FUND DESCRIPTION: SPDR Barclays International Corporate Bond 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: SPDR Barclays International Corporate Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays Global Aggregate ex-USD > $1B: Corporate Bond Index. INDEX DESCRIPTION: The Barclays Global Aggregate ex-USD > $1B: Corporate Bond Index is designed to be a broad based measure of the global investment-grade, fixed rate, fixed income corporate markets outside the United States. The Index is part of the Barclays Global ex-USD Aggregate Bond Index. The securities in the Index must have a minimum of 1 billion EUR, GBP market capitalization outstanding and at least 1 year remaining. Securities must be fixed rate, although zero coupon bonds and step-ups are permitted. Additionally, securities must be rated investment grade (Baa(3)/BBB-/BBB- or better). The Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month. As of April 30, 2010, there were approximately 537 securities in the Index and the following countries were represented in the Index: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. FUND STRATEGY: 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 seeking to track the performance of the Index, 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 including 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 FM serves as the investment adviser to the Fun and has retained SSgA LTD, as sub-adviser, to be responsible for the day to day management of the Fund's investments, subject to supervision by the Adviser and the Board of Trustees.
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