Western Asset Management U.S. Government Portfolio

C000017845 Fund Overview

Western Asset Management U.S. Government Portfolio is a US mutual fund managed by Brighthouse Funds Trust II, categorised as Long Treasury / Sovereign Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Brighthouse Funds Trust II
• Category: Long Treasury / Sovereign Bond
• Assets under management: $1.19B
• 1-year return: 3.8%
• SEC CIK: 0000710826
• SEC series ID: S000006527
• Share class ID: C000017845

C000017845 Investment Objective and Strategy

Western Asset Management U.S. Government Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Brighthouse Funds Trust II.

Investment objective

To maximize total return consistent with preservation of capital and maintenance of liquidity.

Principal investment strategy

Western Asset Management Company, LLC (Western Asset or Subadviser), subadviser to the Portfolio, generally invests at least 80% of the net assets of the Portfolio in U.S. Government securities (e.g., obligations of the U.S. Government or its agencies or instrumentalities), including repurchase agreements collateralized by U.S. Government securities. The Portfolio may also invest up to 10% of its total assets in investment grade fixed-income securities that are not U.S. Government securities, including collateralized mortgage obligations and collateralized debt obligations. The Portfolio may also invest in derivatives, mortgage dollar rolls and securities issued pursuant to Rule 144A under the Securities Act of 1933. The Portfolio may invest in derivatives to obtain investment exposure, enhance return, or hedge or protect its assets from an unfavorable shift in the value or rate of a reference instrument.

The Portfolio may use such derivatives as options, options on futures contracts, currency-related derivatives, swaps, structured notes and inverse floaters for these purposes. These instruments may be used for any investment purpose, including, for example, in an attempt to adjust the Portfolios duration or to lower its exposure to certain risks (e.g., changes in interest rates). Investment Selection Western Assets investment approach revolves around an investment outlook developed by a team of senior professionals that reviews developments in the economy and the markets and establishes a recommended portfolio structure, including targets for duration, yield curve exposure and sector allocation. Assets are allocated among various classes of securities, including U.S. Treasury Securities and securities of agencies or instrumentalities of the U.S.

Government, Treasury Inflation Protected Securities, mortgage-backed assets and investment grade fixed-income securities. The mortgage- and asset-backed securities in which the Portfolio may invest include those guaranteed or issued by the Government National Mortgage Association or the Federal National Mortgage Association, as well as privately issued mortgage- and asset-backed securities, including collateralized mortgage obligations and collateralized debt obligations. Western Assets investment team implements the strategy in a manner consistent with the investment policies of the Portfolio, using information on the relative credit strength, liquidity, issue structure, event risk, covenant protection and market valuation of available securities. The duration of the Portfolio will normally be between 2 and 5 years.

C000017845 Holdings

Top 10 holdings of Western Asset Management U.S. Government Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000017845 holdings

C000017845 Portfolio Allocation

Asset-class allocation of Western Asset Management U.S. Government Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000017845 Performance

Total returns for C000017845 (as of 2026-10-01), from SEC filings.

C000017845 Risk Information

Risk metrics for C000017845, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 2.4%

C000017845 Costs and Fees

C000017845 costs about $50 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.50%
• Gross expense ratio: 0.53%
• Portfolio turnover: 185%
• Brokerage commissions: 0.09 bps of average net assets (SEC N-CEN)

C000017845 Cashflows

Over the 12 months to 2026-06, Western Asset Management U.S. Government Portfolio had net outflows of $68.35M, from monthly SEC N-PORT filings.

C000017845 Debt Constituents

Largest debt holdings of Western Asset Management U.S. Government Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000017845 Prospectus and SEC Filings

Official Western Asset Management U.S. Government Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-24
• Prospectus (485BPOS) — filed 2025-04-25
• Prospectus (485BPOS) — filed 2024-04-25
• Portfolio holdings (N-PORT) — filed 2026-08-27
• Portfolio holdings (N-PORT) — filed 2026-05-28
• Portfolio holdings (N-PORT) — filed 2026-02-27
• Annual census (N-CEN) — filed 2026-03-11
• Annual census (N-CEN) — filed 2025-03-14

Related Funds

Other Long Treasury / Sovereign Bond funds tracked on ABC INVEST:

• iShares 7-10 Year Treasury Bond ETF (IEF)
• iShares 20+ Year Treasury Bond ETF (TLT)
• U.S. Government Securities Fund (AMUSX)
• Fidelity Series Long-Term Treasury Bond Index Fund (FTLTX)
• Vanguard Long-Term Treasury Index Fund (VLGSX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.