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What is a sector-based index?

An index, such as the Dow Jones U.S. Internet Index, is designed to track U.S. companies primarily involved with the Internet. Thus, indexes like the Dow Jones U.S. Internet Index are termed Sector-based. These indexes represent companies from one sector of the economy.

Index Shares that Represent a Sector Index
Index Shares are now available on a number of sector indexes each designed to provide a single value for the aggregate performance of a number of companies representing a group of related industries or an industry sector. Through Index Shares, you can buy or sell all of the stocks of an industry sector index in a single transaction. Holding Company Depositary Receipts (HOLDRS) are Structured Products that are generally more focused in a particular industry and contain fewer companies (twenty to thirty) than Select Sector and IShares. The following list gives the currently available sector based products.

Select Sector SPDR® Funds

iShares Sector Funds

HOLDRS

streetTRACKS Sector Funds


For More Information on iShares or streetTRACKS, click on the appropriate Hyperlink Below.

www.iShares.com
www.streetTRACKS.com

Select Sector SPDR Fund shareholders are subject to risks similar to those of holders of other industry-sector stock portfolios. One primary consideration is that the general level of stock prices may decline, and thus the value of the Select Sector SPDRs may decline. A Select Sector SPDR Fund also may be adversely affected by the performance of the specific industry or group of industries upon which it is based. You can expect that shares in a Select Sector SPDR Fund will move up or down in value with the value of its underlying Select Sector Index. In addition, the overall depth and liquidity of the secondary market in these shares may fluctuate.

Although Select Sector SPDR Funds are designed to provide investment results that generally correspond to the price and yield performance of their related Select Sector Indexes, the Trust may not be able to exactly replicate the performance of the Indexes because of Trust expenses and other factors.

Over time, the stock holdings of each Select Sector SPDR Fund may be rebalanced to reflect changes in the composition of its related index. A Select Sector SPDR Fund would incur transaction costs and other expenses as a result of rebalancing. Furthermore, a Select Sector SPDR Fund would realize capital gains or losses from the sale of securities in a rebalancing. Net capital gains, if any, are distributed to shareholders as capital gains distributions at least annually.

From a tax standpoint, you should be aware that the Trust is structured as a regulated investment company, and that Trust dividend distributions may not be characterized entirely as ordinary income. You should consult your tax adviser in this regard.

"Standard & Poor's ," "S&P ," "S&P 500 ," "Standard & Poor's 500,""500," "Standard & Poor's Depositary Receipts ," "SPDRs ," "Select Sector SPDR", "Select Sector SPDRs" and "Select Sector Standard and Poor's Depositary Receipts," are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use in connection with the listing and trading of Select Sector SPDRs on the American Stock Exchange. These products are not sponsored, endorsed, sold or promoted by S&P, a division of The McGraw-Hill Companies, Inc., and S&P makes no representation regarding the advisability of investing in them. The stocks included in each Select Sector Index (upon which the Select Sector SPDRs are based) were selected by the index compilation agent in consultation with S&P from the universe of companies represented by the S&P 500 Index. The composition and weighting of stocks included in each Select Sector Index can be expected to differ from the composition and weighting of stocks included in any similar S&P 500 sector index that is published and disseminated by S& P.

iShares are distributed by SEI Investments Distribution Co. Barclays Global Fund Advisors serves as an adviser to iShares and is a subsidiary of Barclays Global Investors, neither of which are affiliated with SEI. For more complete information, including charges and expenses, request a prospectus by calling 1-800-iSHARES (1-800-474-2737). Read it carefully before you invest. iShares are available to U.S.investors only. Some iShares may not yet be available, please consult your financial advisor. In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility. 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. iShares are not sponsored, endorsed, sold or promoted by Dow Jones & Company, Inc., Frank Russell Company, Morgan Stanley Capital International or Standard & Poor's. Nor do these companies make any representation regarding the advisability of investing in iShares. iShares is a servicemark of Barclays Global Investors. TSE is a registered trademark of The Toronto Stock Exchange. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. iShares are Not FDIC Insured. Have No Bank Guarantee. May Lose Value.

iShares are distributed by SEI Investments Distribution Co. Barclays Global Fund Advisors serves as an adviser to iShares and is a subsidiary of Barclays Global Investors, neither of which are affiliated with SEI. For more complete information, including charges and expenses, request a prospectus by calling 1-800-iSHARES (1-800-474-2737). Read it carefully before you invest. iShares are available to U.S.investors only. Some iShares may not yet be available, please consult your financial advisor. In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility. 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. iShares are not sponsored, endorsed, sold or promoted by Dow Jones & Company, Inc., Frank Russell Company, Morgan Stanley Capital International or Standard & Poor's. Nor do these companies make any representation regarding the advisability of investing in iShares. iShares is a servicemark of Barclays Global Investors. TSE is a registered trademark of The Toronto Stock Exchange. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. iShares are Not FDIC Insured. Have No Bank Guarantee. May Lose Value.

Shares of the streetTRACKS 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. The streetTRACKS funds pay State Street Bank and Trust Company for its services as investment advisor, custodian, transfer agent and shareholder servicing agent.

The investment return and principal value of an investment in the streetTRACKS 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. In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility. 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. Although streetTRACKS may be bought and sold on the exchange through any brokerage account, streetTRACKS are not individually redeemable from the Fund. Investors may acquire streetTRACKS and tender them for redemption through the Fund in Creation Unit Aggregations only.

streetTRACKS are not sponsored, endorsed, sold, or promoted by Dow Jones & Company and Morgan Stanley Dean Witter. Neither do these companies make any representation regarding the advisability of investing in streetTRACKS.

Shares of the FORTUNE 500 Index Fund and FORTUNE e-50TM Index Fund( The "funds") are not insured by the FDIC or by any other 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. The Funds pays State Street Bank and Trust Company for its services as investment advisor, custodian, transfer agent and shareholder servicing agent.

Investment in the Funds poses investment risks and principal value will fluctuate in value, so that when shares are redeemed or sold they may beworth more or less than when they were purchased, including possible loss of principal.

The FORTUNE e-50TM Index Fund ( the "Fund") is a non-diversified fund. Such funds typically exhibit higher volatility. Moreover, the products of the companies in which the Fund invests are subject to intense competitive pressure and rapid obsolescences.

To obtain a prospectuses, please contact the fund distributor, State Street Capital Markets, LLC at 1-866-S-TRACKS. State Street Capital Markets, LLC is a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. State Street Capital Markets, LLC is a member of NASD, SIPC and The Boston Stock Exchange. Before you invest or send money, please read the prospectuses carefully. Please see the prospectus for more details.

Although exchange traded funds may be bought or sold on the exchange through any brokerage account, exchange traded funds are not individually redeemable from the Funds. Investors may acquire exchange traded funds and tender them for redemption through the Funds in Creation Unit Aggregations only.

FORTUNE 500 and FORTUNE e-50TM are trademarks of Time Inc. Used under license. The FORTUNE 500 Index and FORTUNE e-50 ( "The Indexes") are licensed for use by State Street Global Advisors and The American Stock Exchange in connection with the FORTUNE 500 Index Tracking Stock, and FORTUNE e-50 Tracking Stock, and the FORTUNE 500 Index Tracking Stock , and the FORTUNE 500 Index Tracking Stock Fund and the FORTUNE e-50 Index Tracking Stock Fund (the "Funds"). Neither the Funds nor the FORTUNE 500 Index or the FORTUNE e-50 Index Tracking Stock Fund have been passed on by FORTUNE, a division of Time Inc. ("FORTUNE"), for suitability for a particular use. Neither the Funds nor the FORTUNE 500 Index Tracking Stock or the FORTUNE e-50 Index Tracking Stock are sponsored, endorsed, sold or promoted by FORTUNE. FORTUNE makes no representation or warranty regarding the advisability of investing in the Funds, the FORTUNE 500 Index Tracking Stock or the FORTUNE e-50 Index Tracking Stock. FORTUNE makes no representation or warranty and bears no liability with respect to the Funds, the FORTUNE 500 Index Tracking Stock, the FORTUNE e-50 Index Tracking Stock or the use of the Indexes. FORTUNE makes no guarantee or representation or warranty as to the accuracy and/or completeness of the Indexes or the data included therein or the results to be obtained from the use thereof. The Indexes are determined and calculated by FORTUNE without regard to State Street, The American Stock Exchange, the Funds, the FORTUNE 500 Index Tracking Stock or the FORTUNE e-50 Index Tracking Stock.

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