Fund Description: The SPDR SSGA Income 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 Income Allocation ETF seeks to provide total return by focusing on investments in income and yield-generating assets. INDEX DESCRIPTION: The primary benchmark is the MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The secondary benchmark is the SSgA Income Allocation Composite Index 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 Income 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 exposure to four primary asset classes: (i) domestic and international equity securities; (ii) domestic and international investment grade and high yield debt securities; (iii) hybrid equity/debt securities (such as preferred stock and convertible securities); and (iv) real estate investment trusts (REITs). The Portfolio’s allocation among those asset classes will be in proportions consistent with the Adviser’s evaluation of the expected returns and risks of each asset class as well as the allocation that, in the Adviser’s view, will best meet the Portfolio’s investment objective. 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 will consist of a diversified mix of domestic risks of each asset class as well as the allocation that, in the Adviser’s view, will best meet the Portfolio’s investment objective. 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 will consist of a diversified mix of domestic and international equity securities, investment grade and high yield government and corporate bonds, hybrid securities such as preferred stock and convertible securities, inflation protected securities, Build America Bonds, and REITs. FUND MANAGEMENT: SSgA FM serves as the investment adviser to the Fund and the Portfolio.