Fund Description: SPDR Portfolio S&P 500 Value ETF, formerly SPDR S&P 500 Value ETF, formerly the SPDR Dow Jones Large Cap Value ETF (Ticker ELV), formerly the streetTRACKS DJ Wilshire Large Cap Value ETF, is an exchange-traded index fund that is a separate portfolio of the SPDR Series Trust, an open-end management investment company. INVESTMENT OBJECTIVE: The SPDR Portfolio S&P 500 Value ETF seeks to closely match the returns and characteristics. before fees and expenses, of the S&P 500 Value Index. INDEX DESCRIPTION: The S&P 500 Value Index measures the performance of the large-capitalization value sector in the U.S. equity market. The Index consists of those stocks in the S&P 500 Index exhibiting the strongest value characteristics based on: (i) book value to price ratio; (ii) earnings to price ratio; and (iii) sales to price ratio. The selection universe for the S&P 500 Index includes all U.S. common equities listed on the NYSE, NASDAQ Global Select Market, NASDAQ Select Market and NASDAQ Capital Market with market capitalizations of $3.5 billion or more. To be included in the Index, a security should (i) have an annual dollar value traded to float adjusted market capitalization ratio of 1 or greater; (ii) trade a minimum of 250,000 shares for six consecutive months; (iii) have a public float of at least 50%; and (iv) have four consecutive quarters of positive as-reported earnings. The Index is market capitalization weighted and rebalanced annually on the third Friday of December. As of September 30, 2010, the Index was comprised of 349 stocks. FUND STRATEGY: In seeking to track the performance of the Index the Fund employs a replication strategy, which means that the Fund typically invests in substantially all of the securities represented in the Index in approximately the same proportions as the Index. Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the Index. In addition, the Fund may invest in equity 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. FUND MANAGEMENT: SSgA Funds Management, Inc. serves as the investment adviser to the Fund and, subject to the supervision of the Board, is responsible for the investment management of the Fund and it's assets.