Mitsui Chemicals, Inc. ......... 2,000 19,841 Mitsui OSK Lines, Ltd. ......... 2,000 32,361 Mitsui Sumitomo Insurance Co., Ltd. ......................... 2,000 23,458 Mitsui Trust Holdings, Inc. .... 2,000 15,581 Mizuho Financial Group, Inc. ... 8 45,559 Murata Manufacturing Co., Ltd. ......................... 200 14,398 NEC Corp. ...................... 3,000 14,555 Nidec Corp. .................... 200 13,963 Nikko Cordial Corp. ............ 1,000 12,546 Nippon Mining Holdings, Inc. ... 1,000 10,033 Nippon Oil Corp. ............... 2,000 18,554 Nippon Steel Corp. ............. 4,000 28,761 Nippon Telegraph & Telephone Corp. ........................ 2 9,338 Nippon Yusen KK................. 2,000 19,511 Nissan Motor Co., Ltd. ......... 1,600 16,012 Nitto Denko Corp. .............. 200 9,286 Nomura Holdings, Inc. .......... 1,400 23,444 NTT Data Corp. ................. 3 13,355 NTT DoCoMo, Inc. ............... 12 17,111 Obayashi Corp. ................. 2,000 9,251 ORIX Corp. ..................... 80 18,224 Pioneer Corp. .................. 800 9,800 Resona Holdings, Inc. .......... 6 10,277 Rohm Co., Ltd. ................. 200 17,650 Secom Co., Ltd. ................ 200 9,616 Seven & I Holdings Co., Ltd. ... 600 15,415 Shimizu Corp. .................. 2,000 10,868 Shin-Etsu Chemical Co., Ltd. ... 200 13,807 Softbank Corp. ................. 700 12,903 Sony Corp. ..................... 800 38,743 Stanley Electric Co., Ltd. ..... 400 9,634 Sumitomo Chemical Co., Ltd. .... 2,000 17,128 Sumitomo Corp. ................. 1,000 19,302 Sumitomo Electric Industries, Ltd. ......................... 800 12,729 Sumitomo Metal Industries, Ltd. ......................... 4,000 23,301 Sumitomo Mitsui Financial Group, Inc. ......................... 6 46,690 T&D Holdings, Inc. ............. 200 12,294 Taisei Corp. ................... 3,000 8,686 Takeda Pharmaceutical Co., Ltd. ......................... 600 42,151 TDK Corp. ...................... 200 17,528 Teijin, Ltd. ................... 2,000 9,755 Terumo Corp. ................... 200 10,086 The Akita Bank, Ltd. ........... 2,000 8,729 The Aomori Bank, Ltd. .......... 4,000 14,781 The Awa Bank, Ltd. ............. 2,000 9,860 The Bank of Iwate, Ltd. ........ 200 11,825 The Bank of Okinawa, Ltd. ...... 200 6,521 The Bank of Yokohama, Ltd. ..... 2,000 13,790 The Chiba Bank, Ltd. ........... 2,000 15,441 The Daisan Bank, Ltd. .......... 6,000 19,458 The Daishi Bank, Ltd. .......... 2,000 8,051 The Eighteenth Bank, Ltd. ...... 2,000 8,016 The Furukawa Electric Co., Ltd. ......................... 2,000 9,773 The Higo Bank, Ltd. ............ 2,000 13,320 The Hokkoku Bank, Ltd. ......... 2,000 8,834 The Hyakugo Bank, Ltd. ......... 2,000 11,546 The Musashino Bank, Ltd. ....... 200 9,477 The Nanto Bank, Ltd. ........... 2,000 9,494 The Ogaki Kyoritsu Bank, Ltd. .. 2,000 10,920 The San-In Godo Bank, Ltd. ..... 2,000 15,824 The Shiga Bank, Ltd. ........... 2,000 13,755 The Shikoku Bank, Ltd. ......... 4,000 15,546 The Sumitomo Trust & Banking Co., Ltd. .................... 2,000 15,111 The Toho Bank, Ltd. ............ 4,000 14,885 The Tokyo Electric Power Co., Inc. ......................... 800 20,171 The Yamagata Bank, Ltd. ........ 2,000 10,851 The Yamanashi Chuo Bank, Ltd. .. 2,000 11,216 Tokyo Electron, Ltd. ........... 200 12,659 Tokyo Gas Co., Ltd. ............ 2,000 9,303 Tokyu Corp. .................... 2,000 13,042 Toray Industries, Inc. ......... 2,000 15,859 Toshiba Corp. .................. 2,000 18,658 Toyota Motor Corp. ............. 2,000 117,898 USS Co., Ltd. .................. 160 10,503 Yamada Denki Co., Ltd. ......... 160 15,817 ----------- TOTAL JAPAN..................... 2,386,629 ----------- LUXEMBOURG -- 0.4% ArcelorMittal................... 560 44,113 SES............................. 488 11,382 ----------- TOTAL LUXEMBOURG................ 55,495 ----------- NETHERLANDS -- 5.1% ABN AMRO Holding NV............. 1,381 72,569 Aegon NV........................ 1,032 19,711 Akzo Nobel NV................... 248 20,386 ASML Holding NV (a)............. 454 15,011 European Aeronautic Defence and Space Co. NV.................. 402 12,326 Fugro NV........................ 163 13,197 Heineken NV..................... 248 16,231 ING Groep NV.................... 1,627 72,030 Koninklijke (Royal) Philips Electronics NV................ 854 38,439
See accompanying notes to financial statements. 79 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Koninklijke Ahold NV (a)........ 1,115 $ 16,808 Koninklijke DSM NV.............. 245 13,188 Randstad Holding NV............. 108 5,823 Reed Elsevier NV................ 982 18,602 Royal Dutch Shell PLC (Class A)............................ 2,852 117,198 Royal Dutch Shell PLC (Class B)............................ 1,963 80,466 Royal KPN NV.................... 1,404 24,300 Royal Numico NV................. 180 13,926 SBM Offshore NV................. 273 10,704 STMicroelectronics NV........... 686 11,502 TNT NV.......................... 388 16,223 Unilever NV..................... 1,158 35,654 Unilever PLC.................... 930 29,274 Vedior NV....................... 318 6,978 Wolters Kluwer NV............... 404 11,962 ----------- TOTAL NETHERLANDS............... 692,508 ----------- NEW ZEALAND -- 0.1% Calan Healthcare Properties Trust......................... 14,788 13,185 ----------- NORWAY -- 0.9% DnB NOR ASA..................... 796 12,141 Norsk Hydro ASA................. 672 29,062 Norske Skogindustrier ASA....... 510 5,427 Orkla ASA....................... 1,060 18,826 Petroleum Geo-Services ASA...... 190 5,449 Statoil ASA..................... 536 18,164 Storebrand ASA.................. 498 7,696 Telenor ASA (a)................. 634 12,628 Yara International ASA.......... 290 9,119 ----------- TOTAL NORWAY.................... 118,512 ----------- PORTUGAL -- 0.5% Banco Comercial Portugues SA.... 4,284 17,729 Ibersol -SGPS SA................ 1,760 27,533 Portugal Telecom, SGPS SA....... 1,172 16,384 ----------- TOTAL PORTUGAL.................. 61,646 ----------- SINGAPORE -- 1.0% Ascendas Real Estate Investment Trust......................... 6,000 11,034 CapitaLand, Ltd. ............... 2,000 10,981 City Developments Ltd. ......... 2,000 21,826 Cosco Corp. Singapore Ltd. ..... 4,000 16,033 Flextronics International, Ltd. (a)........................... 666 7,446 Genting International PLC (a)... 32,000 14,874 SembCorp Industries, Ltd. ...... 2,000 8,690 Singapore Exchange, Ltd. ....... 2,000 17,380 Stamford Land Corp, Ltd. ....... 66,000 27,344 ----------- TOTAL SINGAPORE................. 135,608 ----------- SOUTH AFRICA -- 0.0% (B) Mondi, Ltd. .................... 118 1,173 ----------- SOUTH KOREA -- 3.2% Korea Electric Power Corp. ADR.. 1,402 32,456 KT Corp. ADR.................... 1,472 36,874 LG.Philips LCD Co., Ltd. ADR (a)........................... 1,390 33,277 POSCO ADR....................... 446 79,731 Samsung Electronics Co., Ltd. GDR (c)....................... 671 210,526 SK Telecom Co., Ltd. ADR........ 1,666 49,480 ----------- TOTAL SOUTH KOREA............... 442,344 ----------- SPAIN -- 4.9% Abertis Infraestructuras SA..... 638 19,898 Acciona SA...................... 50 13,560 Acerinox SA..................... 376 11,283 ACS Actividades de Construccion y Servicios................... 250 13,759 Altadis SA...................... 314 22,033 Banco Bilbao Vizcaya Argentaria SA............................ 1,988 46,480 Banco de Andalucia SA........... 122 12,787 Banco de Valencia SA............ 228 13,126 Banco Guipuzcoano SA............ 566 11,398 Banco Pastor SA................. 504 8,329 Banco Popular Espanol SA........ 978 16,760 Banco Sabadell SA............... 1,400 13,439 Banco Santander Central Hispano SA............................ 3,472 67,301 Cia Espanola de Petroleos SA.... 138 13,856 Ebro Puleva SA.................. 596 12,189 Enagas.......................... 646 16,702 Endesa SA....................... 470 26,797 FAES FARMA SA................... 482 8,548 Gamesa Corp. Tecnologica SA..... 308 12,549 Gestevision Telecinco SA........ 482 12,620 Grupo Ferrovial SA.............. 112 9,453 Iberdrola SA.................... 738 43,241 Iberia Lineas Aereas de Espana.. 1,604 7,801 Indra Sistemas SA............... 536 14,460 Industria de Desino Textil SA (Inditex)..................... 262 17,609 NH Hoteles SA (a)............... 540 10,467 Red Electrica de Espana......... 292 15,095 Repsol YPF SA................... 826 29,426 Sacyr Vallehermoso SA........... 162 5,654 Sociedad General de Aguas de Barcelona SA.................. 320 12,128 SOS Cuetara SA.................. 916 18,342 Telefonica SA................... 3,338 93,186 Union Fenosa SA................. 222 13,099 ----------- TOTAL SPAIN..................... 663,375 ----------- SWEDEN -- 2.1% Alfa Laval AB................... 136 8,714 Assa Abloy AB (Class B)......... 474 9,800 Atlas Copco AB (Class B)........ 1,060 16,877 Boliden AB...................... 354 7,511 Electrolux AB................... 368 7,765 Hennes & Mauritz AB (Class B)... 354 22,354 Investor AB..................... 634 16,220 Kinnevik Investment AB.......... 464 9,719 Nordea Bank AB.................. 1,470 25,519 OMX AB.......................... 424 18,319 Sandvik AB...................... 840 17,952 Scania AB....................... 544 13,203 Securitas AB (Class B).......... 724 9,513 Skanska AB (Class B)............ 560 11,059 Tele2 AB (Class B).............. 480 10,332 Telefonaktiebolaget LM Ericsson (Class B)..................... 11,762 46,909 TeliaSonera AB.................. 1,484 13,362 Volvo AB ADR.................... 1,200 20,776 ----------- TOTAL SWEDEN.................... 285,904 ----------- SWITZERLAND -- 6.2% ABB, Ltd. ...................... 1,634 42,885 Adecco SA....................... 154 9,076 Alcon, Inc. .................... 76 10,938
See accompanying notes to financial statements. 80 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Bachem Holding AG............... 138 $ 11,606 Clariant AG (a)................. 376 4,606 Compagnie Financiere Richemont SA (Class A).................. 220 14,529 Credit Suisse Group............. 838 55,451 Geberit AG...................... 60 7,822 Graubuendner Kantonalbank....... 20 17,394 Holcim, Ltd. ................... 160 17,613 Julius Baer Holding AG.......... 176 13,115 Kuehne & Nagel International AG............................ 108 10,595 Lonza Group AG.................. 98 10,654 Nestle SA....................... 301 134,757 Nobel Biocare Holding AG........ 30 8,096 Novartis AG..................... 2,070 113,848 PSP Swiss Property AG (a)....... 300 15,871 Roche Holding AG................ 585 105,713 SGS SA.......................... 8 9,108 Sulzer AG....................... 6 8,577 Swatch Group AG................. 46 15,042 Swiss Life Holding (a).......... 32 8,273 Swiss Reinsurance............... 286 25,388 Syngenta AG..................... 94 20,197 UBS AG.......................... 1,597 85,578 Xstrata PLC..................... 472 31,195 Zurich Financial Services AG.... 106 31,690 ----------- TOTAL SWITZERLAND............... 839,617 ----------- UNITED KINGDOM -- 16.8% 3i Group PLC.................... 409 8,308 Amec PLC........................ 684 10,326 Anglo American PLC.............. 1,076 72,101 AstraZeneca PLC................. 1,090 54,385 Aviva PLC....................... 1,836 27,531 BAE Systems PLC................. 2,584 25,980 Balfour Beatty PLC.............. 819 7,917 Barclays PLC.................... 4,174 50,641 Barratt Developments PLC........ 388 5,913 BG Group PLC.................... 2,508 43,228 BHP Billiton PLC................ 1,692 60,326 BP PLC.......................... 15,189 175,615 British Airways PLC (a)......... 758 5,919 British American Tobacco PLC.... 1,010 36,051 British Energy Group PLC........ 808 8,799 British Land Co. PLC............ 474 11,318 British Sky Broadcasting Group PLC........................... 1,190 16,850 BT Group PLC.................... 5,406 33,813 Burberry Group PLC.............. 744 9,959 Cable & Wireless PLC............ 2,292 8,592 Cadbury Schweppes PLC........... 1,552 17,928 Capita Group PLC................ 770 11,358 Carnival PLC.................... 228 10,842 Centrica PLC.................... 2,866 22,218 Compass Group PLC............... 2,024 12,453 Diageo PLC...................... 1,724 37,723 Drax Group...................... 613 7,618 DSG International PLC........... 2,784 7,657 Enterprise Inns PLC............. 778 9,384 Experian Group, Ltd. ........... 882 9,290 FirstGroup PLC.................. 730 10,240 Friends Provident PLC........... 2,514 8,810 G4S PLC......................... 2,116 8,708 GKN PLC......................... 1,180 8,510 GlaxoSmithKline PLC............. 4,487 118,566 Hays PLC........................ 2,894 7,842 HBOS PLC........................ 2,624 48,889 Home Retail Group PLC........... 904 6,865 HSBC Holdings PLC............... 8,117 149,579 ICAP PLC........................ 904 9,706 Imperial Chemical Industries PLC........................... 1,144 15,196 Imperial Tobacco Group PLC...... 518 23,650 Inchcape PLC.................... 805 6,905 Informa PLC..................... 800 8,158 Intercontinental Hotels Group PLC........................... 381 7,533 International Power PLC......... 1,536 14,121 Invensys PLC (a)................ 982 6,207 Invesco PLC..................... 946 12,749 Investec PLC.................... 634 6,613 ITV PLC......................... 4,448 9,298 J Sainsbury PLC................. 1,275 15,001 Kingfisher PLC.................. 2,442 8,896 Land Securities Group PLC....... 356 12,200 Legal & General Group PLC....... 4,246 11,557 Lloyds TSB Group PLC............ 3,864 42,707 LogicaCMG PLC................... 2,234 6,884 Lonmin PLC...................... 144 10,705 Man Group PLC................... 1,624 18,313 Marks & Spencer Group PLC....... 1,432 17,957 Michael Page International PLC.. 730 6,135 Mondi PLC....................... 295 2,795 National Express Group PLC...... 334 8,418 National Grid PLC............... 1,822 29,103 Next PLC........................ 272 10,884 Old Mutual PLC.................. 4,684 15,297 Pearson PLC..................... 844 13,025 Persimmon PLC................... 364 7,149 Prudential PLC.................. 1,815 27,789 Punch Taverns PLC............... 368 7,393 Reckitt Benckiser PLC........... 414 24,224 Rentokil Initial PLC............ 3,426 11,650 Resolution PLC.................. 744 10,345 Reuters Group PLC............... 1,260 16,506 Rio Tinto PLC................... 722 62,192 Rolls-Royce Group PLC (Class B) (a)........................... 1,658 17,650 Royal & Sun Alliance Insurance Group PLC..................... 3,080 9,695 Royal Bank of Scotland Group PLC........................... 6,771 72,423 SABMiller PLC................... 700 19,852 Scottish & Newcastle PLC........ 908 11,312 Scottish and Southern Energy PLC........................... 662 20,379 Serco Group PLC................. 970 8,201 Shire PLC....................... 596 14,583 Smith & Nephew PLC.............. 1,036 12,611 Smiths Group PLC................ 432 9,409 Standard Chartered PLC.......... 796 25,948 Standard Life PLC............... 1,980 11,638 Tate & Lyle PLC................. 796 6,527 Taylor Wimpey PLC............... 1,879 10,556 Tesco PLC....................... 5,560 49,757 The Sage Group PLC.............. 2,110 10,715 Tomkins PLC..................... 1,978 9,158 Tullow Oil PLC.................. 1,220 14,814
See accompanying notes to financial statements. 81 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- United Business Media PLC....... 550 $ 7,760 Virgin Media, Inc. ............. 320 7,766 Vodafone Group.................. 43,452 156,250 William Hill PLC................ 824 10,803 William Morrison Supermarkets PLC........................... 2,238 12,869 Willis Group Holdings, Ltd. .... 278 11,381 Wolseley PLC.................... 608 10,238 WPP Group PLC................... 1,132 15,268 Yell Group PLC.................. 1,062 9,282 ----------- TOTAL UNITED KINGDOM............ 2,282,158 ----------- TOTAL COMMON STOCKS -- (Cost $13,017,971)............ 13,430,513 ----------- PREFERRED STOCKS -- 0.3% GERMANY -- 0.2% Fresenius SE.................... 116 9,002 Henkel KGaA..................... 240 12,318 Porsche AG...................... 8 16,949 ----------- TOTAL GERMANY................... 38,269 ----------- ITALY -- 0.1% Istituto Finanziario Industriale SpA (a)....................... 228 8,758 ----------- TOTAL PREFERRED STOCKS -- (Cost $43,236)................ 47,027 ----------- RIGHTS -- 0.1% AUSTRALIA -- 0.0% (B) Newcrest Mining, Ltd. (expiring 10/04/07) (a)................. 181 1,698 ----------- BELGIUM -- 0.1% Fortis (expiring 10/09/07) (a).. 888 4,698 ----------- ITALY -- 0.0% (B) Capitalia SpA (expiring 10/03/07) (a)................. 1,536 -- ----------- TOTAL RIGHTS -- (Cost $6,581)................. 6,396 ----------- SHORT TERM INVESTMENTS -- 0.1% UNITED STATES -- 0.1% MONEY MARKET FUND -- 0.1% STIC Prime Portfolio (Cost $8,187)................. 8,187 8,187 ----------- TOTAL INVESTMENTS -- 99.1% (Cost $13,075,975)............ 13,492,123 OTHER ASSETS AND LIABILITIES -- 0.9%........... 128,783 ----------- NET ASSETS -- 100.0%............ $13,620,906 ===========
(a) Non-income producing security (b) Amount represents less than 0.05% of net assets. (c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities which represent 1.55% of net assets as of September 30, 2007, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 82 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 99.0% AUSTRALIA -- 9.9% ABB Grain, Ltd. ............... 32,448 $ 222,540 ABC Learning Centres, Ltd. .... 39,479 229,536 APA Group...................... 104,690 346,494 Australian Wealth Management, Ltd. ........................ 81,544 178,963 Australian Worldwide Exploration, Ltd. (a)........ 82,902 253,106 AWB, Ltd. ..................... 64,451 140,308 Beach Petroleum, Ltd. ......... 169,260 223,182 Boom Logistics, Ltd. .......... 72,197 192,950 Bunnings Warehouse Property Trust........................ 325,229 670,601 Centennial Coal Co., Ltd. ..... 79,360 261,957 Centro Retail Group............ 139,629 201,410 Challenger Financial Services Group, Ltd. ................. 52,395 287,475 Corporate Express Australia, Ltd. ........................ 43,509 271,833 David Jones, Ltd. ............. 47,580 214,740 Downer EDI, Ltd. .............. 37,188 206,014 FKP Property Group............. 28,219 172,809 Fortescue Metals Group, Ltd. (a).......................... 7,737 326,527 Futuris Corp., Ltd. ........... 107,202 202,070 GUD Holdings, Ltd. ............ 27,118 248,380 GWA International, Ltd. ....... 97,025 335,721 Healthscope, Ltd. ............. 37,805 192,704 Incitec Pivot, Ltd. ........... 4,752 359,720 Invocare, Ltd. ................ 67,795 394,168 Jubilee Mines NL............... 11,324 173,968 Just Group, Ltd. .............. 42,618 196,117 Macquarie Leisure Trust Group.. 120,631 362,958 MFS, Ltd. ..................... 43,192 179,265 Minara Resources, Ltd. ........ 16,816 96,877 Nufarm, Ltd. .................. 22,562 267,747 OneSteel, Ltd. ................ 93,610 571,597 Pacific Brands, Ltd. .......... 69,733 191,302 Paladin Resources, Ltd. (a).... 28,815 197,369 PaperlinX, Ltd. ............... 53,549 144,061 Record Realty.................. 430,375 314,210 Roc Oil Co., Ltd. (a).......... 88,863 261,869 SAI Global, Ltd. .............. 88,805 256,983 Spark Infrastructure Group (b).......................... 139,006 239,876 Spotless Group, Ltd. .......... 66,536 255,544 STW Communications Group, Ltd. ........................ 115,241 265,155 Symbion Health, Ltd. .......... 64,942 239,652 Tattersall's, Ltd. ............ 71,543 251,349 Transpacific Industries Group, Ltd. ........................ 17,431 174,309 WHK Group, Ltd. ............... 103,876 183,850 ------------ TOTAL AUSTRALIA................ 10,957,266 ------------ AUSTRIA -- 0.4% Austrian Airlines (a).......... 7,911 79,879 BWIN Interactive Entertainment AG (a)....................... 2,078 49,352 BWT AG......................... 2,312 140,760 RHI AG (a)..................... 4,112 188,770 ------------ TOTAL AUSTRIA.................. 458,761 ------------ BELGIUM -- 0.8% Barco NV....................... 2,738 235,227 Bekaert NV..................... 1,954 261,243 Omega Pharma SA................ 2,034 177,898 Telenet Group Holding NV (a)... 4,920 170,726 ------------ TOTAL BELGIUM.................. 845,094 ------------ CANADA -- 10.8% Aber Diamond Corp. ............ 6,194 242,973 AGF Management, Ltd. (Class B Non-Voting).................. 8,850 297,464 CAE, Inc. ..................... 19,509 262,882 Canadian Hydro Developers, Inc. (a).......................... 51,097 318,810 CanWest Global Communications Corp. (a).................... 14,862 107,685 CGI Group, Inc. (a)............ 31,148 357,025 Chartwell Seniors Housing Real Estate Investment Trust............... 27,833 358,521 Compton Petroleum Corp. (a).... 23,621 221,068 Corus Entertainment, Inc. (Class B Non-Voting)......... 6,062 287,269 Crescent Point Energy Trust.... 15,586 326,871 Denison Mines Corp. (a)........ 11,960 134,199 Duvernay Oil Corp. (a)......... 6,891 220,038 Eldorado Gold Corp. (a)........ 49,163 303,775 FirstService Corp. (a)......... 7,148 220,619 FNX Mining Co., Inc. (a)....... 9,575 318,075 Gammon Gold, Inc. (a).......... 8,335 99,564 HudBay Minerals, Inc. (a)...... 9,370 242,807 Iamgold Corp. ................. 33,270 289,610 Inmet Mining Corp. ............ 4,050 406,549 Ivanhoe Mines, Ltd. (a)........ 21,352 277,617 Laurentian Bank of Canada...... 10,871 466,588 Linamar Corp. ................. 12,678 325,976 MacDonald Dettwiler & Associates, Ltd. (a)......... 6,554 300,757 MEGA Brands, Inc. (a).......... 11,180 189,915 MI Developments, Inc. ......... 9,367 310,505 Northbridge Financial Corp. ... 9,012 316,513 Novagold Resources, Inc. (a)... 14,000 231,760 NuVista Energy, Ltd. (a)....... 16,241 224,729 Oilexco, Inc. (a).............. 15,436 223,532 Pan American Silver Corp. (a).. 7,554 219,771 Petrobank Energy & Resources, Ltd. (a)..................... 6,724 257,876 Pinetree Capital, Ltd. (a)..... 5,282 35,348 Progress Energy Trust.......... 19,931 241,290 Quebecor, Inc. ................ 5,005 188,978 Russel Metals, Inc. ........... 9,689 299,826 ShawCor, Ltd. ................. 9,987 359,801 Sherritt International Corp. .. 22,650 362,874 Silver Standard Resources, Inc. (a).......................... 5,511 203,647 Sino-Forest Corp. (a).......... 12,128 274,366 Teck Cominco, Ltd. (Class B)... 1,705 81,020 Tesco Corp. (a)................ 6,784 182,486 The Forzani Group, Ltd. (a).... 9,327 198,986 Uni-Select, Inc. .............. 14,223 437,411 Uranium One, Inc. (a).......... 24,305 321,637 UTS Energy Corp. (a)........... 34,516 191,736 Westjet Airlines, Ltd. (a)..... 9,265 160,928 ------------ TOTAL CANADA................... 11,901,677 ------------ CHINA -- 3.1% Allied Group, Ltd. ............ 90,000 399,683 Dah Sing Banking Group, Ltd. .. 132,800 293,339 First Pacific, Co. ............ 270,000 201,232 Giordano International, Ltd. .. 600,000 289,625 Hengan International Group Co., Ltd. ........................ 60,000 226,680
See accompanying notes to financial statements. 83 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Kowloon Development Co., Ltd. ........................ 105,000 $ 268,155 Miramar Hotel & Investment..... 180,000 291,943 Pacific Basin Shipping, Ltd. .. 227,000 471,611 Techtronic Industries Co. ..... 165,000 188,179 The Hongkong & Shanghai Hotels....................... 152,174 269,926 Vtech Holdings, Ltd. .......... 15,000 110,927 Xinao Gas Holdings, Ltd. ...... 176,000 358,858 ------------ TOTAL CHINA.................... 3,370,158 ------------ DENMARK -- 1.6% ALK-Abello A/S................. 915 185,048 Auriga Industries A/S.......... 7,058 145,433 Bang & Olufsen A/S (Class B)... 1,849 208,135 East Asiatic Co., Ltd. A/S..... 4,390 327,071 Genmab A/S (a)................. 2,886 178,952 Parken Sport & Entertainment A/S (a)...................... 527 142,676 SimCorp A/S.................... 915 205,473 Sjaelso Gruppen................ 11,236 399,804 ------------ TOTAL DENMARK.................. 1,792,592 ------------ FINLAND -- 3.2% Amer Sports Oyj (Class A)...... 12,953 299,343 Citycon Oyj.................... 29,173 185,453 Finnlines Oyj.................. 16,737 347,517 Fiskars Oyj (Class A).......... 12,044 229,177 Konecranes Oyj................. 6,636 266,229 Lassila & Tikanoja Oyj......... 9,441 303,842 Nokian Renkaat Oyj............. 8,926 348,580 Poyry Oyj...................... 13,774 344,369 Technopolis Oyj................ 27,118 236,023 TietoEnator Oyj................ 7,675 171,802 Uponor Oyj..................... 7,165 221,830 Vacon Oyj...................... 6,317 314,879 Vaisala Oyj.................... 5,431 311,651 ------------ TOTAL FINLAND.................. 3,580,695 ------------ FRANCE -- 3.0% Canal Plus..................... 38,979 432,939 Club Mediterranee (a).......... 3,203 207,259 Derichebourg (a)............... 16,240 138,112 Gemalto NV (a)................. 7,313 211,332 Geodis......................... 782 165,573 Groupe Steria SCA.............. 1,911 96,452 Ingenico....................... 5,496 159,136 IPSOS.......................... 6,698 248,998 Nexans SA...................... 1,821 298,726 Nexity......................... 3,660 225,015 NicOx SA (a)................... 4,725 112,890 Orco Property Group............ 1,188 179,156 Societe de la Tour Eiffel...... 1,372 240,582 Sperian Protection............. 1,292 160,737 Teleperformance................ 4,964 192,938 UBISOFT Entertainment (a)...... 2,818 191,965 ------------ TOTAL FRANCE................... 3,261,810 ------------ GERMANY -- 3.5% Aareal Bank AG................. 3,795 186,198 AWD Holding AG................. 3,752 125,020 Bilfinger Berger AG............ 3,036 236,650 Conergy AG..................... 2,312 218,981 Epcos AG....................... 7,313 143,002 Freenet AG..................... 5,365 146,111 Indus Holding AG............... 7,937 293,478 Jenoptik AG (a)................ 16,621 163,572 Kloeckner & Co. AG............. 3,158 217,686 Kontron AG..................... 9,055 201,920 KUKA AG (Non-Voting) (a)....... 5,914 252,991 MTU Aero Engines Holding AG.... 4,268 259,178 Pfleiderer AG.................. 5,326 123,084 Praktiker Bau- und Heimwerkermaerkte Holding AG........................... 5,069 189,233 Premiere AG (a)................ 11,766 253,338 Rhoen Klinikum AG.............. 8,010 255,737 SGL Carbon AG (a).............. 5,472 312,836 Software AG.................... 1,849 173,130 Techem AG...................... 1,971 131,632 ------------ TOTAL GERMANY.................. 3,883,777 ------------ GREECE -- 1.4% Hellenic Exchanges SA Holding Clearing Settlement and Registry..................... 7,794 249,395 Hellenic Technodomiki Tev SA... 11,863 158,250 Intracom Holdings SA........... 35,633 229,053 Marfin Investment Group SA..... 31,784 302,851 Minoan Lines Shipping SA....... 21,439 164,643 Mytilineos Holdings SA......... 3,201 182,092 Viohalco....................... 14,089 231,223 ------------ TOTAL GREECE................... 1,517,507 ------------ IRELAND -- 0.7% DCC PLC........................ 8,419 247,843 Fyffes PLC..................... 123,336 159,616 McInerney Holdings PLC......... 19,673 39,099 McInerney Holdings PLC (London shares)...................... 48,662 89,966 Paddy Power PLC................ 7,442 260,357 ------------ TOTAL IRELAND.................. 796,881 ------------ ITALY -- 2.6% Aedes SpA...................... 28,750 193,190 Alitalia SpA (a)............... 72,390 83,440 Amplifon SpA................... 23,175 183,083 Autostrada Torino-Milano SpA... 9,222 217,972 Banca Piccolo Credito Valtellinese Scarl........... 19,221 272,805 Banca Popolare dell'Etruria e del Lazio Scrl............... 14,093 244,116 Beni Stabili SpA............... 126,540 158,184 Gemina SpA..................... 38,634 135,710 IMMSI SpA...................... 54,938 140,634 Impregilo SpA (a).............. 26,991 181,082 Interpump Group SpA............ 25,789 253,980 Permasteelisa SpA.............. 9,458 246,820 Recordati SpA.................. 21,947 206,935 Sorin SpA (a).................. 106,862 221,122 Tiscali SpA (a)................ 42,532 118,978 ------------ TOTAL ITALY.................... 2,858,051 ------------ JAPAN -- 23.9% Aderans Holdings Co., Ltd. .... 7,900 165,192 Anritsu Corp. ................. 30,000 126,244 Arcs Co., Ltd. ................ 10,700 150,897 Asics Corp. ................... 15,000 231,883 Autobacs Seven Co., Ltd. ...... 6,000 155,719
See accompanying notes to financial statements. 84 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Bank of the Ryukyus, Ltd. ..... 10,300 $ 134,420 Chiyoda Co., Ltd. ............. 7,500 107,660 CKD Corp. ..................... 20,800 192,601 CMK Corp. ..................... 13,500 144,372 Coca-Cola Central Japan Co., Ltd. ........................ 46 353,154 Daifuku Co., Ltd. ............. 15,000 171,108 Daihen Corp. .................. 30,000 199,018 Daimei Telecom Engineering Corp. ....................... 15,000 174,629 Dainippon Screen Manufacturing Co., Ltd. ................... 30,000 180,498 Denki Kagaku Kogyo K. K. ...... 60,000 336,478 Denki Kogyo Co., Ltd. ......... 30,000 207,103 Disco Corp. ................... 3,000 167,196 Don Quijote Co., Ltd. ......... 9,000 185,845 eAccess, Ltd. ................. 236 130,912 Ebara Corp. ................... 59,000 272,391 EDION Corp. ................... 12,000 133,443 Glory, Ltd. ................... 10,500 333,217 Hankyu Department Stores....... 30,000 247,533 Hanwa Co., Ltd. ............... 45,000 227,709 Heiwa Real Estate Co., Ltd. ... 37,500 258,879 Hitachi Zosen Corp. (a)........ 90,000 135,374 Hosiden Corp. ................. 13,500 201,652 Iino Kaiun Kaisha, Ltd. ....... 16,500 233,122 INTEC Holdings Ltd............. 13,500 189,327 Ishihara Sangyo Kaisha, Ltd. (a).......................... 122,000 170,778 Iwatani International Corp. ... 90,000 263,705 Izumiya Co., Ltd. ............. 30,000 167,978 J Front Retailing Co., Ltd. (a).......................... 29,154 286,432 Japan Airport Terminal Co., Ltd. ........................ 13,500 324,545 Japan Asia Investment Co., Ltd. ........................ 30,000 148,155 Japan Aviation Electronics Industry, Ltd. .............. 15,000 234,622 Japan Pulp & Paper Co., Ltd. .. 98,000 374,056 Japan Securities Finance Co., Ltd. ........................ 15,000 144,242 Jeol, Ltd. .................... 30,000 113,724 K's Holdings Corp. ............ 6,200 135,035 Kadokawa Group Holdings, Inc. ........................ 6,000 147,894 Kenedix, Inc. ................. 65 113,029 Kitz Corp. .................... 15,000 136,156 Kiyo Holdings, Inc. ........... 135,000 196,018 Kurabo Industries, Ltd. ....... 75,000 186,497 Kyowa Exeo Corp. .............. 15,000 157,153 Kyushu-Shinwa Holdings, Inc. (a).......................... 318,000 132,713 Makino Milling Machine Co., Ltd. ........................ 15,000 158,066 Meitec Corp. .................. 8,000 234,404 Miraca Holdings, Inc. ......... 9,200 208,373 Mitsuboshi Belting Co., Ltd. .. 31,000 162,527 Mitsui-Soko Co., Ltd. ......... 30,000 139,286 Mitsumi Electric Co., Ltd. .... 7,500 305,830 Mori Seiki Co., Ltd. .......... 9,000 232,404 Morinaga & Co., Ltd. .......... 105,000 230,970 Moshi Moshi Hotline, Inc. ..... 3,750 183,889 Nabtesco Corp. ................ 15,000 244,403 Nankai Electric Railway Co., Ltd. ........................ 90,000 269,965 NEC Fielding, Ltd. ............ 13,700 158,185 New City Residence Investment Corp. ....................... 45 246,490 Nihon Dempa Kogyo Co., Ltd. ... 3,000 186,758 Nihon Kohden Corp. ............ 7,700 141,260 Nikkiso Co., Ltd. ............. 30,000 247,272 Nippon Flour Mills Co., Ltd. .. 60,000 220,667 Nippon Konpo Unyu Soko Co., Ltd. ........................ 15,000 203,973 Nippon Light Metal Co., Ltd. .. 75,000 164,978 Nippon Seiki Co., Ltd. ........ 15,000 385,385 Nippon Shinyaku Co., Ltd. ..... 30,000 263,705 Nippon Soda Co., Ltd. ......... 45,000 206,973 Nippon Thompson Co., Ltd. ..... 15,000 133,287 Nishimatsu Construction Co., Ltd. ........................ 75,000 226,275 Nissha Printing Co., Ltd. ..... 6,000 174,238 NOF Corp. ..................... 45,000 194,453 Okamura Corp. ................. 15,000 117,767 Oki Electric Industry Co., Ltd. (a).......................... 118,000 203,139 OKUMA Corp. ................... 15,000 218,580 Orix JREIT, Inc. .............. 19 129,514 Osaka Securities Exchange Co., Ltd. ........................ 17 75,086 OSG Corp. ..................... 12,000 124,784 Pacific Metals Co., Ltd. ...... 15,000 231,231 Point, Inc. ................... 2,550 87,797 Resorttrust, Inc. ............. 9,500 201,952 Riken Corp. ................... 45,000 226,144 Rohto Pharmaceutical Co., Ltd. ........................ 15,000 176,064 Roland Corp. .................. 12,000 333,869 Sanden Corp. .................. 45,000 250,793 Sanken Electric Co., Ltd. ..... 15,000 73,425 Sankyu, Inc. .................. 34,000 195,401 Sanyo Shokai, Ltd. ............ 15,000 110,203 Sapporo Holdings, Ltd. ........ 30,000 197,974 Sato Corp. .................... 13,700 255,501 Seiren Co., Ltd. .............. 19,500 128,514 Shimachu Co., Ltd. ............ 7,500 198,235 Shochiku Co., Ltd. ............ 44,000 336,652 Shoei Co., Ltd. ............... 8,000 123,184 Sojitz Corp. .................. 70,700 307,351 Star Micronics Co., Ltd. ...... 7,500 232,144 Sugi Pharmacy Co., Ltd. ....... 9,000 219,102 Sumitomo Forestry Co., Ltd. ... 15,000 123,636 Taiyo Yuden Co., Ltd. ......... 15,000 296,700 Takara Holdings, Inc. ......... 30,000 176,064 Takuma Co., Ltd. .............. 30,000 171,891 The Bank of Nagoya, Ltd. ...... 30,000 201,104 The Bank of Okinawa, Ltd. ..... 6,000 195,627 The Ehime Bank, Ltd. .......... 60,000 205,017 The Goodwill Group, Inc. (a)... 167 31,276 The Hokuetsu Bank, Ltd. ....... 105,000 243,751 The Japan General Estate Co., Ltd. ........................ 7,500 120,897 The Michinoku Bank, Ltd. ...... 75,000 231,492 The Minato Bank, Ltd. ......... 90,000 188,584 The Miyazaki Bank, Ltd. ....... 60,000 230,057 The Musashino Bank, Ltd. ...... 4,500 213,233 The Oita Bank, Ltd. ........... 30,000 168,239 The Shikoku Bank, Ltd. ........ 60,000 233,187 The Tochigi Bank, Ltd. ........ 32,000 178,620 The Tokushima Bank, Ltd. ...... 30,000 210,233 The Tokyo Tomin Bank, Ltd. .... 4,500 131,852 TOC Co., Ltd. ................. 20,000 183,802 Toei Co., Ltd. ................ 44,000 228,005 Toho Zinc Co., Ltd. ........... 15,000 138,243 Tokai Tokyo Securities Co., Ltd. ........................ 32,000 162,761 Tokyo Dome Corp. (a)........... 30,000 161,718 Tokyo Seimitsu Co., Ltd. ...... 6,000 124,679 Toyo Suisan Kaisha., Ltd. ..... 15,000 281,702 Toyo Tire & Rubber Co., Ltd. .. 45,000 262,140
See accompanying notes to financial statements. 85 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Tsumura & Co. ................. 7,500 $ 133,352 Ulvac, Inc. ................... 6,000 194,062 United Arrows, Ltd. ........... 9,000 109,942 Unitika, Ltd. ................. 120,000 142,938 Yamatake Corp. ................ 8,800 294,570 Yamato Kogyo Co., Ltd. ........ 6,200 297,561 Yamazen Corp. ................. 28,300 147,879 Yodogawa Steel Works, Ltd. .... 42,000 208,512 Yoshinoya D&C Co., Ltd. ....... 124 200,530 ------------ TOTAL JAPAN.................... 26,282,586 ------------ NETHERLANDS -- 2.7% Aalberts Industries NV......... 7,822 185,994 Boskalis Westminster........... 5,149 258,929 Core Laboratories NV (a)....... 2,333 297,201 Crucell NV (a)................. 5,873 120,356 Draka Holding.................. 2,798 124,548 KAS Bank NV.................... 10,992 401,593 Koninklijke Wessanen NV........ 12,466 183,136 Koninuklijke Grolsch NV........ 6,445 239,318 OCE NV......................... 10,242 214,698 Ordina NV...................... 6,274 115,815 Orthofix International NV (a).. 3,394 166,204 Stork NV....................... 3,143 204,271 Tele Atlas NV (a).............. 7,253 209,907 Telegraaf Media Groep NV....... 7,442 250,620 ------------ TOTAL NETHERLANDS.............. 2,972,590 ------------ NEW ZEALAND -- 0.3% Freightways, Ltd. ............. 102,195 293,430 ------------ NORWAY -- 1.8% DET Norske Oljeselskap ASA (a).......................... 86,084 177,812 Ekornes ASA.................... 10,178 215,864 Farstad Shipping ASA........... 11,608 299,713 Schibsted ASA.................. 6,624 346,944 Sevan Marine ASA (a)........... 17,748 184,116 Tandberg ASA................... 9,477 226,777 TGS Nopec Geophysical Co. ASA (a).......................... 10,366 211,249 Tomra Systems ASA.............. 21,268 152,972 Veidekke ASA................... 16,426 149,954 ------------ TOTAL NORWAY................... 1,965,401 ------------ PORTUGAL -- 0.6% Banif SGPS SA.................. 25,335 172,945 Semapa-Sociedade de Investimento e Gestao........ 16,963 275,736 Teixeira Duarte -- Engenharia Construcoes SA............... 56,633 164,303 ------------ TOTAL PORTUGAL................. 612,984 ------------ SINGAPORE -- 2.5% Ascendas Real Estate Investment Trust........................ 150,000 275,860 Genting International PLC (a).. 612,400 284,655 Keppel Land, Ltd. ............. 30,000 167,739 Neptune Orient Lines, Ltd. .... 92,000 328,472 Singapore Petroleum Co., Ltd. ........................ 60,000 274,849 Straits Trading Co., Ltd. ..... 105,000 319,714 Unisteel Technology, Ltd. ..... 95,000 137,593 United Test and Assembly Center, Ltd. (a)............. 310,000 246,421 Venture Corp., Ltd. ........... 30,000 333,457 WBL Corp, Ltd. ................ 76,000 201,718 Wing Tai Holdings, Ltd. ....... 75,000 195,022 ------------ TOTAL SINGAPORE................ 2,765,500 ------------ SOUTH KOREA -- 7.2% Cheil Industries, Inc. ........ 8,270 553,050 DC Chemical Co., Ltd. ......... 2,857 675,890 Dongbu Insurance Co., Ltd. .... 7,970 334,424 Hanjin Heavy Industries & Construction Co., Ltd. (a)... 4,255 378,935 Hanjin Heavy Industries & Construction Holdings Co., Ltd. ........................ 2,654 110,783 Hanjin Shipping Co., Ltd. ..... 7,860 386,494 Hankook Tire Co., Ltd. ........ 15,090 309,171 Hansol Paper Co. (a)........... 11,170 245,334 Hanwha Corp. .................. 5,420 425,830 Hotel Shilla Co., Ltd. ........ 16,670 495,464 Hyosung Corp. ................. 5,590 423,304 Hyundai Department Store Co., Ltd. ........................ 2,841 341,485 Hyundai Mipo Dockyard.......... 1,228 422,685 Hyundai Securities Co. ........ 20,810 485,487 Jeonbuk Bank................... 29,100 272,827 LG Household & Health Care, Ltd. ........................ 1,718 309,753 Lotte Confectionery Co., Ltd. ........................ 150 260,941 Mirae Asset Securities Co., Ltd. ........................ 2,713 259,397 Samsung Engineering Co., Ltd. ........................ 3,917 526,461 SK Chemicals Co., Ltd. ........ 4,670 446,511 Woongjin Coway Co., Ltd. ...... 7,610 249,883 ------------ TOTAL SOUTH KOREA.............. 7,914,109 ------------ SPAIN -- 2.7% Avanzit SA (a)................. 13,568 81,814 Campofrio Alimentacion SA (a).. 19,348 343,947 Construcciones y Auxiliar de Ferrocarriles SA............. 871 308,496 Electrificaciones del Norte.... 4,859 257,337 FAES FARMA SA.................. 11,258 199,652 La Seda de Barcelona SA (a).... 114,879 364,326 Tubacex SA..................... 35,069 343,129 Tubos Reunidos SA.............. 7,549 228,673 Uralita SA..................... 28,941 283,581 Vertice Trescientos Sesenta Grados (a)................... 9,118 -- Vidrala SA..................... 7,253 262,307 Zeltia SA...................... 23,662 256,756 ------------ TOTAL SPAIN.................... 2,930,018 ------------ SWEDEN -- 2.3% Castellum AB................... 17,660 219,076 D Carnegie & Co. AB............ 10,645 222,969 Elekta AB...................... 11,553 187,518 JM AB.......................... 7,131 171,412 Kungsleden AB.................. 12,869 165,114 Lindex AB...................... 13,739 226,185 Nobia AB....................... 15,901 152,397 OMX AB......................... 13,295 574,420 Oriflame Cosmetics SA.......... 5,025 303,719 SAS AB (a)..................... 8,395 149,886 Trelleborg AB.................. 9,308 218,705 ------------ TOTAL SWEDEN................... 2,591,401 ------------
See accompanying notes to financial statements. 86 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- SWITZERLAND -- 2.1% Bachem Holding AG.............. 3,203 $ 269,384 Basilea Pharmaceutica (a)...... 720 163,636 Charles Voegele Holding AG (a).......................... 1,101 96,604 Daetwyler Holding AG........... 4,326 321,987 Georg Fischer AG (a)........... 300 205,830 Implenia AG (a)................ 7,336 204,092 Jelmoli Holding AG............. 45 123,112 Kuoni Reisen Holding........... 255 120,057 Rieter Holding AG.............. 512 276,117 SCOR Holding Switzerland, Ltd. ........................ 7,401 137,478 SIG Holding AG (a)............. 634 228,755 Valora Holding AG.............. 677 134,971 ------------ TOTAL SWITZERLAND.............. 2,282,023 ------------ UNITED KINGDOM -- 11.9% Aberdeen Asset Management PLC.. 42,170 157,224 Aggreko PLC.................... 22,222 261,683 Amec PLC....................... 25,150 379,683 Ashtead Group PLC.............. 40,621 86,070 Atkins WS PLC.................. 10,051 233,852 Autonomy Corp PLC (a).......... 12,978 227,655 Babcock International Group.... 25,187 261,705 Bodycote International......... 30,087 152,018 Bovis Homes Group PLC.......... 10,456 139,318 Brit Insurance Holdings PLC.... 28,963 201,511 Britvic PLC.................... 25,485 167,708 Capital & Regional PLC......... 8,673 130,051 Carillion PLC.................. 28,095 218,940 Chemring Group PLC............. 4,770 175,413 COLT Telecom Group SA (a)...... 48,065 166,473 Cookson Group PLC.............. 15,645 243,201 Dairy Crest Group PLC.......... 13,844 177,410 Dana Petroleum PLC (a)......... 10,094 238,965 De La Rue PLC.................. 13,890 206,581 Derwent London PLC............. 6,445 220,071 Development Securities PLC..... 17,726 194,294 Dimension Data Holdings PLC.... 156,372 189,558 Electrocomponents PLC.......... 38,122 197,859 Enodis PLC..................... 38,422 136,597 Expro International Group...... 11,219 224,684 FKI PLC........................ 71,261 132,117 Galiform PLC (a)............... 58,941 132,092 Galliford Try PLC.............. 49,913 149,485 Go-Ahead Group PLC............. 4,495 218,690 Grainger PLC................... 16,963 154,654 Helphire PLC................... 21,478 148,450 Henderson Group PLC............ 75,653 263,180 Hiscox, Ltd. .................. 34,328 195,827 Homeserve PLC.................. 5,978 210,701 Hunting PLC.................... 11,298 155,717 IG Group Holdings PLC.......... 30,872 238,222 Interserve PLC................. 16,835 163,091 Intertek Group PLC............. 14,969 288,807 Laird Group PLC................ 17,072 187,821 Luminar PLC.................... 9,604 117,596 Morgan Crucible Co. ........... 28,219 170,464 Northern Foods PLC............. 75,585 150,528 Northgate PLC.................. 12,616 237,755 PayPoint PLC................... 11,725 143,327 Pendragon PLC.................. 69,521 84,629 Premier Farnell PLC............ 41,853 134,938 Premier Foods PLC.............. 49,869 226,569 Premier Oil PLC (a)............ 9,353 192,459 Quintain Estates & Development PLC.......................... 17,635 265,872 Randgold Resources, Ltd. ...... 10,538 356,395 Redrow PLC..................... 16,816 138,496 Regus Group PLC................ 42,127 105,568 Restaurant Group PLC........... 24,553 135,187 Rightmove PLC.................. 1,804 19,002 Savills PLC.................... 16,878 126,284 Shanks Group PLC............... 33,353 151,702 Soco International PLC (a)..... 5,069 219,146 Spectris PLC................... 11,791 210,916 SSL International PLC.......... 21,967 190,206 Taylor Nelson Sofres PLC....... 46,965 216,007 TDG PLC........................ 47,010 222,439 Thomas Cook Group PLC (a)...... 34,900 198,023 UK Coal PLC (a)................ 16,199 166,500 Unite Group PLC................ 18,997 139,816 UTV PLC........................ 30,025 232,451 Venture Production PLC......... 15,161 210,040 VT Group PLC................... 24,171 282,665 Wetherspoon (J.D.) PLC......... 11,365 122,719 WH Smith PLC................... 20,630 161,397 Wincanton PLC.................. 26,059 206,790 ------------ TOTAL UNITED KINGDOM........... 13,163,264 ------------ TOTAL COMMON STOCKS -- (Cost $107,718,215).......... 108,997,575 ------------ PREFERRED STOCK -- 0.3% GERMANY -- 0.3% Draegerwerk AG (Non-Voting).... 1,742 159,791 Jungheinrich AG (Non-Voting)... 5,087 229,695 ------------ TOTAL PREFERRED STOCK -- (Cost $369,386).............. 389,486 ------------ RIGHTS -- 0.0% (C) BELGIUM -- 0.0% (C) Omega Pharma SA (expiring 10/30/07)(a)................. 2,034 -- ------------ FINLAND -- 0.0% (C) Citycon Oyj (expiring 10/30/07)(a)................. 25,199 4,454 ------------ SPAIN -- 0.0% (C) Avanzit SA (expiring 10/30/07)(a)................. 8 3 ------------ TOTAL RIGHTS -- (Cost $0).................... 4,457 ------------
See accompanying notes to financial statements. 87 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- SHORT TERM INVESTMENTS -- 0.1% MONEY MARKET FUND -- 0.1% STIC Prime Portfolio (Cost $114,588).............. 114,588 $ 114,588 ------------ TOTAL INVESTMENTS -- 99.4% (Cost $108,202,189).......... 109,506,106 OTHER ASSETS AND LIABILITIES -- 0.6%.......... 610,000 ------------ NET ASSETS -- 100.0%........... $110,116,106 ============
(a) Non-income producing security (b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities which represent 0.2% of net assets as of September 30, 2007, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (c) Amount represents less than 0.05% of net assets. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 88 SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 99.6% AUSTRALIA -- 21.8% Abacus Property Group........ 1,623,224 $ 2,758,027 Babcock & Brown Japan Property Trust............. 1,410,078 2,140,061 Bunnings Warehouse Property Trust...................... 690,846 1,424,479 Centro Properties Group...... 2,341,597 15,272,091 Centro Retail Group.......... 2,075,455 2,993,779 CFS Retail Property Trust.... 123,536 262,376 CFS Retail Property Trust.... 5,449,513 11,525,890 Commonwealth Property Office Fund....................... 4,435,026 6,534,754 DB RREEF Trust............... 8,067,269 14,349,655 Galileo Shopping America Trust...................... 3,005,443 2,819,248 GPT Group.................... 5,477,730 24,722,346 ING Industrial Fund.......... 3,067,065 7,681,186 ING Office Fund.............. 3,354,505 5,284,055 ING Real Estate Community Living Group............... 864,278 1,017,241 Macquarie CountryWide Trust.. 3,695,385 6,507,762 Macquarie DDR Trust.......... 2,623,862 2,728,335 Macquarie Goodman Group...... 3,915,280 23,941,962 Macquarie Leisure Trust Group...................... 642,185 1,932,226 Macquarie Office Trust....... 5,472,270 7,578,805 Tishman Speyer Office Fund... 1,164,361 2,266,884 Valad Property Group......... 4,144,986 7,336,213 Westfield Group.............. 4,756,929 91,349,310 -------------- TOTAL AUSTRALIA.............. 242,426,685 -------------- AUSTRIA -- 3.5% IMMOEAST AG (a).............. 1,110,235 12,062,949 IMMOFINANZ Immobilien Anlagen AG (a)..................... 1,245,517 15,498,974 Meinl European Land, Ltd. (a)........................ 816,141 11,606,744 -------------- TOTAL AUSTRIA................ 39,168,667 -------------- BELGIUM -- 0.7% Befimmo S.C.A. .............. 30,619 3,175,722 Cofinimmo.................... 23,543 4,153,735 -------------- TOTAL BELGIUM................ 7,329,457 -------------- CANADA -- 7.7% Boardwalk REIT............... 70,836 3,375,349 Brookfield Asset Management, Inc. (Class A)............. 1,525,350 58,561,037 Calloway REIT................ 104,273 2,601,316 Canadian Apartment Properties REIT....................... 86,843 1,669,217 Canadian REIT................ 80,352 2,421,800 Chartwell Seniors Housing Real Estate Investment Trust...................... 105,022 1,352,804 First Capital Realty, Inc. .. 82,059 2,118,158 H&R REIT..................... 196,407 4,704,123 Primaris Retail REIT......... 83,990 1,565,357 RioCan REIT.................. 289,912 7,249,988 -------------- TOTAL CANADA................. 85,619,149 -------------- CHINA -- 9.8% Champion REIT................ 3,980,000 2,274,681 Chinese Estates Holdings, Ltd. ...................... 2,790,711 4,483,156 GZI REIT..................... 2,133,000 853,897 Hang Lung Group, Ltd. ....... 2,273,000 13,005,458 Hang Lung Properties, Ltd. .. 4,957,000 22,205,094 Henderson Investment, Ltd. .. 2,596,000 4,283,977 Henderson Land Development Co., Ltd. ................. 1,845,000 14,641,443 Hong Kong Land Holdings, Ltd. ...................... 3,326,000 15,033,520 Hysan Development Co., Ltd. ...................... 1,617,279 4,486,283 Kerry Properties, Ltd. ...... 1,247,983 9,622,545 Prosperity REIT.............. 3,249,000 694,244 The Link REIT................ 4,584,805 10,056,455 Wheelock & Co., Ltd. ........ 2,569,000 6,994,053 -------------- TOTAL CHINA.................. 108,634,806 -------------- FRANCE -- 7.7% Fonciere des Regions......... 61,543 8,993,899 Gecina SA.................... 36,585 6,191,491 Klepierre.................... 188,091 10,761,264 Societe Immobiliere de Location pour l'Industrie et le Commerce............. 28,223 4,730,986 Unibail-Rodamco.............. 215,731 55,374,641 -------------- TOTAL FRANCE................. 86,052,281 -------------- GERMANY -- 0.9% IVG Immobilien AG............ 258,679 9,616,388 -------------- ITALY -- 0.5% Beni Stabili SpA............. 1,839,926 2,300,035 Pirelli & C Real Estate SpA.. 57,166 2,914,555 -------------- TOTAL ITALY.................. 5,214,590 -------------- JAPAN -- 19.4% Aeon Mall Co., Ltd. ......... 234,080 7,143,597 Creed Office Investment Corp. ..................... 368 1,820,563 DA Office Investment Corp. .. 589 3,861,288 Daibiru Corp. ............... 164,800 2,071,911 Frontier Real Estate Investment Corp. .......... 300 2,376,212 Fukuoka REIT Corp. .......... 272 2,246,663 Global One Real Estate Investment Corp. .......... 284 3,308,786 Hankyu REIT, Inc. ........... 183 1,473,356 Heiwa Real Estate Co., Ltd. ...................... 415,500 2,868,382 Japan Excellent, Inc. ....... 376 3,252,793 Japan Hotel and Resort, Inc. ...................... 331 1,456,210 Japan Prime Realty Investment Corp. ..................... 1,605 6,684,302 Japan Real Estate Investment Corp. ..................... 1,118 13,414,250 Japan Retail Fund Investment Corp. ..................... 1,055 9,172,717 Kenedix Realty Investment Corp. ..................... 550 3,825,588 Mitsui Fudosan Co., Ltd. .... 2,354,000 65,289,397 Mori Hills REIT Investment Corp. ..................... 291 2,428,901 Mori Trust Sogo Reit, Inc. .. 314 3,740,208 New City Residence Investment Corp. ..................... 471 2,579,924 Nippon Building Fund, Inc. .. 1,376 19,979,307 Nippon Commercial Investment Corp. ..................... 722 3,132,444 Nippon Residential Investment Corp. ..................... 708 4,093,553 Nomura Real Estate Office Fund, Inc. ................ 691 7,209,494 NTT Urban Development Corp. ..................... 2,994 6,195,470 Orix JREIT, Inc. ............ 610 4,158,066 Premier Investment Co. ...... 305 2,203,669 Shoei Co., Ltd. ............. 107,290 1,652,050 Suruga Corp. ................ 88,400 1,614,050 TOC Co., Ltd. ............... 293,000 2,692,701
See accompanying notes to financial statements. 89 SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Tokyu Land Corp. ............ 1,243,000 $ 12,460,801 Tokyu REIT, Inc. ............ 477 4,644,959 Top REIT, Inc. .............. 436 2,539,843 United Urban Investment Corp. ..................... 454 3,122,323 Zephyr Co., Ltd. ............ 594 852,150 -------------- TOTAL JAPAN.................. 215,565,928 -------------- NETHERLANDS -- 2.2% Corio NV..................... 182,639 15,558,423 Eurocommercial Properties NV......................... 85,279 4,729,899 Vastned Retail NV............ 47,326 3,799,347 -------------- TOTAL NETHERLANDS............ 24,087,669 -------------- NEW ZEALAND -- 0.6% AMP NZ Office Trust.......... 1,593,749 1,589,592 ING Property Trust........... 1,605,176 1,370,544 Kiwi Income Property Trust... 2,040,266 2,235,355 Macquarie Goodman Property Trust...................... 1,440,990 1,687,658 -------------- TOTAL NEW ZEALAND............ 6,883,149 -------------- SINGAPORE -- 5.9% Allco Commercial REIT........ 1,290,000 921,149 Ascendas REIT................ 2,658,000 4,888,235 Cambridge Industrial Trust... 2,009,917 1,123,804 CapitaCommercial Trust....... 2,373,000 4,539,944 CapitaLand, Ltd. ............ 4,402,000 24,168,076 CapitaMall Trust............. 2,723,000 7,153,963 Guocoland, Ltd. ............. 563,000 1,934,252 Macquarie MEAG Prime REIT.... 1,981,000 1,628,091 Mapletree Logistics Trust.... 2,185,000 1,839,907 Singapore Land, Ltd. ........ 416,000 2,858,432 Suntec REIT.................. 3,735,000 4,906,363 United Industrial Corp., Ltd. ...................... 2,024,000 4,172,212 UOL Group, Ltd. ............. 1,569,000 5,496,177 -------------- TOTAL SINGAPORE.............. 65,630,605 -------------- SOUTH AFRICA -- 0.7% Allan Gray Property Trust.... 2,816,018 2,756,098 Capital Property Fund........ 1,254,907 1,109,933 Johnnic Holdings, Ltd. (a)... 24,308 54,631 SA Corporate Real Estate Fund....................... 5,081,591 2,939,870 Sycom Property Fund.......... 542,931 1,440,626 -------------- TOTAL SOUTH AFRICA........... 8,301,158 -------------- SPAIN -- 0.8% Fadesa Inmobiliaria SA (a)... 49,653 2,039,332 Metrovacesa SA............... 55,958 6,346,556 -------------- TOTAL SPAIN.................. 8,385,888 -------------- SWEDEN -- 1.3% Castellum AB................. 443,089 5,496,617 Fabege AB.................... 357,172 4,237,554 Kungsleden AB................ 381,437 4,893,960 -------------- TOTAL SWEDEN................. 14,628,131 -------------- SWITZERLAND -- 0.9% PSP Swiss Property AG (a).... 128,534 6,799,693 Swiss Prime Site AG (a)...... 62,893 3,564,044 -------------- TOTAL SWITZERLAND............ 10,363,737 -------------- THAILAND -- 0.1% Amata Corp. PCL.............. 2,263,200 1,016,872 -------------- UNITED KINGDOM -- 15.1% Big Yellow Group PLC......... 272,539 2,774,897 British Land Co. PLC......... 1,378,650 32,919,028 Brixton PLC.................. 668,728 4,935,410 Capital & Regional PLC....... 186,852 2,801,825 Derwent London PLC........... 245,564 8,385,019 Grainger PLC................. 334,333 3,048,159 Great Portland Estates PLC... 496,762 6,047,163 Hammerson PLC................ 786,723 18,785,157 Land Securities Group PLC.... 1,243,022 42,596,132 Liberty International PLC.... 823,599 19,145,505 Minerva PLC (a).............. 455,089 2,097,733 Quintain Estates & Development PLC............ 359,548 5,420,682 Segro PLC.................... 1,186,963 12,079,196 Shaftesbury PLC.............. 372,074 3,756,110 Workspace Group PLC.......... 526,517 3,397,774 -------------- TOTAL UNITED KINGDOM......... 168,189,790 -------------- TOTAL COMMON STOCKS -- (Cost $1,125,464,004)...... 1,107,114,950 -------------- SHORT TERM INVESTMENTS -- 1.0% UNITED STATES -- 1.0% MONEY MARKET FUND -- 1.0% STIC Prime Portfolio (Cost $11,125,231)......... 11,125,231 11,125,231 -------------- TOTAL INVESTMENTS -- 100.6% (Cost $1,136,589,235)...... 1,118,240,181 OTHER ASSETS AND LIABILITIES -- (0.6)%...... (7,014,347) -------------- NET ASSETS -- 100.0%......... $1,111,225,834 ==============
(a) Non-income producing security See accompanying notes to financial statements. 90 SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 97.9% AUSTRALIA -- 1.7% AGL Energy, Ltd. ............... 14,591 $ 204,918 Asciano Group (a)............... 18,005 142,924 Macquarie Infrastructure Group.. 73,290 202,357 Transurban Group................ 36,334 234,723 ----------- TOTAL AUSTRALIA................. 784,922 ----------- BRAZIL -- 0.6% Centrais Eletricas Brasileiras SA............................ 4,200 61,402 Centrais Eletricas Brasileiras SA ADR........................ 2,960 43,275 Companhia Energetica de Minas Gerais ADR.................... 7,545 160,935 ----------- TOTAL BRAZIL.................... 265,612 ----------- CANADA -- 2.6% Enbridge, Inc. ................. 11,312 414,823 TransAlta Corp. ................ 5,690 179,226 TransCanada Corp. .............. 16,545 607,221 ----------- TOTAL CANADA.................... 1,201,270 ----------- CHINA -- 2.4% China Merchants Holdings International Co., Ltd. ...... 32,163 200,381 CLP Holdings, Ltd. ............. 53,000 365,675 Hong Kong & China Gas Co. ...... 134,200 313,360 HongKong Electric Holdings...... 45,000 234,307 ----------- TOTAL CHINA..................... 1,113,723 ----------- FRANCE -- 9.7% Electricite de France........... 7,523 793,318 Gaz de France SA................ 5,593 289,847 Suez SA......................... 37,155 2,182,290 Veolia Environnement............ 14,016 1,203,745 ----------- TOTAL FRANCE.................... 4,469,200 ----------- GERMANY -- 10.8% E.ON AG......................... 19,256 3,550,727 RWE AG.......................... 11,489 1,441,107 ----------- TOTAL GERMANY................... 4,991,834 ----------- GREECE -- 0.3% Public Power Corp SA............ 3,119 123,312 ----------- ITALY -- 5.1% AEM SpA......................... 25,563 95,430 Atlantia SpA.................... 8,120 273,569 Enel SpA........................ 134,919 1,523,487 Hera SpA........................ 28,880 118,903 Snam Rete Gas SpA............... 27,768 172,276 Terna- Rete Elettrica Nazionale SpA........................... 42,602 157,070 ----------- TOTAL ITALY..................... 2,340,735 ----------- JAPAN -- 7.3% Chubu Electric Power Co., Inc. ......................... 17,200 444,899 Electric Power Development Co., Ltd. ......................... 4,800 186,550 Hokkaido Electric Power Co., Inc. ......................... 4,800 103,708 Hokuriku Electric Power Co. .... 4,800 93,692 Kyushu Electric Power Co., Inc. ......................... 9,800 259,027 Osaka Gas Co., Ltd. ............ 48,000 168,187 Shikoku Electric Power Co., Inc. ......................... 5,700 142,977 The Chugoku Electric Power Co., Inc. ......................... 8,200 166,474 The Kansai Electric Power Co., Inc. ......................... 21,200 483,850 The Tokyo Electric Power Co., Inc. ......................... 29,700 748,859 Tohoku Electric Power Co., Inc. ......................... 10,600 226,257 Tokyo Gas Co., Ltd. ............ 69,000 320,958 ----------- TOTAL JAPAN..................... 3,345,438 ----------- PORTUGAL -- 1.3% Brisa-Auto Estradas de Portugal SA............................ 11,469 150,058 Energias de Portugal SA......... 80,708 470,593 ----------- TOTAL PORTUGAL.................. 620,651 ----------- SOUTH KOREA -- 0.8% Korea Electric Power Corp. ADR.. 15,193 351,718 ----------- SPAIN -- 8.8% Abertis Infraestructuras SA..... 8,460 263,848 Cintra Concesiones de Infraestructuras de Transporte SA............................ 5,861 89,020 Enagas.......................... 5,087 131,523 Endesa SA....................... 15,507 884,116 Gas Natural SDG SA.............. 6,357 358,008 Iberdrola SA.................... 35,874 2,100,498 Union Fenosa SA................. 4,324 255,137 ----------- TOTAL SPAIN..................... 4,082,150 ----------- UNITED KINGDOM -- 9.6% British Energy Group PLC........ 28,760 313,186 Centrica PLC.................... 107,448 832,949 International Power PLC......... 42,195 387,921 Kelda Group PLC................. 7,841 137,703 National Grid PLC............... 79,430 1,268,721 Pennon Group PLC................ 14,670 181,420 Scottish & Southern Energy PLC.. 25,109 772,964 Severn Trent PLC................ 6,618 190,113 United Utilities PLC............ 24,807 353,783 ----------- TOTAL UNITED KINGDOM............ 4,438,760 ----------- UNITED STATES -- 36.9% Allegheny Energy, Inc. (a)...... 4,879 254,977 Alliant Energy Corp. ........... 3,252 124,617 Ameren Corp. ................... 6,090 319,725 American Electric Power Co., Inc. ......................... 11,681 538,261 American Tower Corp. (Class A)(a)......................... 12,193 530,883 CenterPoint Energy, Inc. ....... 8,943 143,356 Consolidated Edison, Inc. ...... 7,918 366,603 Constellation Energy Group, Inc. ......................... 5,268 451,942 Crown Castle International Corp. (a)........................... 7,247 294,446 Dominion Resources, Inc. ....... 8,733 736,192 DTE Energy Co. ................. 4,879 236,339 Duke Energy Corp. .............. 36,765 687,138 Edison International............ 9,722 539,085 El Paso Corp. .................. 20,320 344,830 Energen Corp. .................. 2,982 170,332 Entergy Corp. .................. 6,080 658,403 Equitable Resources, Inc. ...... 3,252 168,681 Exelon Corp. ................... 19,675 1,482,708 FirstEnergy Corp. .............. 8,943 566,450 FPL Group, Inc. ................ 11,881 723,315 Mirant Corp. (a)................ 7,318 297,696 NiSource, Inc. ................. 7,318 140,067 Northeast Utilities............. 4,065 116,137 ONEOK, Inc. .................... 3,252 154,145 Pepco Holdings, Inc. ........... 5,690 154,085
See accompanying notes to financial statements. 91 SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- PG&E Corp. ..................... 10,533 $ 503,477 Pinnacle West Capital Corp. .... 3,217 127,104 PPL Corp. ...................... 11,266 521,616 Progress Energy, Inc. .......... 7,318 342,848 Public Service Enterprise Group, Inc. ......................... 7,318 643,911 Questar Corp. .................. 4,876 256,136 Reliant Energy, Inc. (a)........ 13,759 352,230 SCANA Corp. .................... 3,252 125,982 Sempra Energy................... 7,818 454,382 Spectra Energy Corp. ........... 17,882 437,751 The AES Corp. (a)............... 18,696 374,668 The Southern Co. ............... 21,834 792,138 The Williams Cos., Inc. ........ 17,471 595,062 TXU Corp. ...................... 13,507 924,824 Wisconsin Energy Corp. ......... 3,252 146,438 Xcel Energy, Inc. .............. 11,381 245,146 ----------- TOTAL UNITED STATES............. 17,044,126 ----------- TOTAL COMMON STOCKS -- (Cost $42,483,653)............ 45,173,451 ----------- SHORT TERM INVESTMENTS -- 1.3% UNITED STATES -- 1.3% MONEY MARKET FUND -- 1.3% STIC Prime Portfolio (Cost $576,913)............... 576,913 576,913 ----------- TOTAL INVESTMENTS -- 99.2% (Cost $43,060,566)............ 45,750,364 OTHER ASSETS AND LIABILITIES -- 0.8%........... 391,172 ----------- NET ASSETS -- 100.0%............ $46,141,536 ===========
(a) Non-income producing security ADR = American Depositary Receipt See accompanying notes to financial statements. 92 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 98.8% ARGENTINA -- 0.1% Tenaris SA ADR................. 2,201 $ 115,817 ------------ AUSTRALIA -- 5.1% Alumina, Ltd. ................. 17,341 109,570 Amcor, Ltd. ................... 14,204 92,765 AMP, Ltd. ..................... 14,663 136,767 Asciano Group (a).............. 5,452 43,278 Australia & New Zealand Banking Group, Ltd. ................. 10,741 282,306 Babcock & Brown, Ltd. ......... 2,960 71,956 BHP Billiton, Ltd. ............ 23,625 931,405 BlueScope Steel, Ltd. ......... 9,137 86,922 Boral, Ltd. ................... 12,130 77,181 Brambles, Ltd. ................ 12,491 163,156 CFS Retail Property Trust...... 74,099 156,732 Coca-Cola Amatil, Ltd. ........ 15,748 125,426 Coles Group, Ltd. ............. 10,067 137,196 Commonwealth Bank of Australia.................... 7,892 393,829 CSL, Ltd. ..................... 1,643 156,011 Foster's Group, Ltd. .......... 18,859 108,981 Insurance Australia Group, Ltd. ........................ 17,356 80,636 Lend Lease Corp., Ltd. ........ 5,560 92,994 Macquarie Bank, Ltd. .......... 2,106 157,297 Macquarie Infrastructure Group........................ 30,685 84,723 Macquarie Office Trust......... 183,088 253,567 National Australia Bank, Ltd. ........................ 9,764 343,120 Newcrest Mining, Ltd. ......... 3,527 87,394 Origin Energy, Ltd. ........... 14,086 128,394 Perpetual, Ltd. ............... 1,327 85,808 Qantas Airways, Ltd. .......... 15,537 76,722 QBE Insurance Group, Ltd. ..... 5,602 167,563 Rio Tinto, Ltd. ............... 2,276 217,971 Santos, Ltd. .................. 10,710 142,641 Sonic Healthcare, Ltd. ........ 6,253 86,324 Suncorp-Metway, Ltd. .......... 6,734 120,973 Toll Holdings, Ltd. ........... 5,452 63,253 Transurban Group............... 13,176 85,119 Wesfarmers, Ltd. .............. 3,776 140,346 Westfield Group................ 9,578 183,930 Westpac Banking Corp. ......... 11,358 286,461 Woodside Petroleum, Ltd. ...... 4,402 195,575 Woolworths, Ltd. .............. 8,392 220,641 Zinifex, Ltd. ................. 4,554 71,413 ------------ TOTAL AUSTRALIA................ 6,446,346 ------------ AUSTRIA -- 0.4% Boehler-Uddeholm AG............ 196 20,471 Erste Bank der Oesterreichischen Sparkassen AG........................... 1,463 111,208 OMV AG......................... 1,733 115,416 Raiffeisen International Bank Holding AG................... 376 54,810 Telekom Austria AG............. 3,542 92,434 Wienerberger AG................ 1,327 82,772 ------------ TOTAL AUSTRIA.................. 477,111 ------------ BELGIUM -- 0.7% Delhaize Group................. 783 74,830 Dexia.......................... 4,824 145,716 Fortis......................... 7,999 234,910 InBev NV....................... 1,403 126,820 KBC Groep NV................... 1,327 182,076 Solvay SA...................... 693 100,299 UCB SA......................... 1,130 66,499 ------------ TOTAL BELGIUM.................. 931,150 ------------ BRAZIL -- 1.9% Banco Bradesco SA ADR Preference Shares............ 7,742 227,383 Banco Itau Holding Financeira SA ADR Preference Shares..... 4,280 216,654 Cia de Bebidas das Americas ADR.......................... 1,870 136,753 Cia Energetica de Minas Gerais....................... 4,342 92,615 Cia Siderurgica Nacional SA ADR.......................... 1,733 122,211 Cia Vale do Rio Doce ADR....... 25,042 712,445 Gerdau SA ADR.................. 4,220 110,648 Petroleo Brasileiro SA ADR..... 9,554 618,144 Tele Norte Leste Participacoes SA ADR....................... 3,676 82,563 Unibanco -- Uniao de Bancos Brasileiros SA GDR........... 1,115 146,678 ------------ TOTAL BRAZIL................... 2,466,094 ------------ CANADA -- 6.6% Agrium, Inc. .................. 2,079 113,354 Alcan, Inc. ................... 2,954 294,984 Bank of Montreal............... 3,647 238,558 Bank of Nova Scotia............ 6,403 336,678 Barrick Gold Corp. ............ 6,841 275,031 Brookfield Asset Management, Inc. (Class A)............... 4,339 166,582 Brookfield Properties Corp. ... 3,438 85,457 Cameco Corp. .................. 2,893 133,572 Canadian Imperial Bank of Commerce..................... 2,442 244,175 Canadian National Railway Co. ......................... 3,994 228,137 Canadian Natural Resources, Ltd. ........................ 3,994 303,700 Canadian Pacific Railway, Ltd. ........................ 1,733 122,079 Canadian Tire Corp., Ltd. ..... 1,280 102,238 Cognos, Inc. (a)............... 1,418 58,649 Enbridge, Inc. ................ 3,542 129,889 EnCana Corp. .................. 5,938 367,502 Gildan Activewear, Inc. (a).... 2,441 96,761 Goldcorp, Inc. ................ 5,485 167,801 Husky Energy, Inc. ............ 2,926 122,052 IGM Financial, Inc. ........... 2,457 130,058 Imperial Oil, Ltd. ............ 3,273 162,349 Loblaw Cos., Ltd. ............. 2,321 105,271 Magna International, Inc. (Class A).................... 1,220 117,801 Manulife Financial Corp. ...... 10,320 425,906 MDS, Inc. ..................... 4,025 87,046 National Bank of Canada........ 2,216 121,538 Nexen, Inc. ................... 3,472 106,183 Nortel Networks, Corp. (a)..... 3,258 55,278 Onex, Corp. ................... 3,934 144,699 Penn West Energy Trust......... 3,108 96,646 Petro-Canada................... 4,040 232,024 Potash Corp of Saskatchewan.... 2,489 263,127 Research In Motion, Ltd. (a)... 3,660 360,033 Rogers Communications, Inc. ... 3,497 159,348 Royal Bank of Canada........... 8,409 465,850 Shaw Communications, Inc. ..... 3,740 92,964 Shoppers Drug Mart Corp. ...... 2,381 130,300
See accompanying notes to financial statements. 93 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- SNC-Lavalin Group, Inc. ....... 2,547 $ 113,676 Sun Life Financial, Inc. ...... 4,145 217,741 Suncor Energy, Inc. ........... 3,348 318,257 Talisman Energy, Inc. ......... 9,160 180,029 Teck Cominco, Ltd. (Class B)... 3,376 160,425 TELUS Corp. ................... 1,388 80,316 TELUS Corp. (Non-Voting)....... 345 19,442 Thomson Corp. ................. 2,818 118,142 TransAlta Corp. ............... 4,478 141,050 TransCanada Corp. ............. 4,235 155,430 TSX Group, Inc. ............... 1,795 86,706 ------------ TOTAL CANADA................... 8,434,834 ------------ CHILE -- 0.2% Empresa Nacional de Electricidad SA ADR.......... 2,442 104,884 Enersis SA ADR................. 4,554 80,788 ------------ TOTAL CHILE.................... 185,672 ------------ CHINA -- 4.2% Bank of China, Ltd. ........... 180,000 96,619 Bank of Communications Co., Ltd. ........................ 60,000 72,522 Bank of East Asia, Ltd. ....... 21,303 119,970 Cheung Kong Holdings, Ltd. .... 15,000 247,147 China Life Insurance Co., Ltd. ........................ 60,000 344,461 China Merchants Holdings International Co., Ltd. ..... 30,183 188,045 China Mobile, Ltd. ............ 30,000 491,205 China Petroleum & Chemical Corp. ....................... 150,000 186,712 China Resources Enterprise..... 30,000 127,628 China Telecom Corp., Ltd. ..... 150,000 113,147 Citic 1616 Holdings, Ltd. ..... 400 131 Citic Pacific, Ltd. ........... 30,000 191,539 CNOOC, Ltd. ................... 120,000 202,043 COSCO Pacific, Ltd. ........... 30,000 94,997 Esprit Holdings, Ltd. ......... 7,500 119,229 Foxconn International Holdings, Ltd. (a)..................... 15,000 41,127 Guangzhou R&F Properties Co., Ltd. ........................ 44,400 209,751 Hang Lung Properties, Ltd. .... 30,000 134,386 Henderson Land Development Co., Ltd. ........................ 13,000 103,165 Hong Kong & China Gas Co. ..... 64,200 149,909 Hong Kong Exchanges and Clearing, Ltd. .............. 7,500 229,770 Huaneng Power International, Inc. ........................ 60,000 83,103 Hutchison Whampoa, Ltd. ....... 15,000 160,742 Industrial & Commercial Bank of China........................ 210,000 146,782 Li & Fung, Ltd. ............... 30,000 127,822 New World Development Co., Ltd. ........................ 75,095 208,795 PCCW, Ltd. .................... 90,000 59,547 PetroChina Co., Ltd. .......... 150,000 284,605 Ping An Insurance Group Co. of China, Ltd. ................. 15,000 207,179 Shangri-La Asia, Ltd. ......... 30,000 101,176 Sun Hung Kai Properties, Ltd. ........................ 15,000 252,940 Swire Pacific, Ltd. ........... 15,000 182,078 The Link REIT.................. 37,955 83,252 ------------ TOTAL CHINA.................... 5,361,524 ------------ DENMARK -- 0.7% A P Moller -- Maersk A/S....... 15 205,481 Danisco A/S.................... 1,100 85,312 Danske Bank A/S................ 2,818 114,116 DSV A/S........................ 3,751 88,204 GN Store Nord A/S (a).......... 3,827 38,698 Novo-Nordisk A/S (Class B)..... 1,946 234,277 Vestas Wind Systems A/S (a).... 1,628 128,281 ------------ TOTAL DENMARK.................. 894,369 ------------ FINLAND -- 1.6% Elisa Oyj...................... 2,487 77,104 Fortum Oyj..................... 3,617 132,404 Kesko Oyj (Class B)............ 1,508 99,917 Kone Oyj (Class B)............. 1,373 99,876 Metso Oyj...................... 1,598 109,766 Neste Oil Oyj.................. 2,381 86,922 Nokia Oyj...................... 23,007 872,299 Outokumpu Oyj.................. 1,568 56,172 Sampo Oyj (Class A)............ 3,964 120,697 Stora Enso Oyj................. 5,938 115,355 TietoEnator Oyj................ 1,733 38,792 UPM-Kymmene Oyj................ 4,869 117,439 Wartsila Oyj (Class B)......... 1,100 75,168 YIT Oyj........................ 2,743 81,296 ------------ TOTAL FINLAND.................. 2,083,207 ------------ FRANCE -- 7.3% Accor SA....................... 1,703 150,789 Air France-KLM................. 1,598 58,565 Air Liquide SA................. 1,690 225,586 Alcatel-Lucent................. 16,411 168,040 Alstom......................... 798 161,799 AXA............................ 10,696 477,331 BNP Paribas SA................. 5,425 592,061 Bouygues SA.................... 1,703 146,502 Cap Gemini SA.................. 1,175 72,222 Carrefour SA................... 4,220 294,852 Compagnie de Saint-Gobain...... 2,231 232,218 Compagnie Generale des Etablissements Michelin...... 1,205 161,567 Credit Agricole SA............. 4,295 165,225 Essilor International SA....... 2,470 154,559 France Telecom SA.............. 11,918 398,136 Groupe Danone.................. 3,286 257,960 Hermes International........... 723 81,147 L'Oreal SA..................... 2,021 264,423 Lafarge SA..................... 1,070 165,333 Lagardere SCA.................. 1,358 115,278 LVMH Moet Hennessy Louis Vuitton SA................... 1,643 196,437 Neopost SA..................... 620 87,221 Pernod -- Ricard SA............ 675 146,901 PPR............................ 515 96,634 PSA Peugeot Citroen............ 1,463 120,425 Publicis Groupe................ 1,780 73,006 Renault SA..................... 1,373 198,424 Sanofi-Aventis................. 6,871 580,237 Schneider Electric SA.......... 1,853 233,482 Societe Generale............... 2,351 393,460 Sodexho Alliance SA............ 1,055 72,768 Suez SA........................ 7,006 411,496 Technip SA..................... 1,100 98,086 Thomson........................ 3,288 49,940 Total SA....................... 14,180 1,149,870 Unibail-Rodamco................ 485 124,492
See accompanying notes to financial statements. 94 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Valeo SA....................... 1,493 $ 82,850 Vallourec SA................... 331 95,088 Veolia Environnement........... 2,268 194,784 Vinci SA....................... 3,256 253,706 Vivendi Universal SA........... 8,134 342,406 ------------ TOTAL FRANCE................... 9,345,306 ------------ GERMANY -- 6.4% Adidas AG...................... 2,336 152,818 Allianz SE..................... 2,954 688,339 Altana AG...................... 890 21,391 BASF AG........................ 3,213 443,228 Bayer AG....................... 5,110 405,654 Commerzbank AG................. 4,644 187,501 Continental AG................. 1,115 153,781 DaimlerChrysler AG............. 6,403 643,249 Deutsche Bank AG............... 3,557 457,195 Deutsche Boerse AG............. 1,660 225,453 Deutsche Lufthansa AG.......... 2,788 79,973 Deutsche Post AG............... 5,714 165,774 Deutsche Telekom AG............ 19,905 390,083 E.ON AG........................ 4,190 772,619 Fresenius Medical Care AG & Co. KGaA......................... 1,723 91,325 Hypo Real Estate Holding AG.... 1,418 80,422 Infineon Technologies AG (a)... 6,208 106,739 Linde AG....................... 980 121,378 MAN AG......................... 1,085 157,466 Merck KGaA..................... 606 72,910 Metro AG....................... 1,373 123,678 Muenchener Rueckversicherungs- Gesellschaft AG.............. 1,463 280,403 Puma AG Rudolf Dassler Sport... 40 17,143 RWE AG......................... 3,288 412,426 Salzgitter AG.................. 455 89,129 SAP AG......................... 6,253 365,045 Siemens AG..................... 5,700 781,605 ThyssenKrupp AG................ 2,728 173,264 TUI AG (a)..................... 2,803 75,102 Volkswagen AG.................. 1,733 390,637 ------------ TOTAL GERMANY.................. 8,125,730 ------------ GREECE -- 0.3% Hellenic Telecommunications Organization SA ADR.......... 6,238 117,212 National Bank of Greece SA ADR.......................... 16,213 209,310 ------------ TOTAL GREECE................... 326,522 ------------ HUNGARY -- 0.2% MOL Hungarian Oil and Gas NyRt......................... 935 150,839 Richter Gedeon NyRt............ 423 90,041 ------------ TOTAL HUNGARY.................. 240,880 ------------ INDIA -- 1.4% Dr Reddy's Laboratories, Ltd. ADR.......................... 5,276 86,315 HDFC Bank, Ltd. ADR............ 1,055 113,022 ICICI Bank, Ltd. ADR........... 5,913 311,733 Infosys Technologies, Ltd. ADR.......................... 4,750 229,853 Reliance Industries, Ltd. GDR (b).......................... 2,686 307,547 Satyam Computer Services, Ltd. ADR.......................... 11,004 284,894 Tata Motors, Ltd. ADR.......... 21,322 408,103 ------------ TOTAL INDIA.................... 1,741,467 ------------ INDONESIA -- 0.2% Astra International Tbk PT..... 56,000 117,879 Bank Rakyat Indonesia PT....... 124,500 89,852 Telekomunikasi Indonesia Tbk PT........................... 82,500 99,235 ------------ TOTAL INDONESIA................ 306,966 ------------ IRELAND -- 0.6% Allied Irish Banks PLC......... 5,714 138,145 Bank of Ireland................ 7,215 133,390 C&C Group PLC.................. 3,756 30,981 CRH PLC........................ 4,036 159,853 DCC PLC........................ 2,139 62,969 Depfa Bank PLC................. 3,542 73,141 Grafton Group PLC (a).......... 4,055 45,293 Irish Life & Permanent PLC..... 3,108 68,732 ------------ TOTAL IRELAND.................. 712,504 ------------ ISRAEL -- 0.4% Bank Hapoalim BM............... 21,469 109,549 Bank Leumi Le-Israel BM........ 19,227 84,135 Teva Pharmaceutical Industries, Ltd. ADR..................... 5,998 266,731 ------------ TOTAL ISRAEL................... 460,415 ------------ ITALY -- 2.8% Assicurazioni Generali SpA..... 6,781 297,601 Atlantia SpA................... 3,333 112,291 Banca Monte dei Paschi di Siena SpA.......................... 12,144 74,307 Banca Popolare di Milano Scarl........................ 5,666 83,480 Banco Popolare Scarl (a)....... 3,210 71,718 Capitalia SpA.................. 13,409 127,766 Enel SpA....................... 28,282 319,357 Eni SpA........................ 16,741 618,775 Fiat SpA....................... 4,824 145,510 Finmeccanica SpA............... 3,348 97,275 Intesa Sanpaolo SpA............ 55,539 427,703 Lottomatica SpA................ 2,021 72,860 Mediaset SpA................... 8,544 87,972 Mediobanca SpA................. 4,599 100,331 Pirelli & C. SpA (a)........... 54,077 64,985 Seat Pagine Gialle SpA......... 96,796 53,824 Telecom Italia SpA............. 99,386 301,411 UniCredito Italiano SpA........ 51,425 438,804 Unione di Banche Italiane Scpa......................... 4,944 132,536 ------------ TOTAL ITALY.................... 3,628,506 ------------ JAPAN -- 15.3% Advantest Corp. ............... 1,500 46,690 Aeon Co., Ltd. ................ 4,500 63,500 Aisin Seiki Co., Ltd. ......... 1,500 59,862 Asahi Breweries, Ltd. ......... 4,500 68,469 Asahi Glass Co., Ltd. ......... 15,000 201,495 Asahi Kasei Corp. ............. 15,000 121,028 Astellas Pharma, Inc. ......... 4,500 215,581 Bridgestone Corp. ............. 4,500 99,378 Canon, Inc. ................... 7,500 408,860 Casio Computer Co., Ltd. ...... 3,000 42,934 Central Japan Railway Co. ..... 15 159,110 Chubu Electric Power Co., Inc. ........................ 4,500 116,398 Chugai Pharmaceutical Co., Ltd. ........................ 3,000 49,480 Credit Saison Co., Ltd. ....... 1,500 38,604 Daiichi Sankyo Co., Ltd. ...... 6,000 179,977
See accompanying notes to financial statements. 95 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Daikin Industries, Ltd. ....... 3,000 $ 144,242 Daiwa Securities Group, Inc. .. 15,000 142,677 Denso Corp. ................... 3,000 112,942 Dentsu, Inc. .................. 15 42,516 East Japan Railway Co. ........ 15 118,158 Eisai Co., Ltd. ............... 1,500 70,817 Electric Power Development Co., Ltd. ........................ 1,500 58,297 Elpida Memory, Inc. (a)........ 1,500 55,036 Fanuc, Ltd. ................... 1,500 152,719 FUJIFILM Holdings Corp. ....... 4,500 207,755 Fujitsu, Ltd. ................. 15,000 105,899 Fukuoka Financial Group, Inc. ........................ 6,000 35,108 Hankyu Hanshin Holdings, Inc. ........................ 15,000 76,555 Hitachi, Ltd. ................. 30,000 199,539 Hokuhoku Financial Group, Inc. ........................ 15,000 42,386 Honda Motor Co., Ltd. ......... 10,500 352,389 Hoya Corp. .................... 3,000 102,248 Ibiden Co., Ltd. .............. 1,500 126,114 Inpex Holdings, Inc. .......... 15 153,893 Isetan Co., Ltd. .............. 3,000 40,403 Ishikawajima-Harima Heavy Industries Co., Ltd. ........ 15,000 47,081 Itochu Corp. .................. 15,000 181,933 Japan Real Estate Investment Corp. ....................... 15 179,977 Japan Retail Fund Investment Corp. ....................... 15 130,418 Japan Tobacco, Inc. ........... 30 164,587 JFE Holdings, Inc. ............ 4,500 318,480 JS Group Corp. ................ 3,000 52,115 JSR Corp. ..................... 3,000 73,425 Kajima Corp. .................. 15,000 51,515 Kamigumi Co., Ltd. ............ 15,000 125,853 Kawasaki Heavy Industries, Ltd. ........................ 15,000 58,688 Kawasaki Kisen Kaisha, Ltd. ... 15,000 220,015 KDDI Corp. .................... 15 111,116 Keihin Electric Express Railway Co., Ltd. ................... 15,000 97,161 Kintetsu Corp. ................ 30,000 93,118 Kobe Steel, Ltd. .............. 30,000 111,898 Komatsu, Ltd. ................. 7,500 251,706 Konica Minolta Holdings, Inc. ........................ 7,500 126,962 Kubota Corp. .................. 15,000 123,375 Kyocera Corp. ................. 1,500 140,460 Makita Corp. .................. 1,500 65,731 Marubeni Corp. ................ 15,000 137,460 Marui Co., Ltd. ............... 6,000 66,148 Matsushita Electric Industrial Co., Ltd. ................... 15,000 281,050 Millea Holdings, Inc. ......... 4,500 180,759 Mitsubishi Chemical Holdings Corp. ....................... 15,000 130,418 Mitsubishi Corp. .............. 9,000 284,832 Mitsubishi Electric Corp. ..... 15,000 187,802 Mitsubishi Estate Co., Ltd. ... 15,000 429,074 Mitsubishi Heavy Industries, Ltd. ........................ 30,000 195,887 Mitsubishi Rayon Co., Ltd. .... 15,000 106,160 Mitsubishi UFJ Financial Group, Inc. ........................ 60,000 526,888 Mitsui & Co., Ltd. ............ 15,000 363,866 Mitsui Chemicals, Inc. ........ 15,000 148,807 Mitsui Mining & Smelting Co., Ltd. ........................ 15,000 64,557 Mitsui OSK Lines, Ltd. ........ 15,000 242,707 Mitsui Sumitomo Insurance Co., Ltd. ........................ 15,000 175,934 Mizuho Financial Group, Inc. .. 60 341,695 Murata Manufacturing Co., Ltd. ........................ 1,500 107,986 NEC Corp. ..................... 15,000 72,773 Nidec Corp. ................... 1,500 104,725 Nikko Cordial Corp. ........... 3,500 43,912 Nippon Mining Holdings, Inc. .. 7,500 75,251 Nippon Oil Corp. .............. 15,000 139,156 Nippon Steel Corp. ............ 45,000 323,566 Nippon Telegraph & Telephone Corp. ....................... 30 140,069 Nippon Yusen KK................ 15,000 146,329 Nissan Motor Co., Ltd. ........ 15,000 150,111 Nitto Denko Corp. ............. 1,500 69,643 Nomura Holdings, Inc. ......... 12,000 200,948 NTT Data Corp. ................ 15 66,774 NTT DoCoMo, Inc. .............. 120 171,108 Obayashi Corp. ................ 15,000 69,382 Omron Corp. ................... 3,000 79,294 ORIX Corp. .................... 600 136,678 Osaka Gas Co., Ltd. ........... 30,000 105,117 Resona Holdings, Inc. ......... 30 51,385 Rohm Co., Ltd. ................ 1,500 132,374 Secom Co., Ltd. ............... 1,500 72,121 Sega Sammy Holdings, Inc. ..... 1,500 19,954 Seven & I Holdings Co., Ltd. .. 6,000 154,154 Sharp Corp. ................... 15,000 271,921 Shin-Etsu Chemical Co., Ltd. .. 3,000 207,103 Shinsei Bank, Ltd. ............ 15,000 47,211 Softbank Corp. ................ 6,000 110,594 Sompo Japan Insurance, Inc. ... 15,000 171,891 Sony Corp. .................... 7,500 363,213 Sumitomo Chemical Co., Ltd. ... 15,000 128,462 Sumitomo Corp. ................ 7,500 144,764 Sumitomo Electric Industries, Ltd. ........................ 6,000 95,466 Sumitomo Metal Industries, Ltd. ........................ 30,000 174,760 Sumitomo Mitsui Financial Group, Inc. ................. 45 350,172 T&D Holdings, Inc. ............ 1,500 92,205 Takeda Pharmaceutical Co., Ltd. ........................ 6,000 421,510 Takefuji Corp. ................ 1,350 26,762 TDK Corp. ..................... 1,500 131,461 Teijin, Ltd. .................. 15,000 73,164 Terumo Corp. .................. 1,500 75,642 The 77 Bank, Ltd. ............. 15,000 100,813 The Bank of Yokohama, Ltd. .... 15,000 103,421 The Chiba Bank, Ltd. .......... 15,000 115,811 The Furukawa Electric Co., Ltd. ........................ 15,000 73,295 The Joyo Bank, Ltd. ........... 15,000 83,598 The Kansai Electric Power Co., Inc. ........................ 4,500 102,704 The Shizuoka Bank, Ltd. ....... 15,000 145,546 The Sumitomo Trust & Banking Co., Ltd. ................... 15,000 113,333 The Tokyo Electric Power Co., Inc. ........................ 7,500 189,106 Tokyo Electron., Ltd. ......... 1,500 94,944 Tokyo Gas Co., Ltd. ........... 15,000 69,774 Tokyu Corp. ................... 15,000 97,813 Toppan Printing Co., Ltd. ..... 15,000 154,284 Toray Industries, Inc. ........ 15,000 118,941 Toshiba Corp. ................. 15,000 139,938 Toyota Motor Corp. ............ 19,500 1,149,502 Toyota Tsusho Corp. ........... 1,500 39,777 West Japan Railway Co. ........ 15 71,469 Yahoo! Japan Corp. ............ 135 51,059 Yamada Denki Co., Ltd. ........ 900 88,971
See accompanying notes to financial statements. 96 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Yamaha Corp. .................. 3,000 $ 67,165 Yamaha Motor Co., Ltd. ........ 3,000 76,425 ------------ TOTAL JAPAN.................... 19,567,517 ------------ LUXEMBOURG -- 0.3% ArcelorMittal.................. 4,644 365,557 ------------ MEXICO -- 0.9% America Movil SAB de CV........ 136,390 436,562 Cemex SAB de CV (a)............ 60,946 182,036 Fomento Economico Mexicano SAB de CV........................ 19,818 73,837 Grupo Financiero Banorte SAB de CV........................... 19,905 78,822 Grupo Modelo SAB de CV......... 18,037 86,600 Grupo Televisa SA de CV........ 27,951 134,328 Telefonos de Mexico SA de CV... 106,078 173,940 ------------ TOTAL MEXICO................... 1,166,125 ------------ NETHERLANDS -- 4.8% ABN AMRO Holding NV............ 13,091 687,911 Aegon NV....................... 11,068 211,393 Akzo Nobel NV.................. 2,306 189,554 ASML Holding NV (a)............ 4,145 137,054 Euronext NV (a)................ 2 266 European Aeronautic Defence and Space Co. NV................. 2,592 79,475 Heineken NV.................... 1,931 126,379 ING Groep NV................... 12,974 574,379 James Hardie Industries NV ADR.......................... 8,209 51,796 Koninklijke (Royal) Philips Electronics NV............... 8,694 391,326 Koninklijke Ahold NV (a)....... 9,884 148,999 Koninklijke DSM NV............. 1,816 97,752 Reed Elsevier NV............... 8,424 159,576 Royal Dutch Shell PLC (Class A)........................... 25,238 1,037,113 Royal Dutch Shell PLC (Class B)........................... 18,412 754,735 Royal KPN NV................... 14,781 255,823 Royal Numico NV................ 1,421 109,936 SBM Offshore NV................ 2,105 82,534 STMicroelectronics NV.......... 5,395 90,459 TNT NV......................... 3,647 152,485 Unilever NV.................... 11,698 360,176 Unilever PLC................... 8,878 279,453 Wereldhave NV.................. 829 99,563 Wolters Kluwer NV.............. 3,137 92,884 ------------ TOTAL NETHERLANDS.............. 6,171,021 ------------ NORWAY -- 0.8% DnB NOR ASA.................... 6,570 100,205 Norsk Hydro ASA................ 5,863 253,561 Norske Skogindustrier ASA...... 4,704 50,057 Orkla ASA...................... 10,470 185,949 Statoil ASA.................... 4,644 157,377 Storebrand ASA................. 4,370 67,538 Telenor ASA (a)................ 5,878 117,078 Yara International ASA......... 2,984 93,830 ------------ TOTAL NORWAY................... 1,025,595 ------------ POLAND -- 0.1% Telekomunikacja Polska SA GDR.. 10,065 100,650 ------------ PORTUGAL -- 0.2% Banco Comercial Portugues SA... 30,301 125,399 Portugal Telecom, SGPS SA...... 11,376 159,034 ------------ TOTAL PORTUGAL................. 284,433 ------------ RUSSIA -- 1.6% Gazprom OAO ADR................ 16,856 743,350 LUKOIL ADR..................... 4,040 335,724 Mobile Telesystems OJSC ADR.... 2,021 140,075 Tatneft GDR.................... 2,579 283,690 Unified Energy System ADR...... 2,256 274,104 Vimpel-Communications ADR...... 9,609 259,827 ------------ TOTAL RUSSIA................... 2,036,770 ------------ SINGAPORE -- 0.9% CapitaLand, Ltd. .............. 23,000 126,276 DBS Group Holdings, Ltd. ...... 15,000 218,263 Fraser and Neave, Ltd. ........ 30,000 115,194 Singapore Exchange, Ltd. ...... 30,000 260,703 Singapore Press Holdings, Ltd. ........................ 45,000 130,957 Singapore Telecommunications, Ltd. ........................ 45,000 121,863 United Overseas Bank, Ltd. .... 15,000 223,315 ------------ TOTAL SINGAPORE................ 1,196,571 ------------ SOUTH AFRICA -- 1.3% Anglo Platinum, Ltd. .......... 560 84,656 AngloGold Ashanti, Ltd. ....... 1,750 82,771 Barloworld, Ltd. .............. 3,692 69,378 FirstRand, Ltd. ............... 26,701 85,561 Gold Fields, Ltd. ............. 6,590 118,628 Harmony Gold Mining Co., Ltd. (a).......................... 10,585 125,223 Impala Platinum Holdings, Ltd. ........................ 4,478 155,830 Imperial Holdings, Ltd. ....... 3,333 62,342 Mondi, Ltd. ................... 756 7,516 MTN Group, Ltd. ............... 10,786 163,430 Naspers, Ltd. ................. 3,123 86,498 Pretoria Portland Cement Co., Ltd. ........................ 5,032 34,876 Sanlam, Ltd. .................. 29,185 94,240 Sasol, Ltd. ................... 4,644 199,315 Standard Bank Group, Ltd. ..... 10,202 147,126 Telkom SA, Ltd. ............... 3,438 86,489 ------------ TOTAL SOUTH AFRICA............. 1,603,879 ------------ SOUTH KOREA -- 2.8% Hana Financial Group, Inc. .... 1,300 61,296 Hyundai Development Co. ....... 960 89,690 Hyundai Heavy Industries....... 480 221,865 Hyundai Mobis.................. 660 70,028 Kia Motors Corp. (a)........... 4,940 67,205 Kookmin Bank................... 2,880 239,803 Korea Electric Power Corp. ADR.......................... 4,280 99,082 KT Corp. ADR................... 3,078 77,104 KT Freetel Co., Ltd. .......... 1,920 69,654 KT&G Corp. .................... 1,300 101,568 LG Electronics, Inc. .......... 1,300 121,456 NHN Corp. (a).................. 457 105,767 POSCO ADR...................... 2,261 404,199 Samsung Corp. ................. 2,350 172,819 Samsung Electro-Mechanics Co., Ltd. ........................ 1,870 122,807 Samsung Electronics Co., Ltd. GDR (b)...................... 1,904 597,381
See accompanying notes to financial statements. 97 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Samsung Fire & Marine Insurance Co., Ltd. ................... 480 $ 103,327 Samsung Heavy Industries Co., Ltd. ........................ 2,540 135,028 Samsung Securities Co., Ltd. .. 1,300 117,904 Shinhan Financial Group Co., Ltd. ........................ 2,190 143,105 Shinsegae Co., Ltd. ........... 140 97,449 SK Corp. ...................... 477 101,639 SK Energy Co., Ltd. (a)........ 482 84,270 SK Telecom Co., Ltd. ADR....... 3,542 105,197 ------------ TOTAL SOUTH KOREA.............. 3,509,643 ------------ SPAIN -- 3.7% Abertis Infraestructuras SA.... 3,844 119,886 Acciona SA..................... 500 135,602 Acerinox SA.................... 3,063 91,912 ACS Actividades de Construccion y Servicios.................. 2,577 141,831 Altadis SA..................... 2,848 199,841 Banco Bilbao Vizcaya Argentaria SA........................... 22,719 531,173 Banco Popular Espanol SA....... 8,604 147,446 Banco Santander Central Hispano SA........................... 37,684 730,463 Ebro Puleva SA................. 4,355 89,062 Endesa SA...................... 5,049 287,863 Gamesa Corp. Tecnologica SA.... 3,078 125,412 Gas Natural SDG SA............. 2,321 130,712 Grupo Ferrovial SA............. 890 75,120 Iberdrola SA................... 5,980 350,383 Indra Sistemas SA.............. 3,887 104,864 Industria de Desino Textil SA (Inditex).................... 2,006 134,825 Mapfre SA...................... 15,009 67,664 Repsol YPF SA.................. 6,721 239,435 Sacyr Vallehermoso SA.......... 1,175 41,007 Telefonica SA.................. 29,983 837,029 Union Fenosa SA................ 1,463 86,324 ------------ TOTAL SPAIN.................... 4,667,854 ------------ SWEDEN -- 1.8% Assa Abloy AB (Class B)........ 3,964 81,957 Atlas Copco AB (Class B)....... 9,132 145,399 Boliden AB..................... 2,728 57,878 Hennes & Mauritz AB (Class B).. 3,288 207,627 Husqvarna AB (Class B)......... 4,602 59,223 Nordea Bank AB................. 15,069 261,592 Sandvik AB..................... 8,179 174,793 Securitas AB (Class B)......... 4,959 65,159 Skandinaviska Enskilda Banken AB........................... 3,812 123,452 Skanska AB (Class B)........... 4,914 97,041 SKF AB (Class B)............... 4,779 100,285 Svenska Handelsbanken AB (Class A)........................... 4,190 129,540 Tele2 AB (Class B)............. 4,100 88,255 Telefonaktiebolaget LM Ericsson (Class B).................... 107,704 429,547 TeliaSonera AB................. 14,510 130,654 Volvo AB ADR................... 10,930 189,233 ------------ TOTAL SWEDEN................... 2,341,635 ------------ SWITZERLAND -- 5.3% ABB, Ltd. ..................... 14,918 391,530 Adecco SA...................... 1,190 70,135 Ciba Specialty Chemicals AG.... 1,448 73,565 Compagnie Financiere Richemont SA (Class A)................. 3,857 254,723 Credit Suisse Group............ 7,954 526,318 Geberit AG..................... 451 58,798 Givaudan SA.................... 105 96,713 Holcim, Ltd. .................. 1,553 170,960 Kuehne & Nagel International AG........................... 920 90,252 Logitech International SA (a).. 1,916 56,847 Nestle SA...................... 2,668 1,194,456 Nobel Biocare Holding AG....... 255 68,814 Novartis AG.................... 15,417 847,922 PSP Swiss Property AG (a)...... 2,472 130,774 Roche Holding AG............... 4,794 866,301 SGS SA......................... 60 68,310 Swatch Group AG................ 470 153,689 Swiss Reinsurance.............. 2,457 218,106 Syngenta AG.................... 844 181,342 UBS AG......................... 13,183 706,434 Xstrata PLC.................... 4,355 287,829 Zurich Financial Services AG... 1,040 310,923 ------------ TOTAL SWITZERLAND.............. 6,824,741 ------------ TAIWAN -- 1.7% AU Optronics Corp. ADR......... 35,467 600,101 Taiwan Semiconductor Manufacturing Co., Ltd. ADR.. 79,266 802,172 United Microelectronics Corp. ADR.......................... 229,713 824,670 ------------ TOTAL TAIWAN................... 2,226,943 ------------ THAILAND -- 0.3% Bangkok Bank PCL............... 98,400 330,153 PTT PCL........................ 11,200 109,794 ------------ TOTAL THAILAND................. 439,947 ------------ TURKEY -- 0.3% Akbank TAS..................... 12,321 93,580 Turkiye Garanti Bankasi AS..... 19,845 151,545 Turkiye Is Bankasi............. 15,762 94,991 ------------ TOTAL TURKEY................... 340,116 ------------ UNITED KINGDOM -- 15.6% 3i Group PLC................... 3,676 74,668 Anglo American PLC............. 9,366 627,601 AstraZeneca PLC................ 10,908 544,251 Aviva PLC...................... 17,251 258,677 BAE Systems PLC................ 23,310 234,366 Barclays PLC................... 43,136 523,344 Barratt Developments PLC....... 2,984 45,474 BG Group PLC................... 23,790 410,044 BHP Billiton PLC............... 17,266 615,595 BP PLC......................... 133,452 1,542,966 British Airways PLC (a)........ 5,714 44,616 British American Tobacco PLC... 10,661 380,537 British Land Co. PLC........... 4,145 98,973 British Sky Broadcasting Group PLC.......................... 9,794 138,679 BT Group PLC................... 57,167 357,560 Burberry Group PLC............. 5,773 77,274 Cable & Wireless PLC........... 20,129 75,458 Cadbury Schweppes PLC.......... 16,091 185,879 Capita Group PLC............... 6,372 93,990 Carnival PLC................... 1,688 80,267 Centrica PLC................... 26,701 206,989 Cobham PLC..................... 21,156 83,618
See accompanying notes to financial statements. 98 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Compass Group PLC.............. 18,322 $ 112,731 Diageo PLC..................... 18,546 405,807 DSG International PLC.......... 18,971 52,178 Enerplus Resources Fund........ 2,261 106,713 Enterprise Inns PLC............ 6,418 77,408 Experian Group, Ltd. .......... 8,149 85,834 FirstGroup PLC................. 6,103 85,608 G4S PLC........................ 15,881 65,357 GKN PLC........................ 10,561 76,168 GlaxoSmithKline PLC............ 39,386 1,040,752 Hammerson PLC.................. 3,078 73,496 Hays PLC....................... 19,890 53,895 HBOS PLC....................... 26,366 491,240 Home Retail Group PLC.......... 8,014 60,860 HSBC Holdings PLC.............. 74,086 1,365,243 ICAP PLC....................... 6,796 72,967 IMI PLC........................ 8,830 96,155 Imperial Chemical Industries PLC.......................... 9,809 130,298 Imperial Tobacco Group PLC..... 5,049 230,522 Inchcape PLC................... 6,278 53,848 Intercontinental Hotels Group PLC.......................... 3,034 59,990 International Power PLC........ 12,431 114,285 Intertek Group PLC............. 3,887 74,995 Invesco PLC.................... 6,523 87,911 Investec PLC................... 4,325 45,115 ITV PLC........................ 37,034 77,413 J Sainsbury PLC................ 13,130 154,483 Kingfisher PLC................. 21,997 80,130 Land Securities Group PLC...... 3,438 117,814 Legal & General Group PLC...... 42,837 116,598 Lloyds TSB Group PLC........... 38,287 423,172 LogicaCMG PLC.................. 14,465 44,574 Man Group PLC.................. 13,669 154,142 Marks & Spencer Group PLC...... 12,734 159,683 Mondi PLC...................... 1,891 17,915 National Grid PLC.............. 19,032 303,995 Next PLC....................... 2,547 101,914 Old Mutual PLC................. 39,147 127,849 Pearson PLC.................... 6,841 105,577 Persimmon PLC.................. 2,775 54,501 Prudential PLC................. 16,773 256,806 Punch Taverns PLC.............. 2,713 54,499 Rank Group..................... 2,646 8,720 Reckitt Benckiser PLC.......... 4,473 261,727 Reed Elsevier PLC.............. 11,513 144,958 Rentokil Initial PLC........... 26,383 89,711 Resolution PLC................. 6,118 85,070 Reuters Group PLC.............. 10,561 138,351 Rio Tinto PLC.................. 7,247 624,250 Rolls-Royce Group PLC (Class B) (a).......................... 13,984 148,862 Royal & Sun Alliance Insurance Group PLC.................... 24,575 77,355 Royal Bank of Scotland Group PLC.......................... 64,168 686,346 SABMiller PLC.................. 6,463 183,290 Scottish & Newcastle PLC....... 8,379 104,389 Scottish and Southern Energy PLC.......................... 6,493 199,883 Severn Trent PLC............... 3,228 92,730 Smith & Nephew PLC............. 9,491 115,535 Smiths Group PLC............... 3,849 83,828 Standard Life PLC.............. 17,768 104,436 Tate & Lyle PLC................ 5,515 45,225 Taylor Wimpey PLC.............. 13,662 76,753 Tesco PLC...................... 54,921 491,491 The Sage Group PLC............. 14,480 73,531 Tomkins PLC.................... 13,834 64,050 United Utilities PLC........... 8,634 123,133 Vodafone Group................. 371,073 1,334,349 Whitbread PLC.................. 2,487 82,185 William Hill PLC............... 6,058 79,422 Wolseley PLC................... 5,110 86,046 WPP Group PLC.................. 9,551 128,817 Yell Group PLC................. 8,044 70,306 ------------ TOTAL UNITED KINGDOM........... 19,976,016 ------------ TOTAL COMMON STOCKS -- (Cost $115,898,380).......... 126,129,433 ------------ PREFERRED STOCKS -- 0.1% GERMANY -- 0.1% Porsche AG (Cost $119,395)..... 75 158,897 ------------ RIGHTS -- 0.0%(C) AUSTRALIA -- 0.0% (C) Newcrest Mining, Ltd. (expiring 10/04/07) (a)............... 1,234 11,575 ------------ AUSTRIA-- 0.0% (C) Raiffeisen International Bank Holding AG (expiring 10/03/07) (a)................ 376 -- Wienerberger AG (expiring 10/11/07) (a)................ 1,327 -- ------------ TOTAL AUSTRIA.................. -- ------------ BELGIUM-- 0.0%(C) Fortis (expiring 10/09/07) (a).......................... 7,999 42,318 ------------ HONG KONG-- 0.0% (C) Dah Chong Hong (expiring 10/08/07) (a)................ 1,200 -- ------------ ITALY-- 0.0% (C) Capitalia SpA (expiring 10/03/07) (a)................ 13,409 -- ------------ TOTAL RIGHTS -- (Cost $52,792)............... 53,893 ------------ SHORT TERM INVESTMENTS -- 0.1% UNITED STATES -- 0.1% MONEY MARKET FUND -- 0.1% STIC Prime Portfolio (Cost $64,790)............... 64,790 64,790 ------------ TOTAL INVESTMENTS -- 99.0% (Cost $116,135,357).......... 126,407,013 OTHER ASSETS AND LIABILITIES -- 1.0%.......... 1,283,852 ------------ NET ASSETS -- 100.0%........... $127,690,865 ============
(a) Non-income producing security (b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities which represent 0.7% of net assets as of September 30, 2007, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (c) Amount represents less than 0.05% of net assets. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 99 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 99.4% JAPAN -- 99.4% AIR FREIGHT & LOGISTICS -- 0.2% Yamato Holdings Co., Ltd. ..... 28,180 $ 422,155 ------------ AIRLINES -- 0.3% All Nippon Airways Co., Ltd. .. 96,000 373,934 Japan Airlines Corp. (a) ...... 192,000 415,667 ------------ 789,601 ------------ AUTO COMPONENTS -- 2.8% Aisin Seiki Co., Ltd. ......... 16,668 665,184 Bosch Corp. ................... 46,727 226,698 Bridgestone Corp. ............. 50,403 1,113,104 Denso Corp. ................... 38,447 1,447,424 FCC Co., Ltd. ................. 7,684 138,294 Futaba Industrial Co., Ltd. ... 12,308 316,756 Keihin Corp. .................. 7,156 135,946 NGK Spark Plug Co., Ltd. ...... 19,160 297,358 NHK Spring Co., Ltd. .......... 23,340 177,767 Nissin Kogyo Co., Ltd. ........ 9,116 262,348 NOK Corp. ..................... 16,316 348,975 Showa Corp. ................... 11,912 141,786 Stanley Electric Co., Ltd. .... 16,844 405,668 Sumitomo Rubber Industries, Inc. ........................ 21,908 275,052 Tokai Rika Co., Ltd. .......... 12,220 339,991 Toyo Tire & Rubber Co., Ltd. .. 49,851 290,398 Toyoda Gosei Co., Ltd. ........ 9,468 342,450 Toyota Industries Corp. ....... 16,272 700,312 ------------ 7,625,511 ------------ AUTOMOBILES -- 6.8% Daihatsu Motor Co., Ltd. ...... 26,464 274,499 Fuji Heavy Industries, Ltd. ... 51,347 225,451 Honda Motor Co., Ltd. ......... 112,674 3,781,434 Isuzu Motors, Ltd. ............ 95,651 547,219 Mazda Motor Corp. ............. 71,123 359,279 Mitsubishi Motors Corp. (a).... 239,173 363,911 Nissan Motor Co., Ltd. ........ 170,362 1,704,879 Suzuki Motor Corp. ............ 28,492 842,262 Toyota Motor Corp. ............ 165,077 9,731,097 Yamaha Motor Co., Ltd. ........ 18,716 476,789 ------------ 18,306,820 ------------ BEVERAGES -- 0.7% Asahi Breweries, Ltd. ......... 31,684 482,085 ITO EN, Ltd. .................. 9,556 232,638 Kirin Brewery Co., Ltd. ....... 67,207 888,185 Takara Holdings, Inc. ......... 51,479 302,120 ------------ 1,905,028 ------------ BUILDING PRODUCTS -- 1.0% Aica Kogyo Co., Ltd. .......... 22,084 241,356 Asahi Glass Co., Ltd. ......... 71,299 957,762 Daikin Industries, Ltd. ....... 19,332 929,496 JS Group Corp. ................ 25,872 449,439 ------------ 2,578,053 ------------ CAPITAL MARKETS -- 1.9% Daiwa Securities Group, Inc. .. 99,482 946,253 JAFCO Co., Ltd. ............... 4,712 174,526 Mitsubishi UFJ Securities Co. ......................... 25,936 226,854 Nomura Holdings, Inc. ......... 151,476 2,536,563 Okasan Holdings, Inc. ......... 29,107 168,799 SBI E*trade Securities Co., Ltd. ........................ 192 181,959 SBI Holdings, Inc. ............ 864 226,489 Shinko Securities Co., Ltd. ... 73,587 340,375 Tokai Tokyo Securities Co., Ltd. ........................ 68,967 350,786 ------------ 5,152,604 ------------ CHEMICALS -- 4.7% Asahi Kasei Corp. ............. 94,859 765,371 Daicel Chemical Industries, Ltd. ........................ 45,055 356,084 Dainippon Ink and Chemicals, Inc. ........................ 75,391 333,644 Hitachi Chemical Co., Ltd. .... 12,176 251,428 JSR Corp. ..................... 18,760 459,152 Kaneka Corp. .................. 28,224 237,051 Kansai Paint Co., Ltd. ........ 28,092 215,181 Kuraray Co., Ltd. ............. 36,971 467,703 Mitsubishi Chemical Holdings Corp. ....................... 83,123 722,714 Mitsubishi Gas Chemical Co., Inc. ........................ 28,268 261,752 Mitsubishi Rayon Co., Ltd. .... 50,291 355,926 Mitsui Chemicals, Inc. ........ 52,843 524,226 Nifco, Inc. ................... 13,828 330,626 Nissan Chemical Industries, Ltd. ........................ 22,416 276,363 Nitto Denko Corp. ............. 14,884 691,045 Sekisui Chemical Co., Ltd. .... 47,079 345,065 Shin-Etsu Chemical Co., Ltd. .. 29,020 2,003,380 Showa Denko K.K. .............. 90,723 343,125 Sumitomo Chemical Co., Ltd. ... 117,674 1,007,772 Taiyo Nippon Sanso Corp. ...... 28,180 252,852 Teijin, Ltd. .................. 73,367 357,857 Tokai Carbon Co., Ltd. ........ 27,828 315,020 Toray Industries, Inc. ........ 100,758 798,951 Tosoh Corp. ................... 50,599 327,751 Ube Industries, Ltd. .......... 97,543 345,172 Zeon Corp. .................... 24,132 237,512 ------------ 12,582,723 ------------ COMMERCIAL BANKS -- 8.6% Fukuoka Financial Group, Inc. ........................ 51,000 298,422 Hokuhoku Financial Group, Inc. ........................ 99,658 281,605 Mitsubishi UFJ Financial Group, Inc. ........................ 700,000 6,147,024 Mitsui Trust Holdings, Inc. ... 73,981 576,333 Mizuho Financial Group, Inc. .. 764 4,350,911 Resona Holdings, Inc. ......... 384 657,723 Shinsei Bank, Ltd. ............ 114,726 361,090 Sumitomo Mitsui Financial Group, Inc. ................. 480 3,735,165 Suruga Bank, Ltd. ............. 25,496 311,011 The 77 Bank, Ltd. ............. 45,803 307,836 The Awa Bank, Ltd. ............ 50,731 250,093 The Bank of Kyoto, Ltd. ....... 27,916 338,104 The Bank of Yokohama, Ltd. .... 94,947 654,636 The Chiba Bank, Ltd. .......... 53,063 409,685 The Chugoku Bank, Ltd. ........ 22,504 305,427 The Hachijuni Bank, Ltd. ...... 49,719 357,498 The Hiroshima Bank, Ltd. ...... 66,811 364,218 The Hyakugo Bank, Ltd. ........ 49,147 283,733 The Iyo Bank, Ltd. ............ 28,180 272,943
See accompanying notes to financial statements. 100 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- The Joyo Bank, Ltd. ........... 70,155 $ 390,987 The Juroku Bank, Ltd. ......... 48,883 272,009 The Musashino Bank, Ltd. ...... 5,020 237,873 The Nanto Bank, Ltd. .......... 51,391 243,964 The Nishi-Nippon City Bank, Ltd. ........................ 52,799 148,277 The Shizuoka Bank, Ltd. ....... 45,363 440,161 The Sumitomo Trust & Banking Co., Ltd. ................... 121,634 919,010 Yamaguchi Financial Group, Inc. ........................ 23,076 240,762 ------------ 23,156,500 ------------ COMMERCIAL SERVICES & SUPPLIES -- 1.0% Dai Nippon Printing Co., Ltd. ........................ 47,739 681,541 Meitec Corp. .................. 11,912 349,028 Nissha Printing Co., Ltd. ..... 4,536 131,724 Park24 Co., Ltd. .............. 12,000 107,777 Secom Co., Ltd. ............... 19,068 916,803 The Goodwill Group, Inc. (a) .. 288 53,937 Toppan Printing Co., Ltd. ..... 47,299 486,499 ------------ 2,727,309 ------------ COMMUNICATIONS EQUIPMENT -- 0.1% Epson Toyocom Corp. ........... 25,188 151,327 ------------ COMPUTERS & PERIPHERALS -- 1.7% Fujitsu, Ltd. ................. 165,498 1,168,408 NEC Corp. ..................... 167,918 814,661 Seiko Epson Corp. ............. 12,176 301,184 Toshiba Corp. ................. 237,633 2,216,930 ------------ 4,501,183 ------------ CONSTRUCTION & ENGINEERING -- 1.1% Chiyoda Corp. ................. 19,688 354,338 COMSYS Holdings Corp. ......... 24,000 262,922 JGC Corp. ..................... 22,460 432,543 Kajima Corp. .................. 94,595 324,871 Kyowa Exeo Corp. .............. 22,548 236,233 Maeda Corp. ................... 66,855 258,085 Obayashi Corp. ................ 66,679 308,422 Shimizu Corp. ................. 67,559 367,120 Taisei Corp. .................. 98,995 286,618 ------------ 2,831,152 ------------ CONSTRUCTION MATERIALS -- 0.1% Taiheiyo Cement Corp. ......... 95,607 363,259 ------------ CONSUMER FINANCE -- 1.4% Acom Co., Ltd. ................ 8,422 187,457 Aeon Credit Service Co., Ltd. ........................ 10,040 107,807 Aiful Corp. ................... 13,081 204,719 Credit Saison Co., Ltd. ....... 14,664 377,389 Mitsubishi UFJ NICOS Co., Ltd. (a).......................... 68,282 134,765 NIS Group Co., Ltd. ........... 28,182 102,422 Orient Corp. (a) .............. 73,501 72,852 ORIX Corp. .................... 8,116 1,848,795 Promise Co., Ltd. ............. 10,514 255,960 SFCG Co., Ltd. ................ 1,178 164,796 Takefuji Corp. ................ 9,164 181,663 ------------ 3,638,625 ------------ CONTAINERS & PACKAGING -- 0.1% Toyo Seikan Kaisha, Ltd. ...... 16,448 309,611 ------------ DISTRIBUTORS -- 0.1% Canon Marketing Japan, Inc. ... 11,692 233,810 ------------ DIVERSIFIED CONSUMER SERVICES -- 0.1% Benesse Corp. ................. 9,028 345,374 ------------ DIVERSIFIED FINANCIAL SERVICES -- 0.1% Mizuho Trust & Banking Co., Ltd. ........................ 212,370 360,059 ------------ DIVERSIFIED TELECOMMUNICATION -- 1.3% Nippon Telegraph & Telephone Corp. ....................... 768 3,585,758 ------------ ELECTRIC UTILITIES -- 3.8% Chubu Electric Power Co., Inc. ........................ 49,963 1,292,353 Funai Electric Co., Ltd. ...... 2,695 117,159 Hokkaido Electric Power Co., Inc. ........................ 18,628 402,474 Hokuriku Electric Power Co. ... 19,112 373,051 Kyushu Electric Power Co., Inc. ........................ 28,976 765,874 Sanyo Electric Co., Ltd. (a) .. 162,422 266,902 Sharp Corp. ................... 71,519 1,296,501 Shikoku Electric Power Co., Inc. ........................ 21,072 528,563 The Chugoku Electric Power Co., Inc. ........................ 23,648 480,095 The Kansai Electric Power Co., Inc. ........................ 57,911 1,321,709 The Okinawa Electric Power Co., Inc. ........................ 7,536 478,965 The Tokyo Electric Power Co., Inc. ........................ 86,667 2,185,231 Tohoku Electric Power Co., Inc. ........................ 34,043 726,649 ------------ 10,235,526 ------------ ELECTRICAL EQUIPMENT -- 1.5% Fuji Electric Holdings Co., Ltd. ........................ 69,099 307,600 Fujikura, Ltd. ................ 29,107 183,983 Matsushita Electric Works, Ltd. ........................ 29,151 351,034 Mitsubishi Electric Corp. ..... 144,974 1,815,090 Sumitomo Electric Industries, Ltd. ........................ 59,387 944,905 Ushio, Inc. ................... 16,536 300,484 ------------ 3,903,096 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS -- 5.2% Alps Electric Co., Ltd. ....... 23,868 286,794 Casio Computer Co., Ltd. ...... 18,848 269,737 Dainippon Screen Manufacturing Co., Ltd. ................... 25,364 152,605 Hamamatsu Photonics K.K. ...... 9,468 273,301 Hirose Electric Co., Ltd. ..... 2,708 328,920 Hitachi, Ltd. ................. 216,933 1,442,888 Horiba, Ltd. .................. 9,204 386,518 Hoya Corp. .................... 33,732 1,149,671 Ibiden Co., Ltd. .............. 9,996 840,424 Keyence Corp. ................. 2,840 629,657 Konica Minolta Holdings, Inc. ........................ 36,575 619,150 Kyocera Corp. ................. 14,092 1,319,574 Murata Manufacturing Co., Ltd. ........................ 18,628 1,341,041 Nidec Corp. ................... 5,064 353,553 Nippon Electric Glass Co., Ltd. ........................ 33,548 539,615 Oki Electric Industry Co., Ltd. (a) ......................... 115,166 198,260 Olympus Corp. ................. 21,492 881,991 Omron Corp. ................... 21,380 565,102 Shimadzu Corp. ................ 28,312 289,483 Taiyo Yuden Co., Ltd. ......... 19,776 391,170 TDK Corp. ..................... 9,996 876,057 The Furukawa Electric Co., Ltd. ........................ 66,899 326,890 Yaskawa Electric Corp. ........ 23,604 293,678 Yokogawa Electric Corp. ....... 21,864 265,755 ------------ 14,021,834 ------------
See accompanying notes to financial statements. 101 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- FOOD & STAPLES RETAILING -- 1.2% Aeon Co., Ltd. ................ 52,803 $ 745,114 Cawachi, Ltd. ................. 9,248 248,457 FamilyMart Co., Ltd. .......... 9,952 259,151 Izumiya Co., Ltd. ............. 27,740 155,324 Seven & I Holdings Co., Ltd. .. 66,939 1,719,817 UNY Co., Ltd. ................. 24,000 208,877 ------------ 3,336,740 ------------ FOOD PRODUCTS -- 1.0% Ajinomoto Co., Inc. ........... 48,003 601,003 Hokuto Corp. .................. 24,000 394,801 Kikkoman Corp. ................ 27,256 410,920 Meiji Dairies Corp. ........... 44,175 249,268 Nissin Food Products Co., Ltd. ........................ 12,440 443,455 Sakata Seed Corp. ............. 31,684 426,163 Yakult Honsha Co., Ltd. ....... 12,264 278,836 ------------ 2,804,446 ------------ GAS UTILITIES -- 0.6% Saibu Gas Co., Ltd. ........... 322,273 753,740 Tokyo Gas Co., Ltd. ........... 187,873 873,904 ------------ 1,627,644 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 0.4% Miraca Holdings, Inc. ......... 9,336 211,453 Terumo Corp. .................. 14,356 723,947 ------------ 935,400 ------------ HEALTH CARE PROVIDERS & SERVICES -- 0.3% Alfresa Holdings Corp. ........ 2,884 183,800 Mediceo Paltac Holdings Co., Ltd. ........................ 16,492 251,793 Suzuken Co., Ltd. ............. 7,332 246,705 ------------ 682,298 ------------ HOTELS, RESTAURANTS & LEISURE -- 0.2% Oriental Land Co., Ltd. ....... 6,804 393,989 Round One Corp. ............... 96 212,007 ------------ 605,996 ------------ HOUSEHOLD DURABLES -- 3.6% Daikyo, Inc. .................. 27,256 87,919 Daiwa House Industry Co., Ltd. ........................ 45,363 591,220 Haseko Corp. (a) .............. 82,639 197,589 Matsushita Electric Industrial Co., Ltd. ................... 172,981 3,241,091 Pioneer Corp. ................. 18,760 229,821 Sangetsu Co., Ltd. ............ 14,576 316,828 Sekisui House, Ltd. ........... 42,679 536,572 Sony Corp. .................... 89,111 4,315,509 TOTO, Ltd. .................... 28,444 206,006 ------------ 9,722,555 ------------ HOUSEHOLD PRODUCTS -- 0.6% Kao Corp. ..................... 43,339 1,292,464 Uni-Charm Corp. ............... 4,844 296,920 ------------ 1,589,384 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.2% Electric Power Development Co., Ltd. ........................ 14,840 576,749 ------------ INDUSTRIAL CONGLOMERATES -- 0.3% Hankyu Hanshin Holdings, Inc. ........................ 116,486 594,507 Keihan Electric Railway Co., Ltd. ........................ 68,747 286,907 ------------ 881,414 ------------ INSURANCE -- 2.4% Aioi Insurance Co., Ltd. ...... 52,579 305,376 Millea Holdings, Inc. ......... 57,647 2,315,604 Mitsui Sumitomo Insurance Co., Ltd. ........................ 115,122 1,350,255 Nipponkoa Insurance Co., Ltd. ........................ 75,479 655,597 Sompo Japan Insurance, Inc. ... 70,111 803,428 T&D Holdings, Inc. ............ 15,710 965,697 ------------ 6,395,957 ------------ INTERNET & CATALOG RETAIL -- 0.1% Rakuten, Inc. ................. 576 225,612 ------------ INTERNET SOFTWARE & SERVICES -- 0.2% Yahoo! Japan Corp. ............ 1,536 580,933 ------------ IT SERVICES -- 0.8% CSK Holdings Corp. ............ 9,556 373,051 Itochu Techno-Solutions Corp. ....................... 5,108 179,867 NET One Systems Co., Ltd. ..... 192 212,007 Nomura Research Institute, Ltd. ........................ 13,896 472,402 NTT Data Corp. ................ 96 427,353 Otsuka Corp. .................. 2,312 226,547 TIS, Inc. ..................... 7,332 142,796 ------------ 2,034,023 ------------ LEISURE EQUIPMENT & PRODUCTS -- 1.5% FUJIFILM Holdings Corp. ....... 38,227 1,764,860 Namco Bandai Holdings, Inc. ... 19,332 280,698 Nikon Corp. ................... 24,440 839,351 Sankyo Co., Ltd. .............. 5,240 211,851 Sega Sammy Holdings, Inc. ..... 19,631 261,144 Shimano, Inc. ................. 11,692 408,658 Yamaha Corp. .................. 16,492 369,229 ------------ 4,135,791 ------------ MACHINERY -- 5.8% Amada Co., Ltd. ............... 44,527 497,089 Amano Corp. ................... 18,936 228,684 Fanuc, Ltd. ................... 16,580 1,688,056 Glory, Ltd. ................... 12,044 382,216 Ishikawajima-Harima Heavy Industries Co., Ltd. ........ 96,311 302,293 JTEKT Corp. ................... 17,108 301,210 Kawasaki Heavy Industries, Ltd. ........................ 100,978 395,080 Komatsu, Ltd. ................. 78,939 2,649,259 Komori Corp. .................. 18,588 454,943 Kubota Corp. .................. 48,663 400,254 Kurita Water Industries, Ltd. ........................ 12,176 412,871 Makita Corp. .................. 12,176 533,557 Minebea Co., Ltd. ............. 47,255 322,936 Mitsubishi Heavy Industries, Ltd. ........................ 244,676 1,597,632 Mitsui Engineering & Shipbuilding Co., Ltd. ...... 75,567 427,719 Mori Seiki Co., Ltd. .......... 11,868 306,464 NGK Insulators., Ltd. ......... 25,320 814,537 NSK, Ltd. ..................... 46,463 407,205 NTN Corp. ..................... 45,495 405,446 OKUMA Corp. ................... 23,648 344,599
See accompanying notes to financial statements. 102 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- OSG Corp. ..................... 14,312 $ 148,826 SMC Corp. ..................... 5,020 686,559 Sumitomo Heavy Industries, Ltd. ........................ 48,795 627,464 Tadano, Ltd. .................. 23,780 319,024 The Japan Steel Works, Ltd. ... 28,708 475,992 THK Co., Ltd. ................. 14,400 303,613 Toshiba Machine Co., Ltd. ..... 22,944 170,761 ------------ 15,604,289 ------------ MARINE -- 0.8% Kawasaki Kisen Kaisha, Ltd. ... 45,759 671,177 Mitsui OSK Lines, Ltd. ........ 52,491 849,331 Nippon Yusen K.K. ............. 74,995 731,595 ------------ 2,252,103 ------------ MEDIA -- 0.9% Dentsu, Inc. .................. 192 544,207 Fuji Television Network, Inc. ........................ 192 385,619 Jupiter Telecommunications Co. (a) ......................... 288 223,359 Nippon Television Network Corp. ....................... 2,880 370,345 Toho Co, Ltd. ................. 14,752 291,154 Tokyo Broadcasting System, Inc. ........................ 19,200 537,530 ------------ 2,352,214 ------------ METALS & MINING -- 5.0% Daido Steel Co., Ltd. ......... 46,199 393,243 Dowa Holdings Co., Ltd. ....... 42,767 541,025 JFE Holdings, Inc. ............ 43,247 3,060,736 Kobe Steel, Ltd. .............. 238,645 890,133 Mitsubishi Materials Corp. .... 98,027 608,540 Mitsui Mining & Smelting Co., Ltd. ........................ 72,839 313,484 Nippon Steel Corp. ............ 389,755 2,802,481 Nisshin Steel Co., Ltd. ....... 98,951 445,652 Pacific Metals Co., Ltd. ...... 22,988 354,369 Sumitomo Metal Industries, Ltd. ........................ 310,340 1,807,832 Sumitomo Metal Mining Co., Ltd. ........................ 48,575 1,178,318 Sumitomo Titanium Corp. ....... 2,136 185,901 Toho Titanium Co., Ltd. ....... 5,256 192,847 Tokyo Steel Manufacturing Co., Ltd. ........................ 14,444 224,041 Yodogawa Steel Works, Ltd. .... 75,963 377,124 ------------ 13,375,726 ------------ MULTILINE RETAIL -- 0.4% Isetan Co., Ltd. .............. 19,684 265,100 Mitsukoshi, Ltd. .............. 52,403 237,378 Ryohin Keikaku Co., Ltd. ...... 4,536 260,687 Takashimaya Co., Ltd. ......... 26,332 291,904 The Daiei, Inc. (a) ........... 10,602 83,883 ------------ 1,138,952 ------------ OFFICE ELECTRONICS -- 2.6% Brother Industries, Ltd. ...... 26,332 336,547 Canon, Inc. ................... 103,558 5,645,426 Ricoh Co., Ltd. ............... 50,555 1,068,110 ------------ 7,050,083 ------------ OIL, GAS & CONSUMABLE FUELS -- 1.7% Cosmo Oil Co., Ltd. ........... 72,927 347,468 Inpex Holdings, Inc. .......... 128 1,313,220 Nippon Mining Holdings, Inc. .. 72,751 729,945 Nippon Oil Corp. .............. 115,430 1,070,850 Osaka Gas Co., Ltd. ........... 169,150 592,683 TonenGeneral Sekiyu K.K. ...... 42,547 427,264 ------------ 4,481,430 ------------ PAPER & FOREST PRODUCTS -- 0.3% Nippon Paper Group, Inc. ...... 96 296,309 OJI Paper Co., Ltd. ........... 72,839 352,115 Sumitomo Forestry Co., Ltd. ... 22,768 187,663 ------------ 836,087 ------------ PERSONAL PRODUCTS -- 0.3% Mandom Corp. .................. 13,916 339,990 Shiseido Co., Ltd. ............ 25,232 559,419 ------------ 899,409 ------------ PHARMACEUTICALS -- 4.6% Astellas Pharma, Inc. ......... 38,271 1,833,441 Chugai Pharmaceutical Co., Ltd. ........................ 25,916 427,445 Daiichi Sankyo Co., Ltd. ...... 52,451 1,573,325 Dainippon Sumitomo Pharma Co., Ltd. ........................ 27,960 259,629 Eisai Co., Ltd. ............... 19,640 927,229 Hisamitsu Pharmaceutical Co., Inc. ........................ 9,204 249,676 Kyowa Hakko Kogyo Co., Ltd. ... 47,563 489,215 Ono Pharmaceutical Co., Ltd. .. 9,732 521,229 Santen Pharmaceutical Co., Ltd. ........................ 11,956 298,861 Shionogi & Co., Ltd. .......... 25,496 392,587 Taisho Pharmaceutical Co., Ltd. ........................ 22,592 443,924 Takeda Pharmaceutical Co., Ltd. ........................ 69,955 4,914,458 Tsumura & Co. ................. 4,620 82,145 ------------ 12,413,164 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 2.9% Daito Trust Construction Co., Ltd. ........................ 7,464 359,523 Heiwa Real Estate Co., Ltd. ... 34,856 240,627 K.K. DaVinci Advisors (a) ..... 96 72,032 Leopalace21 Corp. ............. 12,044 394,782 Mitsubishi Estate Co., Ltd. ... 94,111 2,692,042 Mitsui Fudosan Co., Ltd. ...... 68,923 1,911,615 Sumitomo Realty & Development Co., Ltd. ................... 28,843 1,013,135 Tokyo Tatemono Co., Ltd. ...... 25,540 325,315 Tokyu Land Corp. .............. 28,664 287,350 Urban Corp. ................... 26,558 430,184 ------------ 7,726,605 ------------ ROAD & RAIL -- 3.0% Central Japan Railway Co. ..... 96 1,018,302 East Japan Railway Co. ........ 288 2,268,643 Keihin Electric Express Railway Co., Ltd. ................... 48,355 313,216 Keisei Electric Railway Co., Ltd. ........................ 49,147 272,196 Kintetsu Corp. ................ 167,038 518,476 Nagoya Railroad Co., Ltd. ..... 124,362 363,306 Nankai Electric Railway Co., Ltd. ........................ 94,111 282,296 Nippon Express Co., Ltd. ...... 74,555 370,134 Odakyu Electric Railway Co., Ltd. ........................ 68,483 441,211 Sagami Railway Co., Ltd. ...... 115,254 404,840
See accompanying notes to financial statements. 103 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Tobu Railway Co., Ltd. ........ 76,007 $ 356,856 Tokyu Corp. ................... 75,391 491,616 West Japan Railway Co. ........ 192 914,802 ------------ 8,015,894 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.2% Advantest Corp. ............... 13,916 433,154 Disco Corp. ................... 2,884 160,731 Elpida Memory, Inc. (a) ....... 4,976 182,574 Rohm Co., Ltd. ................ 9,776 862,726 Sanken Electric Co., Ltd. ..... 21,404 104,773 Shinko Electric Industries .... 9,292 206,013 Sumco Corp. ................... 9,546 388,430 Tokyo Electron., Ltd. ......... 12,440 787,403 ------------ 3,125,804 ------------ SOFTWARE -- 2.3% Konami Corp. .................. 11,692 318,184 Nintendo Co., Ltd. ............ 9,248 4,808,333 NSD Co., Ltd. ................. 9,832 155,411 Square Enix Co., Ltd. ......... 7,596 250,966 Trend Micro, Inc. ............. 11,868 512,837 ------------ 6,045,731 ------------ SPECIALTY RETAIL -- 1.5% Aoyama Trading Co., Ltd. ...... 10,084 256,013 Autobacs Seven Co., Ltd. ...... 6,980 181,153 Citizen Watch Co., Ltd. ....... 40,803 410,105 Culture Convenience Club Co., Ltd. ........................ 19,332 67,065 Fast Retailing Co., Ltd. ...... 4,976 286,840 Hikari Tsushin, Inc. .......... 2,884 78,986 J Front Retailing Co., Ltd. (a) ......................... 35,632 350,078 Marui Co., Ltd. ............... 33,116 365,092 Nitori Co., Ltd. .............. 6,110 288,461 Sanrio Co., Ltd. .............. 9,248 95,523 Shimachu Co., Ltd. ............ 7,684 203,098 Shimamura Co., Ltd. ........... 2,532 236,656 USS Co., Ltd. ................. 5,280 346,598 Yamada Denki Co., Ltd. ........ 7,680 759,219 ------------ 3,924,887 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 0.7% Asics Corp. ................... 22,064 341,084 Gunze, Ltd. ................... 48,223 237,310 Nisshinbo Industries, Inc. .... 25,584 355,238 Onward Kashiyama Co., Ltd. .... 21,580 218,023 The Japan Wool Textile Co., Ltd. ........................ 43,031 347,196 Toyobo Co., Ltd. .............. 119,302 279,027 ------------ 1,777,878 ------------ TOBACCO -- 0.8% Japan Tobacco, Inc. ........... 384 2,106,717 ------------ TRADING COMPANIES & DISTRIBUTORS -- 4.4% Hanwa Co., Ltd. ............... 91,207 461,527 Inaba Denki Sangyo Co., Ltd. .. 11,956 434,518 Itochu Corp. .................. 116,266 1,410,173 Iwatani International Corp. ... 93,451 273,816 Marubeni Corp. ................ 120,402 1,103,367 Mitsubishi Corp. .............. 100,407 3,177,685 Mitsui & Co., Ltd. ............ 118,202 2,867,309 Sojitz Corp. .................. 60,328 262,262 Sumitomo Corp. ................ 83,475 1,611,220 Toyota Tsusho Corp. ........... 9,839 260,913 ------------ 11,862,790 ------------ TRANSPORTATION INFRASTRUCTURE -- 0.2% Kamigumi Co., Ltd. ............ 44,395 372,484 Mitsubishi Logistics Corp. .... 20,216 284,393 ------------ 656,877 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 2.0% KDDI Corp. .................... 288 2,133,426 NTT DoCoMo, Inc. .............. 1,440 2,053,298 Softbank Corp. ................ 57,515 1,060,138 ------------ 5,246,862 ------------ TOTAL COMMON STOCKS -- (Cost $260,272,441).......... 266,755,362 ------------ PREFERRED STOCKS -- 0.0% (B) BEVERAGES -- 0.0% (B) Ito En, Ltd. (a) .............. 2,866 56,939 ------------ TOTAL PREFERRED STOCKS (Cost $65,653)............... 56,939 ------------ SHORT TERM INVESTMENTS -- 0.0% (B) MONEY MARKET FUND -- 0.0% (B) UNITED STATES -- 0.0% (B) STIC Prime Portfolio (Cost $91,750)............... 91,750 91,750 ------------ TOTAL INVESTMENTS -- 99.4% (Cost $260,429,844).......... 266,904,051 OTHER ASSETS AND LIABILITIES -- 0.6%.......... 1,487,598 ------------ NET ASSETS -- 100.0%........... $268,391,649 ============
(a) Non-income producing security (b) Amount represents less than 0.05% of net assets. See accompanying notes to financial statements. 104 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- COMMON STOCKS -- 99.4% JAPAN -- 99.4% AUTO COMPONENTS -- 4.7% FCC Co., Ltd. ................. 22,713 $ 408,781 Futaba Industrial Co., Ltd. ... 28,494 733,315 Kayaba Industry Co., Ltd. ..... 112,902 541,859 Keihin Corp. .................. 17,541 333,235 Musashi Seimitsu Industry Co., Ltd. ........................ 17,052 541,145 Nippon Seiki Co., Ltd. ........ 9,939 255,356 Nissin Kogyo Co., Ltd. ........ 22,734 654,258 Press Kogyo Co., Ltd. ......... 112,569 466,856 Showa Corp. ................... 28,539 339,694 Topre Corp. ................... 56,934 505,904 Toyo Tire & Rubber Co., Ltd. .. 114,372 666,254 Toyoda Gosei Co., Ltd. ........ 28,398 1,027,133 ------------ 6,473,790 ------------ BEVERAGES -- 1.0% Mikuni Coca-Cola Bottling Co., Ltd. ........................ 68,445 764,104 Takara Holdings, Inc. ......... 113,937 668,673 ------------ 1,432,777 ------------ BIOTECHNOLOGY -- 0.2% AnGes MG, Inc. (a)............. 51 246,098 ------------ BUILDING PRODUCTS -- 3.3% Aica Kogyo Co., Ltd. .......... 51,219 559,773 Bunka Shutter Co., Ltd. ....... 112,577 523,660 Central Glass Co., Ltd. ....... 114,309 575,446 Nitto Boseki Co., Ltd. ........ 115,020 333,014 Noritz Corp. .................. 39,765 555,254 Sankyo-Tateyama Holdings, Inc. ........................ 226,467 317,012 Sanwa Shutter Corp. ........... 113,910 637,813 Sekisui Jushi Corp. ........... 112,938 994,707 ------------ 4,496,679 ------------ CAPITAL MARKETS -- 2.4% Asset Managers Co., Ltd. ...... 171 202,200 JAFCO Co., Ltd. ............... 8,400 311,125 Japan Asia Investment Co., Ltd. ........................ 58,188 287,361 Mito Securities Co., Ltd. ..... 114,129 428,672 Monex Beans Holdings, Inc. .... 513 337,198 Okasan Holdings, Inc. ......... 58,447 338,948 Sawada Holdings Co., Ltd. (a).. 34,300 192,949 Tokai Tokyo Securities Co., Ltd. ........................ 169,721 863,251 Toyo Securities Co., Ltd. ..... 113,457 399,514 ------------ 3,361,218 ------------ CHEMICALS -- 5.4% ADEKA Corp. ................... 56,913 596,272 Air Water, Inc. ............... 57,390 638,692 Asahi Organic Chemicals Industry Co., Ltd. .......... 169,540 627,953 C. Uyemura & Co., Ltd. ........ 5,576 339,849 Fujikura Kasei Co., Ltd. ...... 40,338 381,934 Fujimi, Inc. .................. 11,373 233,363 Ishihara Sangyo Kaisha, Ltd. (a).......................... 341,811 478,473 Lintec Corp. .................. 22,908 449,137 Nifco, Inc. ................... 28,479 680,931 Nihon Parkerizing Co., Ltd. ... 2,401 28,537 Nippon Soda Co., Ltd. ......... 58,065 267,064 Nippon Valqua Industries, Ltd. ........................ 114,025 392,591 NOF Corp. ..................... 112,731 487,131 Okamoto Industries, Inc. ...... 170,841 598,608 SK Kaken Co., Ltd. ............ 780 27,127 Tokai Carbon Co., Ltd. ........ 112,542 1,274,005 ------------ 7,501,667 ------------ COMMERCIAL BANKS -- 7.0% Bank of the Ryukyus, Ltd. ..... 22,881 298,608 Kansai Urban Banking Corp. .... 57,000 174,942 Kirayaka Holdings, Inc. ....... 114,000 195,261 Kiyo Holdings, Inc. ........... 341,754 496,222 Kyushu-Shinwa Holdings, Inc. (a).......................... 402,420 167,945 The Aichi Bank, Ltd. .......... 5,549 477,634 The Awa Bank, Ltd. ............ 57,000 280,998 The Bank of Iwate, Ltd. ....... 5,756 340,310 The Bank of Kochi, Ltd. ....... 113,000 145,407 The Bank of Nagoya, Ltd. ...... 56,000 375,394 The Biwako Bank, Ltd. ......... 169,049 245,457 The Daishi Bank, Ltd. ......... 58,000 233,483 The Fukushima Bank, Ltd. ...... 227,478 219,537 The Gifu Bank, Ltd. ........... 228,000 198,235 The Higo Bank, Ltd. ........... 56,000 372,960 The Hokkoku Bank, Ltd. ........ 57,000 251,758 The Hyakujushi Bank, Ltd. ..... 56,000 275,095 The Kagoshima Bank, Ltd. ...... 56,000 399,252 The Keiyo Bank, Ltd. .......... 57,000 316,185 The Nagano Bank, Ltd. ......... 169,534 459,893 The Nanto Bank, Ltd. .......... 58,000 275,338 The Ogaki Kyoritsu Bank, Ltd. ........................ 58,000 316,689 The San-In Godo Bank, Ltd. .... 56,000 443,073 The Senshu Bank, Ltd. ......... 60,000 140,851 The Shiga Bank, Ltd. .......... 56,000 385,132 The Shikoku Bank, Ltd. ........ 57,000 221,528 The Taiko Bank, Ltd. .......... 110,000 308,916 The Tochigi Bank, Ltd. ........ 56,846 317,308 The Tokushima Bank, Ltd. ...... 57,305 401,581 The Tokyo Tomin Bank, Ltd. .... 11,505 337,103 The Towa Bank, Ltd. (a)........ 113,000 174,882 Tomato Bank, Ltd. ............. 171,872 360,137 ------------ 9,607,114 ------------ COMMERCIAL SERVICES & SUPPLIES -- 3.7% Arrk Corp. .................... 34,100 227,995 Daiseki Co., Ltd. ............. 21,893 609,117 en-japan, Inc. ................ 57 232,431 Fullcast Co., Ltd. ............ 286 181,524 Intelligence, Ltd. ............ 114 171,473 Meitec Corp. .................. 28,344 830,494 Moshi Moshi Hotline, Inc. ..... 8,536 418,581 Nippon Kanzai Co., Ltd. ....... 22,752 636,973 Nissha Printing Co., Ltd. ..... 11,442 332,272 Okamura Corp. ................. 55,884 438,754 Oyo Corp. ..................... 45,560 576,754 Park24 Co., Ltd. .............. 39,885 358,225 The Goodwill Group, Inc. (a)... 759 142,145 ------------ 5,156,738 ------------ COMMUNICATIONS EQUIPMENT -- 1.4% Aiphone Co., Ltd. ............. 28,506 476,112 Denki Kogyo Co., Ltd. ......... 57,303 395,588
See accompanying notes to financial statements. 105 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Epson Toyocom Corp. ........... 57,705 $ 346,687 Hitachi Kokusai Electric, Inc. ........................ 57,634 719,078 ------------ 1,937,465 ------------ COMPUTERS & PERIPHERALS -- 1.3% Mitsumi Electric Co., Ltd. .... 34,257 1,396,908 Wacom Co., Ltd. ............... 171 353,849 ------------ 1,750,757 ------------ CONSTRUCTION & ENGINEERING -- 2.1% Chugai Ro Co., Ltd. ........... 112,522 409,918 Daimei Telecom Engineering Corp. ....................... 1,229 14,308 Kyowa Exeo Corp. .............. 56,676 593,788 Kyudenko Corp. ................ 113,657 639,361 Maeda Corp. ................... 115,158 444,552 Penta-Ocean Construction Co., Ltd. (a)..................... 155,889 248,035 Sanki Engineering Co., Ltd. ... 58,196 351,154 Tokyu Construction Co., Ltd. .. 41,542 207,683 ------------ 2,908,799 ------------ CONSUMER FINANCE -- 0.6% Aplus Co., Ltd. (a)............ 114,500 81,633 Mitsubishi UFJ NICOS Co., Ltd. (a).......................... 114,000 224,997 NIS Group Co., Ltd. ........... 42,795 155,530 OMC Card, Inc. ................ 39,762 157,645 Orient Corp. (a)............... 187,500 185,845 ------------ 805,650 ------------ CONTAINERS & PACKAGING -- 0.9% Fuji Seal International, Inc. ........................ 22,770 496,915 Rengo Co., Ltd. ............... 114,063 768,585 ------------ 1,265,500 ------------ DISTRIBUTORS -- 0.7% Cross Plus, Inc. .............. 3,000 34,170 Yokohama Reito Co., Ltd. ...... 113,580 879,883 ------------ 914,053 ------------ DIVERSIFIED CONSUMER SERVICES -- 0.1% Take And Give Needs Co., Ltd. ........................ 388 72,226 ------------ DIVERSIFIED FINANCIAL SERVICES -- 1.2% Diamond Lease Co., Ltd. ....... 10,189 337,522 Japan Securities Finance Co., Ltd. ........................ 45,519 437,717 Osaka Securities Exchange Co., Ltd. ........................ 62 273,842 Privee Investment Holdings Co., Ltd. ........................ 286,000 94,492 Ricoh Leasing Co., Ltd. ....... 17,067 352,425 Sparx Group Co., Ltd. ......... 335 139,080 ------------ 1,635,078 ------------ ELECTRICAL EQUIPMENT -- 1.7% Daihen Corp. .................. 112,971 749,440 GS Yuasa Corp. ................ 172,287 377,484 Japan Cash Machine Co., Ltd. .. 34,224 291,610 Shinko Electric Co., Ltd. ..... 113,826 327,578 Sumitomo Electric Industries, Ltd. ........................ 2,931 46,635 SWCC Showa Holdings Co., Ltd. ........................ 342,075 493,714 ------------ 2,286,461 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS -- 6.7% Arisawa Manufacturing Co., Ltd. ........................ 28,572 251,401 Enplas Corp. .................. 34,089 438,061 ESPEC Corp. ................... 39,831 269,084 Hakuto Co., Ltd. .............. 40,011 584,432 Horiba, Ltd. .................. 22,665 951,806 Hosiden Corp. ................. 39,795 594,425 Japan Aviation Electronics Industry, Ltd. .............. 55,971 875,467 Koa Corp. ..................... 28,491 403,776 Nidec Sankyo Corp. ............ 56,917 381,047 Nihon Dempa Kogyo Co., Ltd. ... 11,295 703,145 Nippon Ceramic Co., Ltd. ...... 40,023 609,314 Nippon Chemi-Con Corp. ........ 57,432 508,332 Ryoyo Electro Corp. ........... 45,504 657,150 Star Micronics Co., Ltd. ...... 22,869 707,852 Toko, Inc. (a)................. 170,739 385,968 Yamatake Corp. ................ 28,548 955,613 ------------ 9,276,873 ------------ FOOD & STAPLES RETAILING -- 1.5% Ain Pharmaciez, Inc. .......... 5,000 91,510 Cawachi, Ltd. ................. 17,235 463,036 Circle K Sunkus Co., Ltd. ..... 39,798 617,654 Izumiya Co., Ltd. ............. 57,933 324,382 Ministop Co., Ltd. ............ 34,194 609,466 ------------ 2,106,048 ------------ FOOD PRODUCTS -- 4.9% Ariake Japan Co., Ltd. ........ 22,664 466,029 Fujicco Co., Ltd. ............. 57,657 633,643 Hokuto Corp. .................. 45,621 750,467 Kagome Co., Ltd. .............. 39,867 710,580 Katokichi Co., Ltd. ........... 62,700 286,747 Marudai Food Co., Ltd. ........ 171,417 611,059 Mitsui Sugar Co., Ltd. ........ 113,497 400,641 Nakamuraya Co., Ltd. .......... 113,952 572,658 Nippon Suisan Kaisha, Ltd. .... 101,875 537,653 Nosan Corp. ................... 227,463 591,327 Oriental Yeast Co., Ltd. ...... 24,000 136,678 Riken Vitamin Co., Ltd. ....... 17,080 445,507 S&B Foods, Inc. ............... 8,000 65,800 Snow Brand Milk Products Co., Ltd. ........................ 171,255 524,121 ------------ 6,732,910 ------------ GAS UTILITIES -- 0.3% Shizuoka Gas Co., Ltd. ........ 84,819 407,816 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 1.9% Asahi Intecc Co., Ltd. ........ 11,340 242,053 Fukuda Denshi Co., Ltd. ....... 16,986 547,912 Nakanishi, Inc. ............... 5,247 674,722 Paramount Bed Co., Ltd. ....... 28,410 380,891 Sysmex Corp. .................. 11,505 443,135 Topcon Corp. .................. 17,219 306,907 ------------ 2,595,620 ------------ HEALTH CARE PROVIDERS & SERVICES -- 0.2% Alfresa Holdings Corp. ........ 4,900 312,281 ------------ HOTELS, RESTAURANTS & LEISURE -- 3.0% Doutor Coffee Co., Ltd. ....... 36,564 661,245 McDonald's Holdings Co. (Japan), Ltd. ............... 32,700 570,043 MOS Food Services, Inc. ....... 57,114 783,105 Nissin Healthcare Food Service Co., Ltd. ................... 34,308 477,266 Sato Restaurant Systems Co., Ltd. ........................ 34,000 211,364 Starbucks Coffee Japan, Ltd. .. 798 379,521
See accompanying notes to financial statements. 106 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Tokyo Dome Corp. (a)........... 113,085 $ 609,596 Zensho Co., Ltd. .............. 39,846 402,219 ------------ 4,094,359 ------------ HOUSEHOLD DURABLES -- 2.2% Clarion Co., Ltd. ............. 169,472 219,548 Daikyo, Inc. .................. 113,352 365,636 France Bed Holdings Co., Ltd. ........................ 226,734 327,243 Goldcrest Co., Ltd. ........... 8,539 392,000 Juki Corp. .................... 57,450 546,453 Kenwood Corp. ................. 228,915 322,430 Misawa Homes Holdings, Inc. (a).......................... 23,666 216,670 Rinnai Corp. .................. 17,151 511,480 The Japan General Estate Co., Ltd. ........................ 11,523 185,747 ------------ 3,087,207 ------------ INDUSTRIAL CONGLOMERATES -- 0.4% Katakura Industries Co., Ltd. ........................ 28,380 487,332 ------------ INSURANCE -- 0.3% Nissay Dowa General Insurance Co., Ltd. ................... 57,000 348,398 ------------ INTERNET & CATALOG RETAIL -- 0.5% Senshukai Co., Ltd. ........... 55,824 701,349 ------------ INTERNET SOFTWARE & SERVICES -- 0.6% eAccess, Ltd. ................. 853 473,168 GMO internet, Inc. (a)......... 33,093 108,186 Kakaku.com, Inc. .............. 58 148,259 Telewave, Inc. ................ 284 123,462 ------------ 853,075 ------------ IT SERVICES -- 1.4% INES Corp. .................... 85,360 495,766 NIWS Co HQ, Ltd. (a)........... 570 32,957 Obic Co., Ltd. ................ 2,841 550,341 TIS, Inc. ..................... 22,737 442,819 Trans Cosmos, Inc. ............ 22,767 372,736 ------------ 1,894,619 ------------ LEISURE EQUIPMENT & PRODUCTS -- 0.8% Mars Engineering Corp. ........ 17,058 312,937 Pentax Corp. .................. 20,494 125,086 Roland Corp. .................. 22,776 633,684 ------------ 1,071,707 ------------ MACHINERY -- 8.3% Amano Corp. ................... 40,332 487,077 Asahi Diamond Industrial Co., Ltd. ........................ 56,942 404,483 CKD Corp. ..................... 34,305 317,653 Daifuku Co., Ltd. ............. 29,181 332,874 Fuji Machine Manufacturing Co., Ltd. ........................ 22,671 440,548 Furukawa Co., Ltd. ............ 170,280 374,567 Glory, Ltd. ................... 28,587 907,208 Hitachi Zosen Corp. (a)........ 454,226 683,225 Kitz Corp. .................... 56,502 512,873 Komori Corp. .................. 1,440 35,244 Kyokuto Kaihatsu Kogyo Co., Ltd. ........................ 56,740 430,674 Makino Milling Machine Co., Ltd. ........................ 55,739 587,364 Nabtesco Corp. ................ 56,052 913,285 Nachi-Fujikoshi Corp. ......... 113,418 453,613 Nippon Sharyo, Ltd. ........... 170,970 383,517 Nippon Thompson Co., Ltd. ..... 56,511 502,145 OKUMA Corp. ................... 57,192 833,402 Ryobi, Ltd. ................... 57,723 374,900 Sintokogio, Ltd. .............. 28,419 426,724 Tadano, Ltd. .................. 55,913 750,109 Tocalo Co., Ltd. .............. 11,436 214,273 Toshiba Machine Co., Ltd. ..... 57,009 424,290 Tsubakimoto Chain Co. ......... 58,124 386,095 Union Tool Co. ................ 5,832 251,504 ------------ 11,427,647 ------------ MARINE -- 0.5% Iino Kaiun Kaisha, Ltd. ....... 51,306 724,882 ------------ MEDIA -- 1.7% Avex Group Holdings, Inc. ..... 22,692 296,141 CyberAgent, Inc. .............. 228 98,523 Daiichikosho Co., Ltd. ........ 23,081 257,270 Kadokawa Group Holdings, Inc. ........................ 11,487 283,143 Shochiku Co., Ltd. ............ 57,243 437,976 Sky Perfect JSAT Corp. ........ 1,566 671,250 Zenrin Co., Ltd. .............. 11,424 286,059 ------------ 2,330,362 ------------ METALS & MINING -- 3.3% Godo Steel, Ltd. .............. 58,440 224,584 Nakayama Steel Works, Ltd. .... 115,212 272,466 Nippon Yakin Kogyo Co., Ltd. .. 26,000 259,740 Pacific Metals Co., Ltd. ...... 56,759 874,962 Sanyo Special Steel Co., Ltd. ........................ 57,750 481,020 Sumitomo Light Metal Industries, Ltd. ............ 228,135 402,655 Toho Zinc Co., Ltd. ........... 55,796 514,226 Tokyo Rope Manufacturing Co., Ltd. ........................ 228,654 401,583 Yamato Kogyo Co., Ltd. ........ 22,848 1,096,561 ------------ 4,527,797 ------------ MULTILINE RETAIL -- 1.8% Hankyu Department Stores....... 58,107 479,446 J Front Retailing Co., Ltd. (a).......................... 116,429 1,143,892 Matsuya Co., Ltd. ............. 22,908 376,439 Parco Co., Ltd. ............... 34,125 454,842 ------------ 2,454,619 ------------ OFFICE ELECTRONICS -- 0.3% Riso Kagaku Corp. ............. 22,647 458,788 ------------ OIL, GAS & CONSUMABLE FUELS -- 1.1% IB Daiwa Corp. (a)............. 286,000 94,492 Itochu Enex Co, Ltd. .......... 91,004 615,581 Japan Petroleum Exploration Co. ......................... 11,325 840,895 ------------ 1,550,968 ------------ PERSONAL PRODUCTS -- 1.1% Aderans Co., Ltd. ............. 28,404 593,937 Mandom Corp. .................. 22,845 558,140 Milbon Co., Ltd. .............. 11,508 326,184 ------------ 1,478,261 ------------ PHARMACEUTICALS -- 2.3% Kaken Pharmaceutical Co., Ltd. ........................ 57,428 415,924 Mochida Pharmaceutical Co., Ltd. ........................ 57,483 544,268 Nichi-iko Pharmaceutical Co., Ltd. ........................ 21,265 434,489 Rohto Pharmaceutical Co., Ltd. ........................ 56,493 663,092
See accompanying notes to financial statements. 107 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE -------------------- ------ ----- Torii Pharmaceutical Co., Ltd. ........................ 39,800 $ 699,004 Toyama Chemical Co., Ltd. (a).. 57,110 339,140 ------------ 3,095,917 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 3.4% Aeon Mall Co., Ltd. ........... 44,089 1,345,497 Ardepro Co., Ltd. ............. 457 118,407 Arealink Co., Ltd. ............ 456 201,803 Cosmos Initia Co., Ltd. ....... 57,096 238,283 Creed Corp. ................... 113 257,410 Daibiru Corp. ................. 40,026 503,218 Heiwa Real Estate Co., Ltd. ... 85,755 592,005 Joint Corp. ................... 11,418 304,771 K.K. DaVinci Advisors (a)...... 513 384,923 Pacific Management Corp. ...... 171 212,607 Shoei Co., Ltd. ............... 12,798 197,064 Suruga Corp. .................. 16,689 304,716 ------------ 4,660,704 ------------ ROAD & RAIL -- 1.1% Sagami Railway Co., Ltd. ...... 228,363 802,144 Sankyu, Inc. .................. 112,830 648,443 ------------ 1,450,587 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.1% Disco Corp. ................... 11,319 630,829 Sumco Techxiv Corp. ........... 5,718 324,641 Tokyo Seimitsu Co., Ltd. ...... 11,400 236,891 Ulvac, Inc. ................... 11,502 372,016 ------------ 1,564,377 ------------ SOFTWARE -- 1.4% Aplix Corp. (a)................ 57 57,488 Capcom Co., Ltd. .............. 28,434 655,133 DTS Corp. ..................... 22,932 431,663 Fuji Soft, Inc. ............... 22,674 463,278 NSD Co., Ltd. ................. 22,878 361,624 ------------ 1,969,186 ------------ SPECIALTY RETAIL -- 3.1% AT-Group Co., Ltd. ............ 6,000 92,857 Autobacs Seven Co., Ltd. ...... 17,088 443,487 Chiyoda Co., Ltd. ............. 22,713 326,037 Culture Convenience Club Co., Ltd. ........................ 74,028 256,811 EDION Corp. ................... 34,050 378,646 Gulliver International Co., Ltd. ........................ 4,563 215,822 Honeys Co., Ltd. .............. 11,882 353,314 K's Holdings Corp. ............ 17,202 374,656 Nishimatsuya Chain Co., Ltd. .. 22,866 289,665 Point, Inc. ................... 9,091 313,006 Right On Co., Ltd. ............ 11,440 122,740 Sanrio Co., Ltd. .............. 22,905 236,588 Stellar Group Co., Ltd. (a).... 172,000 44,864 T Zone Corp. (a)............... 11,400 172,464 United Arrows, Ltd. ........... 22,929 280,096 Xebio Co., Ltd. ............... 17,061 415,344 ------------ 4,316,397 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 2.4% Atsugi Co., Ltd. .............. 397,470 518,372 Daidoh, Ltd. .................. 34,311 438,229 Daiwabo Co., Ltd. ............. 56,635 112,270 Gunze, Ltd. ................... 114,348 562,718 Himiko Co., Ltd. .............. 7,000 90,684 Sanyo Shokai, Ltd. ............ 57,516 422,562 Seiko Corp. ................... 56,649 333,939 The Japan Wool Textile Co., Ltd. ........................ 58,170 469,345 Unitika, Ltd. ................. 342,084 407,473 ------------ 3,355,592 ------------ TRADING COMPANIES & DISTRIBUTORS -- 2.5% Hanwa Co., Ltd. ............... 170,032 860,397 Inaba Denki Sangyo Co., Ltd. .. 22,663 823,643 Inabata & Co., Ltd. ........... 68,375 445,866 Iwatani International Corp. ... 175,422 513,996 MISUMI Group, Inc. ............ 28,533 483,757 Okaya & Co., Ltd. ............. 28,605 336,003 ------------ 3,463,662 ------------ TRANSPORTATION INFRASTRUCTURE -- 1.6% Japan Airport Terminal Co., Ltd. ........................ 39,948 960,363 Mitsui-Soko Co., Ltd. ......... 112,686 523,187 The Sumitomo Warehouse Co., Ltd. ........................ 112,563 718,352 ------------ 2,201,902 ------------ TOTAL COMMON STOCKS -- (Cost $145,740,832).......... 136,853,312 ------------ SHORT TERM INVESTMENTS -- 0.0% (B) UNITED STATES -- 0.0% (B) MONEY MARKET FUND -- 0.0% (B) STIC Prime Portfolio (Cost $100).................. 100 100 ------------ TOTAL INVESTMENTS -- 99.4% (Cost $145,740,932).......... 136,853,412 OTHER ASSETS AND LIABILITIES -- 0.6%.......... 841,487 ------------ NET ASSETS -- 100.0%........... $137,694,899 ============
(a) Non-income producing security (b) Amount represents less than 0.05% of net assets. See accompanying notes to financial statements. 108 (This page is intentionally left blank) 109 SPDR INDEX SHARES FUNDS STATEMENTS OF ASSETS AND LIABILITIES SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
DJ DJ EURO STOXX 50 STOXX 50 ETF ETF ------------ ------------ ASSETS Investments in securities, at value* (Note 2)................... $184,918,211 $483,781,129 Investments of cash collateral received for securities loaned, at value..................................................... -- 68,585,300 ------------ ------------ Total Investments............................................ 184,918,211 552,366,429 Foreign currency, at value...................................... 289,013 -- Margin deposit on futures....................................... -- -- Receivable for investments sold................................. 1,667,100 7,355,013 Receivable for foreign taxes recoverable........................ 81,366 111,887 Dividends receivable............................................ 429,907 131,328 ------------ ------------ TOTAL ASSETS............................................... 187,385,597 559,964,657 ------------ ------------ LIABILITIES Cash collateral for securities loaned........................... -- 68,585,300 Payable for investments purchased............................... 1,069,130 4,033,379 Payable for variation margin on futures contracts............... -- -- Due to sub-custodian............................................ -- 340,348 Distributions payable........................................... 931,880 2,045,665 Deferred foreign taxes payable.................................. -- -- Accrued advisory fee (Note 3)................................... 126,675 413,096 Accrued trustees fees (Note 3).................................. 1,828 5,898 ------------ ------------ TOTAL LIABILITIES.......................................... 2,129,513 75,423,686 ------------ ------------ NET ASSETS................................................. $185,256,084 $484,540,971 ============ ============ NET ASSETS REPRESENTED BY: Paid in capital (Note 4)........................................ $168,468,913 $421,360,959 Undistributed (distributions in excess of) net investment income....................................................... 115,185 (2,045,665) Accumulated net realized gain (loss) on investments, foreign currency transactions and futures............................ (200,091) (534,026) Net unrealized appreciation (depreciation) on: Investments (net of deferred foreign taxes of $0, $0, $114,947, $0, $32,259, $0, $0, respectively)............... 16,862,969 65,747,989 Foreign currency related transactions........................ 9,108 11,714 Futures...................................................... -- -- ------------ ------------ NET ASSETS................................................. $185,256,084 $484,540,971 ============ ============ NET ASSET VALUE PER SHARE Net asset value per share....................................... $ 53.69 $ 62.12 ============ ============ Shares outstanding (unlimited amount authorized, $0.01 par value)....................................................... 3,450,179 7,800,349 ============ ============ Investments in securities, at cost.............................. $168,055,242 $486,618,440 ============ ============ Foreign currency, at cost....................................... $ 286,948 $ -- ============ ============
* Includes $0, $65,293,517, $0, $0, $0, $0, $0 respectively, of investments in securities on loan, at value. See accompanying notes to financial statements. 110 --------------------------------------------------------------------------------
SPDR S&P SPDR SPDR S&P SPDR SPDR S&P EMERGING S&P EMERGING S&P EMERGING ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE ETF ETF ETF ETF ETF ------------ ------------ ----------- ------------ ----------- $60,807,472 $122,021,540 $43,645,102 $156,304,261 $38,502,738 -- -- -- -- -- ----------- ------------ ----------- ------------ ----------- 60,807,472 122,021,540 43,645,102 156,304,261 38,502,738 184,512 552,472 1,024,817 174,508 52,270 507,120 -- 626,180 -- -- -- -- -- 283,169 228,451 749 -- 579 -- 1,615 86,973 166,921 58,184 220,594 101,846 ----------- ------------ ----------- ------------ ----------- 61,586,826 122,740,933 45,354,862 156,982,532 38,886,920 ----------- ------------ ----------- ------------ ----------- -- -- -- -- -- -- -- 152,783 -- 109,021 -- -- 7,350 -- -- -- -- -- -- -- -- -- -- -- -- 114,841 -- 32,259 -- -- 52,257 101,384 37,485 60,805 36,612 191 334 153 242 125 ----------- ------------ ----------- ------------ ----------- 167,289 101,718 230,030 61,047 145,758 ----------- ------------ ----------- ------------ ----------- $61,419,537 $122,639,215 $45,124,832 $156,921,485 $38,741,162 =========== ============ =========== ============ =========== $48,808,406 $86,554,003 $36,909,262 $138,631,387 $34,639,996 446,023 654,576 249,988 364,614 132,983 89,173 (2) 378,664 -- 34,103 12,074,507 35,428,592 7,509,645 17,925,385 3,930,147 1,428 2,046 15,521 99 3,933 -- -- 61,752 -- -- ----------- ------------ ----------- ------------ ----------- $61,419,537 $122,639,215 $45,124,832 $156,921,485 $38,741,162 =========== ============ =========== ============ =========== $ 87.74 $ 94.34 $ 75.21 $ 30.18 $ 64.57 =========== ============ =========== ============ =========== 700,000 1,300,000 600,000 5,200,000 600,000 =========== ============ =========== ============ =========== $48,618,018 $ 86,592,948 $36,103,198 $138,378,876 $34,572,591 =========== ============ =========== ============ =========== $ 183,669 $ 550,538 $ 1,009,618 $ 174,384 $ 48,998 =========== ============ =========== ============ ===========
111 SPDR INDEX SHARES FUNDS STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SPDR S&P SPDR S&P EMERGING EMERGING MIDDLE EAST & LATIN AMERICA AFRICA ETF ETF ------------- ------------- ASSETS Investments in securities, at value (Note 2).................. $39,311,701 $26,837,403 Foreign currency, at value.................................... -- 701,985 Receivable for foreign taxes recoverable...................... -- -- Dividends receivable.......................................... 55,427 15,039 ----------- ----------- TOTAL ASSETS............................................. 39,367,128 27,554,427 ----------- ----------- LIABILITIES Payable for investments purchased............................. -- -- Due to custodian.............................................. -- 63,885 Due to sub-custodian.......................................... 77,638 -- Distributions payable......................................... -- -- Accrued advisory fee (Note 3)................................. 45,443 38,643 Accrued trustees fees (Note 3)................................ 204 142 ----------- ----------- TOTAL LIABILITIES........................................ 123,285 102,670 ----------- ----------- NET ASSETS............................................... $39,243,843 $27,451,757 =========== =========== NET ASSETS REPRESENTED BY: Paid in capital (Note 4)...................................... $30,020,028 $25,081,413 Undistributed (distributions in excess of) net investment income..................................................... 251,843 266,042 Accumulated net realized gain (loss) on investments, foreign currency transactions and futures.......................... 36,533 23,730 Net unrealized appreciation (depreciation) on: Investments (net of deferred foreign taxes of $0, $0, $0, $0, $0, $0, $0, respectively)............................ 8,936,861 2,060,980 Foreign currency related transactions...................... (1,422) 19,592 ----------- ----------- NET ASSETS............................................... $39,243,843 $27,451,757 =========== =========== NET ASSET VALUE PER SHARE Net asset value per share..................................... $ 78.49 $ 68.63 =========== =========== Shares outstanding (unlimited amount authorized, $0.01 par value)..................................................... 500,000 400,000 =========== =========== Investments in securities, at cost............................ $30,374,840 $24,776,423 =========== =========== Foreign currency, at cost..................................... $ -- $ 682,609 =========== ===========
See accompanying notes to financial statements. 112 --------------------------------------------------------------------------------
SPDR DJ SPDR SPDR SPDR S&P WILSHIRE FTSE/MACQUARIE SPDR S&P INTERNATIONAL INTERNATIONAL GLOBAL MSCI ACWI WORLD EX-US SMALL CAP REAL ESTATE INFASTRUCTURE 100 EX-US ETF ETF ETF ETF ETF ----------- ------------- -------------- ----------------- ------------ $13,492,123 $109,506,106 $1,118,240,181 $45,750,364 $126,407,013 103,382 712,074 1,407,241 359,297 1,061,963 5,064 4,346 113,347 9,295 33,465 31,655 327,995 2,757,573 82,477 281,830 ----------- ------------ -------------- ----------- ------------ 13,632,224 110,550,521 1,122,518,342 46,201,433 127,784,271 ----------- ------------ -------------- ----------- ------------ -- 305,199 9,403 -- 8,020 -- -- -- -- -- -- -- -- -- -- -- -- 9,775,799 -- -- 11,238 128,864 1,499,950 59,655 84,753 80 352 7,356 242 633 ----------- ------------ -------------- ----------- ------------ 11,318 434,415 11,292,508 59,897 93,406 ----------- ------------ -------------- ----------- ------------ $13,620,906 $110,116,106 $1,111,225,834 $46,141,536 $127,690,865 =========== ============ ============== =========== ============ $13,026,000 $108,147,942 $1,138,976,028 $42,900,981 $115,953,647 164,987 504,245 (2,353,705) 471,621 1,320,620 9,714 130,481 (7,085,068) 74,838 109,315 416,148 1,303,917 (18,349,054) 2,689,798 10,271,656 4,057 29,521 37,633 4,298 35,627 ----------- ------------ -------------- ----------- ------------ $13,620,906 $110,116,106 $1,111,225,834 $46,141,536 $127,690,865 =========== ============ ============== =========== ============ $ 34.05 $ 36.71 $ 63.83 $ 57.68 $ 42.56 =========== ============ ============== =========== ============ 400,000 3,000,000 17,408,917 800,000 3,000,000 =========== ============ ============== =========== ============ $13,075,975 $108,202,189 $1,136,589,235 $43,060,566 $116,135,357 =========== ============ ============== =========== ============ $ 99,964 $ 689,364 $ 1,401,034 $ 355,807 $ 1,031,116 =========== ============ ============== =========== ============
113 SPDR INDEX SHARES FUNDS STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SPDR SPDR RUSSELL/NORMURA RUSSELL/NORMURA SMALL CAP PRIME JAPAN JAPAN ETF ETF --------------- --------------- ASSETS Investments in securities, at value (Note 2)............... $266,904,051 $136,853,412 Foreign currency, at value................................. 489,359 703,088 Dividends receivable....................................... 1,335,236 673,371 ------------ ------------ TOTAL ASSETS.......................................... 268,728,646 138,229,871 ------------ ------------ LIABILITIES Due to custodian........................................... -- 309,247 Accrued advisory fee (Note 3).............................. 334,044 224,446 Accrued trustees fees (Note 3)............................. 2,953 1,279 ------------ ------------ TOTAL LIABILITIES..................................... 336,997 534,972 ------------ ------------ NET ASSETS............................................ $268,391,649 $137,694,899 ============ ============ NET ASSETS REPRESENTED BY: Paid in capital (Note 4)................................... $259,677,426 $145,389,263 Undistributed (distributions in excess of) net investment income.................................................. 2,031,837 1,188,740 Accumulated net realized gain (loss) on investments, foreign currency transactions and futures............... 190,893 (139) Net unrealized appreciation (depreciation) on: Investments (net of deferred foreign taxes of $0, $0 respectively)......................................... 6,474,207 (8,887,520) Foreign currency related transactions................... 17,286 4,555 ------------ ------------ NET ASSETS............................................ $268,391,649 $137,694,899 ============ ============ NET ASSET VALUE PER SHARE Net asset value per share.................................. $ 55.91 $ 48.31 ============ ============ Shares outstanding (unlimited amount authorized, $0.01 par value).................................................. 4,800,000 2,850,000 ============ ============ Investments in securities, at cost......................... $260,429,844 $145,740,932 ============ ============ Foreign currency, at cost.................................. $ 464,924 $ 695,697 ============ ============
See accompanying notes to financial statements. 114 (This page intentionally left blank) 115 SPDR INDEX SHARES FUNDS STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
DJ DJ EURO STOXX 50 STOXX 50 ETF ETF ----------- ----------- INVESTMENT INCOME Dividends (Note 2).............................................. $ 5,020,850 $15,180,770 Interest (Note 2)............................................... -- -- Securities lending -- net....................................... 102,625 618,948 Foreign taxes withheld.......................................... (470,286) (2,141,705) ----------- ----------- TOTAL INVESTMENT INCOME......................................... 4,653,189 13,658,013 ----------- ----------- EXPENSES Advisory fee (Note 3)........................................... 389,812 1,254,644 Trustee fees and expenses (Note 3).............................. 11,584 37,631 Miscellaneous expenses.......................................... -- -- ----------- ----------- TOTAL EXPENSES BEFORE WAIVERS................................... 401,396 1,292,275 Expenses waived by Adviser (Note 3)............................. -- -- ----------- ----------- NET EXPENSES.................................................... 401,396 1,292,275 ----------- ----------- NET INVESTMENT INCOME (LOSS).................................... 4,251,793 12,365,738 ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments and foreign currency transactions................ 16,740,607 38,971,201 Futures...................................................... -- -- Net change in unrealized appreciation (depreciation) on: Investments and foreign currency transactions (net of deferred foreign taxes of $0, $0, $114,947, $0, $32,259, $0, $0, $0 respectively)................................... 6,510,669 43,937,804 Futures...................................................... -- -- ----------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY TRANSACTIONS AND FUTURES.................. 23,251,276 82,909,005 ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS... $27,503,069 $95,274,743 =========== ===========
See accompanying notes to financial statements. 116 --------------------------------------------------------------------------------
SPDR S&P SPDR SPDR S&P SPDR SPDR S&P SPDR S&P EMERGING S&P EMERGING S&P EMERGING EMERGING ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE LATIN AMERICA ETF(1) ETF(1) ETF(1) ETF(2) ETF(1) ETF(1) ------------ ----------- ---------- ----------- ---------- ------------- $ 665,026 $ 805,304 $ 373,966 $ 439,879 $ 234,351 $ 415,544 -- -- 6,104 -- -- -- -- -- -- -- -- -- (90,893) (85) (30,751) (12,907) (31,609) (25,824) ----------- ----------- ---------- ----------- ---------- ---------- 574,133 805,219 349,319 426,972 202,742 389,720 ----------- ----------- ---------- ----------- ---------- ---------- 85,114 149,963 67,842 78,069 55,660 88,822 853 1,327 760 517 514 1,071 5,134 347 670 -- 1,168 415 ----------- ----------- ---------- ----------- ---------- ---------- 91,101 151,637 69,272 78,586 57,342 90,308 -- -- -- (15,831) -- -- ----------- ----------- ---------- ----------- ---------- ---------- 91,101 151,637 69,272 62,755 57,342 90,308 ----------- ----------- ---------- ----------- ---------- ---------- 483,032 653,582 280,047 364,217 145,400 299,412 ----------- ----------- ---------- ----------- ---------- ---------- (537) 992 (2,306) 397 21,686 (11,036) 52,701 -- 350,911 -- -- -- 12,075,935 35,430,638 7,525,166 17,925,484 3,934,080 8,935,439 -- -- 61,752 -- -- -- ----------- ----------- ---------- ----------- ---------- ---------- 12,128,099 35,431,630 7,935,523 17,925,881 3,955,766 8,924,403 ----------- ----------- ---------- ----------- ---------- ---------- $12,611,131 $36,085,212 $8,215,570 $18,290,098 $4,101,166 $9,223,815 =========== =========== ========== =========== ========== ==========
117 SPDR INDEX SHARES FUNDS STATEMENTS OF OPERATIONS (CONTINUED) FOR THE PERIOD ENDED SEPTEMBER 30, 2007 --------------------------------------------------------------------------------
SPDR S&P EMERGING MIDDLE EAST & SPDR S&P AFRICA WORLD EX-US ETF(1) ETF(3) ------------- ----------- INVESTMENT INCOME Dividends (Note 2)........................................... $ 354,571 $210,822 Interest (Note 2)............................................ 70 -- Foreign taxes withheld....................................... (12,403) (20,133) ---------- -------- TOTAL INVESTMENT INCOME................................... 342,238 190,689 ---------- -------- EXPENSES Advisory fee (Note 3)........................................ 61,939 19,932 Trustee fees and expenses (Note 3)........................... 627 404 Miscellaneous expenses....................................... 195 114 ---------- -------- TOTAL EXPENSES............................................... 62,761 20,450 ---------- -------- NET INVESTMENT INCOME (LOSS)................................. 279,477 170,239 ---------- -------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments and foreign currency transactions............. 10,295 4,462 Futures................................................... -- -- Net change in unrealized appreciation (depreciation) on: Investments and foreign currency transactions............. 2,080,572 420,205 ---------- -------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS........................... 2,090,867 424,667 ---------- -------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................................... $2,370,344 $594,906 ========== ========
(1) For the period March 20, 2007 (commencement of operations) to September 30, 2007. (2) For the period June 19, 2007 (commencement of operations) to September 30, 2007. (3) For the period April 20, 2007 (commencement of operations) to September 30, 2007. (4) For the period December 15, 2006 (commencement of operations) to September 30, 2007. (5) For the period January 25, 2007 (commencement of operations) to September 30, 2007. (6) For the period January 10, 2007 (commencement of operations) to September 30, 2007. (7) For the period November 9, 2006 (commencement of operations) to September 30, 2007. See accompanying notes to financial statements. 118 --------------------------------------------------------------------------------
SPDR DJ SPDR SPDR SPDR S&P WILSHIRE FTSE/MACQUARIE SPDR SPDR RUSSELL/NORMURA INTERNATIONAL INTERNATIONAL GLOBAL MSCI ACWI RUSSELL/NORMURA SMALL CAP SMALL CAP REAL ESTATE INFASTRUCTURE 100 EX-US PRIME JAPAN JAPAN ETF(3) ETF(4) ETF(5) ETF(6) ETF(7) ETF(7) ------------- ------------- ----------------- ----------- --------------- --------------- $ 708,138 $ 22,770,418 $ 593,845 $ 1,622,820 $3,439,456 $ 1,843,791 -- 5,794 160 -- -- -- (41,852) (3,103,923) (34,539) (143,333) (239,735) (127,901) ---------- ------------ ---------- ----------- ---------- ------------ 666,286 19,672,289 559,466 1,479,487 3,199,721 1,715,890 ---------- ------------ ---------- ----------- ---------- ------------ 157,589 3,211,424 106,123 160,478 1,081,791 517,959 1,104 38,620 1,146 3,093 19,345 6,857 287 355 -- 81 -- 7 ---------- ------------ ---------- ----------- ---------- ------------ 158,980 3,250,399 107,269 163,652 1,101,136 524,823 ---------- ------------ ---------- ----------- ---------- ------------ 507,306 16,421,890 452,197 1,315,835 2,098,585 1,191,067 ---------- ------------ ---------- ----------- ---------- ------------ 127,420 (6,626,202) 94,262 114,100 125,675 (8,155,363) -- -- -- -- -- -- 1,333,438 (18,311,421) 2,694,096 10,307,283 6,491,493 (8,882,965) ---------- ------------ ---------- ----------- ---------- ------------ 1,460,858 (24,937,623) 2,788,358 10,421,383 6,617,168 (17,038,328) ---------- ------------ ---------- ----------- ---------- ------------ $1,968,164 $ (8,515,733) $3,240,555 $11,737,218 $8,715,753 $(15,847,261) ========== ============ ========== =========== ========== ============
119 SPDR INDEX SHARES FUNDS STATEMENTS OF CHANGES IN NET ASSETS --------------------------------------------------------------------------------
DJ STOXX 50 ETF -------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED 9/30/2007 9/30/2006 ------------ ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss)................................... $ 4,251,793 $ 1,133,619 Net realized gain (loss) on investments, foreign currency transactions and futures.................................... 16,740,607 201,333 Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures...... 6,510,669 3,961,363 ------------ ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................................................. 27,503,069 5,296,315 ------------ ----------- NET EQUALIZATION CREDITS AND CHARGES........................... (69,157) 332,179 ------------ ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.......................................... (4,189,162) (1,464,954) Net realized gains............................................. (9,632) (117,419) ------------ ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS............................ (4,198,794) (1,582,373) ------------ ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares........................... 150,278,141 35,679,112 Net proceeds from the reinvestment of shares issued............ 4,893 2,647 Cost of shares redeemed........................................ (59,506,527) -- Net income equalization........................................ 69,157 -- ------------ ----------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS................................................... 90,845,664 35,681,759 ------------ ----------- Net increase (decrease) in net assets during the period........ 114,080,782 39,727,880 Net assets at beginning of period.............................. 71,175,302 31,447,422 ------------ ----------- NET ASSETS END OF PERIOD(1)...................................... $185,256,084 $71,175,302 ============ =========== SHARES OF BENEFICIAL INTEREST: Shares sold.................................................... 3,050,000 800,000 Shares issued to shareholders from reinvestment of distributions............................................... 97 63 Shares redeemed................................................ (1,200,000) -- ------------ ----------- NET INCREASE (DECREASE)........................................ 1,850,097 800,063 ============ =========== (1) Including undistributed (distribution in excess of) net investment income.............................................. $ 115,185 $ -- ============ ===========
------------ * Commencement of operations. See accompanying notes to financial statements. 120 --------------------------------------------------------------------------------
SPDR S&P SPDR SPDR S&P SPDR EMERGING S&P EMERGING S&P DJ ASIA PACIFIC CHINA MARKETS BRIC 40 EURO STOXX 50 ETF ETF ETF ETF ETF ----------------------------- ------------ ------------ ----------- ------------ FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE PERIOD PERIOD PERIOD PERIOD YEAR ENDED YEAR ENDED 3/20/2007*- 3/20/2007*- 3/20/2007*- 6/19/2007*- 9/30/2007 9/30/2006 9/30/2007 9/30/2007 9/30/2007 9/30/2007 ------------- ------------- ------------ ------------ ----------- ------------ $ 12,365,738 $ 5,376,157 $ 483,032 $ 653,582 $ 280,047 $ 364,217 38,971,201 12,944,464 52,164 992 348,605 397 43,937,804 16,938,792 12,075,935 35,430,638 7,586,918 17,925,484 ------------- ------------- ----------- ------------ ----------- ------------ 95,274,743 35,259,413 12,611,131 36,085,212 8,215,570 18,290,098 ------------- ------------- ----------- ------------ ----------- ------------ 2,701,464 (326,888) 411,243 490,966 222,753 307,570 ------------- ------------- ----------- ------------ ----------- ------------ (15,108,265) (4,859,299) -- -- -- -- -- -- -- -- -- ------------- ------------- ----------- ------------ ----------- ------------ (15,108,265) (4,859,299) -- -- -- -- ------------- ------------- ----------- ------------ ----------- ------------ 326,768,376 213,560,512 48,808,406 86,554,003 36,909,262 138,631,387 12,731 4,501 -- -- -- -- (156,271,445) (189,461,023) -- -- -- -- (2,701,464) -- (411,243) (490,966) (222,753) (307,570) ------------- ------------- ----------- ------------ ----------- ------------ 167,808,198 24,103,990 48,397,163 86,063,037 36,686,509 138,323,817 ------------- ------------- ----------- ------------ ----------- ------------ 250,676,140 54,177,216 61,419,537 122,639,215 45,124,832 156,921,485 233,864,831 179,687,615 -- -- -- -- ------------- ------------- ----------- ------------ ----------- ------------ $ 484,540,971 $ 233,864,831 $61,419,537 $122,639,215 $45,124,832 $156,921,485 ============= ============= =========== ============ =========== ============ 5,750,000 4,900,000 700,000 1,300,000 600,000 5,200,000 216 101 -- -- -- -- (2,700,000) (4,500,000) -- -- -- -- ------------- ------------- ----------- ------------ ----------- ------------ 3,050,216 400,101 700,000 1,300,000 600,000 5,200,000 ============= ============= =========== ============ =========== ============ $ (2,045,665) $ -- $ 446,023 $ 654,576 $ 249,988 $ 364,614 ============= ============= =========== ============ =========== ============
121 SPDR INDEX SHARES FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) --------------------------------------------------------------------------------
SPDR S&P SPDR S&P EMERGING EMERGING EUROPE LATIN AMERICA ETF ETF ----------- ------------- FOR THE FOR THE PERIOD PERIOD 3/20/2007*- 3/20/2007*- 9/30/2007 9/30/2007 ----------- ------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss).................................. $ 145,400 $ 299,412 Net realized gain (loss) on investments, foreign currency transactions and futures................................... 21,686 (11,036) Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures..... 3,934,080 8,935,439 ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................................. 4,101,166 9,223,815 ----------- ----------- NET EQUALIZATION CREDITS AND CHARGES.......................... 235,319 65,402 ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income......................................... -- -- Net realized gains............................................ -- -- ----------- ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS........................... -- -- ----------- ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares.......................... 34,639,996 30,020,028 Net proceeds from the reinvestment of shares issued........... -- -- Cost of shares redeemed....................................... -- -- Net income equalization....................................... (235,319) (65,402) ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.................................................. 34,404,677 29,954,626 ----------- ----------- Net increase (decrease) in net assets during the period....... 38,741,162 39,243,843 Net assets at beginning of period............................. -- -- ----------- ----------- NET ASSETS END OF PERIOD(1)..................................... $38,741,162 $39,243,843 =========== =========== SHARES OF BENEFICIAL INTEREST: Shares sold................................................... 600,000 500,000 Shares issued to shareholders from reinvestment of distributions.............................................. -- -- Shares redeemed............................................... -- -- ----------- ----------- NET INCREASE (DECREASE)....................................... 600,000 500,000 =========== =========== (1) Including undistributed (distribution in excess of) net investment income............................................. $ 132,983 $ 251,843 =========== ===========
-------- * Commencement of operations. See accompanying notes to financial statements. 122 --------------------------------------------------------------------------------
SPDR S&P SPDR SPDR S&P SPDR DJ SPDR SPDR EMERGING S&P INTERNATIONAL WILSHIRE INTERNATIONAL FTSE/MACQUARIE MSCI ACWI MIDDLE EAST & WORLD EX-US SMALL CAP REAL ESTATE GLOBAL INFASTRUCTURE EX-US AFRICA ETF ETF ETF ETF 100 ETF ETF ------------- ----------- ------------- ---------------------- -------------------- ------------ FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE PERIOD PERIOD PERIOD PERIOD PERIOD PERIOD 3/20/2007*- 4/20/2007*- 4/20/2007*- 12/15/2006*- 1/25/2007*- 1/10/2007*- 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 ------------- ----------- ------------- ---------------------- -------------------- ------------ $ 279,477 $ 170,239 $ 507,306 $ 16,421,890 $ 452,197 $ 1,315,835 10,295 4,462 127,420 (6,626,202) 94,262 114,100 2,080,572 420,205 1,333,438 (18,311,421) 2,694,096 10,307,283 ----------- ----------- ------------ -------------- ----------- ------------ 2,370,344 594,906 1,968,164 (8,515,733) 3,240,555 11,737,218 ----------- ----------- ------------ -------------- ----------- ------------ 66,796 -- 408,647 3,864,004 276,629 658,602 ----------- ----------- ------------ -------------- ----------- ------------ -- -- -- (19,239,701) -- -- -- -- -- -- -- -- ----------- ----------- ------------ -------------- ----------- ------------ -- -- -- (19,239,701) -- -- ----------- ----------- ------------ -------------- ----------- ------------ 25,081,413 13,026,000 108,147,942 1,138,413,796 42,900,981 115,953,647 -- -- -- 567,472 -- -- -- -- -- -- -- -- (66,796) -- (408,647) (3,864,004) (276,629) (658,602) ----------- ----------- ------------ -------------- ----------- ------------ 25,014,617 13,026,000 107,739,295 1,135,117,264 42,624,352 115,295,045 ----------- ----------- ------------ -------------- ----------- ------------ 27,451,757 13,620,906 110,116,106 1,111,225,834 46,141,536 127,690,865 -- -- -- -- -- -- ----------- ----------- ------------ -------------- ----------- ------------ $27,451,757 $13,620,906 $110,116,106 $1,111,225,834 $46,141,536 $127,690,865 =========== =========== ============ ============== =========== ============ 400,000 400,000 3,000,000 17,400,000 800,000 3,000,000 -- -- -- 8,917 -- -- -- -- -- -- -- -- ----------- ----------- ------------ -------------- ----------- ------------ 400,000 400,000 3,000,000 17,408,917 800,000 3,000,000 =========== =========== ============ ============== =========== ============ $ 266,042 $ 164,987 $ 504,245 $ (2,353,705) $ 471,621 $ 1,320,620 =========== =========== ============ ============== =========== ============
123 SPDR INDEX SHARES FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) --------------------------------------------------------------------------------
SPDR SPDR RUSSELL/NORMURA RUSSELL/NORMURA PRIME JAPAN SMALL CAP ETF JAPAN ETF --------------- --------------- FOR THE FOR THE PERIOD PERIOD 11/9/2006*- 11/9/2006*- 9/30/2007 9/30/2007 --------------- --------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income (loss)............................. $ 2,098,585 $ 1,191,067 Net realized gain (loss) on investments, foreign currency transactions and futures.............................. 125,675 (8,155,363) Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures............................................... 6,491,493 (8,882,965) ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS............................................ 8,715,753 (15,847,261) ------------ ------------ NET EQUALIZATION CREDITS AND CHARGES..................... -- (56,443) ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.................................... (1,530) (17,720) Net realized gains....................................... -- -- ------------ ------------ TOTAL DISTRIBUTIONS TO SHAREHOLDERS...................... (1,530) (17,720) ------------ ------------ FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares..................... 259,677,426 196,611,332 Net proceeds from the reinvestment of shares issued...... -- -- Cost of shares redeemed.................................. -- (43,051,452) Net income equalization.................................. -- 56,443 ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.................................... 259,677,426 153,616,323 ------------ ------------ Net increase (decrease) in net assets during the period.. 268,391,649 137,694,899 Net assets at beginning of period........................ -- -- ------------ ------------ NET ASSETS END OF PERIOD(1)................................ $268,391,649 $137,694,899 ============ ============ SHARES OF BENEFICIAL INTEREST: Shares sold.............................................. 4,800,000 3,750,000 Shares issued to shareholders from reinvestment of distributions......................................... -- -- Shares redeemed.......................................... -- (900,000) ------------ ------------ NET INCREASE (DECREASE).................................. 4,800,000 2,850,000 ============ ============ (1) Including undistributed (distribution in excess of) net investment income........................................ $ 2,031,837 $ 1,188,740 ============ ============
-------- * Commencement of operations See accompanying notes to financial statements. 124 (This page intentionally left blank) 125 SPDR INDEX SHARES FUNDS FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD --------------------------------------------------------------------------------
DJ STOXX 50 ETF ------------------------------------------------------------------ FOR THE PERIOD YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 10/15/2002* - 9/30/2007 9/30/2006 9/30/2005 9/30/2004+ 9/30/2003 ---------- ---------- ---------- ---------- -------------- NET ASSET VALUE, BEGINNING OF PERIOD...... $ 44.48 $ 39.31 $ 33.20 $ 27.89 $25.34(4) -------- ------- ------- ------- ------ INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss).............. 1.50 1.30(6) 1.01 0.99 1.20 Net realized and unrealized gain (loss) (8)..................................... 9.22 5.05 6.10 5.16 2.50 -------- ------- ------- ------- ------ Total from investment operations.......... 10.72 6.35 7.11 6.15 3.70 -------- ------- ------- ------- ------ Net equalization credits and charges (6).. (0.03) 0.38 0.00(5) 0.01 (0.49) -------- ------- ------- ------- ------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income..................... (1.47) (1.41) (1.00) (0.85) (0.66) Net realized gains........................ (0.01) (0.15) -- -- -- -------- ------- ------- ------- ------ Total distributions....................... (1.48) (1.56) (1.00) (0.85) (0.66) -------- ------- ------- ------- ------ NET ASSET VALUE, END OF PERIOD............ $ 53.69 $ 44.48 $ 39.31 $ 33.20 $27.89 ======== ======= ======= ======= ====== TOTAL RETURN (1).......................... 24.22% 17.40% 21.60% 22.13% 12.79% Net assets, end of period (in 000's)...... $185,256 $71,175 $31,447 $24,896 $8,421 Ratio of expenses to average net assets... 0.30% 0.33% 0.32% 0.33% 0.35%(2) Ratio of net investment income (loss) to average net assets...................... 3.16% 3.13% 2.75% 2.98% 2.96%(2) Portfolio turnover rate (3)............... 9% 14% 9% 7% 6%
See accompanying notes to financial highlights on page 130 and notes to financial statements. 126 --------------------------------------------------------------------------------
DJ EURO STOXX 50 ETF ------------------------------------------------------------------ FOR THE PERIOD YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 10/15/2002* - 9/30/2007 9/30/2006 9/30/2005 9/30/2004+ 9/30/2003 ---------- ---------- ---------- ---------- -------------- $ 49.23 $ 41.31 $ 33.94 $ 27.97 $ 24.35(4) -------- -------- -------- ------- ------- 1.40 1.32(6) 0.94 0.64 0.97 12.80 7.92 7.39 6.14 3.59 -------- -------- -------- ------- ------- 14.20 9.24 8.33 6.78 4.56 -------- -------- -------- ------- ------- 0.35 (0.08) 0.02 0.01 (0.30) -------- -------- -------- ------- ------- (1.66) (1.24) (0.98) (0.82) (0.64) -- -- -- -- -- -------- -------- -------- ------- ------- (1.66) (1.24) (0.98) (0.82) (0.64) -------- -------- -------- ------- ------- $ 62.12 $ 49.23 $ 41.31 $ 33.94 $ 27.97 ======== ======== ======== ======= ======= 29.76% 22.48% 24.82% 24.21% 17.46% $484,541 $233,865 $179,688 $93,325 $85,366 0.30% 0.33% 0.32% 0.33% 0.35%(2) 2.86% 2.92% 2.79% 1.92% 2.78%(2) 11% 6% 15% 11% 6%
127 SPDR INDEX SHARES FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD --------------------------------------------------------------------------------
SPDR S&P SPDR SPDR S&P SPDR SPDR S&P EMERGING S&P EMERGING S&P EMERGING ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE ETF ETF ETF ETF ETF -------------- -------------- -------------- -------------- -------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD 3/20/2007* - 3/20/2007* - 3/20/2007* - 6/19/2007* - 3/20/2007* - 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 -------------- -------------- -------------- -------------- -------------- NET ASSET VALUE, BEGINNING OF PERIOD............................ $ 60.50 $ 52.23 $ 55.63 $ 24.07 $ 54.38 ------- -------- ------- -------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)........ 0.64 0.50 0.42 0.07 0.22 Net realized and unrealized gain (loss) (8)........................ 25.50 40.90 18.49 5.90 9.18 ------- -------- ------- -------- ------- Total from investment operations.... 26.14 41.40 18.91 5.97 9.40 ------- -------- ------- -------- ------- Net equalization credits and charges (6)............................... 1.10 0.71 0.67 0.14 0.79 ------- -------- ------- -------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income............... -- -- -- -- -- Net realized gains.................. -- -- -- -- -- ------- -------- ------- -------- ------- Total distributions................. -- -- -- -- -- ------- -------- ------- -------- ------- NET ASSET VALUE, END OF PERIOD...... $ 87.74 $ 94.34 $ 75.21 $ 30.18 $ 64.57 ======= ======== ======= ======== ======= TOTAL RETURN (1).................... 45.03% 80.64% 35.20% 25.38% 18.73% Net assets, end of period (in 000's)............................ $61,420 $122,639 $45,125 $156,921 $38,741 Ratio of expenses to average net assets............................ 0.63%(2) 0.59%(2) 0.60%(2) 0.40%(2) 0.60%(2) Ratio of expenses to average net assets before waiver.............. -- -- -- 0.50%(2) -- Ratio of net investment income (loss) to average net assets...... 3.33%(2) 2.56%(2) 2.42%(2) 2.31%(2) 1.53%(2) Portfolio turnover rate (3)......... 1% 0% 0%(7) 0% 3%
See accompanying notes to financial highlights on page 130 and notes to financial statements. 128 --------------------------------------------------------------------------------
SPDR S&P SPDR DJ SPDR S&P EMERGING SPDR SPDR S&P WILSHIRE EMERGING MIDDLE EAST & S&P INTERNATIONAL INTERNATIONAL LATIN AMERICA AFRICA WORLD EX-US SMALL CAP REAL ESTATE ETF ETF ETF ETF ETF -------------- -------------- -------------- -------------- -------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD 3/20/2007* - 3/20/2007* - 4/20/2007* - 4/20/2007* - 12/15/2006* - 9/30/2007 9/30/2007 9/30/2007 9/30/2007 9/30/2007 -------------- -------------- -------------- -------------- -------------- $ 57.51 $ 59.25 $ 32.57 $ 35.59 $ 60.28 ------- ------- ------- -------- ---------- 0.50 0.67 0.41 0.17 1.20 20.32 8.49 1.07 0.70 3.33 ------- ------- ------- -------- ---------- 20.82 9.16 1.48 0.87 4.53 ------- ------- ------- -------- ---------- 0.16 0.22 -- 0.25 0.36 ------- ------- ------- -------- ---------- -- -- -- -- (1.34) -- -- -- -- -- ------- ------- ------- -------- ---------- -- -- -- -- (1.34) ------- ------- ------- -------- ---------- $ 78.49 $ 68.63 $ 34.05 $ 36.71 $ 63.83 ======= ======= ======= ======== ========== 36.49% 15.84% 4.56% 3.14% 8.09% $39,244 $27,452 $13,621 $110,116 $1,111,226 0.60%(2) 0.59%(2) 0.35%(2) 0.59%(2) 0.60%(2) -- -- -- -- -- 1.98%(2) 2.65%(2) 2.89%(2) 1.89%(2) 3.01%(2) 2% 1% 0%(7) 2% 16%
129 SPDR INDEX SHARES FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD --------------------------------------------------------------------------------
SPDR SPDR FTSE/MACQUARIE SPDR SPDR RUSSELL/NORMURA GLOBAL MSCI ACWI RUSSELL/NORMURA SMALL CAP INFASTRUCTURE 100 EX-US PRIME JAPAN JAPAN ETF ETF ETF ETF ----------------- -------------- --------------- --------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD 1/25/2007* - 1/10/2007* - 11/9/2006* - 11/9/2006* - 9/30/2007 9/30/2007 9/30/2007 9/30/2007 ----------------- -------------- --------------- --------------- NET ASSET VALUE, BEGINNING OF PERIOD........ $ 50.41 $ 35.60 $ 52.65 $ 48.70 ------- -------- -------- -------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)................ 0.59 0.44 0.42 0.53 Net realized and unrealized gain (loss) (8)....................................... 6.11 6.12 2.84 (0.77) ------- -------- -------- -------- Total from investment operations............ 6.70 6.56 3.26 (0.24) ------- -------- -------- -------- Net equalization credits and charges (6).... 0.57 0.40 -- (0.03) ------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income....................... -- -- 0.00(5) (0.12) Net realized gains.......................... -- -- -- -- ------- -------- -------- -------- Total distributions......................... -- -- -- (0.12) ------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD.............. $ 57.68 $ 42.56 $ 55.91 $ 48.31 ======= ======== ======== ======== TOTAL RETURN (1)............................ 14.43% 19.55% 6.19% (0.57)% Net assets, end of period (in 000's)........ $46,142 $127,691 $268,392 $137,695 Ratio of expenses to average net assets..... 0.59%(2) 0.35%(2) 0.51%(2) 0.56%(2) Ratio of net investment income (loss) to average net assets........................ 2.50%(2) 2.78%(2) 0.97%(2) 1.26%(2) Portfolio turnover rate (3)................. 6% 1% 0%(7) 2%
-------- * Commencement of operations (1) Total Return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. (2) Annualized (3) Portfolio Turnover rate excludes securities received or delivered from processing of creations or redemptions. (4) The beginning net asset values have been adjusted to reflect reverse stock splits which were effective October 15, 2002, in order to adjust the net asset value per share of each Fund to be approximately 1/100th of the value of its respective index. The ratio of the reverse stock split for the DJ STOXX 50 ETF and the DJ EURO STOXX 50 ETF was 1:2.536 and 1:2.444, respectively. (5) Amount is less than $0.005 per share (6) Per share numbers have been calculated using average shares method. (7) Amount shown represents less than 0.5% (8) The amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. + Effective on July 1, 2004, SSgA Funds Management, Inc. succeeded UBS Global Asset Management (US) Inc. as the Fund's Adviser. See accompanying notes to financial statements 130 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2007 -------------------------------------------------------------------------------- 1. ORGANIZATION The SPDR Index Shares Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, is an open-end investment management company that was organized as a Massachusetts business trust on February 14, 2002. As of September 30, 2007, the Trust offered sixteen (16) portfolios, each of which represents a separate series of beneficial interest in the Trust (each referred to as a "Fund" and, collectively, as "the Funds"). Accordingly, the financial statements herein relate to the following Funds: DJ STOXX 50 ETF (formerly, streetTRACKS Dow Jones STOXX 50 Fund), DJ EURO STOXX 50 ETF (formerly, streetTRACKS Dow Jones EURO STOXX 50 Fund), SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF and SPDR Russell/Nomura Small Cap Japan ETF. Each Fund operates as a non-diversified investment company. The investment objective of each Fund is to replicate as closely as possible, before expenses, the price and yield or total return of a specified market index. The following two Funds were not operational as of September 30, 2007: SPDR S&P Asia Pacific ETF and SPDR S&P Europe ETF. No financial information is presented for these non-operational Funds. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote. The Trust invests in various investments which are exposed to risks, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements: The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. SECURITY VALUATION The value of each Fund's portfolio securities is generally based on the securities' last sale price on local markets when available. Investments in open-end investment companies are valued at their net asset value each business day. If a security's market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of Trustees (the "Board") believes will better reflect fair value in accordance with the Trust's valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security to the Pricing and Investment Committee (the "Committee"). The Committee, subject to oversight by the Board, may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a security in a Fund's portfolio has been materially affected by events occurring after the close of the market on which the security is principally traded (such as in the case of a corporate action or other news that may materially affect the price of a security) or trading in a security has been suspended or halted. Accordingly, a Fund's net asset value may reflect certain portfolio securities' fair values rather than their market prices. 131 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2007 -------------------------------------------------------------------------------- INVESTMENT INCOME Dividend income is recorded on the ex-dividend date, except for certain foreign dividends for which the Funds may not record until they receive notice of the dividend which could result in the Funds recording on pay date. Interest income is recorded on the accrual basis. The value of additional securities received as dividend payments is recorded as income and or an increase to the cost basis of such securities. EXPENSES Advisory fees, which are directly identifiable to a specific Fund, are applied to that Fund. Trustee fees and other expenses which cannot be attributed to a Fund are allocated in such a manner as deemed equitable, taking into consideration the relative net assets of the Funds. INVESTMENT TRANSACTIONS Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities and foreign exchange transactions are recorded on the identified cost basis. Corporate actions (including cash dividends) are recorded net of non-reclaimable foreign tax withholdings. FOREIGN CURRENCY TRANSLATION AND FOREIGN INVESTMENTS The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments. Net gains and losses on foreign currency transactions include disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include revaluation of currencies and the risk of misappropriation. Moreover, the markets for securities of many foreign companies and foreign governments may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and the U.S. government. Some foreign markets in which the Funds invest are considered to be emerging markets. Investment in these emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. FUTURES Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity at a specified future time and at a specified price. Stock index futures contracts are settled daily with a payment by one party to the other of a cash amount based on the difference between the level of the stock index specified in the contract from one day to the next. Futures contracts are standardized as to maturity date and underlying instrument and are traded on futures exchanges. Futures traders are required to make a good faith margin deposit in cash or U.S. government securities with a broker or custodian to initiate and maintain open positions in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying commodity or payment of the cash settlement amount) if it is not terminated prior to the specified delivery date. Brokers may establish deposit requirements which are higher than the exchange minimums. Futures contracts are customarily purchased and sold on margin deposits which may range upward from less than 5% of the value of the contract being traded. 132 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2007 -------------------------------------------------------------------------------- After a futures contract position is opened, the value of the contract is marked to market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional "variation" margin will be required. Conversely, change in the contract value may reduce the required margin, resulting in a repayment of excess margin to the contract holder. Variation margin payments are made to and from the futures broker for as long as the contract remains open. In such case, a Fund would expect to earn interest income on its margin deposits. Closing out an open futures position is done by taking an opposite position ("buying" a contract which has previously been "sold" or "selling" a contract previously "purchased") in an identical contract to terminate the position. Brokerage commissions are incurred when a futures contract position is opened or closed Each Fund may use exchange-traded futures, together with positions in cash and money market instruments, to simulate full investment in its underlying benchmark index. Under such circumstances, the Adviser may seek to utilize other instruments that it believes to be correlated to the underlying index components or a subset of the components. EQUALIZATION The Funds follow the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisitions of Fund Shares. FEDERAL INCOME TAX Each Fund has qualified and intends to continue to qualify for and elect treatment as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. These book-tax differences are primarily due to differing treatments for income equalization, in-kind transactions, foreign currencies, losses deferred due to wash sales, and the realization of unrealized gains on investments in passive foreign investment companies. Additionally, based on the Funds' understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which they invest, the Funds will provide for foreign taxes, and where appropriate, deferred foreign taxes. 133 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2007 -------------------------------------------------------------------------------- For the year ended September 30, 2007, the Funds reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (Note 4) as an increase or decrease to paid in capital in the Statements of Assets and Liabilities as follows:
NET GAIN (LOSS) RECLASSIFIED TO PAID IN CAPITAL ---------------------------------------------------------------------------------------- DJ STOXX 50 ETF........................................ $16,839,286 DJ EURO STOXX 50 ETF................................... 38,902,048 SPDR S&P Emerging Asia Pacific ETF..................... -- SPDR S&P China ETF..................................... -- SPDR S&P Emerging Markets ETF.......................... -- SPDR S&P BRIC 40 ETF................................... -- SPDR S&P Emerging Europe ETF........................... -- SPDR S&P Emerging Latin America ETF.................... -- SPDR S&P Emerging Middle East & Africa ETF............. -- SPDR S&P World ex-US ETF............................... -- SPDR S&P International Small Cap ETF................... -- SPDR DJ Wilshire International Real Estate ETF......... -- SPDR FTSE/Macquarie Global Infrastructure 100 ETF...... -- SPDR MSCI ACWI ex-US ETF............................... -- SPDR Russell/Nomura PRIME Japan ETF.................... -- SPDR Russell/Nomura Small Cap Japan ETF................ (8,375,745)
At September 30, 2007, DJ EURO STOXX 50 ETF had capital loss carryforwards of $23,283, which may be utilized to offset any realized capital gains expiring September 30, 2015. The Funds incurred the following losses during the period November 1, 2006 through September 30, 2007, that are deferred for tax purposes until fiscal 2008:
DEFERRED LOSSES --------------- DJ STOXX 50 ETF................................................ $ (106,255) DJ EURO STOXX 50 ETF........................................... (101,263) SPDR S&P Emerging Asia Pacific ETF............................. -- SPDR S&P China ETF............................................. -- SPDR S&P Emerging Markets ETF.................................. -- SPDR S&P BRIC 40 ETF........................................... -- SPDR S&P Emerging Europe ETF................................... -- SPDR S&P Emerging Latin America ETF............................ -- SPDR S&P Emerging Middle East & Africa ETF..................... -- SPDR S&P World ex-US ETF....................................... -- SPDR S&P International Small Cap ETF........................... -- SPDR DJ Wilshire International Real Estate ETF................. (2,570,694) SPDR FTSE/Macquarie Global Infrastructure 100 ETF.............. -- SPDR MSCI ACWI ex-US ETF....................................... -- SPDR Russell/Nomura PRIME Japan ETF............................ -- SPDR Russell/Nomura Small Cap Japan ETF........................ --
134 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2007 -------------------------------------------------------------------------------- For the year ended September 30, 2007, there were no significant differences between the book basis and the tax basis character of distributions to shareholders. The tax character of distributions paid during the year ended September 30, 2007, was as follows:
LONG-TERM ORDINARY INCOME CAPITAL GAIN --------------------------------------------------------------------------------------------------- DJ STOXX 50 ETF................................................. $ 4,198,794 $-- DJ EURO STOXX 50 ETF............................................ 15,108,265 -- SPDR S&P Emerging Asia Pacific ETF.............................. -- -- SPDR S&P China ETF.............................................. -- -- SPDR S&P Emerging Markets ETF................................... -- -- SPDR S&P BRIC 40 ETF............................................ -- -- SPDR S&P Emerging Europe ETF.................................... -- -- SPDR S&P Emerging Latin America ETF............................. -- -- SPDR S&P Emerging Middle East & Africa ETF...................... -- -- SPDR S&P World ex-US ETF........................................ -- -- SPDR S&P International Small Cap ETF............................ -- -- SPDR DJ Wilshire International Real Estate ETF.................. 19,239,701 -- SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... -- -- SPDR MSCI ACWI ex-US ETF........................................ -- -- SPDR Russell/Nomura PRIME Japan ETF............................. 1,530 -- SPDR Russell/Nomura Small Cap Japan ETF......................... 222,848 --
The tax character of distributions paid during the year ended September 30, 2006, was as follows:
LONG-TERM ORDINARY INCOME CAPITAL GAIN --------------------------------------------------------------------------------------------------- DJ STOXX 50 ETF................................................. $1,209,512 $372,861 DJ EURO STOXX 50 ETF............................................ 4,859,299 --
As of September 30, 2007 the components of distributable earnings on a tax basis were as follows:
UNDISTRIBUTED UNDISTRIBUTED NET UNREALIZED (OVERDISTRIBUTED) LONG-TERM APPRECIATION ORDINARY INCOME CAPITAL GAIN (DEPRECIATION) ------------------------------------------------------------------------------------------------------------- DJ STOXX 50 ETF..................................... $ 115,147 $-- $ 16,778,279 DJ EURO STOXX 50 ETF................................ (2,045,665) -- 65,350,223 SPDR S&P Emerging Asia Pacific ETF.................. 535,196 -- 12,075,935 SPDR S&P China ETF.................................. 654,576 -- 35,430,636 SPDR S&P Emerging Markets ETF....................... 628,680 -- 7,586,890 SPDR S&P BRIC 40 ETF................................ 364,614 -- 17,925,484 SPDR S&P Emerging Europe ETF........................ 167,086 -- 3,934,080 SPDR S&P Emerging Latin America ETF................. 288,376 -- 8,935,439 SPDR S&P Emerging Middle East & Africa ETF.......... 289,771 -- 2,080,572 SPDR S&P World ex-US ETF............................ 174,757 -- 420,149 SPDR S&P International Small Cap ETF................ 653,997 -- 1,314,167 SPDR DJ Wilshire International Real Estate ETF...... (2,353,705) -- (22,825,794) SPDR FTSE/Macquarie Global Infrastructure 100 ETF... 549,242 -- 2,691,313 SPDR MSCI ACWI ex-US ETF............................ 1,439,713 -- 10,297,505 SPDR Russell/Nomura PRIME Japan ETF................. 2,222,730 -- 6,491,493 SPDR Russell/Nomura Small Cap Japan ETF............. 1,188,740 -- (8,883,104)
135 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2007 -------------------------------------------------------------------------------- DISTRIBUTIONS The Trust declares and distributes dividends from net investment income, if any, to its shareholders quarterly for DJ STOXX 50 ETF, DJ EURO STOXX 50 ETF and SPDR DJ Wilshire International Real Estate ETF. The following Funds distribute annually: SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF and SPDR Russell/Nomura Small Cap Japan ETF. The Trust distributes net realized capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States. NEW ACCOUNTING PRONOUNCEMENTS On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 "Accounting for Uncertainty In Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows implementing FIN 48 in fund NAV calculations as late as the Funds' last NAV calculation in the first required financial statement reporting period. As a result, the Funds will incorporate FIN 48 in their semi annual report on March 31, 2008. At this time, management is evaluating the implications of FIN 48 and its impact, if any, to the financial statements has not yet been determined. In September, 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of SFAS 157 will have on the Funds' financial statements. 3. FEES AND COMPENSATION PAID TO AFFILIATES AND OTHER RELATED PARTY TRANSACTIONS ADVISORY FEE Each Fund has entered into an Investment Advisory Agreement with SSgA Funds Management, Inc. (the "Adviser"). As compensation for the services rendered, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid monthly, based on a percentage of each Funds' average daily net assets as shown in the following table:
ANNUAL RATE ----------- DJ STOXX 50 ETF.................................................. 0.29% DJ EURO STOXX 50 ETF............................................. 0.29 SPDR S&P Emerging Asia Pacific ETF............................... 0.59 SPDR S&P China ETF............................................... 0.59 SPDR S&P Emerging Markets ETF.................................... 0.59 SPDR S&P BRIC 40 ETF............................................. 0.50* SPDR S&P Emerging Europe ETF..................................... 0.59 SPDR S&P Emerging Latin America ETF.............................. 0.59 SPDR S&P Emerging Middle East & Africa ETF....................... 0.59 SPDR S&P World ex-US ETF......................................... 0.34 SPDR S&P International Small Cap ETF............................. 0.59 SPDR DJ Wilshire International Real Estate ETF................... 0.59 SPDR FTSE/Macquarie Global Infrastructure 100 ETF................ 0.59 SPDR MSCI ACWI ex-US ETF......................................... 0.34 SPDR Russell/Nomura PRIME Japan ETF.............................. 0.50 SPDR Russell/Nomura Small Cap Japan ETF.......................... 0.55
* The Adviser has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.40% until June 19, 2008. 136 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2007 -------------------------------------------------------------------------------- The Adviser pays the operating expenses of each Fund other than the advisory fee, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee's counsel fees), litigation expenses and other extraordinary expenses. State Street Bank and Trust Company ("State Street"), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent. State Street has also been approved to act as the securities lending agent for the Funds and will receive a portion of any lending income. DISTRIBUTOR State Street Global Markets, LLC (the "Distributor") acts as the principal underwriter of each Fund pursuant to a principal underwriting contract with the Trust. The Distributor may enter into agreements with other broker-dealers (affiliated and non-affiliated) and other financial institutions to authorize them to sell Shares. TRUSTEES' FEES Commencing August 11, 2007, the Trust and SPDR Series Trust ("SST Trust") pay, in the aggregate, each Independent Trustee an annual fee of $60,000 plus $3,000 per in-person meeting attended. An Independent Trustee will receive $1,000 for each telephonic or video conference meeting attended. The Chair of the Board receives an additional annual fee of $25,000 and the Chair of the Audit Committee receives an additional annual fee of $9,000. The Trust also reimburses each Independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings. Trustee fees are allocated between the Trust and the SST Trust and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series. Previously, the Trust paid each Independent Trustee an annual fee of $12,000 plus $4,500 per in person meeting attended and $500 for each meeting attended via telephone or video conference. 4. SHAREHOLDER TRANSACTIONS With the exception of the Trust's dividend reinvestment plan, Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares for DJ STOXX 50 ETF, DJ EURO STOXX 50 ETF, SPDR Russell/Nomura Small Cap Japan ETF and 100,000 shares for SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, and 200,000 shares for SPDR World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF. Such transactions are only permitted on an in-kind basis, with a separate cash payment (cash component), which is used to equate the transaction to the net asset value per Share of a Fund on the transaction date. Transaction fees at scheduled amounts ranging from $500 to $12,000 per transaction are charged to those persons creating or redeeming Creation Units. Transaction fees are received by the Custodian and used to offset the expense of processing orders. 137 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2007 -------------------------------------------------------------------------------- 5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION At September 30, 2007, the identified cost of investments in securities owned by each Fund for federal income tax purposes and the gross unrealized appreciation and depreciation as follows:
GROSS GROSS NET UNREALIZED IDENTIFIED UNREALIZED UNREALIZED APPRECIATION COST APPRECIATION DEPRECIATION (DEPRECIATION) ------------------------------------------------------------------------------------------------------------------ DJ STOXX 50 ETF............................. $ 168,149,078 $20,422,872 $ 3,653,739 $ 16,769,133 DJ EURO STOXX 50 ETF........................ 487,027,921 69,675,242 4,336,734 65,338,508 SPDR S&P Emerging Asia Pacific ETF.......... 48,618,019 12,546,713 357,260 12,189,453 SPDR S&P China ETF.......................... 86,592,950 35,533,465 104,875 35,428,590 SPDR S&P Emerging Markets ETF............... 36,103,226 7,729,277 187,401 7,541,876 SPDR S&P BRIC 40 ETF........................ 138,378,875 18,216,706 291,320 17,925,386 SPDR S&P Emerging Europe ETF................ 34,572,591 4,154,197 224,050 3,930,147 SPDR S&P Emerging Latin America ETF......... 30,374,840 9,351,259 414,398 8,936,861 SPDR S&P Emerging Middle East & Africa ETF.. 24,776,423 2,581,748 520,768 2,060,980 SPDR S&P World ex-US ETF.................... 13,076,031 1,109,640 693,548 416,092 SPDR S&P International Small Cap ETF........ 108,221,500 6,986,101 5,701,495 1,284,606 SPDR DJ Wilshire International Real Estate ETF....................................... 1,141,103,608 59,313,824 82,177,251 (22,863,427) SPDR FTSE/Macquarie Global Infrastructure 100 ETF................................... 43,063,350 3,239,684 552,670 2,687,014 SPDR MSCI ACWI ex-US ETF.................... 116,145,135 13,196,235 2,934,357 10,261,878 SPDR Russell/Nomura PRIME Japan ETF......... 260,429,844 27,947,237 21,473,030 6,474,207 SPDR Russell/Nomura Small Cap Japan ETF..... 145,741,071 8,024,454 16,912,113 (8,887,659)
6. INVESTMENT TRANSACTIONS For the year ended September 30, 2007, the Trust had in-kind contributions and in-kind redemptions as follows:
CONTRIBUTIONS REDEMPTIONS ------------------------------------------------------------------------------------------------- DJ STOXX 50 ETF................................................ $ 150,263,274 $ 59,487,912 DJ EURO STOXX 50 ETF........................................... 326,724,761 149,877,484 SPDR S&P Emerging Asia Pacific ETF............................. 23,816,248 -- SPDR S&P China ETF............................................. 86,217,347 -- SPDR S&P Emerging Markets ETF.................................. 25,621,530 -- SPDR S&P BRIC 40 ETF........................................... 134,435,621 -- SPDR S&P Emerging Europe ETF................................... 29,422,970 -- SPDR S&P Emerging Latin America ETF............................ 23,408,801 -- SPDR S&P Emerging Middle East & Africa ETF..................... 21,813,210 -- SPDR S&P World ex-US ETF....................................... 12,622,567 -- SPDR S&P International Small Cap ETF........................... 99,597,171 -- SPDR DJ Wilshire International Real Estate ETF................. 1,133,577,201 -- SPDR FTSE/Macquarie Global Infrastructure 100 ETF.............. 42,417,198 -- SPDR MSCI ACWI ex-US ETF....................................... 113,401,589 -- SPDR Russell/Nomura PRIME Japan ETF............................ 249,783,227 -- SPDR Russell/Nomura Small Cap Japan ETF........................ 194,619,098 41,905,248
The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes. The table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes reflect gross shareholder transactions including any cash component of the transaction. 138 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2007 -------------------------------------------------------------------------------- For the year ended September 30, 2007, the Trust had purchases and sales of investment securities as follows:
PURCHASES SALES ------------------------------------------------------------------------------------------------ DJ STOXX 50 ETF................................................. $ 11,625,107 $ 12,851,189 DJ EURO STOXX 50 ETF............................................ 48,611,187 60,859,216 SPDR S&P Emerging Asia Pacific ETF.............................. 23,121,024 195,306 SPDR S&P China ETF.............................................. 178,558 -- SPDR S&P Emerging Markets ETF................................... 10,064,761 107,003 SPDR S&P BRIC 40 ETF............................................ 3,576,198 -- SPDR S&P Emerging Europe ETF.................................... 5,635,391 541,942 SPDR S&P Emerging Latin America ETF............................. 7,139,768 510,391 SPDR S&P Emerging Middle East & Africa ETF...................... 3,449,471 176,179 SPDR S&P World ex-US ETF........................................ 518,293 53,725 SPDR S&P International Small Cap ETF............................ 9,623,661 1,339,650 SPDR DJ Wilshire International Real Estate ETF.................. 119,904,653 114,625,488 SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... 2,118,901 1,603,575 SPDR MSCI ACWI ex-US ETF........................................ 3,834,126 1,015,542 SPDR Russell/Nomura PRIME Japan ETF............................. 11,370,059 1,006,085 SPDR Russell/Nomura Small Cap Japan ETF......................... 3,543,326 1,984,160
For the year ended September 30, 2007, the Trust did not pay any commissions to an affiliate of the Adviser for Investment Transactions. 7. CONCENTRATION OF RISK The Funds' assets may be concentrated in one or more foreign countries. By concentrating their assets in a single country or group of countries, the Funds are subject to the risk that economic, political or other conditions that have a negative effect on that country or group of countries will negatively impact the Funds to a greater extent than if the Funds' assets were invested in a wider variety of countries. In addition, the Funds' assets may be concentrated in certain industries, subjecting them to greater risk than funds that invest in a wider range of industries. 8. SECURITIES LENDING Each Fund may lend securities up to 33 1/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. As of September 30, 2007, DJ EURO STOXX 50 ETF had securities on loan through an unaffiliated securities lending agent. In the future, it is expected that State Street will act as the securities lending agent for the Funds. 139 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Trustees and Shareholders of SPDR Index Shares Funds, In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the sixteen funds (each a "Fund") comprising the SPDR Index Shares Funds (formally "streetTRACKS Index Shares Funds")(the "Trust") at September 30, 2007, the results of each of their operations, and the changes in each of their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Trust's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Boston, Massachusetts November 26, 2007 140 SPDR INDEX SHARES FUNDS OTHER INFORMATION SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS CLOSING BID/ASK MIDPOINT PRICE VS. NAV The following charts are provided to show the frequency at which the daily market price on the American Stock Exchange ("Exchange"), the secondary market for shares of each Fund, was at a discount or premium to such Fund's daily net asset value ("NAV"). The market price of each Fund generally is determined using the midpoint between the highest bid and the lowest offer on the Exchange, as of the time that the Fund's NAV is calculated (referred to as the "Bid/Offer Midpoint"). Each Fund's Bid/Offer Midpoint may at times be at, above or below its NAV. The discount or premium is the percentage difference between the NAV and the Bid/Offer Midpoint of a Fund. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of NAV. The NAV of each Fund will fluctuate with changes in the market value of its portfolio holdings. The Bid/Offer Midpoint of each Fund will fluctuate in accordance with changes in its NAV, as well as supply and demand. DJ STOXX 50 ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (10/21/2002) through 9/30/2007..................... 226 73 5 79 30 12
DJ EURO STOXX 50 ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (10/21/2002) through 9/30/2007..................... 157 49 6 119 65 15
SPDR S&P EMERGING ASIA PACIFIC ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2007..................... 23 20 6 9 15 3
-------- * Prior to 11/1/2006, the discount and premium information was calculated by comparing the closing price (last trade) vs. the NAV of the Fund. 141 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- SPDR S&P CHINA ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2007..................... 25 17 11 17 9 11
SPDR S&P EMERGING MARKETS ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2007..................... 21 12 5 17 12 1
SPDR S&P BRIC 40 ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (6/22/2007) through 9/30/2007..................... 19 18 9 2 5 0
SPDR S&P EMERGING EUROPE ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2007..................... 37 12 2 4 3 0
SPDR S&P EMERGING LATIN AMERICA ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2007..................... 7 5 0 6 5 0
142 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2007..................... 39 14 4 9 9 1
SPDR S&P WORLD EX-US ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (4/26/2007) through 9/30/2007..................... 16 3 1 10 4 0
SPDR S&P INTERNATIONAL SMALL CAP ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (4/26/2007) through 9/30/2007..................... 51 12 3 8 0 0
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (12/20/2006) through 9/30/2007..................... 90 28 4 13 4 0
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (1/30/2007) through 9/30/2007..................... 38 5 0 3 0 1
143 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- SPDR MSCI ACWI EX-US ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (1/17/2007) through 9/30/2007..................... 45 11 3 11 3 0
SPDR RUSSELL/NOMURA PRIME JAPAN ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (11/14/2006) through 9/30/2007..................... 37 9 3 24 21 4
SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (11/14/2006) through 9/30/2007..................... 56 43 7 12 19 5
144 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- SHAREHOLDER EXPENSE EXAMPLE As a shareholder of a Fund, you incur two types of costs: (1) transaction costs which may include creation and redemption fees on brokerage charges and (2) ongoing costs, including management fees, distribution (12b-1) fees, administration, custodian and transfer agent fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at April 1, 2007 and held for the six months ended September 30, 2007. ACTUAL EXPENSES The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The second table provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds charge transaction fees ranging from $500 to $12,000 per transaction to those persons creating or redeeming Creation Units. If you buy or sell Shares of the Funds in the secondary market, you will incur customary brokerage commissions and charges. 145 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees on brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* ACTUAL 4/1/07 9/30/07 4/1/07 TO 9/30/07 ------ ------------- ------------- ----------------- DJ STOXX 50 ETF................................... $1,000 $1,120.57 $1.59 DJ EURO STOXX 50 ETF.............................. 1,000 1,146.72 1.61 SPDR S&P Emerging Asia Pacific ETF................ 1,000 1,423.20 3.83 SPDR S&P China ETF................................ 1,000 1,744.45 4.06 SPDR S&P Emerging Markets ETF..................... 1,000 1,307.77 3.47 SPDR S&P BRIC 40 ETF**............................ 1,000 1,253.80 1.28 SPDR S&P Emerging Europe ETF...................... 1,000 1,120.42 3.19 SPDR S&P Emerging Latin America ETF............... 1,000 1,320.94 3.49 SPDR S&P Emerging Middle East & Africa ETF........ 1,000 1,108.19 3.12 SPDR S&P World ex-US ETF***....................... 1,000 1,045.60 1.61 SPDR S&P International Small Cap ETF***........... 1,000 1,031.40 2.69 SPDR DJ Wilshire International Real Estate ETF.... 1,000 969.50 2.96 SPDR FTSE/Macquarie Global Infrastructure 100 ETF............................................. 1,000 1,070.92 3.06 SPDR MSCI ACWI ex-US ETF.......................... 1,000 1,121.77 1.86 SPDR Russell/Nomura PRIME Japan ETF............... 1,000 977.96 2.53 SPDR Russell/Nomura Small Cap Japan ETF........... 1,000 909.28 2.68
* Expenses are equal to the Fund's annualized expense ratios of 0.30%, 0.30%, 0.63%, 0.59%, 0.60%, 0.40%, 0.60%, 0.60%, 0.59%, 0.35%, 0.59%, 0.60%, 0.59%, 0.35%, 0.51%, 0.56%, respectively, multiplied by the average account value of the period, multiplied by 183/365 or since inception. ** For the period June 19, 2007 (commencement of operations) to September 30, 2007. *** For the period April 20, 2007 (commencement of operations) to September 30, 2007.
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* HYPOTHETICAL 4/1/07 9/30/07 4/1/07 TO 9/30/07 ------------ ------------- ------------- ----------------- DJ STOXX 50 ETF................................... $1,000 $1,023.56 $1.52 DJ EURO STOXX 50 ETF.............................. 1,000 1,023.56 1.52 SPDR S&P Emerging Asia Pacific ETF................ 1,000 1,021.91 3.19 SPDR S&P China ETF................................ 1,000 1,022.11 2.99 SPDR S&P Emerging Markets ETF..................... 1,000 1,022.11 3.04 SPDR S&P BRIC 40 ETF.............................. 1,000 1,023.06 2.03 SPDR S&P Emerging Europe ETF...................... 1,000 1,022.06 3.04 SPDR S&P Emerging Latin America ETF............... 1,000 1,022.06 3.04 SPDR S&P Emerging Middle East & Africa ETF........ 1,000 1,022.11 2.99 SPDR S&P World ex-US ETF.......................... 1,000 1,023.31 1.78 SPDR S&P International Small Cap ETF.............. 1,000 1,022.11 2.99 SPDR DJ Wilshire International Real Estate ETF.... 1,000 1,022.06 3.04 SPDR FTSE/Macquarie Global Infrastructure 100 ETF............................................. 1,000 1,022.11 2.99 SPDR MSCI ACWI ex-US ETF.......................... 1,000 1,023.31 1.78 SPDR Russell/Nomura PRIME Japan ETF............... 1,000 1,022.51 2.59 SPDR Russell/Nomura Small Cap Japan ETF........... 1,000 1,022.26 2.84
* Expenses (hypothetical expenses if the Fund had been in existence from 4/1/07) are equal to the Fund's annualized expense ratios of 0.30%, 0.30%, 0.63%, 0.59%, 0.60%, 0.40%, 0.60%, 0.60%, 0.59%, 0.35%, 0.59%, 0.60%, 0.59%, 0.35%, 0.51%, and 0.56%, respectively, multiplied by the average account value of the period, multiplied by the number of days in the most recent six-month period, then divided by 365. 146 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- TAX INFORMATION For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2007: QUALIFIED DIVIDEND INCOME For the fiscal year ended September 30, 2007, a portion of dividends distributed by the Funds are considered qualified dividend income, and are eligible for reduced tax rates. These lower rates range from 5% to 15% depending on the individual's tax bracket. These amounts are noted below:
PERCENTAGE ------------------------------------------------------------------------------- DJ STOXX 50 ETF................................................... 100.00% DJ EURO STOXX 50 ETF.............................................. 99.60 SPDR S&P Emerging Asia Pacific ETF................................ -- SPDR S&P China ETF................................................ -- SPDR S&P Emerging Markets ETF..................................... -- SPDR S&P BRIC 40 ETF.............................................. -- SPDR S&P Emerging Europe ETF...................................... -- SPDR S&P Emerging Latin America ETF............................... -- SPDR S&P Emerging Middle East & Africa ETF........................ -- SPDR S&P World ex-US ETF.......................................... -- SPDR S&P International Small Cap ETF.............................. -- SPDR DJ Wilshire International Real Estate ETF.................... 68.32 SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. -- SPDR MSCI ACWI ex-US ETF.......................................... -- SPDR Russell/Nomura PRIME Japan ETF............................... 100.00 SPDR Russell/Nomura Small Cap Japan ETF........................... 100.00
For the fiscal year ended September 30, 2007, certain dividends paid by DJ STOXX 50 ETF, DJ EURO STOXX 50 ETF, SPDR S&P Emerging Asia pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, and SPDR Russell/Nomura Small Cap Japan ETF may be subject to a minimum tax rate of 15% as provided for by the Internal Revenue code. The Funds noted above hereby designate the maximum amount of such dividends allowable up to the amount of dividends that were paid during the year. Complete information will be reported in conjunction with the 2007 form 1099-DIV. 147 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- FOREIGN TAX CREDIT The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2007, the total amount of foreign taxes that will be passed through are:
AMOUNT ------------------------------------------------------------------------------- DJ STOXX 50 ETF................................................... $ 470,097 DJ EURO STOXX 50 ETF.............................................. 2,141,705 SPDR S&P Emerging Asia Pacific ETF................................ 67,534 SPDR S&P China ETF................................................ 85 SPDR S&P Emerging Markets ETF..................................... 24,075 SPDR S&P BRIC 40 ETF.............................................. 12,907 SPDR S&P Emerging Europe ETF...................................... 31,609 SPDR S&P Emerging Latin America ETF............................... 25,824 SPDR S&P Emerging Middle East & Africa ETF........................ 12,403 SPDR S&P World ex-US ETF.......................................... 19,785 SPDR S&P International Small Cap ETF.............................. 39,009 SPDR DJ Wilshire International Real Estate ETF.................... 2,713,196 SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. 34,539 SPDR MSCI ACWI ex-US ETF.......................................... 140,679 SPDR Russell/Nomura PRIME Japan ETF............................... 239,735 SPDR Russell/Nomura Small Cap Japan ETF........................... 127,901
148 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- PROXY VOTING POLICIES AND PROCEDURES AND RECORD A description of the Trust's proxy voting policies and procedures that are used by the Funds' investment adviser to vote proxies relating to the Funds' portfolio of securities are available (i) without charge, upon request, by calling 1-866-787-2257 (toll-free) or (ii) on the SEC's website at www.sec.gov. Information regarding how the investment adviser voted proxies for the prior 12 months ended June 30 is available by August 31 of each year by calling the same number and on the SEC's website, at www.sec.gov, and on the Funds' website at www.spdretfs.com. QUARTERLY PORTFOLIO SCHEDULE The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the Securities and Exchange Commission's Public Reference Room in Washington, DC. Information on Form N-Q is available upon request, without charge, by calling 1-866-787-2257 (toll-free), and on the Funds' website www.spdretfs.com. INVESTMENT ADVISORY CONTRACT RENEWAL At an in-person meeting held on August 22, 2007, the Board of Trustees of the Trust (the "Board") evaluated the proposal to continue the Investment Advisory Agreement with respect to the operational series of the Trust (the "Current ETFs") and to continue the Investment Advisory Agreement with respect to the previously approved non-operational series of the Trust (collectively, the "New ETFs" and, together with the Current ETFs, the "ETFs"). The Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees") also met separately with their counsel to consider the Investment Advisory Agreement. In evaluating the Investment Advisory Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust's Administrator, Transfer Agent and Custodian ("State Street"). In deciding whether to approve the Investment Advisory Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by the Adviser with respect to the Current ETFs and to be provided by the Adviser with respect to the New ETFs, under the Investment Advisory Agreement, (ii) investment performance of the Current ETFs, (iii) costs to the Adviser of its services and profits realized by the Adviser from its relationship with the Trust, and (iv) the extent to which economies of scale would be realized if and as the ETFs grow and whether fee levels in the Investment Advisory Agreement reflect these economies of scale. The Board considered the nature, extent and quality of services provided by, or to be provided by, the Adviser. In doing so, they relied on their prior experience with the Trust and the materials provided prior to and at the meeting. The Board reviewed the Investment Advisory Agreement and the Adviser's responsibilities for managing the investment operations of the Current ETFs and anticipated responsibilities for managing the investment operations of the New ETFs, in accordance with each ETF's investment objective and policies, and applicable legal and regulatory requirements. They appreciated the relatively unique nature of the ETFs, as exchange-traded funds, and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser's senior management, including those individuals responsible for portfolio management and compliance of the ETFs. They also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and securing each ETF's compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser's best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser's general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world's largest investment management enterprises for indexed products generally and ETFs in particular. The Board also considered the Adviser's experience in managing equity ETFs. The Board then determined that the nature, extent and quality of services provided by the Adviser to the Trust were necessary and appropriate. 149 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- The Board reviewed the Current ETFs' performance. The Board noted that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to performance of actively-managed funds. The Board was more concerned with the extent to which each Current ETF achieved its objective and the Board reviewed each Current ETF's index tracking and tracking error. The Board considered that each Current ETF closely tracked its benchmark index and that the Current ETFs did not generate any taxable gain during the most recent fiscal year. The Board then determined that the performance of each Current ETF was satisfactory. The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current ETFs' historical profitability to the Adviser. The Independent Trustees, through their counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable. The Board concluded that, to the extent that the Adviser's relationships with the current ETFs had been profitable, profitability was not excessive. The Board considered whether the Adviser benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft- dollar arrangements in connection with the Trust's brokerage transactions. The Board concluded that, to the extent that the Adviser derives other benefits from its relationship with the Trust, those benefits are not so significant as to cause the Adviser's fees with respect to the ETFs to be excessive. The Board determined that the Adviser is likely to realize economies of scale in managing the ETFs as assets grow in size. The Board further determined that such economies of scale are currently shared with the ETFs by way of the relatively low advisory fee and unitary fee structure of the Trust, although the Board intends to continue to monitor fees as the ETFs grow in size and assess whether breakpoints may be warranted. The Board evaluated the ETFs' unitary fee through review of comparative information with respect to fees paid by similar funds -- i.e., exchange-traded funds tracking equity indexes. The Board reviewed the universe of similar exchange-traded funds for the ETFs based upon data from Lipper Analytical Services and related comparative information for similar ETFs. The Board also reviewed the historical expense ratios of the Current ETFs, estimated expense ratios of the New ETFs, and the unitary fee structure. The Board used an ETF by ETF analysis of the data. The Board concluded, based on the information presented, that each ETF's fees were fair and reasonable in light of those of their direct competitors. The Board's conclusions in approving the Investment Advisory Agreement, including the Independent Trustees voting separately, were as follows: (a) the nature and extent of the services provided by the Adviser with respect to the Current ETFs and expected to be provided by the Adviser with respect to the New ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF had been satisfactory; (c) the Adviser's fees for each ETF and the unitary fee, considered in relation to services provided or expected to be provided, were fair and reasonable; (d) profitability of the Trust's relationship with the Adviser was not excessive; (e) any additional benefits to the Adviser were not of a magnitude materially to affect the Board's conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with the Current ETFs and fees expected to be paid to the Adviser were expected to share economies of scale with respect to the New ETFs by way of the low fee structure of the Trust. At the meeting, the Board also evaluated the proposal to continue the Sub- Advisory Agreement (the "Sub-Advisory Agreement") between the Trust and The Tuckerman Group LLC, an affiliate of the Adviser (the "Sub-Adviser"), with respect to one of the Current ETFs, the SPDR(R) DJ Wilshire International Real Estate ETF (the "International Real Estate ETF"). The Independent Trustees also met separately with their counsel to consider the Sub-Advisory Agreement. In evaluating the Sub-Advisory Agreement, the Board drew on materials provided to them by the Sub-Adviser and on other materials provided to them by State Street. In deciding whether to approve the Sub-Advisory Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by the Sub-Adviser with respect to the International Real Estate ETF under the Sub-Advisory Agreement, (ii) investment performance of the International Real Estate ETF, (iii) the fees charged by the Sub-Adviser and any additional benefits received by the Sub-Adviser due to its relationship with the Adviser and the Trust, and (iv) the extent to which economies of scale 150 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- would be realized if and as the International Real Estate ETF grows and whether fee levels in the Sub-Advisory Agreements reflect these economies of scale. The Board considered the background and experience of the Sub-Adviser's senior management and in particular the Sub-Adviser's experience in investing in REITs and real estate related securities. The Board considered that the International Real Estate ETF satisfactorily tracked its benchmark index and did not distribute any capital gains. In light of the Board's determination that the unitary fee paid to the Adviser by the International Real Estate ETF was fair and reasonable and that the Sub-Adviser's fees are paid by the Adviser, the Board did not believe it necessary to evaluate the Sub-Adviser's profitability or any additional benefits that the Sub-Adviser may receive. The Board's conclusions in approving the Sub-Advisory Agreement, including the Independent Trustees voting separately, were as follows: (a) the nature and extent of the services provided by the Sub-Adviser to the International Real Estate ETF were appropriate; (b) the performance, and more importantly, the index tracking, of the International Real Estate ETF had been satisfactory; (c) the Sub-Adviser's fees for the International Real Estate ETF and the unitary fee, considered in relation to the services provided, were fair and reasonable; (d) any additional benefits to the Sub-Adviser were not of a magnitude materially to affect the Board's conclusions; and (e) the fees paid to the Sub- Adviser adequately shared the economies of scale with the International Real Estate ETF. 151 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) -------------------------------------------------------------------------------- TRUSTEES AND OFFICERS
NUMBER OF TERM OF PORTFO- OFFICE LIOS AND IN FUND POSI- LENGTH PRINCIPAL COMPLEX OTHER TION(S) OF OCCUPATION(S) OVERSEEN DIRECTORSHIPS NAME, ADDRESS WITH TIME DURING PAST BY HELD BY AND DATE OF BIRTH FUNDS SERVED 5 YEARS TRUSTEE TRUSTEE ----------------- -------- -------- ------------- -------- ------------- INDEPENDENT TRUSTEES DAVID M. KELLY Indepen- Unlim- Retired. 65 Chicago Stock c/o SPDR Index Shares Funds dent ited Exchange State Street Financial Center Trustee Elected: (Public One Lincoln Street July Governor/ Boston, MA 02111-2900 2004 Director); 10/10/38 Penson Worldwide Inc. (Director); Custodial Trust Co. (Director); SPDR Series Trust (Trustee). FRANK NESVET Indepen- Unlim- Chief 65 SPDR Series c/o SPDR Index Shares Funds dent ited Executive Trust State Street Financial Center Trustee, Elected: Officer, (Trustee) One Lincoln Street Chairman July Libra Group, Boston, MA 02111-2900 2004 Inc. (1998- 9/24/43 present) (a financial services consulting company). HELEN F. PETERS Indepen- Unlim- Professor of 65 Federal Home c/o SPDR Index Shares Funds dent ited Finance, Loan Bank of State Street Financial Center Trustee, Elected: Carroll Boston One Lincoln Street Chair of July School of (Director); Boston, MA 02111-2900 Audit 2004 Management, BJ's 3/22/48 Commit- Boston Wholesale tee College Clubs (2003- (Director); present); SPDR Series Dean, Boston Trust College (Trustee). (August 2000- 2003). INTERESTED TRUSTEE JAMES E. ROSS* Inter- Unlim- President, 74 SPDR Series SSgA Funds Management, Inc. ested ited SSgA Funds Trust State Street Financial Center Trustee, Elected Management, (Trustee); One Lincoln Street Presi- Presi- Inc. (2005- Select Sector Boston, MA 02111 dent dent: present); SPDR Trust 6/24/65 May Principal, (Trustee); 2005, SSgA Funds State Street Elected Management, Master Funds Trustee: Inc. (2001- (Trustee); November present); and State 2005 Senior Street Managing Institutional Director, Investment State Street Trust Global (Trustee). Advisors (2006- present); Principal, State Street Global Advisors (2000-2006).
* Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. The Statement of Additional Information includes additional information about the Board of Trustees and is available without charge upon request, by calling 1-866-787-2257 (toll-free). 152 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) --------------------------------------------------------------------------------
NUMBER OF TERM OF PORTFO- OFFICE LIOS AND IN FUND POSITIO- LENGTH PRINCIPAL COMPLEX OTHER N(S) OF OCCUPATION(S) OVERSEEN DIRECTORSHIPS NAME, ADDRESS WITH TIME DURING PAST BY HELD BY AND DATE OF BIRTH FUNDS SERVED 5 YEARS TRUSTEE TRUSTEE ----------------- -------- -------- ------------- -------- ------------- OFFICERS MICHAEL P. RILEY Vice Unlim- Principal, N/A N/A SSgA Funds Management, Inc. Presi- ited State Street State Street Financial Center dent Elected: Global One Lincoln Street February Advisors Boston, MA 02111 2005 (2005- 3/22/69 present); Assistant Vice President, State Street Bank and Trust Company (2000-2004). GARY L. FRENCH Trea- Unlim- Senior Vice N/A N/A State Street Bank and Trust surer ited President, Company Elected: State Street Two Avenue de Lafayette May 2005 Bank and Boston, MA 02111 Trust Company 07/04/51 (2002- present); Managing Director, Deutsche Bank (2001-2002). MATTHEW FLAHERTY Assis- Unlim- Assistant N/A N/A State Street Bank and Trust tant ited Vice Company Trea- Elected: President, Two Avenue de Lafayette surer May 2005 State Street Boston, MA 02111 Bank and 2/19/71 Trust (1994- present).* CHAD C. HALLETT Assis- Unlim- Vice N/A N/A State Street Bank and Trust tant ited President, Company Trea- Elected: State Street Two Avenue de Lafayette surer May 2006 Bank and Boston, MA 02111 Trust Company 1/28/69 (2001- Present).*
* Served in various capacities during noted time period. 153 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2007 (UNAUDITED) --------------------------------------------------------------------------------
NUMBER OF TERM OF PORTFO- OFFICE LIOS AND IN FUND POSI- LENGTH PRINCIPAL COMPLEX OTHER TION(S) OF OCCUPATION(S) OVERSEEN DIRECTORSHIPS NAME, ADDRESS WITH TIME DURING PAST BY HELD BY AND DATE OF BIRTH FUNDS SERVED 5 YEARS TRUSTEE TRUSTEE ----------------- -------- -------- ------------- -------- ------------- MARY MORAN ZEVEN Secre- Unlim- Senior Vice N/A N/A State Street Bank and Trust tary ited President and Company Elected: Senior Two Avenue de Lafayette July Managing Boston, MA 02111 2004 Counsel, 2/27/61 State Street Bank and Trust Company (2002- present). RYAN M. LOUVAR Assis- Unlim- Vice N/A N/A State Street Bank and Trust tant ited President and Company Secre- Elected: Counsel, Two Avenue de Lafayette tary October State Street Boston, MA 02111 2006 Bank and 2/18/72 Trust Company (2005- present); Counsel, BISYS Group, Inc. (2000- 2005) (a financial services company). MARK E. TUTTLE Assis- Unlim- Vice N/A N/A State Street Bank and Trust tant ited President and Company Secre- Elected: Assistant Two Avenue de Lafayette tary August Counsel, Boston, MA 02111 2007 State Street 3/25/70 Bank and Trust Company (2007- present); Assistant Counsel, BISYS Group, Inc. (2006- 2007) (a financial; services company); Compliance Manager, BISYS Group, Inc. (2005- 2006); Sole Practitioner, Mark E. Tuttle Attorney at Law (2004- 2005); Paralegal, John Hancock Financial Services, Inc. (2000- 2004). JULIE B. PIATELLI Chief Unlim- Principal and N/A N/A SSgA Funds Management, Inc. Compli- ited Senior State Street Financial Center ance Elected: Compliance One Lincoln Street Officer August Officer, SSgA Boston, MA 02111 2007 Funds 8/5/67 Management, Inc. (2004- present); Vice President, State Street Global Advisors (2004- present); Senior Manager, Pricewater- houseCoopers, LLP (1999- 2004)
154 THE SPDR(R) FAMILY OF EXCHANGE TRADED FUNDS The following is a list of SPDR ETF's being offered, along with their respective exchange trading symbols. PLEASE CALL 1-866-787-2257 TO OBTAIN A PROSPECTUS FOR ANY SPDR ETF. THE PROSPECTUS CONTAINS MORE COMPLETE INFORMATION, INCLUDING CHARGES, EXPENSES, INVESTMENT OBJECTIVES AND RISK FACTORS THAT SHOULD BE CAREFULLY CONSIDERED TO DETERMINE IF THE FUND(S) ARE AN APPROPRIATE INVESTMENT FOR YOU. READ THE PROSPECTUS(ES) CAREFULLY BEFORE INVESTING. INVESTING INVOLVES RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. SPDR INDEX SHARES FUNDS DJ STOXX 50 ETF (FEU) DJ EURO STOXX 50 ETF (FEZ) SPDR S&P Emerging Asia Pacific ETF (GMF) SPDR S&P China ETF (GXC) SPDR S&P Emerging Markets ETF (GMM) SPDR S&P BRIC 40 ETF (BIK) SPDR S&P Emerging Europe ETF (GUR) SPDR S&P Emerging Latin America ETF (GML) SPDR S&P Emerging Middle East & Africa ETF (GAF) SPDR S&P World ex-US ETF (GWL) SPDR S&P International Small Cap ETF (GWX) SPDR DJ Wilshire International Real Estate ETF (RWX) SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII) SPDR MSCI ACWI ex-US ETF (CWI) SPDR Russell/Nomura PRIME Japan ETF (JPP) SPDR Russell/Nomura Small Cap Japan ETF (JSC) SPDR SERIES TRUST SPDR DJ Wilshire Total Market ETF (TMW) SPDR DJ Wilshire Large Cap ETF (ELR) SPDR DJ Wilshire Large Cap Growth ETF (ELG) SPDR DJ Wilshire Large Cap Value ETF (ELV) SPDR DJ Wilshire Mid Cap ETF (EMM) SPDR DJ Wilshire Mid Cap Growth ETF (EMG) SPDR DJ Wilshire Mid Cap Value ETF (EMV) SPDR DJ Wilshire Small Cap ETF (DSC) SPDR DJ Wilshire Small Cap Growth ETF (DSG) SPDR DJ Wilshire Small Cap Value ETF (DSV) SPDR DJ Global Titans ETF (DGT) DJ Wilshire REIT ETF (RWR) KBW Bank ETF (KBE) KBW Capital Markets ETF (KCE) KBW Insurance ETF (KIE) Morgan Stanley Technology ETF (MTK) SPDR S&P Dividend ETF (SDY) SPDR S&P Biotech ETF (XBI) SPDR S&P Homebuilders ETF (XHB) SPDR S&P Metals & Mining ETF (XME) SPDR S&P Oil & Gas Equipment & Services ETF (XES) SPDR S&P Oil & Gas Exploration & Production ETF (XOP) SPDR S&P Pharmaceuticals ETF (XPH) SPDR S&P Retail ETF (XRT) SPDR S&P Semiconductor ETF (XSD) KBW Regional Banking ETF (KRE) SPDR Lehman 1-3 Month T-Bill ETF (BIL) SPDR Lehman Short Term Municipal Bond ETF (SHM) SPDR Lehman Intermediate Term Treasury ETF (ITE) SPDR Lehman Long Term Treasury ETF (TLO) SPDR Barclays Capital TIPS ETF (IPE) SPDR Lehman California Municipal Bond ETF (CXA) SPDR Lehman New York Municipal Bond ETF (INY) SPDR Lehman Municipal Bond ETF (TFI) SPDR Lehman Aggregate Bond ETF (LAG) SPDR Lehman International Treasury Bond ETF (BWX) THE SELECT SECTOR SPDR TRUST The Consumer Discretionary Select Sector SPDR Fund (XLY) The Consumer Staples Select Sector SPDR Fund (XLP) The Energy Select Sector SPDR Fund (XLE) The Financial Select Sector SPDR Fund (XLF) The Health Care Select Sector SPDR Fund (XLV) The Industrial Select Sector SPDR Fund (XLI) The Materials Select Sector SPDR Fund (XLB) The Technology Select Sector SPDR Fund (XLK) The Utilities Select Sector SPDR Fund (XLU) DIAMONDS TRUST, SERIES 1 (DIA) SPDR TRUST, SERIES 1 (SPY) State Street Global Markets, LLC, member NASD, SIPC is distributor for all investment portfolios of SPDR Series Trust and SPDR Index Shares Funds. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR Trust and Diamonds Trust, both unit investment trusts; and all investment portfolios of The Select Sector SPDR Trust. SPDR INDEX SHARES FUNDS TRUSTEES David M. Kelly Frank Nesvet Helen F. Peters James E. Ross OFFICERS James E. Ross, President Michael P. Riley, Vice President Gary L. French, Treasurer Mary Moran Zeven, Secretary Ryan M. Louvar, Assistant Secretary Mark E. Tuttle, Assistant Secretary Chad C. Hallett, Assistant Treasurer Matthew W. Flaherty, Assistant Treasurer Julie B. Piatelli, Chief Compliance Officer INVESTMENT MANAGER SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 DISTRIBUTOR State Street Global Markets, LLC One Lincoln Street Boston, MA 02111 CUSTODIAN, ADMINISTRATOR AND TRANSFER AGENT State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 LEGAL COUNSEL Morgan, Lewis and Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP 125 High Street Boston, MA 02110 Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of NASD, SIPC, and the Boston Stock Exchange. The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting WWW.SPDRETFS.COM Please read the prospectus carefully before you invest. State Street Global Advisors State Street Financial Center One Lincoln Street Boston, MA 02111 The investment return and principal value of an investment in the Funds will fluctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased. ETFs trade like stocks, are subject to investment risk and will fluctuate in market value. DJ STOXX 50 ETF, DJ EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, S&P International Small Cap ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR FTSE/ Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/ Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF: In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility and price fluctuation. For all SPDR Index Shares Funds: International investments may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. In general, Fund shares can be expected to move up or down in value with the value of the applicable index. Although Fund shares may be bought and sold on the exchange through any brokerage account, Fund shares are not individually redeemable from the Fund. Investors may acquire Fund Shares and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details. The Funds are not sponsored, endorsed, sold, or promoted by Dow Jones & Company, Time Inc., FTSE International Limited, Macquarie Bank Limted, The London Stock Exchange Place, The Financial Times Limited, Morgan Stanley Capital International Inc., Russell Investment Group, Standard & Poor's and Wilshire Associates. Neither do these companies make any representation regarding the advisability of investing in the Funds. The Funds are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of NASD, SIPC, and the Boston Stock Exchange. References to State Street may include State Street Corporation and its affiliates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment advisor, custodian, transfer agent and shareholder servicing agent. Please read the prospectus carefully before you invest or send money. (C) 2007 State Street Corporation STISFAR For more complete information, please call 866.787.2257 or visit spdretfs.com today ITEM 2. CODE OF ETHICS. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics"). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 12(a)(1). ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. (a)(1) The Board of Trustees of the registrant has determined that the registrant has one Board member serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert." (2) Frank Nesvet is the registrant's audit committee financial expert. The Board also determined that Mr. Nesvet is not an "interested person(s)" of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Audit Fees. For the fiscal years ending September 30, 2007 and September 30, 2006, the aggregate audit fees billed for professional services rendered by the principal accountant were $178,200 and $38,800, respectively. The nature of the services are (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each series of the registrant; (2) auditing and reporting on the financial statements to be included in the amendment to the registrant's registration statement on Form N-1A to be filed with the Securities and Exchange Commission; (3) review of the amendment to the registration statement; and (4) issuance of a Report on Internal Control for inclusion in the registrant's Form N-SAR. (b) Audit-Related Fees. For the fiscal years ending September 30, 2007 and September 30, 2006, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. (c) Tax Fees. For the fiscal years ending September 30, 2007 and September 30, 2006, the aggregate tax fees billed for professional services rendered by the principal accountant were $123,200 and $14,800, respectively. Services included the review of the registrant's federal, state and local income, franchise and other tax returns. (d) All Other Fees. There were no other fees billed by the principal accountant for the fiscal years ending September 30, 2007 and September 30, 2006. (e)(1) Audit Committee Pre-Approval Policies and Procedures. The registrant's Audit Committee Charter states the following with respect to pre-approval procedures: Before the independent auditors are engaged by the Trust to render audit or non-audit services, either: a. The Audit Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting; or b. The engagement to render the auditing service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee's responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter. c. De Minimis Exceptions to Pre-Approval Requirements. Pre-Approval for a service provided to the Trust other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Trust constitutes not more than 5 percent of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit. d. Pre-Approval of Non-Audit Services Provided to the investment adviser and Certain Control Persons. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors' engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any non-audit services that need to be pre-approved. e. Application of De Minimis Exception: The De Minimis exception set forth above applies to pre-approvals under this Section as well, except that the "total amount of revenues" calculation is based on the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person). (e)(2) Percentage of Services. One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. (f) Not applicable. (g) For the fiscal years ending September 30, 2007 and September 30, 2006, the aggregate non-audit fees billed by PwC for services rendered to the Trust and SSgA Funds Management, Inc. (the "Adviser") and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the Trust were $7,265,000 (estimated) and $5,831,000, respectively. (h) Not applicable. ITEM 5. DISCLOSURE OF AUDIT COMMITTEES FOR LISTED COMPANIES. The registrant has an audit committee which was established by the Board of Trustees of the Trust in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the registrant's audit committee are Frank Nesvet, David Kelly and Helen Peters. ITEM 6. SCHEDULE OF INVESTMENTS. The schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the registrant. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the registrant. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable to the registrant. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board. ITEM 11. CONTROLS AND PROCEDURES. (a) Within 90 days of the filing date of this Form N-CSR, James Ross, the registrant's President and Principal Executive Officer, and Gary L. French, the registrant's Treasurer and Principal Financial Officer, reviewed the registrant's disclosure controls and procedures and evaluated their effectiveness. Based on their review, Messrs. Ross and French determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission. (b) There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 12. EXHIBITS. (a)(1) Code of Ethics referred to in Item 2. (a)(2) Separate certifications required by Rule 30a-2 under the Investment Company Act of 1940 for each principal executive officer and principal financial officer of the registrant are attached. (b) A single certification required by Rule 30a-2(b) under the Investment Company Act of 1940, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SPDR(R) Index Shares Funds By: /s/ James Ross --------------------------------- James Ross President and Principal Executive Officer Date: November 27, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ James Ross --------------------------------- James Ross President and Principal Executive Officer Date: November 27, 2007 By: /s/ Gary L. French --------------------------------- Gary L. French Treasurer and Principal Financial Officer Date: November 27, 2007