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PROSPECTUS SUPPLEMENT DATED
JANUARY 22, 1996
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This Prospectus Supplement dated January 22, 1996 modifies the prospectus for
the MidCap SPDR Trust Series 1 (the "Trust") dated April 27, 1995 (the "Base
Prospectus") and the prospectus supplement dated June 16, 1995 attached
thereto, both of which are attached hereto.
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The Mandatory Termination Date for the Trust currently listed on page 2 of
the Base Prospectus as April 27, 2020 has been extended. The new Mandatory
Termination date is the earlier of (1) April 27, 2120 or (2) the date 20 years
after the death of the last survivor of eleven persons named in the Trust
Agreement, the oldest of whom was born in 1990 and the youngest of whom was
born in 1993.
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The Sponsor has determined to eliminate the waiver of the Transaction Fee
charged in connection with the creation of fifteen (15) or more Creation Units,
as more fully described on pages 5-6 and 28 of the Base Prospectus. Therefore,
effective January 22, 1996 until further notice, the Transaction Fee payable
for a creation through the MidCap SPDR Clearing Process of two (2) or more
Creation Units per Participating Party per day will be $3,000.
