Investment objective & strategy
As of May 30, 2025 · prospectusObjective. Short-Term Treasury Portfolio seeks to earn high current income, consistent with safety and liquidity of principal.
Strategy. Under normal market conditions, the Portfolio invests at least 80% of its assets in direct debt obligations of the United States Treasury, including U.S. Treasury bills, notes and bonds, and other securities issued by the U.S. Treasury. The remainder of the Portfolios assets may be invested in U.S. government agency securities, which include debt obligations issued and/or guaranteed as to principal and interest by the U.S. government or its agencies, sponsored enterprises or instrumentalities. The Portfolio expects to maintain a dollar-weighted average portfolio maturity and duration of zero to three years. Dollar-weighted average portfolio maturity is a dollar-weighted average of the remaining term to maturity of a portfolio of debt securities, while duration is a measure of price sensitivity of … Under normal market conditions, the Portfolio invests at least 80% of its assets in direct debt obligations of the United States Treasury, including U.S. Treasury bills, notes and bonds, and other securities issued by the U.S. Treasury. The remainder of the Portfolios assets may be invested in U.S. government agency securities, which include debt obligations issued and/or guaranteed as to principal and interest by the U.S. government or its agencies, sponsored enterprises or instrumentalities. The Portfolio expects to maintain a dollar-weighted average portfolio maturity and duration of zero to three years. Dollar-weighted average portfolio maturity is a dollar-weighted average of the remaining term to maturity of a portfolio of debt securities, while duration is a measure of price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates. The Portfolio is not a money market fund and does not seek to maintain a stable price per share. The Portfolios yield will fluctuate as the securities in which it invests mature and the proceeds are reinvested in securities with different interest rates. Unlike many fixed income funds that pay out dividends monthly or quarterly, the Portfolio follows a dividend policy that permits (but does not assure that) its net asset value per share to rise by distributing its net investment income and net capital gains, if any, only once a year, thus enabling the Portfolio to retain a greater portion of its assets on which interest may continue to be earned.
Top holdings
As of April 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $1.51M | 11.71% |
| US TREASURY N/B | — | $1.50M | 11.69% |
| US TREASURY N/B | — | $1.50M | 11.66% |
| US TREASURY N/B | — | $1.50M | 11.65% |
| US TREASURY N/B | — | $1.50M | 11.64% |
| US TREASURY N/B | — | $1.49M | 11.58% |
| US TREASURY N/B | — | $1.49M | 11.55% |
| US TREASURY N/B | — | $1.49M | 11.54% |
| U.S. Treasury Bills | B | $498.66K | 3.87% |
| U.S. Treasury Bills | B | $249.85K | 1.94% |
Portfolio moves
Jan 31, 2026 → Apr 30, 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. |
|---|---|---|
| Neuberger Berman Option Strategy ETF · NBOS | 24% | 0.57% |
| MRP SynthEquity ETF · SNTH | 24% | 0.95% |
| Fidelity Short-Term Bond Fund · FSHBX, FBNAX, FBNTX, FANCX, FBNIX, FIKTX | 19% | 0.25% |
Advisers
| Firm | Role |
|---|---|
| Pacific Heights Asset Management, LLC | Adviser |
Footnotes
- Expense ratio as of May 30, 2025, from the fund's prospectus.
- Net assets and holdings count as of April 30, 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).
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