Ultra Short Income Portfolio
Actively managed global bond fund
As of its 2026 Q2 report, Ultra Short Income Portfolio held 224 positions with $19.61B in net assets. Its ten largest holdings made up 21.0% of the fund. The MUIIX share class costs 0.3% a year. Over the 12 months to May 2026, MUIIX returned 4.2%, with dividends reinvested. In 2026 Q2 it added 126 new positions and exited 107.
The Ultra-Short Income Portfolio (the Fund) seeks current income with capital preservation while maintaining liquidity.
The fund invests in high-quality, liquid money market instruments including commercial paper, bank debt, certificates of deposit, asset-backed securities, and government obligations, with all securities rated in the top two rating categories or equivalent. Under normal circumstances the fund maintains a maximum weighted average maturity of 90 days and weighted average life of 180 days. The fund pursues a fundamental policy of holding at least 25% of assets in financial services companies, though may temporarily hold less as a defensive measure. Because credit quality depends on ongoing assessment of issuer creditworthiness and the fund is not a money market fund, net asset value per share will fluctuate.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
JPMorgan Securities LLC | 3.82% | $749.80M | — |
CREDIT INDUST ET COMM NY | 2.62% | $513.49M | — |
BofA Securities, Inc. | 2.17% | $425.00M | — |
Credit Agricole CIB | 2.14% | $419.77M | — |
Wells Fargo Securities LLC | 2.10% | $411.00M | — |
CITIGROUP GLOBAL MARKETS 4.14% floating · due 2027-01-04 | 2.03% | $397.57M | — |
NATIONAL BANK OF CANADA | 1.79% | $350.33M | — |
SUMITOMO MITSUI BANKING | 1.53% | $300.23M | — |
Bank of Nova Scotia | 1.43% | $280.00M | — |
PROTECTIVE LIFE GLOBAL 4.28% floating · due 2027-05-06 | 1.34% | $263.13M | — |
The 200 largest of 224 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%.
| Cash & short-term | 85.26% |
| Bonds | 15.14% |
How it has done
MUIIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.25%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is 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 3 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.30% | +4.22% | +15.64% | +20.16% | 0.00% | |
| 0.25% | +4.19% | +15.78% | +20.37% | 0.00% | |
| 0.40% | +4.02% | +15.27% | +19.57% | 0.00% |
These classes hold the same portfolio, so the 0.80pp spread over 5 years is the cost difference between them — roughly 0.16pp a year — not a difference in what they own.
Fees & fund details
Ultra Short Income Portfolio is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.25% – 0.40%· MUIIX 0.30%
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
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.
126 new· the largest 7
107 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 68.7% |
| Fixed rate | 31.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 94.5% |
| 1-3y | 5.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying a small fraction as much.
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.
| Interest rates | 97% |
| Credit spreads | 3% |
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 | +0.06 yr |
| High yield | +0.04 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 | 0.15 yr | 5% |
| 1 yr | 0.23 yr | 8% |
| 5 yr | 0.00 yr | 0% |
| 10 yr | 0.33 yr | 12% |
| 30 yr | 2.09 yr | 75% |
| 3 mo | 0.05 yr | 53% |
| 1 yr | 0.04 yr | 47% |
| 5 yr | 0.00 yr | 0% |
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 | +0.15 | +0.02 | +0.03 | $47.1k | $50.2k |
| 1 yr | +0.23 | +0.03 | +0.01 | $60.8k | $24.0k |
| 5 yr | +0.00 | +0.00 | +0.00 | $59 | $23 |
| 10 yr | +0.33 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +2.09 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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