Short-Term Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Short-Term Income Fund held 442 positions with $3.37B in net assets. Its ten largest holdings made up 13.4% of the fund. The SRHQX share class costs 0.6% a year. Over the 12 months to May 2026, SRHQX returned 4.0%, with dividends reinvested. In 2026 Q3 it added 48 new positions and exited 25.
The Fund seeks to provide as high a level of current income as is consistent with prudent investment management and stability of principal.
The fund invests in high-quality fixed-income securities rated BBB- or higher, emphasizing short-term bonds with an effective maturity of five years or less and portfolio duration within 30% of the Bloomberg Credit 1-3 Year Index. Holdings span corporate, government, mortgage-backed, and asset-backed securities, including foreign debt. The fund uses Treasury and credit index futures for hedging and to manage fixed-income exposure. Because security selection relies partly on manager judgment for unrated securities, portfolio composition depends on those determinations.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States Treasury Note/Bond 3.25% · due 2029-06-30 | 3.32% | $111.83M | — |
United States Treasury Note/Bond 4.00% · due 2027-01-15 | 2.90% | $97.78M | — |
Principal Funds, Inc - Government Money Market Fund - Class R-6 | 1.92% | $64.58M | — |
United States Treasury Note/Bond 4.50% · due 2026-07-15 | 1.55% | $52.28M | — |
United States Treasury Note/Bond 3.88% · due 2028-03-31 | 0.89% | $29.99M | — |
HCA Inc 5.25% · due 2026-06-15 | 0.59% | $20.02M | — |
Vistra Operations Co LLC 3.70% · due 2027-01-30 | 0.57% | $19.38M | — |
SBA Tower Trust 1.63% · due 2051-05-15 | 0.57% | $19.13M | — |
Oaktree CLO 2019-4 Ltd 5.19% floating · due 2037-07-20 | 0.56% | $19.02M | — |
Nissan Auto Receivables 2025-B Owner Trust 4.00% · due 2028-07-17 | 0.53% | $18.00M | — |
The 200 largest of 442 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 61.03% |
| Securitized | 37.20% |
| Cash & short-term | 1.92% |
| Derivatives | 0.03% |
Derivatives are shown at market value, not notional exposure.
By sector
- Securitized
- 36.9%
- Other
- 13.4%
- Financials
- 11.5%
- Government
- 10.0%
- 11 other sectors
- 28.2%
- Securitized
- 36.9%
- Other
- 13.4%
- Financials
- 11.5%
- Government
- 10.0%
- International
- 7.1%
- Utilities
- 5.8%
- Health Care
- 3.1%
- Information Technology
- 3.1%
- Industrials
- 2.4%
- Cash
- 1.7%
- Energy
- 1.7%
- Communication Services
- 1.3%
- Consumer Discretionary
- 0.7%
- Real Estate
- 0.7%
- Materials
- 0.7%
How it has done
SRHQX share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.22%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 8 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.60% | +3.98% | +15.55% | +12.46% | -0.60% | |
| 1.54% | +2.90% | +12.29% | +7.19% | -0.68% | |
| 0.39% | +4.16% | +16.22% | +13.51% | -0.59% | |
| 0.59% | +3.98% | +15.67% | +12.55% | -0.61% | |
| — | — | — | — | — | |
| 0.92% | +3.55% | +14.46% | +10.57% | -0.63% | |
| — | — | — | — | — | |
| 0.61% | +3.88% | +15.55% | +12.36% | -0.60% |
Fees & fund details
Short-Term Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.39% – 1.54%· SRHQX 0.60%
- Portfolio turnover
- 42.30% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
48 new· the largest 8
25 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 61.2% |
| Floating rate | 38.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 10.7% |
| 1-3y | 27.5% |
| 3-5y | 28.3% |
| 5-10y | 5.9% |
| 10y+ | 27.6% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 56% |
| Interest rates | 44% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.39 yr |
| High yield | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.06 yr | 3% |
| 1 yr | 0.16 yr | 9% |
| 5 yr | 1.57 yr | 82% |
| 10 yr | 0.11 yr | 6% |
| 30 yr | 0.02 yr | 1% |
| 3 mo | 0.08 yr | 3% |
| 1 yr | 0.20 yr | 9% |
| 5 yr | 1.96 yr | 82% |
| 10 yr | 0.13 yr | 6% |
| 30 yr | 0.02 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.06 | +0.08 | +0.00 | $26.6k | $70 |
| 1 yr | +0.16 | +0.20 | +0.00 | $68.6k | $181 |
| 5 yr | +1.57 | +1.96 | +0.01 | $659.6k | $1.7k |
| 10 yr | +0.11 | +0.13 | +0.00 | $45.1k | $119 |
| 30 yr | +0.02 | +0.02 | +0.00 | $6.4k | $17 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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