Issue link: https://info.seic.com/i/1445430
SEI Portfolio Update: First Quarter 2023 | SEI Daily Income Trust (SDIT) SDIT-2 Portfolio Manager: Rich Bamford The performance data shown is past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-800-DIAL-SEI. Fee waivers are voluntary and may be discontinued at any time. Q. HOW DID THE FUND PERFORM AGAINST ITS INDEX FOR THE QUARTER, RICH? A. The Fund returned 1.49% versus 1.55% for the ICE BofA 1-3 Year US Treasury Index. Q. WHAT EFFECT DID YOUR POSITIONING AT THE END OF LAST QUARTER HAVE ON PERFORMANCE? A. Performance was in line with the benchmark for the period. The Fund's allocation to agency collateralized mortgage obligations was a positive for performance. The sector generally has more stable cash flows and attractive income relative to traditional mortgage-backed security (MBS) pools. An allocation to agency MBS detracted from performance. The sector generated negative excess returns relative to Treasuries due to the challenging technical environment and heightened interest rate volatility during the quarter. Security selection within agency MBS was generally positive. Wellington favored higher coupon MBS and specified pools as the lower coupons were structurally rich. An allocation to agency commercial mortgage-backed securities (CMBS) detracted from performance as the sector generated negative excess returns relative to Treasurys. Q. WHAT IS YOUR OUTLOOK GOING FORWARD AND HOW IS THIS REFLECTED IN THE FUND POSITIONING? A. The Fund's overweight to agency MBS increased during the quarter given attractive valuations relative to Treasuries. Wellington continues to favor agency collateralized mortgage obligations (CMO) as the sector provides attractive income and stable cash flows. Wellington continues to favor specified pools relative to TBA given the technical environment. Wellington reduced exposure in 30 year coupon in favor of 15 year pools due to relative value. The Fund maintained an off benchmark allocation to agency CMBS given attractive income and stable cash flows. INVESTMENT STRATEGY: The Short-Duration Government Fund seeks to preserve principal value and maintain a high degree of liquidity while providing current income. The Fund invests substantially all of its assets in U.S. Treasury obligations and obligations issued or guaranteed by agencies or instrumentalities of the U.S. Government (including mortgage-backed securities) and repurchase agreements collateralized by such obligations. The Fund is expected to maintain a portfolio duration of up to three years. Short-Duration Government Fund (SDIT) Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 Bond Funds SDIT GNMA Fund 3/20/87 2.15 2.72 2.72 2.72 -4.72 -3.24 -0.02 0.74 4.96 -10.98 -1.95 Bloomberg GNMA Index (USD) 1.88 2.59 2.59 2.59 -4.48 -3.17 0.26 0.87 5.32 -10.76 -1.45 Expenses before waivers (%) = 0.62 Expenses after waivers (%) = 0.62 SDIT Short-Duration Government Fund 2/17/87 1.33 1.49 1.49 1.49 -0.23 -1.01 0.77 0.59 3.84 -4.21 -1.14 ICE BofA 1-3 Year US Treasury Index (USD) 1.60 1.55 1.55 1.55 0.20 -0.81 1.11 0.81 3.97 -3.65 -0.55 Expenses before waivers (%) = 0.56 Expenses after waivers (%) = 0.48 SDIT Ultra Short Duration Bond Fund 9/28/93 0.40 1.22 1.22 1.22 1.39 1.28 1.37 1.15 2.77 -0.86 0.01 0.75 1.23 1.23 1.23 1.45 0.33 1.40 0.93 2.71 -0.40 0.00 Expenses before waivers (%) = 0.61 Expenses after waivers (%) = 0.38 The performance data shown is past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment will an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. data current to the most recent month end, please call 1-800-DIAL-SEI. as of 03/31/2023 as of 03/31/2023 as Bloomberg Short US Treasury 9-12 Month Index (USD) Performance Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Daily Income Trust - Class F (formerly Class A) Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 Bond Funds SDIT GNMA Fund 3/20/87 2.15 2.72 2.72 2.72 -4.72 -3.24 -0.02 0.74 4.96 -10.98 -1.95 Bloomberg GNMA Index (USD) 1.88 2.59 2.59 2.59 -4.48 -3.17 0.26 0.87 5.32 -10.76 -1.45 Expenses before waivers (%) = 0.62 Expenses after waivers (%) = 0.62 SDIT Short-Duration Government Fund 2/17/87 1.33 1.49 1.49 1.49 -0.23 -1.01 0.77 0.59 3.84 -4.21 -1.14 ICE BofA 1-3 Year US Treasury Index (USD) 1.60 1.55 1.55 1.55 0.20 -0.81 1.11 0.81 3.97 -3.65 -0.55 Expenses before waivers (%) = 0.56 Expenses after waivers (%) = 0.48 SDIT Ultra Short Duration Bond Fund 9/28/93 0.40 1.22 1.22 1.22 1.39 1.28 1.37 1.15 2.77 -0.86 0.01 0.75 1.23 1.23 1.23 1.45 0.33 1.40 0.93 2.71 -0.40 0.00 Expenses before waivers (%) = 0.61 Expenses after waivers (%) = 0.38 The performance data shown is past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. data current to the most recent month end, please call 1-800-DIAL-SEI. as of 03/31/2023 as of 03/31/2023 as Bloomberg Short US Treasury 9-12 Month Index (USD) Performance Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Daily Income Trust - Class F (formerly Class A) Apr-23 ###### Jan-00 Jan-00 Feb-00 Jan-00 Jan-00 Feb-00 Feb-00 Feb-00 Jan-00 Fund Since Inception 1 Mo 3 Mo Ytd Qtr 1 Yr 3 Yr 5 Yr 10 Yr Incept 2022 2021 Bond Funds SDIT GNMA Fund 3/20/87 2.15 2.72 2.72 2.72 -4.72 -3.24 -0.02 0.74 4.96 -10.98 -1.95 Bloomberg GNMA Index (USD) 1.88 2.59 2.59 2.59 -4.48 -3.17 0.26 0.87 5.32 -10.76 -1.45 Expenses before waivers (%) = 0.62 Expenses after waivers (%) = 0.62 SDIT Short-Duration Government Fund 2/17/87 1.33 1.49 1.49 1.49 -0.23 -1.01 0.77 0.59 3.84 -4.21 -1.14 ICE BofA 1-3 Year US Treasury Index (USD) 1.60 1.55 1.55 1.55 0.20 -0.81 1.11 0.81 3.97 -3.65 -0.55 Expenses before waivers (%) = 0.56 Expenses after waivers (%) = 0.48 SDIT Ultra Short Duration Bond Fund 9/28/93 0.40 1.22 1.22 1.22 1.39 1.28 1.37 1.15 2.77 -0.86 0.01 0.75 1.23 1.23 1.23 1.45 0.33 1.40 0.93 2.71 -0.40 0.00 Expenses before waivers (%) = 0.61 Expenses after waivers (%) = 0.38 The performance data shown is past performance. Past performance is no guarantee of future results. The investment return and principal value of an investment an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. data current to the most recent month end, please call 1-800-DIAL-SEI. as of 03/31/2023 as of 03/31/2023 as Bloomberg Short US Treasury 9-12 Month Index (USD) Performance Performance Performance Cumulative Total Return Annualized Total Return Calendar Funds' Summary Performance Trend Report SEI Daily Income Trust - Class F (formerly Class A)