Investment objective & strategy
As of April 28, 2025 · prospectusObjective. Seeks to achieve a total return before expenses that approximates the total return performance of the Bloomberg U.S. Intermediate Government/Credit Bond Index (Intermediate Government Credit Index), including reinvestment of dividends, at a risk level consistent with that of the Intermediate Government Credit Index.
Strategy. Under normal market conditions, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities that are included in the Intermediate Government Credit Index, which covers the U.S. dollar denominated, investment grade, fixed-rate, taxable bond market, including U.S. Treasury and government-related, corporate, credit and agency fixed-rate debt securities. The Portfolio also may invest up to 10% of its assets in exchange-traded funds (ETFs) that invest in securities included in the Intermediate Government Credit Index. In seeking to achieve the Portfolios investment objective, the Sub-Adviser will employ a stratified sampling approach to build a portfolio whose broad characteristics match those of the Intermediate Government Credit Index. This strategy is commonly referred to as an indexing … Under normal market conditions, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities that are included in the Intermediate Government Credit Index, which covers the U.S. dollar denominated, investment grade, fixed-rate, taxable bond market, including U.S. Treasury and government-related, corporate, credit and agency fixed-rate debt securities. The Portfolio also may invest up to 10% of its assets in exchange-traded funds (ETFs) that invest in securities included in the Intermediate Government Credit Index. In seeking to achieve the Portfolios investment objective, the Sub-Adviser will employ a stratified sampling approach to build a portfolio whose broad characteristics match those of the Intermediate Government Credit Index. This strategy is commonly referred to as an indexing strategy. Individual securities holdings may differ from those of the Intermediate Government Credit Index, and the Portfolio may not track the performance of the Intermediate Government Credit Index perfectly due to expenses and transaction costs, the size and frequency of cash flow into and out of the Portfolio, and differences between how and when the Portfolio and the Intermediate Government Credit Index are valued.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| VANGUARD SHORT TERM TREASURY ETF | VGSH | $175.62M | 3.60% |
| Vanguard Scottsdale Funds INTERMEDIATE-TERM TREASURY | VGIT | $172.70M | 3.54% |
| US TREASURY N/B | — | $76.14M | 1.56% |
| US TREASURY N/B | — | $66.05M | 1.35% |
| US TREASURY N/B | — | $61.91M | 1.27% |
| US TREASURY N/B | — | $58.85M | 1.21% |
| US TREASURY N/B | — | $50.41M | 1.03% |
| US TREASURY N/B | — | $48.30M | 0.99% |
| US TREASURY N/B | — | $47.96M | 0.98% |
| US TREASURY N/B | — | $39.06M | 0.80% |
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. |
|---|---|---|
| iShares Intermediate Government/Credit Bond ETF · GVI | 55% | 0.20% |
| iShares U.S. Intermediate Government Bond Index Fund | 46% | 0.10% |
| VANGUARD TOTAL TREASURY ETF · VTG | 44% | 0.03% |
Advisers
| Firm | Role |
|---|---|
| SSGA Funds Management, Inc. | Sub-adviser |
| Equitable Investment Management Group, LLC | Adviser |
Footnotes
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
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