Strategy. SSGA Funds Management, Inc. ( SSGA FM ? or the Adviser), the investment adviser to the Fund, manages the Target Retirement 2045 Fund using a proprietary asset allocation strategy. The Fund is a fund of funds ? that invests in a combination of mutual funds and ETFs sponsored by the Adviser or its affiliates (the Underlying Funds). The Underlying Funds may invest in a wide variety of asset classes, including equity and fixed-income securities of issuers anywhere in the world, including emerging markets investments, and including, among others, high yield, commodity, and real estate investments. The Underlying Funds may invest in obligations of domestic U.S. issuers, non-U.S. issuers, or both. The Fund is intended for investors expecting to retire around … Show more… SSGA Funds Management, Inc. ( SSGA FM ? or the Adviser), the investment adviser to the Fund, manages the Target Retirement 2045 Fund using a proprietary asset allocation strategy. The Fund is a fund of funds ? that invests in a combination of mutual funds and ETFs sponsored by the Adviser or its affiliates (the Underlying Funds). The Underlying Funds may invest in a wide variety of asset classes, including equity and fixed-income securities of issuers anywhere in the world, including emerging markets investments, and including, among others, high yield, commodity, and real estate investments. The Underlying Funds may invest in obligations of domestic U.S. issuers, non-U.S. issuers, or both. The Fund is intended for investors expecting to retire around the year 2045 and who are likely to stop making new investments in the Fund at that time. The Fund is designed for an investor who plans to withdraw the value of the investor's account gradually following that date. The Adviser seeks to optimize the Fund's glide path ? for the wealth accumulation, wealth preservation, and income generation phases of retirement planning and includes adjustments in the critical years immediately preceding and following the retirement date. For example, a Fund with a target retirement date far into the future will typically invest a greater portion of its assets in asset classes with higher risk profiles and the potential for higher returns. As the target date for a Fund approaches, the Adviser will adjust the asset allocation and risk profile of the Fund its glide path to what is generally seen to be a more conservative approach to reduce (but not to eliminate) risk by increasing the allocation to asset classes that have historically been subject to lower levels of volatility. A fund intended for investors who have already achieved retirement age would typically invest a greater portion of its assets in bonds and cash items, with a relatively smaller allocation to equity securities. The Underlying Funds employ a wide array of investment styles. For example, the Underlying Funds can buy and sell common stocks of companies of any size, corporate bonds of varying credit quality, U.S. government and agency bonds, mortgage- and asset-backed securities, commodities, real estate and money market instruments. They may hold U.S. or non-U.S. investments. The Underlying Funds may use derivative instruments of any kind, including futures contracts, forward currency contracts, credit default swaps, interest rate swaps and commodities-related derivatives. Derivatives may be used by an Underlying Fund for hedging or risk management purposes, as a substitute for direct investment, or otherwise to seek to enhance the Underlying Fund's total return. The glide path depicted in the chart below shows how the Fund's strategic target allocations among asset classes are expected generally to place more emphasis on fixed income investments and less on equity investments as the target retirement date approaches. The glide path shows the Fund's long term strategic target allocations. The Fund's actual allocations may differ. The Adviser periodically reviews the Fund's target asset allocations and may, at any time, in its discretion, change the target asset allocations or deviate from the target asset allocations when it believes doing so is appropriate to pursue the Fund's investment objective. The glide path is presented only as an illustration of how the process of re-allocation occurs as the Fund approaches its target date. The following table shows the Fund's strategic target allocations to the Underlying Funds as of the date of this Prospectus. Underlying Funds Target Retirement 2045 Fund State Street Equity 500 Index II Portfolio 37.79 State Street Small/Mid Cap Equity Index Portfolio 9.79 State Street Global All Cap Equity ex-U.S. Index Portfolio 35.17 State Street Aggregate Bond Index Portfolio 7.25 SPDR Bloomberg 1-10 Year TIPS ETF 0.00 SPDR Bloomberg High Yield Bond ETF 0.00 SPDR Dow Jones Global Real Estate ETF 0.00 SPDR Portfolio Long Term Treasury ETF 10.00 SDPR Portfolio Intermediate Term Treasury ETF 0.00 SPDR Portfolio Short Term Treasury ETF 0.00 SPDR Portfolio Short Term Corporate Bond ETF 0.00 SDPR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF 0.00 The Fund's actual allocations are expected to differ over time. The Adviser periodically reviews the Fund's target allocations to underlying investment options and may, at any time, in its discretion, change the target allocations or deviate from the target allocations when it believes doing so is appropriate to pursue the Fund's investment objective. The Adviser may modify the selection of Underlying Funds from time to time, and may invest in other Underlying Funds, including any Underlying Funds that may be created in the future. The table is presented for illustrative purposes only. More current information regarding the Fund's allocations may be available on its website: www.ssga.com. Show less