Investment objective & strategy
As of May 29, 2025 · prospectusObjective. The Fund seeks to provide a moderate level of current income.
Strategy. Under normal circumstances, the Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Funds assets may be invested in other types of securities, such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Funds dollar-weighted average maturity … Under normal circumstances, the Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Funds assets may be invested in other types of securities, such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Funds dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, its dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years). The Fund may invest in derivatives instruments, such as options, futures contracts, and other swap agreements.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| G2SF 5 3/25 | — | $467.55M | 4.20% |
| TBA GNMA 30 YR 5.50000000 | GNR | $463.82M | 4.16% |
| G2 MA6994 | — | $436.20M | 3.92% |
| Government National Mortgage Association, TBA | GNR | $381.53M | 3.43% |
| G2 MA7589 | — | $349.28M | 3.14% |
| G2 MA7051 | — | $330.81M | 2.97% |
| G2 MB0686 | — | $288.01M | 2.59% |
| G2 MA7649 | — | $256.29M | 2.30% |
| GNII II 5.5% 03/01/2056 #TBA | — | $228.11M | 2.05% |
| G2 MB0747 | — | $221.97M | 1.99% |
Portfolio moves
Oct 31, 2025 → Jan 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 GNMA Bond ETF · GNMA | 18% | 0.10% |
| Franklin U.S. Government Securities Fund · FKUSX, FRUGX, FUSAX, FUSRX, FGORX, FKFSX | 15% | 0.52% |
| Fidelity GNMA Fund · FGMNX | 15% | 0.45% |
Advisers
| Firm | Role |
|---|---|
| Wellington Management Company LLP | Adviser |
Footnotes
- Expense ratio as of May 29, 2025, from the fund's prospectus.
- Net assets and holdings count as of January 31, 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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