Municipal Income Portfolio

C000222088 Fund Overview

Municipal Income Portfolio is a US mutual fund managed by Morgan Stanley Institutional Fund Trust, categorised as Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Morgan Stanley Institutional Fund Trust
• Category: Municipal - National Bond
• Assets under management: $25.88M
• SEC CIK: 0000741375
• SEC series ID: S000069626
• Share class ID: C000222088

C000222088 Investment Objective and Strategy

Municipal Income Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Morgan Stanley Institutional Fund Trust.

Investment objective

The Municipal Income Portfolio (the Fund) seeks to provide a high level of current income exempt from federal income tax, consistent with the preservation of capital.

Principal investment strategy

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities, the income from which is exempt from federal income tax. This policy is fundamental and may not be changed without shareholder approval. Municipal securities include debt obligations of states, territories or possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the income on which is exempt from federal income tax at the time of issuance, in the opinion of bond counsel or other counsel to the issuers of such securities. The Funds average portfolio duration, as calculated by the Adviser, is typically maintained at +/- 3 years of the average benchmark duration, which is the average duration of all the constituent bonds in the Bloomberg Barclays Municipal Bond Index, which as of December 31, 2020 was 4.53 years.

The Fund may also invest in fixed income instruments which include bonds, debt securities, and other similar instruments issued by various public or private-sector entities. The Fund may also invest in preferred securities and private activity bonds. Certain of the Funds investments may pay income that is subject to the federal alternative minimum tax (AMT) for certain shareholders. The Fund focuses on investment grade debt securities, but may invest up to 20% of its total assets in high yield securities (junk bonds). High yield securities are fixed-income securities rated non-investment grade by a nationally recognized statistical rating organization (NRSRO) or, if unrated, as determined by the Adviser. The Adviser employs a combination of top-down and bottom-up research to determine duration and yield positioning, sector and credit quality allocation, and security selection.

The top-down analysis includes a review of macroeconomic factors, that may include, among others, economic growth rates, inflation, and monetary and fiscal policy. The bottom-up analysis is focused on research into the credit fundamentals of individual issuers and the relative value of individual securities. The Fund may invest in derivative instruments, such as options, futures contracts or swap agreements (including credit default swap indices), among others. Derivative instruments used by the Fund will be counted towards the Funds 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy. The Fund may invest in mortgage- or asset-backed securities, variable rate demand notes, repurchase agreements and reverse repurchase agreements.

The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may also invest in securities issued by entities, such as trusts, whose underlying assets are municipal securities, including, without limitation, residual interest bonds and tender option bonds. The Fund may also invest in ETFs and cash equivalents.

C000222088 Costs and Fees

C000222088 costs about $90 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.90%
• Gross expense ratio: 1.66%
• Portfolio turnover: 0%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000222088 Cashflows

Over the 12 months to 2021-06, Municipal Income Portfolio had net inflows of $25.22M, from monthly SEC N-PORT filings.

C000222088 Debt Constituents

No individual debt constituents are reported in Municipal Income Portfolio's latest SEC N-PORT filing.

C000222088 Prospectus and SEC Filings

Official Municipal Income Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2021-01-29
• Prospectus (485BPOS) — filed 2020-09-28
• Portfolio holdings (N-PORT) — filed 2021-08-25
• Portfolio holdings (N-PORT) — filed 2021-05-27
• Portfolio holdings (N-PORT) — filed 2021-02-25
• Annual census (N-CEN) — filed 2020-12-11

Related Funds

Other Municipal - National Bond funds tracked on ABC INVEST:

• Hawaii Municipal Fund (SURFX)
• NYLIM MacKay Muni High Income ETF (MMHI)
• State Street® My2032 Municipal Bond ETF (MYML)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.