UBS Ultra Short Income Fund
UBS Asset Management filed a new fund registration statement to launch UBS Ultra Short Income Fund. The fund appears to be a "Conservative Ultra-Short Bond Fund, and will have two share classes, A and P. The filing says, "This fund is not a money market fund and should not be considered to be a money market fund or the equivalent of a money market fund. UBS Asset Management (US) Inc. offers money market funds that are advised by UBS Asset Management (Americas) Inc. Please contact UBS AM (US) if you are interested in investing in money market funds." The fund's investment objective is, "To provide current income while seeking to maintain low volatility of principal." The filing continues, "Under normal circumstances, the fund invests in fixed income securities and money market instruments. The fund's investments in securities may include, but are not limited to, government obligations including agencies, government-sponsored and supranational entities, as well as municipal securities, corporate debt, mortgage-backed, asset-backed, and inflation-linked securities. Investments in money market instruments may include, but are not limited to, commercial paper (including asset-backed commercial paper), certificates of deposit, notes, time deposits, repurchase agreements and other money market securities. The fund may invest in money market funds, including those advised by UBS Asset Management.... The fund may invest in securities of any maturity, but will generally limit its weighted average portfolio duration to one year or less." It adds, "Robert Sabatino, Vice President of UBS Series Funds, David Walczak, Vice President of UBS Series Funds, David Rothweiler, and James Law, have been portfolio managers of the fund." Watch our Bond Fund Intelligence newsletter or visit our Bond Fund Symposium (March 22-23 in Los Angeles) to learn more about "conservative" ultra-short bond funds.
