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GALLIARD STABLE RETURN FUND M
FIRST QUARTER 2024
INVESTMENT OBJECTIVE
The Fund seeks to provide investors with a moderate level of stable income without
principal volatility. The Fund is designed for investors seeking more income than
money market funds without the price fluctuation of stock or bond funds.
GALLIARD STABLE RETURN FUND M
CUSIP 949907844 AS OF 3/31/24
INVESTMENT STRATEGY
FUND FACTS
Total Expense Ratio1
0.62%
Blended Yield (after fees)2
2.66%
GALLIARD STABLE RETURN FUND CORE
FUND OVERVIEW AS OF 3/31/24
FUND FACTS
Inception Date
Fund Assets
Fund Advisor
Fund Trustee
Valuation Frequency
October 1, 1985
$18,889,924,080
Galliard Capital Management
SEI Trust Company
Daily
FUND CHARACTERISTICS
Market to Book Value Ratio
2.96 Yrs
11
2,463
94.8%
Annualized Turnover1 (as of 12/31/23)
38.2%
Effective Duration
Number of Investment Contract Issuers
Number of Underlying Issues
TOP FIVE INVESTMENT CONTRACT
ISSUERS
Issuer
Transamerica Life Ins. Co.
American General Life Ins. Co.
Prudential Ins. Co. of America
Royal Bank of Canada
Metropolitan Tower Life Ins. Co.
Moody's
Rating
A1
A2
Aa3
Aa1
Aa3
The Fund’s underlying fixed income strategy is managed in a conservative style that
utilizes a disciplined value investing process to build a high quality portfolio with
broad diversification and an emphasis on risk control. Our core investment
philosophy is to build a portfolio of realizable yield through bottom-up, fundamental
research, utilizing a team-based approach to portfolio management. Galliard’s fixed
income portfolios emphasize high quality spread sectors, diversification across
sectors and issuers to reduce risk, neutral duration positioning, and a laddered
portfolio structure for ample natural liquidity.
The majority of the Fund’s assets will be invested in fixed income portfolios that are
wrapped by stable value contracts which allow fund participants to transact at book
value. The Fund will hold cash in order to maintain sufficient liquidity, and may also
invest in traditional GICs. The Fund utilizes high credit quality stable value contract
issuers, with an emphasis on diversification.
INVESTMENT RISK
The Fund's investment contracts are designed to allow for participant transactions at
book value. A principal risk of the Fund is investment contract risk. This includes the
risk that the issuer will default on its obligation under the contract or that another
event of default may occur under the contract rendering it invalid; that the contract
will lapse before a replacement contract with favorable terms can be secured; or that
the occurrence of certain other events including employer-initiated events, could
cause the contract to lose its book value withdrawal features. These risks may result
in a loss to a contract holder. Other primary risks include default risk, which is the
possibility that instruments the Fund holds will not meet scheduled interest and/or
principal payments; interest rate risk, which includes the risk of reinvesting cash
flows at lower interest rates; and liquidity risk, which includes the effect of very large
unexpected withdrawals on the Fund's total value. The occurrence of any of these
events could cause the Fund to lose value.
INVESTMENT PERFORMANCE
2
4
S&P
Rating
A+
A+
AAAAAA-
2
4
FUND ALLOCATION
Security Backed Investment Contracts
Guaranteed Investment Contracts (GICs)
Cash/Equivalents
Fund (%)
96.0
1.0
3.0
SECTOR ALLOCATION OF THE
UNDERLYING FIXED INCOME PORTFOLIO
U.S. Treasury
Other U.S. Government
Corporates
Taxable Muni/Not for Profit
Agency MBS
Non-Agency MBS
CMBS
Asset Backed
Guaranteed Investment Contracts (GICs)
Cash/Equivalents
Fund (%)
16.8
10.9
23.1
4.3
17.4
0.8
4.8
17.4
1.1
3.4
Past performance is not an indication of how the investment will perform in the future.
1: Total expense ratio includes fees for investment management, trustee fee, investment contract fees, administrative,
audit and valuation fees. Please refer to the Fund’s Disclosure document at www.galliard.com for description of fees and
expenses, as well as information regarding methodology of turnover calculation.
2: The Fund's blended yield is the weighted average of all of the investment contracts' individual crediting rates and the yield
on the cash equivalents held by the Fund as of the date reported. Performance is net of all fees and includes all income,
realized and unrealized capital gains and compounding and have been rounded to the nearest basis point. The inception date
of Galliard Stable Return Fund M is 3/22/02. In order to illustrate historical performance, Fund M’s expenses have been
applied to Galliard Stable Return Fund Core for the periods prior to 3/22/02. Galliard Stable Return Fund Core has been in
existence since 1985.
3: Returns for periods less than one year are not annualized.
4: While it is believed that the benchmark used here represents an appropriate point of comparison for the Fund referenced
above, prospective investors should be aware that the volatility of the above referenced benchmark or index may be
substantially different from that of the Fund; and holdings in the Fund may differ significantly from the benchmark or index if
the investment guidelines and criteria are different than the Fund.
5: Economic Indices provided for informational purposes only. Consumer Price Index as reported on 4/2/24.
FOR INSTITUTIONAL INVESTOR USE ONLY
47M041524
