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Name

As of 11/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Ultra-Short Term Fixed Income Fund

TSDUX | Fund

$9.77

$314 M

4.73%

$0.46

0.81%

Vitals

YTD Return

5.8%

1 yr return

6.1%

3 Yr Avg Return

3.9%

5 Yr Avg Return

2.8%

Net Assets

$314 M

Holdings in Top 10

25.1%

52 WEEK LOW AND HIGH

$9.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.81%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 55.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Ultra-Short Term Fixed Income Fund

TSDUX | Fund

$9.77

$314 M

4.73%

$0.46

0.81%

TSDUX - Profile

Distributions

  • YTD Total Return 5.8%
  • 3 Yr Annualized Total Return 3.9%
  • 5 Yr Annualized Total Return 2.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.50%
DIVIDENDS
  • Dividend Yield 4.7%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Ultra-Short Term Fixed Income Fund
  • Fund Family Name
    MORGAN STANLEY PATHWAY FUNDS
  • Inception Date
    Mar 08, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jerome Schneider

Fund Description

The Fund will invest, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in fixed income instruments with maturities of less than or equal to two year.
Under normal market conditions, the Fund invests primarily in investment-grade securities and will seek to maintain an average portfolio duration of two years or less. The Fund seeks to outperform the FTSE 3-Month U.S. Treasury Bill Index over a full market cycle, while maintaining overall risk similar to the index. The Fund will invest in government and corporate debt securities, mortgage- and asset-backed securities, money market instruments, collateralized loan obligations (“CLOs”), and derivatives, including futures contracts, forward contracts (such as currency and cross-currency forwards), options and swaps (such as interest rate swaps and credit default swaps). The Fund may invest up to 20% of net assets in securities rated below investment grade. It may also invest up to 30% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. Under normal market conditions, the Fund will seek to limit its foreign currency exposure to 20% of its total assets. The Fund may also lend portfolio securities to earn additional income. Any income realized through securities lending may help fund performance.
The Fund may invest up to 20% of its total assets in non-investment grade securities (sometimes called “high yield securities” or “junk bonds”) rated CCC- or higher by Moody’s, or equivalently rated by S&P or Fitch, or, if unrated, determined by the Sub-adviser (as defined below) to be of comparable credit quality.
The Fund’s average portfolio duration, as calculated by the Sub-adviser is normally less than two years. Duration is an approximate measure of the sensitivity of the market value of the Fund’s holdings to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. In addition, the dollar-weighted average portfolio maturity of the Fund, under normal circumstances, is expected not to exceed three years. Maturity means the date on which the principal amount of a debt security is due and payable. Individual investments may be of any maturity.
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 seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sales contracts or by using other investment techniques (such as buy-backs or dollar rolls).
The Fund’s investment objective is not fundamental and may be changed by the Board of Trustees without shareholder approval.
Read More

TSDUX - Performance

Return Ranking - Trailing

Period TSDUX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.8% -0.5% 7.6% 12.21%
1 Yr 6.1% 1.7% 9.3% 46.95%
3 Yr 3.9%* -1.2% 7.0% 22.93%
5 Yr 2.8%* -0.9% 4.7% 23.68%
10 Yr N/A* -4.2% 27.9% N/A

* Annualized

Return Ranking - Calendar

Period TSDUX Return Category Return Low Category Return High Rank in Category (%)
2023 4.3% -2.3% 4.3% 0.47%
2022 -5.6% -6.5% 0.5% 96.60%
2021 -0.7% -2.1% 0.3% 81.00%
2020 0.4% -3.1% 1.8% 36.98%
2019 -0.2% -1.2% 6.1% 90.66%

Total Return Ranking - Trailing

Period TSDUX Return Category Return Low Category Return High Rank in Category (%)
YTD 5.8% -0.5% 7.6% 12.21%
1 Yr 6.1% 1.7% 9.3% 46.95%
3 Yr 3.9%* -1.2% 7.0% 22.93%
5 Yr 2.8%* -0.9% 4.7% 23.68%
10 Yr N/A* -4.2% 27.9% N/A

* Annualized

Total Return Ranking - Calendar

Period TSDUX Return Category Return Low Category Return High Rank in Category (%)
2023 11.3% 0.8% 12.1% 0.94%
2022 0.8% -5.1% 2.5% 19.42%
2021 1.3% -2.1% 14.5% 6.00%
2020 3.1% -1.0% 3.6% 5.73%
2019 3.3% 0.3% 9.6% 29.12%

NAV & Total Return History

TSDUX - Holdings

Concentration Analysis

TSDUX Category Low Category High TSDUX % Rank
Net Assets 314 M 26.6 K 22.6 B 72.77%
Number of Holdings 309 2 1258 43.66%
Net Assets in Top 10 78.9 M 27.7 K 22.7 B 69.01%
Weighting of Top 10 25.06% 6.3% 159.6% 37.56%

Top 10 Holdings

  1. FUTURE CONTRACT ON 3 MONTH SOFR FUT SEP24 0.00000000 9.35%
  2. UNITED STATES TREASURY BILL ZCP 0.00000000 3.70%
  3. UNITED STATES TREASURY INFLATION INDEXED BONDS 2.12500000 3.38%
  4. FNMA 30YR TBA 5.5% OCT 24 TO BE ANNOUNCED 5.50000000 1.60%
  5. UNITED STATES TREASURY INFLATION INDEXED BONDS 0.37500000 1.57%
  6. CITIGROUP INC REGD V/R 3.10600000 1.38%
  7. NOMURA HOLDINGS INC REGD 2.64800000 1.16%
  8. REYNOLDS AMERICAN INC REGD 4.45000000 1.00%
  9. VERIZON MASTER TRUST SER 2024-1 CL A1B V/R REGD 6.00353000 0.96%
  10. TRILLIUM CREDIT CARD TRUST II SER 2023-3A CL A V/R REGD 144A P/P 6.16619500 0.96%

Asset Allocation

Weighting Return Low Return High TSDUX % Rank
Bonds 		96.24% 0.00% 129.63% 16.90%
Cash 		17.24% 0.00% 112.72% 16.43%
Convertible Bonds 		4.59% 0.00% 15.25% 36.79%
Stocks 		0.00% 0.00% 97.16% 71.36%
Preferred Stocks 		0.00% 0.00% 0.00% 68.54%
Other 		-13.48% -13.48% 99.96% 100.00%

Bond Sector Breakdown

Weighting Return Low Return High TSDUX % Rank
Government 		23.90% 0.00% 100.00% 13.68%
Corporate 		20.36% 0.00% 99.91% 72.17%
Securitized 		14.26% 0.00% 100.00% 65.09%
Cash & Equivalents 		4.47% 0.00% 112.72% 44.60%
Municipal 		0.03% 0.00% 70.39% 42.45%
Derivative 		-13.48% -13.48% 16.56% 100.00%

Bond Geographic Breakdown

Weighting Return Low Return High TSDUX % Rank
US 		96.24% 0.00% 129.63% 16.90%
Non US 		0.00% 0.00% 20.18% 74.18%

TSDUX - Expenses

Operational Fees

TSDUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.81% 0.08% 29.63% 18.57%
Management Fee 0.50% 0.00% 1.19% 95.77%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.03% 0.01% 0.40% 2.17%

Sales Fees

TSDUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.50% 5.75% N/A
Deferred Load N/A 0.25% 1.00% N/A

Trading Fees

TSDUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TSDUX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 55.00% 0.00% 336.00% 34.08%

TSDUX - Distributions

Dividend Yield Analysis

TSDUX Category Low Category High TSDUX % Rank
Dividend Yield 4.73% 0.00% 8.76% 93.90%

Dividend Distribution Analysis

TSDUX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

TSDUX Category Low Category High TSDUX % Rank
Net Income Ratio 0.50% -1.30% 14.86% 48.29%

Capital Gain Distribution Analysis

TSDUX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

TSDUX - Fund Manager Analysis

Managers

Jerome Schneider

Start Date

Tenure

Tenure Rank

Mar 08, 2016

6.23

6.2%

Managing Director, PIMCO. Mr. Schneider joined PIMCO in 2008. Prior to joining PIMCO, he served as Senior Managing Director with Bear Stearns, specializing in credit and mortgage-related funding transactions. Mr. Schneider joined Bear Stearns in 1995. He has 24 years of investment experience and holds an undergraduate degree in economics and international relations from the University of Pennsylvania and an MBA from the Stern School of Business at New York University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 32.44 6.52 0.13

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