Fund Description: SPDR Portfolio Long Term Treasury ETF, formerly SPDR Barclays Long Term Treasury ETF, formerly SPDR Barclays Capital Long Term Treasury ETF, is an exchange-traded index fund or Index ETF that is a separate investment portfolio of the SPDR Series Trust, an open-end management investment company. INVESTMENT OBJECTIVE: The SPDR Portfolio Long Term Treasury ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays Long U.S. Treasury Index. INDEX DESCRIPTION: The Barclays Long U.S. Treasury Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of 10 or more years. The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and non-convertible. The Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month. As of March 31, 2011, there were approximately 36 securities in the Index and the modified adjusted duration of securities in the Index was approximately 13.95 years. FUND STRATEGY: The Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index or in securities that has been determined to have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Index. In addition, the Fund may invest in securities that are not included in the Index, futures, options, swap contracts and other derivatives, cash and cash equivalents or money market instruments, such as repurchase agreements and money market funds. The Fund may also enter into forward currency exchange contracts for hedging purposes. FUND MANAGEMENT: SSgA FM serves as the investment adviser to the Fund.