Fund Description: SPDR Barclays Investment Grade Floating Rate 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 Barclays Investment Grade Floating Rate ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays U.S. Dollar Floating Rate Note < 5 Years Index. INDEX DESCRIPTION: The Barclays U.S. Dollar Floating Rate Note < 5 Years Index is designed to measure the performance of U.S. dollar-denominated, investment grade floating rate notes. Securities in the Index must have a remaining maturity of greater than or equal to one month and less than five years, and have $300 million or more of outstanding face value. In addition, securities in the Index must be rated investment grade (Baa3, BBB- or BBB- by Moody’s Investors Service, Standard & Poor’s or Fitch Inc., respectively). The Index consists of debt instruments that pay a variable coupon rate, a majority of which are based on the 3-month LIBOR, with a fixed spread. The Index may include U.S. registered, dollar denominated bonds of non-U.S. corporations, governments and supranational entities. The Index is market capitalization weighted and the securities in the Index are updated on the last calendar day of each month. As of October 31, 2011, there were approximately 319 securities in the Index, the modified adjusted duration of securities in the Index was approximately 0.13 years and the average credit quality of the securities in the Index was AA2/AA3. 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.