SPDR® Bloomberg Barclays Investment Grade Floating Rate ETF

FLRN

Key Features

  • The SPDR® Bloomberg 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 Bloomberg Barclays U.S. Dollar Floating Rate Note < 5 Years Index (the "Index")
  • Seeks to provide exposure to debt instruments that pay a variable coupon rate, a majority of which are based on the 3-month LIBOR, with a fixed spread
  • Securities in the Index must have a maturity of more than one month and less than five years, and $300 million or more of outstanding face value
  • Rebalanced on the last business day of the month

Fund Information

As of 12/05/2019
Ticker Symbol FLRN
Primary Benchmark Bloomberg Barclays U.S. Dollar Floating Rate Note < 5 Years Index
CUSIP 78468R200
Options Available No
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.15%
Inception Date 11/30/2011
Investment Manager SSGA Funds Management, Inc.
Management Team Global Fixed Income, Cash and Currency
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly
Exchange NYSE ARCA EXCHANGE

Fund Documents

Fund Performance

MONTH END As of 10/31/2019 QUARTER END As of 09/30/2019
1 Month0.30%0.25%
QTD0.30%0.74%
YTD3.37%3.06%
1 Year3.03%2.83%
3 Year2.39%2.34%
5 Year1.71%1.64%
10 YearN/AN/A
Inception
1.70%1.68%
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Fund Characteristics

As of 12/04/2019
Average Coupon

Average Coupon

The [market value] weighted average coupon of the bonds in a portfolio.

2.62%
Average Maturity in Years 1.74
Average Price $99.67
Average Yield To Worst

Average Maturity

The market value-weighted average maturity of the bonds and loans in a portfolio, where maturity is defined as the stated final for bullet maturity bonds and loans.

The lowest potential yield that can be received on a bond without the issuer actually defaulting. The YTW is calculated by making worst-case scenario assumptions on the issue by calculating the return that would be received if the issuer uses provisions, including prepayments. When aggregating YTW for a portfolio level statistic, the weighted average of the YTW and market value for each security is used.

2.25%
Current Yield

Current Yield

A bond's annual return based on its annual coupon payments and current price (as opposed to its original price or face). The formula for current yield is a bond's annual coupons divided by its current price. When aggregating Current Yield for a portfolio level statistic, the weighted average of the Current Yield and market value for each security is used.

2.61%
Number of Holdings 661
Option Adjusted Duration

Option Adjusted Duration

An option-adjusted measure of a bond's (or portfolio's) sensitivity to changes in interest rates calculated as the average percentage change in a bond's value (price plus accrued interest) under shifts of the Treasury curve +/- 100 bps. Incorporates the effect of embedded options for corporate bonds and changes in prepayments for mortgage-backed securities.

0.14 years
Option Adjusted Spread 41.14
Yield To Maturity

Yield to Maturity

The market weighted average rate of return anticipated on the bonds held in a portfolio if they were to be held to their maturity date.

2.29%

Fund Market Price

As of 12/04/2019
Bid/Ask $30.72
Closing Price $30.70
Day High $30.73
Day Low $30.70
Exchange Volume (shares) 218,088
Premium/Discount

Premium/Discount to NAV

Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask – Closing NAV)  /  Closing NAV * 100)

0.01%

Yields

As of 12/03/2019
30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

2.25%
Fund Dividend Yield

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

2.82%

Fund Net Asset Value

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

As of 12/04/2019
NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$30.71
Shares Outstanding 110.70 M
Total Net Assets $3,399.94 M

Index Characteristics

As of 12/04/2019
Average Coupon 2.64%
Average Maturity in Years 1.80
Average Price $100.46
Average Yield To Worst 2.27%
Current Yield 2.63%
Number of Holdings 669
Option Adjusted Duration 0.13 years
Option Adjusted Spread 41.8
Yield To Maturity 2.30%

Fund Net Cash Amount

As of 12/04/2019
Net Cash Amount $13,094,765.73

Purchase Information

Buying and Selling ETFs

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

Ordinary brokerage commissions apply.

Performance Chart

Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
11/30/2011
Month End
NAV 10/31/2019 0.30% 0.30% 3.37% 3.03% 2.39% 1.71% N/A 1.70%
Market Value 10/31/2019 0.23% 0.23% 3.52% 3.02% 2.33% 1.69% N/A 1.70%
Return after Taxes on Distributions 10/31/2019 0.22% 0.22% 2.47% 1.83% 1.48% 1.03% N/A 1.13%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 0.18% 0.18% 1.99% 1.78% 1.43% 1.01% N/A 1.06%
Bloomberg Barclays U.S. Dollar Floating Rate Note < 5 Years Index 10/31/2019 0.32% 0.32% 3.54% 3.28% 2.60% 1.90% 1.64% 1.92%
Quarter End
NAV 09/30/2019 0.25% 0.74% 3.06% 2.83% 2.34% 1.64% N/A 1.68%
Market Value 09/30/2019 0.33% 0.81% 3.28% 2.77% 2.23% 1.65% N/A 1.69%
Return after Taxes on Distributions 09/30/2019 0.16% 0.45% 2.25% 1.63% 1.44% 0.97% N/A 1.12%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 0.15% 0.44% 1.81% 1.66% 1.39% 0.96% N/A 1.05%
Bloomberg Barclays U.S. Dollar Floating Rate Note < 5 Years Index 09/30/2019 0.27% 0.78% 3.21% 3.08% 2.55% 1.83% 1.64% 1.90%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
11/30/2011
Month End
NAV 10/31/2019 0.30% 0.30% 3.37% 3.03% 2.39% 1.71% N/A 1.70%
Market Value 10/31/2019 0.23% 0.23% 3.52% 3.02% 2.33% 1.69% N/A 1.70%
Return after Taxes on Distributions 10/31/2019 0.22% 0.22% 2.47% 1.83% 1.48% 1.03% N/A 1.13%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 0.18% 0.18% 1.99% 1.78% 1.43% 1.01% N/A 1.06%
Bloomberg Barclays U.S. Dollar Floating Rate Note < 5 Years Index 10/31/2019 0.32% 0.32% 3.54% 3.28% 2.60% 1.90% 1.64% 1.92%
Quarter End
NAV 09/30/2019 0.25% 0.74% 3.06% 2.83% 2.34% 1.64% N/A 1.68%
Market Value 09/30/2019 0.33% 0.81% 3.28% 2.77% 2.23% 1.65% N/A 1.69%
Return after Taxes on Distributions 09/30/2019 0.16% 0.45% 2.25% 1.63% 1.44% 0.97% N/A 1.12%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 0.15% 0.44% 1.81% 1.66% 1.39% 0.96% N/A 1.05%
Bloomberg Barclays U.S. Dollar Floating Rate Note < 5 Years Index 09/30/2019 0.27% 0.78% 3.21% 3.08% 2.55% 1.83% 1.64% 1.90%
Swipe to view all columns
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.15%

Performance Graphs

Month End as of 10/31/2019

Fund Inception Date: 11/30/2011

Index Inception Date: 10/01/2003

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Quarter End as of 09/30/2019

Fund Inception Date: 11/30/2011

Index Inception Date: 10/01/2003

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Fund Top Holdings

Subject to change.

As of 12/04/2019
Name Weight Market Value ISIN
STATE ST INST US GOV MM-G 0 00/00/0000 0.83 % 28,198,417.94 US8574924663
MORGAN STANLEY 3.146 01/20/2022 0.76 % 25,670,301.30 US61746BEE20
MORGAN STANLEY 3.336 10/24/2023 0.65 % 21,960,014.20 US61746BEC63
GOLDMAN SACHS GROUP INC 2.66 02/23/2023 0.57 % 19,455,123.04 US38141GWU48
ASIAN DEVELOPMENT BANK 2.129 12/15/2021 0.57 % 19,253,689.50 US045167CU55
WELLS FARGO & COMPANY 3.157 10/31/2023 0.55 % 18,682,998.93 US949746SJ14
INTER-AMERICAN DEVEL BK 2.001 01/15/2022 0.55 % 18,646,084.79 US45818WBA36
BANK OF AMERICA CORP 2.936 04/24/2023 0.55 % 18,537,400.15 US06051GGJ22
NEDER WATERSCHAPSBANK 1.94 02/24/2020 0.54 % 18,320,342.86 US63983TBJ34
JPMORGAN CHASE & CO 2.652 03/09/2021 0.54 % 18,217,791.24 US46647PAC05

Index Top Holdings

As of 12/04/2019
Name Weight isin
AT&T INC 3.3116 06/12/2024 0.81 % US00206RGD89
INTER-AMERICAN DEVEL BK 2.0009 01/15/2022 0.65 % US45818WBA36
MORGAN STANLEY 3.1459 01/20/2022 0.64 % US61746BEE20
GOLDMAN SACHS GROUP INC 2.6595 02/23/2023 0.56 % US38141GWU48
MORGAN STANLEY 3.336 10/24/2023 0.54 % US61746BEC63
ASIAN DEVELOPMENT BANK 2.1285 12/15/2021 0.51 % US045167CU55
INTL BK RECON & DEVELOP 2.1806 02/11/2021 0.48 % US45905UUZ55
INTER-AMERICAN DEVEL BK 2.2009 07/15/2021 0.44 % US45818WBM73
ASIAN DEVELOPMENT BANK 2.3085 06/16/2021 0.43 % US045167DP51
CITIGROUP INC 3.3369 09/01/2023 0.43 % US172967KX80

Fund Sector Allocation

As of 12/04/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/04/2019</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>54.431466</rawValue><value>54.43%</value><label>Corporate - Finance</label><order>1</order></attribute><attribute><rawValue>28.883194</rawValue><value>28.88%</value><label>Corporate - Industrial</label><order>2</order></attribute><attribute><rawValue>7.099639</rawValue><value>7.10%</value><label>Non Corporates - Supranationals</label><order>3</order></attribute><attribute><rawValue>6.470463</rawValue><value>6.47%</value><label>Non Corporates - Foreign Agency</label><order>4</order></attribute><attribute><rawValue>1.526823</rawValue><value>1.53%</value><label>Corporate - Utility</label><order>5</order></attribute><attribute><rawValue>0.803939</rawValue><value>0.80%</value><label>Non Corporates - Foreign Local Govt</label><order>6</order></attribute><attribute><rawValue>0.784475</rawValue><value>0.78%</value><label>Cash</label><order>7</order></attribute><attribute><rawValue>1.0E-6</rawValue><value>0.00%</value><label>Other</label><order>8</order></attribute></attributes></component>

Index Sector Allocation

As of 12/04/2019
<?xml version="1.0" encoding="UTF-8"?><component><asOfDate>12/04/2019</asOfDate><code>BMARK_SECTOR_ALLOCTAION</code><attributes><attribute><rawValue>54.935415</rawValue><value>54.94%</value><label>Corporate - Finance</label><order>1</order></attribute><attribute><rawValue>28.935321</rawValue><value>28.94%</value><label>Corporate - Industrial</label><order>2</order></attribute><attribute><rawValue>7.132747</rawValue><value>7.13%</value><label>Non Corporates - Supranationals</label><order>3</order></attribute><attribute><rawValue>6.559461</rawValue><value>6.56%</value><label>Non Corporates - Foreign Agency</label><order>4</order></attribute><attribute><rawValue>1.618799</rawValue><value>1.62%</value><label>Corporate - Utility</label><order>5</order></attribute><attribute><rawValue>0.818258</rawValue><value>0.82%</value><label>Non Corporates - Foreign Local Govt</label><order>6</order></attribute></attributes></component>

Fund Quality Breakdown

Quality Breakdown

Bloomberg Barclay's uses an evenly weighted blend of a security's Moody's, S&P, and Fitch rating rounded down to the lower rating in the case of the composite being between two ratings. In the case where a security has no rating, an issuer rating may be used to determine index classification. Bloomberg Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 12/04/2019
Aaa 12.47%
Aa 20.58%
A 48.41%
Baa 18.45%
Not Rated 0.09%

Index Quality Breakdown

Quality Breakdown

Bloomberg Barclay's uses an evenly weighted blend of a security's Moody's, S&P, and Fitch rating rounded down to the lower rating in the case of the composite being between two ratings. In the case where a security has no rating, an issuer rating may be used to determine index classification. Bloomberg Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 12/04/2019
Aaa 11.69%
Aa 20.73%
A 48.78%
Baa 18.80%

Fund Maturity Ladder

As of 12/04/2019
0 - 1 Year 27.86%
1 - 2 Years 34.25%
2 - 3 Years 22.14%
3 - 5 Years 15.75%

Index Maturity Ladder

As of 12/04/2019
0 - 1 Year 26.20%
1 - 2 Years 36.19%
2 - 3 Years 20.52%
3 - 5 Years 17.10%

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Unless otherwise noted all information contained herein is that of the SPDR Bloomberg Barclays Investment Grade Floating Rate ETF.

BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, and BARCLAYS®, a trademark and service mark of Barclays Bank Plc, have each been licensed for use in connection with the listing and trading of the SPDR Bloomberg Barclays ETFs.

Global Fixed Income, Cash and Currency

Portfolio Manager Kyle Patrick Kelly Vice President Show BioHide Bio

Kyle is a Vice President of SSGA and a Portfolio Manager in the Fixed Income Beta Solutions group where he manages high yield and investment grade credit ETFs and separate accounts. Prior to joining the portfolio management team, he worked as an Investment Risk Management Analyst focused on SSGA's fixed income and multi-asset-class products.

Kyle graduated from Boston College with a BA in Communication and Economics. He earned the Chartered Financial Analyst designation and the Financial Risk Manager designation. He is a member of the CFA Institute, the Boston Securities Analyst Society, and the Global Association of Risk Professionals.

Portfolio Manager Christopher DiStefano Vice President Show BioHide Bio

Chris is a Portfolio Manager and Vice President within SSGA's Fixed Income, Cash and Currency Investment team. He is responsible for managing several funds and ETFs within the Convertible Bond, Investment Grade Credit, and Smart Beta sectors and strategies.

Prior to his current role, Chris was a member of the Global Graduate Rotational Program at SSGA, a two year cross-functional program engineered to provide candidates with a diverse skill set and a broad perspective. Before joining SSGA, Chris worked as an engineer within the real estate development and transportation industries.

Chris holds an MBA from Boston College, and an MS and BS in Civil Engineering from the University of Illinois and Union College respectively.

Portfolio Manager Frank Robert Miethe Vice President Show BioHide Bio

Frank Miethe, CFA Frank is a Vice President of State Street Global Advisors and a Portfolio Manager on the Fixed Income Beta Solutions Team. Frank joined SSGA in 2010 and has been part of the Portfolio Management team since 2013. He is currently responsible for managing several funds and ETFs within the Investment Grade Credit sector. Prior to his role at SSGA, Frank worked at State Street Corporation as a Fund Accountant and a Client Operations Associate.

Frank received his Bachelor's Degree from Western New England University and an MBA from Suffolk University. He has earned the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute and Boston Security Analysts Society.

Junior Portfolio Manager April Borawski Officer Show BioHide Bio

April currently works as a Junior Portfolio Manager on SSGA's Cash Management Team where she focuses on Rates portfolios. Previously, April worked as a Fixed Income Portfolio Specialist where she served as a subject matter expert by providing clients, prospects and consultants with time sensitive information about the investment philosophy, process, and performance of specific Global Fixed Income products.

Prior to her time at SSGA, April was a member of State Street's Professional Development Program, focusing on Data and Analytics.

April studied International Business, Finance, Marketing and Spanish at Northeastern University, graduating summa cum laude.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

Bloomberg Barclays U.S. Dollar Floating Rate Note < 5 Years Index

The Bloomberg Barclays U.S. Dollar Floating Rate Note < 5 Years 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. Excluded from the Index are fixed rate bullet bonds, fixed-rate puttable and fixed-rate callable bonds, fixed rate and fixed to floating capital securities, bonds with equity-linked features (e.g. warrants and convertibles), inflation linked bonds and securitized bonds. The Index is market capitalization weighted and the securities in the Index are updated on the last calendar day of each month.

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund.

Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Securities with floating or variable interest rates may decline in value if their coupon rates do not keep pace with comparable market interest rates. Narrowly focused investments typically exhibit higher volatility and are subject to greater geographic or asset class risk. The Fund is subject to credit risk, which refers to the possibility that the debt issuers will not be able to make principal and interest payments.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise, bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.

Passively managed funds hold a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.

While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Glossary

Premium Discount to NAV

As of 12/04/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Bloomberg Barclays Investment Grade Floating Rate ETF FLRN $30.71 $30.70 $30.72 0.01%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

This analysis or any portion thereof may not be revised or changed in any way, reprinted, sold or redistributed without the written consent of SSGA.

This cash flow table and the data contained herein (together, "Content") is provided for informational purposes only, on an "as is" basis. No source of Content, or any of its affiliates (each a "Source"), makes any warranty, express or implied, that the Content is accurate, complete or error-free, and it should not be relied upon as such. No Source guarantees the timeliness, reliability, performance, continued availability, or currency of the Content or any results obtained therefrom. No Source shall be liable for any damages, including without limitation, any special, punitive, indirect, incidental or consequential damages, or any lost profits, arising from the use of or reliance on the Content, even if advised of the possibility of such damages. Nothing in the Content shall constitute or be construed as an offering of financial instruments by any Source, or as investment advice or recommendations by such entities of an investment strategy or whether or not to "buy", "sell" or "hold" an investment.

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