Investment objective & strategy
As of Sept. 26, 2025 · prospectusObjective. The Fund seeks maximum real return.
Strategy. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in inflation-indexed fixed income securities issued by domestic and foreign governments (including those in emerging market countries), their agencies or instrumentalities, and corporations and in derivative instruments that have economic characteristics similar to such securities. Inflation-indexed fixed income securities are structured to provide protection against the negative effects of inflation. The value of a fixed income securitys principal or the interest income paid on the fixed income security is adjusted to track changes in an official inflation measure, usually the Consumer Price Index for Urban Consumers (CPI-U) with respect to domestic issuers. The Fund invests primarily in investment grade securities … The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in inflation-indexed fixed income securities issued by domestic and foreign governments (including those in emerging market countries), their agencies or instrumentalities, and corporations and in derivative instruments that have economic characteristics similar to such securities. Inflation-indexed fixed income securities are structured to provide protection against the negative effects of inflation. The value of a fixed income securitys principal or the interest income paid on the fixed income security is adjusted to track changes in an official inflation measure, usually the Consumer Price Index for Urban Consumers (CPI-U) with respect to domestic issuers. The Fund invests primarily in investment grade securities rated Baa3 or higher by Moodys Investors Service, Inc. or BBB-or higher by S&P Global Ratings. The Fund also may invest up to 50% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar denominated securities of foreign and emerging market issuers. The Fund may invest in debt securities that are not inflation indexed, including mortgage- and asset-backed securities and collateralized loan obligations. The subadviser may consider, among other things, credit, interest rate and prepayment risks, as well as general market conditions, when deciding whether to buy or sell fixed income investments, and the Fund may invest in fixed income investments of any maturity and duration. The Fund generally intends to utilize currency forwards and futures to manage foreign currency risk. The Fund may also invest in derivative instruments, such as forwards, futures, contracts or swap agreements, as a substitute for directly investing in the above instruments or for risk management purposes. The subadviser may engage in frequent and active trading of portfolio securities to achieve the Funds investment objective. 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 |
|---|---|---|---|
| U.S. TREASURY INFLATION-PROTECTED SECURITIES 1.375 07/15/33 | TII | $18.76M | 4.94% |
| Spain Government Inflation Linked Bond | — | $17.03M | 4.48% |
| U.S. TREASURY INFLATION-PROTECTED SECURITIES .125 07/15/2030 | TII | $17.03M | 4.48% |
| U.S. Treasury Notes | TII | $16.13M | 4.24% |
| MEXICAN UDIBONOS I/L MXN (TITLES) 2.75% 11-27-31 | — | $15.84M | 4.17% |
| Republique Francaise Presidence | ETAPF | $15.58M | 4.10% |
| Italy Buoni Poliennali Del Tesoro | — | $14.71M | 3.87% |
| Commonwealth of Australia | — | $13.42M | 3.53% |
| Brazil Notas do Tesouro Nacional Serie B | — | $13.16M | 3.46% |
| United Kingdom Inflation-Linked Gilt | — | $13.07M | 3.44% |
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. |
|---|---|---|
| Global X Interest Rate Volatility & Inflation Hedge ETF · IRVH | 36% | 0.45% |
| Northern Trust 2055 Inflation-Linked Distributing Ladder ETF · TIPD | 35% | 0.10% |
| T. Rowe Price Inflation Protected Bond Fund, Inc. · PRIPX, TIIPX, TRZHX | 34% | 0.00% |
Advisers
| Firm | Role |
|---|---|
| Wellington Management Company LLP | 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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