Investment objective & strategy
As of Sept. 26, 2025 · prospectusObjective. The Fund seeks high current income through investments primarily in investment grade debt securities issued or guaranteed by foreign governments.
Strategy. The Fund aims to give you foreign investment opportunities primarily in investment grade government and government sponsored debt securities. Also, the Fund attempts to have all of its investments payable in foreign currencies. The Fund may also convert its cash to foreign currency. Under normal circumstances, at least 80% of net assets of the Fund must be government issued, sponsored, or guaranteed. The Fund invests at least 65% of total assets in investment grade debt securities. The Fund may invest up to 35% of total assets in below investment grade securities (junk bonds). Examples of Fund investments include foreign debt and foreign money market securities, high quality domestic money market securities and debt obligations issued or guaranteed by the U.S. … The Fund aims to give you foreign investment opportunities primarily in investment grade government and government sponsored debt securities. Also, the Fund attempts to have all of its investments payable in foreign currencies. The Fund may also convert its cash to foreign currency. Under normal circumstances, at least 80% of net assets of the Fund must be government issued, sponsored, or guaranteed. The Fund invests at least 65% of total assets in investment grade debt securities. The Fund may invest up to 35% of total assets in below investment grade securities (junk bonds). Examples of Fund investments include foreign debt and foreign money market securities, high quality domestic money market securities and debt obligations issued or guaranteed by the U.S. Government, and foreign currency exchange transactions. Additionally, the Subadviser may attempt to hedge currency exposure, and may invest up to 50% of total assets in futures and options (derivatives), for currency hedging purposes. The Fund may invest significantly in government securities of emerging market countries. The Fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund. In order to generate additional income, the Fund may lend portfolio securities to broker-dealers and other financial institutions provided that the value of the loaned securities does not exceed 30% of the Funds total assets. These loans earn income for the Fund and are collateralized by cash and securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities. Investors will be given at least 60 days written notice in advance of any change to the Funds 80% investment policy set forth above.
Top holdings
As of Feb. 28, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $1.11M | 1.91% |
| US TREASURY N/B | — | $1.03M | 1.79% |
| US TREASURY N/B | — | $1.00M | 1.74% |
| US TREASURY N/B | — | $965.25K | 1.67% |
| US TREASURY N/B | — | $905.62K | 1.57% |
| French Republic Government Bonds OAT | — | $899.06K | 1.56% |
| US TREASURY N/B | — | $886.60K | 1.54% |
| US TREASURY N/B | — | $829.75K | 1.44% |
| JAPAN GOVT 5-YR | — | $780.37K | 1.35% |
| US TREASURY N/B | — | $756.88K | 1.31% |
Portfolio moves
Nov 30, 2025 → Feb 28, 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. |
|---|---|---|
| Fidelity SAI U.S. Treasury Bond Index Fund · FUTBX | 14% | 0.03% |
| Columbia U.S. Treasury Index Fund · LUTAX, IUTIX, CUTRX, CUTYX | 13% | 0.17% |
| VANGUARD TOTAL TREASURY ETF · VTG | 13% | 0.03% |
Advisers
| Firm | Role |
|---|---|
| PineBridge Investments LLC | Sub-adviser |
| The Variable Annuity Life Insurance Company | Adviser |
Footnotes
- Expense ratio as of September 26, 2025, from the fund's prospectus.
- Net assets and holdings count as of February 28, 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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