MUAMX — Short Duration Municipal Income Portfolio
Data updated: 2024-02-28
MUAMX — Short Duration Municipal Income Portfolio. Intermediate Municipal - National Bond · $142.99M AUM. Holdings, fees, performance and SEC filings.
MUAMX Fund Overview
MUAMX — Short Duration Municipal Income Portfolio is a US mutual fund managed by Morgan Stanley Institutional Fund Trust, categorised as Intermediate 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: Intermediate Municipal - National Bond
- Assets under management: $142.99M
- 1-year return: 4.5%
- Ticker: MUAMX
- SEC CIK: 0000741375
- SEC series ID: S000063885
- Share class ID: C000206866
MUAMX Investment Objective and Strategy
Short Duration 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 Short Duration Municipal Income Portfolio (the Fund) seeks current income exempt from federal income tax and capital preservation while maintaining liquidity.
Principal investment strategy
Under normal circumstances, the Fund invests at least 80% of its net assets 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. The Fund may also invest in variable and floating rate demand instruments and tender option bonds. The Fund may invest up to 100% of its assets in municipal securities, the interest on which may be subject to the federal alternative minimum tax for individuals. In addition, the Fund may invest up to 20% of its assets in securities subject to federal income tax. The Fund may invest 25% or more of its total assets in certain types of municipal obligations (such as general obligations, municipal leases, principal only municipal investments, revenue bonds and industrial development bonds) and in one or more states, territories and economic sectors (such as housing, hospitals, healthcare facilities or utilities).
At least 85% of the Funds net assets normally will be invested in municipal obligations rated at least investment grade at the time of investment (which are those rated Baa3 or higher by Moodys Investors Service, Inc (Moodys), or BBB- or higher by either S&P Global Ratings (S&P) or Fitch Ratings (Fitch)) or, if unrated, determined by the Adviser to be of at least investment grade quality. The balance of net assets may be invested in municipal obligations rated below investment grade and in unrated municipal obligations considered to be of comparable quality by the Adviser (junk bonds). The Fund will not invest more than 5% of its net assets in obligations rated below B3 by Moodys, or B- by either S&P or Fitch, or in unrated obligations considered to be of comparable quality by the Adviser.
For purposes of rating restrictions, if securities are rated differently by two or more rating agencies, the highest rating is used. Under normal circumstances, the Fund intends to maintain a dollar-weighted average portfolio duration of less than three years; however, the Fund may invest in individual municipal obligations of any maturity. The Advisers process for selecting obligations for purchase and sale emphasizes the creditworthiness of the issuer or other person obligated to repay the obligation and the relative value of the obligation in the market. In evaluating creditworthiness, the Adviser considers ratings assigned by rating agencies and generally performs additional credit and investment analysis. The portfolio managers also may trade securities to seek to minimize taxable capital gains to shareholders.
A portion of the Funds distributions generally will be subject to federal alternative minimum tax. The Fund may not be suitable for investors subject to the federal alternative minimum tax. The Fund may, but is not required to, use derivatives and similar instruments, such as residual interest bonds, futures contracts and options thereon, interest rate swaps and forward rate agreements, for a variety of purposes, including hedging, to seek total return or as a substitute for the purchase or sale of securities. Derivative instruments used by the Fund will be counted toward the Funds 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy.
MUAMX Holdings
Top 10 holdings of Short Duration Municipal Income Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Kentucky Economic Development Finance Authority | 4.20% |
| Parish of St James LA | 3.50% |
| Wisconsin Health & Educational Facilities Authority | 2.10% |
| Harris County Cultural Education Facilities Finance Corp | 1.89% |
| State of Illinois | 1.88% |
| Black Belt Energy Gas District | 1.83% |
| Illinois Finance Authority | 1.82% |
| City of Whiting IN | 1.78% |
| Wayne County Airport Authority | 1.78% |
| School Board of Miami-Dade County/The | 1.76% |
MUAMX Portfolio Allocation
Asset-class allocation of Short Duration Municipal Income Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 98.8% |
MUAMX Performance
Total returns for MUAMX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 4.5% |
| 3 years (annualised) | 1.9% |
MUAMX Risk Information
Risk metrics for MUAMX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 1.7%
MUAMX Costs and Fees
MUAMX costs about $35 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.35%
- Gross expense ratio: 0.63%
- Portfolio turnover: 0%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
MUAMX Cashflows
Over the 12 months to 2023-12, Short Duration Municipal Income Portfolio had net outflows of $16.62M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-12 | −$4.21M |
| 2023-11 | −$31.64M |
| 2023-10 | −$10.99M |
| 2023-09 | −$10.68M |
| 2023-08 | −$15.42M |
| 2023-07 | −$11.99M |
MUAMX Debt Constituents
Largest debt holdings of Short Duration Municipal Income Portfolio by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Kentucky Economic Development Finance Authority | 4.20% |
| Parish of St James LA | 3.50% |
| Wisconsin Health & Educational Facilities Authority | 2.10% |
| Harris County Cultural Education Facilities Finance Corp | 1.89% |
| State of Illinois | 1.88% |
| Black Belt Energy Gas District | 1.83% |
| Illinois Finance Authority | 1.82% |
| City of Whiting IN | 1.78% |
| Wayne County Airport Authority | 1.78% |
| School Board of Miami-Dade County/The | 1.76% |
MUAMX Prospectus and SEC Filings
Official Short Duration Municipal Income Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus supplement (497) — filed 2024-02-02
- Prospectus supplement (497) — filed 2023-07-31
- Prospectus supplement (497) — filed 2022-04-22
- Portfolio holdings (N-PORT) — filed 2024-02-28
- Portfolio holdings (N-PORT) — filed 2023-11-28
- Portfolio holdings (N-PORT) — filed 2023-08-25
- Annual census (N-CEN) — filed 2023-12-06
- Annual census (N-CEN) — filed 2022-12-14
Related Funds
Other Intermediate Municipal - National Bond funds tracked on ABC INVEST:
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.