Investment objective & strategy
As of Jan. 26, 2026 · prospectusObjective. Income.
Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets in U.S. government securities. The Fund presently invests substantially all of its assets in Government National Mortgage Association obligations (Ginnie Maes). Ginnie Maes represent an ownership interest in mortgage loans pooled together for sale to investors to finance purchases of homes. The mortgage loans may have either fixed or adjustable interest rates. As the underlying mortgage loans are paid off, Ginnie Maes provide investors with monthly payments of interest and principal as well as any unscheduled prepayments on the underlying mortgage loans. Ginnie Maes carry a guarantee as to the timely repayment of principal and interest that is backed by the full faith and credit of … Under normal market conditions, the Fund invests at least 80% of its net assets in U.S. government securities. The Fund presently invests substantially all of its assets in Government National Mortgage Association obligations (Ginnie Maes). Ginnie Maes represent an ownership interest in mortgage loans pooled together for sale to investors to finance purchases of homes. The mortgage loans may have either fixed or adjustable interest rates. As the underlying mortgage loans are paid off, Ginnie Maes provide investors with monthly payments of interest and principal as well as any unscheduled prepayments on the underlying mortgage loans. Ginnie Maes carry a guarantee as to the timely repayment of principal and interest that is backed by the full faith and credit of the U.S. government. The full faith and credit guarantee does not apply to the market prices and yields of the Ginnie Maes or to the net asset value or performance of the Fund, which will vary with changes in interest rates and other market conditions.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| G2 MA7534 | — | $144.43M | 7.11% |
| G2 MA7533 | — | $107.65M | 5.30% |
| G2 MA4719 | — | $94.97M | 4.67% |
| GNMA I, 30 Year | — | $85.34M | 4.20% |
| G2 MB0486 | — | $85.18M | 4.19% |
| G2 MA7535 | — | $71.51M | 3.52% |
| G2 MB0686 | — | $69.83M | 3.44% |
| G2 MB0556 | — | $62.29M | 3.07% |
| G2 MA7767 | — | $58.77M | 2.89% |
| G2 MA7589 | — | $58.43M | 2.88% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Franklin U.S. Government Securities VIP Fund | 24% | 0.53% |
| VANGUARD GNMA FUND · VFIIX, VFIJX | 15% | 0.11% |
| iShares GNMA Bond ETF · GNMA | 14% | 0.10% |
Advisers
| Firm | Role |
|---|---|
| Franklin Advisers, Inc. | Adviser |
Footnotes
- Expense ratio as of January 26, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
Machine-readable: JSON · Markdown. Programmatic access via the agent surface.