Fund Description: The SPDR SSGA Global Allocation ETF is an exchange-traded index fund or Index ETF which is a separate portfolio of the SSgA Active ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The SPDR SSgA Global Allocation ETF seeks to provide capital appreciation. INDEX DESCRIPTION: The primary benchmark is the MSCI ACWI IMI Index, a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets. The Index covers approximately 98% of the global equity investment opportunity set. The secondary benchmark is the SSgA Global Allocation Composite Index which consists of several different indexes, and is designed to provide exposure to a variety of asset classes. FUND STRATEGY: Under normal circumstances, the Fund invests substantially all of its assets in the SSgA Global Allocation Portfolio (the Portfolio), a separate series of the SSgA Master Trust with an identical investment objective as the Fund. As a result, the Fund invests indirectly through the Portfolio. SSgA Funds Management, Inc. (the Adviser) invests the assets of the Portfolio among exchange traded products (ETPs) that provide balanced exposure to domestic and international debt and equity securities. The Portfolio typically allocates approximately 60% of its assets to equity securities, though this percentage can vary based on the Adviser’s tactical decisions. The allocations to each asset class will change over time as the Adviser’s expectations of each asset class shift. The Portfolio’s indirect holdings by virtue of investing in ETPs representing these asset classes consist of a diversified mix of domestic and international, including emerging market, equity securities across all market capitalizations, investment grade and high yield government and corporate bonds, inflation protected securities, mortgage pass through securities, commercial mortgage backed securities, asset backed securities, commodities and real estate investment trusts (REITs). The Portfolio, through its investments in ETPs, will generally invest at least 30% of its assets in securities of issuers economically tied to countries other than the United States and will generally hold securities of issuers economically tied to at least three countries, including the United States. In determining if a security is economically tied to a non-U.S. country, the Portfolio generally looks to the country of incorporation of the issuer as listed on Bloomberg, a widely recognized provider of market information. However, the Adviser may determine a security is economically tied to a non-U.S. country based on other factors, such as an issuer’s country of domicile, where more than 50% of an issuer’s revenues are generated or where an issuer’s primary exchange is located. As a result, a security may be economically tied to more than one country. ETPs include exchange traded funds registered under the Investment Company Act of 1940, as amended, that seek to track the performance of a market index (Underlying ETFs); exchange traded commodity trusts; and exchange traded notes. The Portfolio may invest in ETPs that are qualified publicly traded partnerships (QPTPs). In addition, the Portfolio may invest in certain ETPs that pay fees to the Adviser and its affiliates for management, marketing or other services. FUND MANAGEMENT: SSgA FM serves as the investment adviser to the Fund and the Portfolio.