Investment objective & strategy
As of May 30, 2025 · prospectusObjective. Preserve principal value and maintain a high degree of liquidity while providing current income.
Strategy. Under normal circumstances, the GNMA Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in mortgage-backed securities issued by the Government National Mortgage Association (GNMA). The Fund may also invest in U.S. Treasury securities and U.S. Government securities obligations, and repurchase agreements collateralized by such obligations. In addition, the Fund may enter into dollar roll transactions with selected banks and broker-dealers and invest in to-be-announced mortgage-backed securities, futures contracts and forward contracts. The Fund will primarily use futures contracts for hedging purposes to manage the Fund's exposure to interest rate risk. There may also be times when the Fund utilizes futures contracts to take an active position on interest rates to … Under normal circumstances, the GNMA Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in mortgage-backed securities issued by the Government National Mortgage Association (GNMA). The Fund may also invest in U.S. Treasury securities and U.S. Government securities obligations, and repurchase agreements collateralized by such obligations. In addition, the Fund may enter into dollar roll transactions with selected banks and broker-dealers and invest in to-be-announced mortgage-backed securities, futures contracts and forward contracts. The Fund will primarily use futures contracts for hedging purposes to manage the Fund's exposure to interest rate risk. There may also be times when the Fund utilizes futures contracts to take an active position on interest rates to either increase or reduce the interest rate sensitivity of the Fund. Due to its investment strategy, the Fund may buy and sell securities and other instruments frequently. Using a top-down strategy and bottom-up security selection, the sub-adviser (the Sub-Adviser) seeks attractively-valued securities that offer competitive yields. The Sub-Adviser also considers factors such as the anticipated level of interest rates, relative valuations and yield spreads, and the duration of the Fund's entire portfolio. Duration measures the price sensitivity of a fixed income security to changes in interest rates. For example, a five year duration means that the fixed income security will decrease in value by 5% if interest rates rise 1% and increase in value by 5% if interest rates fall 1%.
Top holdings
As of April 30, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| G2 MA6818 | — | $683.61K | 6.71% |
| 10-Year T-Note Futures, Jun-2026,ETH | — | $663.56K | 6.51% |
| Government National Mortgage Association, TBA | GNR | $594.15K | 5.83% |
| Government National Mortgage Association, TBA | GNR | $535.22K | 5.25% |
| GNII II 4% 09/20/2042#MA0393 | — | $496.94K | 4.87% |
| GNMA II, Single-family, 30 Year | — | $492.62K | 4.83% |
| Uniform Mortgage-Backed Security, TBA | FNMA | $427.11K | 4.19% |
| GINNIE MAE II POOL G2 784801 | GNR | $380.37K | 3.73% |
| G2SF 5 5/26 | — | $356.85K | 3.50% |
| Government National Mortgage Association | GNR | $330.50K | 3.24% |
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. |
|---|---|---|
| Payden GNMA Fund · PYGNX | 16% | 0.50% |
| VOYA GNMA INCOME FUND · LEXNX, LEGNX, LEINX, IGMWX, VGMBX | 13% | 0.15% |
| VANGUARD GNMA FUND · VFIIX, VFIJX | 10% | 0.11% |
Advisers
| Firm | Role |
|---|---|
| Wellington Management Company LLP | Sub-adviser |
| SEI INVESTMENTS MANAGEMENT Corporation | 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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