Ultra Short Income Portfolio
MORGAN STANLEY INSTITUTIONAL FUND TRUST · Series S000052013 · 3 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net |
|---|---|---|
| MUIIX | 0.35% | 0.30% |
| MULSX | 0.30% | 0.25% |
| MUAIX | 0.55% | 0.40% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Cash & short-term | 85.26% |
| Bonds | 15.14% |
Latest quarter
What changed since the fund's previous filing
Largest new: Credit Agricole CIB, Bank of Nova Scotia, PROTECTIVE LIFE GLOBAL, TD Securities USA LLC, UBS AG/London, Societe Generale SA, BNP Paribas SA ×2
Largest exited: Bank of Nova Scotia, Toronto-Dominion Bank, Societe Generale SA, NATL BANK OF KUWAIT NY, BNP Paribas Prime Brokerage, Inc., UBS GROUP AG ×2, BNP Paribas Securities Corp.
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.18% | +15.78% | +19.79% | 0.26% | 0.00% | |
| +4.25% | +15.91% | +20.00% | 0.20% | 0.00% | |
| +4.08% | +15.41% | +19.20% | 0.20% | 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.
May 2026 and Jun 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.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | 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 MARKETS4.15% 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 GLOBAL4.28% floating · due 2027-05-06 | 1.34% | $263.13M | — |
Top 10 positions are 20.96% of net assets, top 25 37.87%, across 115 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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