Conservative Strategic Balanced Strategy

The Strategy seeks an investment return that approximates as closely as practicable, before expenses, the performance of its custom benchmark index (the "Index") over the long term.

BENCHMARK: Composite: 60% Bloomberg Barclays U.S. Aggregate Bond Index, 12% S&P 500^® Index, 8% Real Asset Custom Blended Index, 7% MSCI ACWI ex USA IMI Index, 5% Bloomberg Barclays U.S. High Yield Very Liquid Index, 5% Bloomberg Barclays U.S. 1-3 Year Government /Credit Bond Index, 3% Russell Small Cap Completeness^® Index

The Strategy seeks to offer diversification across asset classes and market capitalization ranges by investing approximately 70% of the Strategy's assets in U.S. bonds, 15% in U.S. stocks, 7% in global stocks, and 8% in real assets.  The Strategy also employs a disciplined rebalancing policy to ensure it remains aligned with its risk profile.

SSGA allocates the Strategy's assets among the asset classes represented in the Strategy's Index, rebalancing the Strategy's exposures monthly.

SSGA may implement the Strategy's asset allocations through investments in investment pools (which may, but will not necessarily, be registered under the U.S. Investment Company Act of 1940, as amended) managed or sponsored by SSGA or an affiliate.  Because of the unit issuance processes employed by the various underlying investment pools, allocations by the Strategy to certain pools on a given trading day may be invested in such pools at the next trading day’s net asset value per unit.  This will result in the portion of the Strategy’s assets being invested in such investment pools being held in cash for the trading day and may result in increased tracking error.  This could adversely impact the return to any investor.

The Strategy, or any of the investment pools in which it invests, may hold a portion of its assets in cash and cash instruments, including short-term investment vehicles managed by SSGA or an affiliate.  SSGA will not normally enter into foreign currency exchange transactions for the Strategy.

The Strategy's return may not match the return of its Index.

Note:

Source: Bloomberg Barclays Indices. ©2020 Bloomberg Finance L.P. and its affiliates. Used with permission.  The MSCI ACWI ex USA IMI Index is a trademark of MSCI Inc.  The S&P 500® Index is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by SSGA. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). SSGA's investment products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index.  Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell Small Cap Completeness® Index is a trademark of Frank Russell Company.

There are risks involved with investing, including possible loss of principal. You should refer to the Strategy's Disclosure Document (SDD) for a complete description of the risks of investing in the Strategy. Please contact SSGA's relationship management team for a copy of the SDD.