Produkte & Performance Morgan Stanley Liquidity Funds US Dollar Ultra-Short Income Fund
US Dollar Ultra-Short Income Fund
Share Class :
 
ISIN: LU1954527922
Produkte & Performance Morgan Stanley Liquidity Funds US Dollar Ultra-Short Income Fund
US Dollar Ultra-Short Income Fund
ISIN: LU1954527922
Share Class :

US Dollar Ultra-Short Income Fund

SHARE CLASS :
ISIN: LU1954527922
 
 
 
 
Fund Facts
Money Market Fund Type: Standard Variable Net Asset Value (VNAV)
Fund Launch Date:1 25-Apr-2019
Fund Base Currency: USD
Net Asset Value
(per share):
as of 20-Oct-2020 		9.970 USD
Mark to Market NAV:*
as of 20-Oct-2020 		9.970 USD
Difference between Market NAV and Transactional NAV: 0.000 USD
Valuation Daily
Settlement T+1
Dealing Deadline

9.00pm GMT / 4.00pm EST
Fund Codes
CUSIP: L64887596
ISIN: LU1954527922
Bloomberg: MSDUSII LX
Fees, Expenses & Minimums2
Ongoing Charges: 0.10 %
TER (per annum): 0.10 %
Minimum Initial Investment: 1,000,000 USD
Minimum Subsequent Investment: 0 USD

Ongoing Charges reflect the payments and expenses incurred during the fund's operation and are deducted from the assets of the fund over the period. It includes fees paid for investment management (Management Fee), trustee/custodian, and administration charges.
Total expenses ("TER") charged to the share class for the current reporting month, calculated net of any waivers and expressed as an annualised percentage of average net assets for the month.
Investment Objective
To provide liquidity and an attractive rate of income relative to short term interest rates, to the extent consistent with the preservation of capital.
Investment Horizon

We believe that a conservative ultra-short fund offers a compelling strategy that seeks to deliver current income while maintaining a focus on preserving capital and liquidity.

Investment Process

The management team follows a multi-pronged investment process with respect to credit risk, interest rate risk and liquidity. Securities are reviewed on an ongoing basis on their ability to maintain creditworthiness taking into consideration factors such as cash flow, asset quality, debt service coverage ratios and economic developments. Additionally, exposure to guarantors and liquidity providers is monitored separately as are the various diversification requirements. The team manages the Portfolio's assets in an attempt to reduce credit or interest rate risks.

 
Fund Highlights
  • Diversified portfolio
  • Managed by the same experienced and specialized portfolio management team that manages the Morgan Stanley Liquidity funds
 
 
Pricing & Performance
Average Annual Total Returns As of 30-Sep-2020
 
 TIMEFRAME:
 
2016 2017 2018 2019 2020
Share Class IN USD (%) -- -- -- -- 1.02
Average Annual Total Returns

TIMEFRAME Institutional Distributing
2016 --
2017 --
2018 --
2019 --
2020 1.02
 
 
Average Annualised Monthly Yield (%)
 
 
    Sep 2020 Aug 2020 Jul 2020 Jun 2020 May 2020 Apr 2020 Mar 2020 Feb 2020 Jan 2020 Dec 2019 Nov 2019 Oct 2019
Fund (gross) 0.48 0.53 0.63 0.77 1.09 1.36 1.73 2.02 2.08 2.12 2.16 2.29
Fund (net) 0.38 0.43 0.53 0.67 0.99 1.26 1.63 1.92 1.98 2.02 2.06 2.19
 
 
 
Risk and Reward Profile As of 14-Jul-2020
 
 
Lower Risk
High Risk
Potentially
Lower Rewards
Potentially
Higher Rewards
 
The risk and reward category shown is based on historic data.
  • Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.
  • As such this category may change in the future.
  • The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.
  • The fund is in this category because it invests in money market securities and the fund's simulated and/or realised return has experienced low rises and falls historically.
This rating does not take into account other risk factors which should be considered before investing, these include:
  • The value of bonds are likely to decrease if interest rates rise and vice versa.
  • Issuers may not be able to repay their debts, if this happens the value of your investment will decrease. This risk is higher where the fund invests in a bond with a lower credit rating.
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.
The risk and reward category shown is based on historic data.
  • Historic figures are only a guide and may not be a reliable indicator of what may happen in the future.
  • As such this category may change in the future.
  • The higher the category, the greater the potential reward, but also the greater the risk of losing the investment. Category 1 does not indicate a risk free investment.
  • The fund is in this category because it invests in money market securities and the fund's simulated and/or realised return has experienced low rises and falls historically.
This rating does not take into account other risk factors which should be considered before investing, these include:
  • The value of bonds are likely to decrease if interest rates rise and vice versa.
  • Issuers may not be able to repay their debts, if this happens the value of your investment will decrease. This risk is higher where the fund invests in a bond with a lower credit rating.
  • The fund relies on other parties to fulfill certain services, investments or transactions. If these parties become insolvent, it may expose the fund to financial loss.
  • Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up and investors may lose all or a substantial portion of his or her investment.
  • The value of the investments and the income from them will vary and there can be no assurance that the Fund will achieve its investment objectives.
 
 
Risk Profile
Currency Risk No
Maximum weighted average maturity (WAM) 180 days
Maximum maturity of individual security 2 years

Daily Market NAV
Download

 
 
Composition 3 As of 09-Oct-2020
 
Daily/Weekly Liquid Assets
Download

A1/P1 A1+/P1 A2/P2 Total
0 - 1 week -- 21.26 -- 21.26
1 week - 1 month 6.42 2.17 0.47 9.06
1 month - 3 months 7.12 0.43 7.99 15.54
3 months - 6 months 13.59 9.63 -- 23.22
6 months - 1 year 7.34 20.65 -- 27.99
1 year + 2.17 0.76 -- 2.93
  Fund
Floating Rate Note 31.57
Commercial Paper 28.32
Certificate of Deposit 17.66
Time Deposit 8.65
Corporate Bond 6.37
Tri-Party Repo 6.06
Commercial Paper - Interest Bearing 0.87
Cash 0.50
 
May not sum to 100% due to rounding. Breakdown by Rating/Final Maturity (%) reflects the final maturity date for the underlying securities in the portfolio.
 


Geography As of 09-Oct-2020

  Fund
United States 31.56
Japan 12.70
Singapore 10.80
Canada 10.01
Australia 9.69
France 6.49
Sweden 4.70
Denmark 4.33
Switzerland 3.24
United Kingdom 2.82
Netherlands 2.78
Norway 0.44
Finland 0.44
 
May not sum to 100% due to rounding.


 
 

Please visit our Glossary page for fund related terms and definitions.

Performance data quoted is based on average annualized returns and net of fee.

Past performance is not a reliable indicator of future results. The value of the investments and the income from them can go down as well as up and an investor may not get back the amount invested. Returns may increase or decrease as a result of currency fluctuations. Performance data for funds with less than one year's track record is not shown. Performance is calculated net of fees. YTD performance data is not annualised. Performance of other share classes, when offered, may differ. Please consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and key investor information document (KIID) contains this and other information about the fund. Please read the prospectus and KIID carefully before you invest.

Past performance should not be construed as a guarantee of future performance.  Performance of the Morgan Stanley Liquidity Funds is calculated net of fees.

It is important you read the legal information page before proceeding as it explains in which countries the Morgan Stanley Liquidity Funds are authorised for sale and where this website is directed.

1 As of 25 April 2019.

2 The Minimum Initial Investment/Minimum Subsequent Investment amounts may be in US Dollars (or the Euro or Sterling equivalent of the US Dollar amount). For more information please see the Charges and Expenses section of the prospectus.

3 May not sum to 100% due to rounding.

* The Mark to Market NAV is a calculation of the underlying aggregate value of the securities in a fund's portfolio using current market quotes or other performance metrics. It is important to note this is being provided for informational use only and investors cannot transact on the mark to market NAV. The Morgan Stanley Liquidity funds continue to operate at a stable net asset value in their distributing shares utilising amortised cost accounting.

Each Fund is authorised to invest up to 100% of its assets in Money Market Instruments issued or guaranteed separately or jointly by a Sovereign Entity and by any other member states of the OECD and their central authorities or central banks subject to certain conditions. Please see Prospectus for further details.

The Fund is not a guaranteed investment and is different from an investment in deposits. The Fund does not rely on external support for guaranteeing the liquidity of the Fund or stabilising the NAV per share. The value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested.

 
 

WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

 

WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

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