Fund Description: SPDR Barclays 1-3 Month T-Bill ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the SPDR Series Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The SPDR Barclays 1-3 Month T-Bill ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays 1-3 Month U.S. Treasury Bill Index. INDEX DESCRIPTION: The Barclays 1-3 Month U.S. Treasury Bill Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months. The Index includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, 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. Excluded from the Index are certain special issues, such as flower bonds, targeted investor notes, state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as "TIPS," and coupon issues that have been stripped from bonds included in the Index. The Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month. As of September 30, 2009, there were approximately 13 securities in the Index. FUND STRATEGY: In seeking to track the performance of Barclays Capital 1-3 Month U.S. Treasury Bill 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 or in fixed income securities that the Adviser has determined have economic characteristics that are substantially identical to the economic characteristics of the fixed income 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. FUND MANAGEMENT: SSgA Funds Management, Inc. serves as the investment adviser to the Fund and is responsible for the investment management of the Fund. Nuveen Asset Management as sub-adviser, is responsible for the day-to-day management of the Municipal Bond ETFs' investments, subject to supervision by the Adviser and the Board.