State Street Active Multi-Asset Income ETF Portfolio

Two models that seek to provide total return primarily using income and yield-generating ETFs.

Active Multi-Asset Income Strategic Multi-Asset Income

Key Facts

Seeks to provide total return primarily using income and yield-generating ETFs in varied asset classes; including domestic and international equity, domestic and international investment-grade and high yield debt, hybrid securities, senior loans, and real estate investment trusts
Employs a tactical asset allocation approach that combines quantitative and qualitative analysis
Typically rebalanced monthly, but rebalancing may occur more or less frequently depending on market conditions

Objective

Seeks to provide total return by investing in income and yield-generating assets. Asset allocation decisions are based on a proprietary model, which incorporates macroeconomic, financial, and market data to arrive at a projected return forecast for each asset class. These projections are used to determine the weightings of each asset class to construct a portfolio that seeks to maximize total return.

Inception Date

April 9, 2024

Rebalance Frequency

12-15 times per year

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Holdings

Portfolio Allocations as of Dec 31 2025

Ticker/Fund Name	Allocation (%)
Equity	34.3
SPYD State Street® SPDR® Portfolio S&P 500® High Dividend ETF	11.3
SCHD Schwab U.S. Dividend Equity ETF™	11.3
GII SPDR® S&P® Global Infrastructure ETF	8.8
DWX SPDR® S&P® International Dividend ETF	2.9
Fixed Income	41.2
SPTL State Street® SPDR® Portfolio Long Term Treasury ETF	12.7
EMHC State Street® SPDR® Bloomberg Emerging Markets USD Bond ETF	8.8
JNK State Street® SPDR® Bloomberg High Yield Bond ETF	7.8
SRLN State Street® Blackstone Senior Loan ETF	5.9
EBND SPDR® Bloomberg Emerging Markets Local Bond ETF	4.9
SPLB State Street® SPDR® Portfolio Long Term Corporate Bond ETF	1.0
Real Assets	2.9
RWR State Street® SPDR® Dow Jones® REIT ETF	2.9
Hybrid	9.8
PSK State Street® SPDR® ICE Preferred Securities ETF	5.9
CWB State Street® SPDR® Bloomberg Convertible Securities ETF	3.9
Alternatives	9.8
SPIN State Street® US Equity Premium Income ETF	9.8
Cash	2.0
Weighted Average Expense Ratio	0.25

Source: State Street Investment Management. The allocations in the charts above reflect portfolio weights for equity, fixed income, real assets, alternatives and cash asset classes across the spectrum of risk-based model portfolios. Allocations are as of the date indicated, are subject to change, and should not be relied upon as current thereafter. Equity asset classes include, but are not limited to, domestic equity and international equity. Fixed income asset classes include, but are not limited to, investment grade bonds, high yield bonds, convertible bonds, emerging market debt, inflation-protected bonds and Treasuries.

Important Disclosure: The model portfolios primarily utilize ETFs that make payments to SSGA Funds Management, Inc. or its affiliates (collectively "SSGA") for advisory or other services, which presents a conflict of interest for SSGA. Income earned by SSGA would be lower, and the returns generated by implementing one or more model portfolios might be higher, if the model portfolios were to be constructed using ETFs or other investments that do not pay fees to SSGA.

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Disclosure

Asset allocation is a method of diversification which positions assets among major investment categories. While asset allocation may help reduce the investment risk, it does not ensure a profit or guarantee against a loss.

Diversification does not ensure a profit or guarantee against loss.

Equity securities may fluctuate in value and can decline significantly in response to the activities of individual companies and general market and economic conditions.

Actively managed model portfolios do not seek to replicate the performance of a specified index. An actively managed model portfolio may underperform its benchmark. An investment in the model portfolio is not appropriate for all investors and is not intended to be a complete investment program. Investing in the model portfolio involves risks, including the risk that investors may receive little or no return on the investment or that investors may lose part or even all of the investment.

Carefully consider the funds within the model portfolios' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in thefunds' prospectuses, and if available, the summary prospectuses which may be obtained by visiting respective fund family websites. Read the prospectus carefully before investing.

Investing in REITs involves certain distinct risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in thevalue of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of credit extended. REITs are subject to heavy cash flow dependency, default byborrowers and self-liquidation. REITs, especially mortgage REITs, are also subject to interest rate risk (i.e., as interest rates rise, the value of the REIT may decline).

Bonds generally present less short-term risk and volatility than stocks, but contain interest-rate risk (as interest rates rise, bond prices usually fall); issuer default risk; issuer credit risk;liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantialgain or loss.