Giant magnetoresistance ( GMR ) effects in magnetic multilayers with spin-valve structures are under intensive investigation. The GMR effects in spin-valve structures originate from the change in the orientation of magnetization in the successive ferromagnetic layers. Of the various types of spin-valve multilayered structures reported, spin-valve sandwiches, in which one of the two ferromagnetic layers separated by a nonferromagnetic metal layer is constrained through exchange coupling to an adjacent antiferromagnetic layer, are most promising for applications in read heads for high density magnetic recording. This is due to their large MR and high sensitivity in low magnetic fields. Study of the correlation between magnetic/magnetotransport properties and the microstructure of spin-valve sandwiches is crucial for a better understanding of the mechanism of the spin-valve effects and for future MR heads design. Here, we present the results of transmission electron microscopy (TEM) studies of the microstructure of a Ni81Fe19(47Å)\Cu(18Å)\Ni81Fe19(53Å)\FeMn(186Å) spin-valve sandwich.