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Seeks to provide attractive income and favorable risk-adjusted returns primarily using ETFs
Offers a diversified mix of income investments that includes dividend-paying equities, investment grade fixed income, high yield bonds, bank loans, convertible bonds, preferred equities and REITS, including mortgage REITs
Employs a strategic asset allocation approach that evaluates target allocations and holdings on an annual basis
Objective
Seeks to generate a high level of income while diversifying to achieve favorable risk-adjusted returns. This diversification makes the portfolio appropriate to serve as a core income holding. The portfolio maintains its target allocation over time in an effort to provide a consistent risk profile, asset allocation and fund selection.
Inception Date
August 30, 2019
Evaluation Frequency
Annually
Current holdings can be found in the Target Allocations file under Quick Links.
SPYD State Street® SPDR® Portfolio S&P 500® High Dividend ETF
5.0
SCHD Schwab U.S. Dividend Equity ETF™
5.0
Fixed Income
47.0
SPTL State Street® SPDR® Portfolio Long Term Treasury ETF
12.0
EMHC State Street® SPDR® Bloomberg Emerging Markets USD Bond ETF
9.0
SPHY State Street® SPDR® Portfolio High Yield Bond ETF
8.0
SRLN State Street® Blackstone Senior Loan ETF
6.0
EBND SPDR® Bloomberg Emerging Markets Local Bond ETF
5.0
SPTI State Street® SPDR® Portfolio Intermediate Term Treasury ETF
4.0
IBND SPDR® Bloomberg International Corporate Bond ETF
3.0
Real Assets
6.0
RWR State Street® SPDR® Dow Jones® REIT ETF
6.0
Hybrid
10.0
PSK State Street® SPDR® ICE Preferred Securities ETF
6.0
CWB State Street® SPDR® Bloomberg Convertible Securities ETF
4.0
Alternatives
10.0
SPIN State Street® US Equity Premium Income ETF
10.0
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.
Hypothetical Model Portfolio Performance
as of Dec 31 2025
1 Month
3 Month
YTD
1 Year
3 Year
5 Year
10 Year
Since Inception
Inception Date
Strategic Multi-Asset Income
-0.19%
1.31%
11.11%
11.11%
8.17%
3.78%
-
4.60%
Aug 31 2019
Strategic Multi-Asset Income Benchmark
Strategic Multi-Asset Income Benchmark
†The Composite Benchmark consists of 2% Bloomberg 1-3 Month U.S. Treasury Bill Index/10% Bloomberg High Yield Very Liquid Index/5% Bloomberg U.S. Intermediate Corporate Bond Index/5% S&P International Dividend Opportunities Index/5% Bloomberg U.S. Long Term Corporate Bond Index/5% MSCI USA IMI REITs Index/3% Bloomberg U.S. Government Inflation-Linked Bond Index/5% Bloomberg U.S. Convertible Liquid Bond Index/12% S&P 500 High Dividend Index/5% S&P Global Infrastructure Index/10% Bloomberg Long U.S. Treasury Index/5% Dow Jones U.S. Select REIT Index/5% ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index/10% Bloomberg EM Local Currency Government Diversified Index/3% STOXX® Europe Total Market Index/ 10% Markit iBoxx USD Liquid Leveraged Loan Index.
0.05%
1.60%
10.70%
10.70%
8.43%
4.09%
-
4.70%
Aug 31 2019
Source: State Street Investment Management.
Performance returns for periods of less than one year are not annualized.
Important Performance Reporting Information: The performance data quoted represents past performance. Past performance does not guarantee future results. The model portfolio strategy returns presented are those of model paper portfolios attributable to each strategy and reflect the contemporaneous investment strategy decisions made by SSGA's investment professionals for each performance period presented. The returns do not reflect the results of the actual trading of any account or group of accounts and are thereby hypothetical in nature. All returns greater than one year are annualized. The returns reflect the reinvestment of dividends and interest. Strategy returns are shown net of hypothetical trading fees based on a trade commission rate of 0.0025 cents per share. The impact of ETF fees is reflected in the returns for all periods presented. SSGA does not charge any separate model portfolio strategist fees in association with the strategies and therefore no such fee is reflected in the returns presented. SSGA does not manage the accounts of retail investors pursuant to the strategies and the strategies are only available to retail investors through third party firms that offer account management and other services to retail investors. The actual performance results of an investor utilizing a third party advisor for account management would be lower as a result of the imposition of management fees and custodial fees by third party firms. Additionally, actual trading fees may be greater than those based on the hypothetical commission rate described above. You should consult with your advisor to learn more about the fees that will be applied to a particular account or type of account. The performance of accounts managed by a third party advisor that receives access to the strategies may differ from the performance shown for a variety of reasons, including but not limited to: the fees assessed by the advisor and other third parties; the advisor's decision to exercise its discretion to implement a given strategy in a way that differs from the provided by SSGA; the timing of the advisor's implementation of strategy updates; investor imposed investment restrictions; and the timing and nature of investor initiated cash flow activity in the account. For all of the reasons described above, actual performance may differ substantially from the hypothetical results. Hypothetical results have inherent limitations because they do not reflect actual trading by SSGA during the period described and may not reflect the impact that material economic and market factors might have had on SSGA's decision-making if it was actually managing clients' money pursuant to the strategies. There is no guarantee that any of the investment strategies will be successful and investors should be aware that they can lose money investing assets in accordance with the strategies. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect capital gains and losses, income, and the reinvestment of dividends.
Hypothetical Growth of $10K
as of Dec 31 2025
Source: State Street Investment Management. Inception date: August 30, 2019.
Performance returns for periods of less than one year are not annualized.
Important Performance Reporting Information: The performance data quoted represents past performance. Past performance does not guarantee future results.The model portfolio strategy returns presented are those of model paper portfolios attributable to each strategy and reflect the contemporaneous investment strategy decisions made by SSGA's investment professionals for each performance period presented. The returns do not reflect the results of the actual trading of any account or group of accounts and are thereby hypothetical in nature. All returns greater than one year are annualized. The returns reflect the reinvestment of dividends and interest. Strategy returns are shown net of hypothetical trading fees based on a trade commission rate of 0.0025 cents per share. The impact of ETF fees is reflected in the returns for all periods presented. SSGA does not charge any separate model portfolio strategist fees in association with the strategies and therefore no such fee is reflected in the returns presented. SSGA does not manage the accounts of retail investors pursuant to the strategies and the strategies are only available to retail investors through third party firms that offer account management and other services to retail investors. The actual performance results of an investor utilizing a third party advisor for account management would be lower as a result of the imposition of management fees and custodial fees by third party firms. Additionally, actual trading fees may be greater than those based on the hypothetical commission rate described above. You should consult with your advisor to learn more about the fees that will be applied to a particular account or type of account. The performance of accounts managed by a third party advisor that receives access to the strategies may differ from the performance shown for a variety of reasons, including but not limited to: the fees assessed by the advisor and other third parties; the advisor's decision to exercise its discretion to implement a given strategy in a way that differs from the provided by SSGA; the timing of the advisor's implementation of strategy updates; investor imposed investment restrictions; and the timing and nature of investor initiated cash flow activity in the account. For all of the reasons described above, actual performance may differ substantially from the hypothetical results. Hypothetical results have inherent limitations because they do not reflect actual trading by SSGA during the period described and may not reflect the impact that material economic and market factors might have had on SSGA's decision-making if it was actually managing clients' money pursuant to the strategies. There is no guarantee that any of the investment strategies will be successful and investors should be aware that they can lose money investing assets in accordance with the strategies. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.
Calendar Year Returns
as of Dec 31 2025
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Strategic Multi-Asset Income
-
-
-
-
4.62%
5.59%
7.58%
-11.62%
9.39%
4.14%
11.11%
Strategic Multi-Asset Income Benchmark
Strategic Multi-Asset Income Benchmark
†The Composite Benchmark consists of 2% Bloomberg 1-3 Month U.S. Treasury Bill Index/10% Bloomberg High Yield Very Liquid Index/5% Bloomberg U.S. Intermediate Corporate Bond Index/5% S&P International Dividend Opportunities Index/5% Bloomberg U.S. Long Term Corporate Bond Index/5% MSCI USA IMI REITs Index/3% Bloomberg U.S. Government Inflation-Linked Bond Index/5% Bloomberg U.S. Convertible Liquid Bond Index/12% S&P 500 High Dividend Index/5% S&P Global Infrastructure Index/10% Bloomberg Long U.S. Treasury Index/5% Dow Jones U.S. Select REIT Index/5% ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index/10% Bloomberg EM Local Currency Government Diversified Index/3% STOXX® Europe Total Market Index/ 10% Markit iBoxx USD Liquid Leveraged Loan Index.
-
-
-
-
4.21%
5.09%
7.91%
-11.19%
10.22%
4.48%
10.70%
Source: State Street Investment Management. Inception date: August 30, 2019.
Calendar year returns will be partial for the year the fund was incepted.
Performance returns for periods of less than one year are not annualized.
Important Performance Reporting Information: The performance data quoted represents past performance. Past performance does not guarantee future results.The model portfolio strategy returns presented are those of model paper portfolios attributable to each strategy and reflect the contemporaneous investment strategy decisions made by SSGA's investment professionals for each performance period presented. The returns do not reflect the results of the actual trading of any account or group of accounts and are thereby hypothetical in nature. All returns greater than one year are annualized. The returns reflect the reinvestment of dividends and interest. Strategy returns are shown net of hypothetical trading fees based on a trade commission rate of 0.0025 cents per share. The impact of ETF fees is reflected in the returns for all periods presented. SSGA does not charge any separate model portfolio strategist fees in association with the strategies and therefore no such fee is reflected in the returns presented. SSGA does not manage the accounts of retail investors pursuant to the strategies and the strategies are only available to retail investors through third party firms that offer account management and other services to retail investors. The actual performance results of an investor utilizing a third party advisor for account management would be lower as a result of the imposition of management fees and custodial fees by third party firms. Additionally, actual trading fees may be greater than those based on the hypothetical commission rate described above. You should consult with your advisor to learn more about the fees that will be applied to a particular account or type of account. The performance of accounts managed by a third party advisor that receives access to the strategies may differ from the performance shown for a variety of reasons, including but not limited to: the fees assessed by the advisor and other third parties; the advisor's decision to exercise its discretion to implement a given strategy in a way that differs from the provided by SSGA; the timing of the advisor's implementation of strategy updates; investor imposed investment restrictions; and the timing and nature of investor initiated cash flow activity in the account. For all of the reasons described above, actual performance may differ substantially from the hypothetical results. Hypothetical results have inherent limitations because they do not reflect actual trading by SSGA during the period described and may not reflect the impact that material economic and market factors might have had on SSGA's decision-making if it was actually managing clients' money pursuant to the strategies. There is no guarantee that any of the investment strategies will be successful and investors should be aware that they can lose money investing assets in accordance with the strategies. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect capital gains and losses, income, and the reinvestment of dividends.
Portfolio Statistics
as of Dec 31 2025
Yield
Yield
The income produced by an investment, typically calculated as the interest received annually divided by the price of the investment. Yield comes from interest-bearing securities, such as bonds and dividend-paying stocks.
4.77%
Normalized Duration (Yrs.)
Normalized Duration
Duration measures the sensitivity of the price of a bond or a fixed income portfolio to changes in interest rates or interest-rate expectations. Normalized duration is the portfolio-level duration of each holding multiplied by its portfolio weight. Holdings with zero duration, such as equities and cash, for example, contribute zero to normalized duration, thereby reducing a portfolio's normal duration when included alongside fixed income assets.
7.10
Sharpe Ratio (3 Yr.)
Sharpe Ratio
A measure for calculating risk-adjusted returns that has become the industry standard for such calculations. It was developed by Nobel laureate William F. Sharpe. The Sharpe ratio is the average return earned in excess of the risk-free rate per unit of volatility or total risk. The higher the Sharpe ratio the better.
0.37
Standard Deviation (3 Yr.)
Standard Deviation
A statistical measure of volatility that quantifies the historical dispersion of a security, fund or index around an average. Investors use standard deviation to measure expected risk or volatility, and a higher standard deviation means the security has tended to show higher volatility or price swings in the past. As an example, for a normally distributed return series, about two-thirds of the time returns will be within 1 standard deviation of the average return.
