The investment seeks a high level of current income, consistent with low volatility of principal through investing in short-term investment grade debt securities. The fund is a diversified investment company that normally invests at least 80% of its net assets in short-term securities having a duration of less than three years. Under normal market conditions, it purchases securities rated BBB- and/or Baa3 or better by a Nationally Recognized Statistical Rating Organization. The fund may invest up to 20% of its net assets in debt futures contracts, option contracts, options on securities and options on debt futures.

Nasdaq

PIASX

The fund primarily invests in investment grade, U.S. dollar-denominated short-term fixed and floating rate debt securities, including corporate debt securities, mortgage-related securities, asset-backed securities, U.S. government securities and agency securities and money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes. The weighted average duration of this fund will vary based on the Manager's market forecasts and will not normally exceed one year.

PLUIX

The investment seeks to earn high current income, consistent with safety and liquidity of principal. The fund invests at least 80% of its assets in direct debt obligations of the United States Treasury, including U.S. Treasury bills, notes and bonds, and other securities issued by the U.S. Treasury. The adviser expects to maintain a dollar-weighted average portfolio maturity and duration of zero to three years. It is not a money market fund and does not seek to maintain a stable price per share.

PRTBX

Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities rated investment grade at time of purchase. Investment grade securities are those rated in the Baa3 or higher categories by Moody's, or in the BBB- or higher categories by Standard & Poor's, or Fitch or, if unrated by Moody's, S&P, Fitch, or another NRSRO, determined by the fund's advisor, to be of comparable credit quality.

PSDSX

The fund invests in a diversified portfolio of fixed income securities comprised of short duration, investment-grade money market and other fixed income securities. It may also invest in U.S. dollar-denominated foreign securities of these types. Under normal circumstances, the effective duration of the fund's portfolio will generally not be greater than one year.

PSDYX

Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities. It may invest up to 30% of its net assets in high yield securities - securities rated below investment grade that generally have higher yields and higher risks than investment grade securities. The fund may invest in debt securities of any maturity and credit quality. Under normal market conditions, the advisor expects that the fund will invest primarily in securities rated investment grade at time of purchase.

PSYPX

The fund normally invests at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities.

PTSHX

The fund invests in a wide variety of debt instruments and income-producing securities payable primarily in U.S. dollars. It invests at least 90% of its total assets in investment grade debt securities, but may invest up to 10% of its total assets in debt securities rated below investment grade. The overall average credit quality of the fund will remain investment grade.

PYLMX

The fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets in fixed income securities. The fixed income securities in which the fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities, and obligations of U.S. and foreign governments and their agencies.

RUSIX

The investment seeks current income consistent with capital preservation. The fund invests at least 80% of its net assets in income-producing debt securities. It invests up to 25% of its total assets in U.S. dollar-denominated debt securities of foreign issuers and up to 15% of its total assets in below investment-grade debt securities. The portfolio holdings may include U.S. government obligations, corporate debt securities, bank loans and mortgage- and asset-backed debt securities.

SADIX

The fund normally will invest at least 80% of its net assets in fixed income securities issued in the U.S. It will invest more than 25% of its total assets in dollar-denominated obligations of U.S. banks and U.S. subsidiaries and branches of foreign banks and bank holding companies when the yield to maturity on these investments exceeds the yield to maturity on all other eligible portfolio investments of similar quality for a period of five consecutive days during which the New York Stock Exchange is open for trading.

SAUFX

The investment seeks higher current income than that typically offered by a money market fund while maintaining a high degree of liquidity and a correspondingly higher risk of principal volatility. The fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade U.S. dollar-denominated debt instruments. The advisor will primarily use futures contracts for hedging purposes to manage the fund's exposure to interest rate risk.

SECPX

The fund invests primarily in investment-grade debt securities of domestic entities. The Adviser will primarily sell securities short for the purposes of managing certain risks (primarily interest rate and/or yield spread risk) associated with its long positions or for capturing differences in value between two securities, and not for the purpose of forecasting the market's direction.

SEMRX

The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in short duration U.S. government securities of any credit quality. These securities may include, but are not limited to, U.S. Treasury securities, U.S. agency securities, U.S. agency mortgage-backed securities, repurchase agreements and other U.S. government securities. The advisor expects to maintain an average effective duration between 3 months and 1 year. Individual purchases will generally be limited to securities with an effective duration of less than 5 years.

SIGVX

The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in short duration fixed income securities. These securities may include, but are not limited to, U.S. Treasury and agency securities, obligations of supranational entities and foreign governments, domestic and foreign-corporate debt obligations, taxable municipal debt securities, mortgage-backed and asset-backed securities. The advisor normally expects to maintain an average effective duration between 3 months and 1 year.

SISSX

The investment seeks a high level of interest income that is excluded from federal income taxation to the extent consistent with prudent investment management and the preservation of capital. The Portfolio is a "fund of funds." The Portfolio's main investment strategy is to invest in unaffiliated registered investment companies and ETFs (the "underlying funds"). As a matter of fundamental policy, the Portfolio will normally invest at least 80% of its total assets in securities that pay interest exempt from federal income taxes. The Manager generally invests the Portfolio's assets in underlying funds that invest in municipal obligations.

SMBPX

The fund seeks to achieve its objective by investing under normal market conditions at least 80% of its assets in debt securities issued by the U.S. government and its agencies, debt securities issued by corporations, and mortgage and other asset-backed securities. It invests at least 50% of its assets in U.S. government debt securities, which are securities issued, guaranteed or insured by the U.S. government, its agencies or instrumentalities. The fund's dollar-weighted average portfolio quality is expected to be "A" or better.

SQIFX

Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investment grade U.S. dollar-denominated debt instruments. The primary derivatives used by the fund are futures contracts, options, interest rate swaps and credit default swaps. In addition, the fund may invest in futures contracts, options, swaps and other similar instruments.

SUSAX

Under normal circumstances, the fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in a diversified portfolio of debt securities of varying maturities, including bonds, notes and other similar fixed income instruments issued by governmental or private sector issuers. It may invest up to 10% of its net assets in below investment grade bonds (commonly known as "junk bonds"). The fund may invest in derivative instruments such as options, futures and swap agreements for investment management or hedging purposes.

TGSMX

The investment seeks current income, consistent with preservation of capital. The fund invests 80% of its net assets in (i) obligations of the U.S. government, its agencies and instrumentalities, and (ii) debt obligations rated at the time of purchase in one of the four highest ratings of S&P Global Ratings (AAA, AA, A, or BBB) or Moody's Investors Services, Inc. (Aaa, Aa, A, or Baa) or, if no credit rating is available, judged to be of comparable quality by Thornburg.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
PIASX	PIA Short Term Securities Fund	Ultrashort Bond	Apr 29, 1994	0.39%	1.26%	1.46%	4.12%
PLUIX	Pacific Funds Ultra Short Income	Ultrashort Bond	Jun 28, 2019	0.32%	1.93%	—	5.33%
PRTBX	Permanent Portfolio Short-Term Treasury Portfolio	Ultrashort Bond	Sep 21, 1987	0.65%	1.15%	0.36%	1.77%
PSDSX	Palmer Square Ultra-Short Duration Investment Grad...	Ultrashort Bond	Oct 7, 2016	0.53%	2.10%	—	5.01%
PSDYX	Putnam Ultra Short Duration Income Fund	Ultrashort Bond	Oct 17, 2011	0.30%	1.77%	1.83%	5.16%
PSYPX	Palmer Square Income Plus Fund	Ultrashort Bond	Feb 28, 2014	0.75%	2.32%	3.22%	5.61%
PTSHX	PIMCO Short Term Fund	Ultrashort Bond	Oct 7, 1987	0.45%	2.37%	2.19%	5.01%
PYLMX	Payden Limited Maturity Fund	Ultrashort Bond	Apr 29, 1994	0.25%	1.93%	1.93%	5.10%
RUSIX	RBC Ultra-Short Fixed Income Fund	Ultrashort Bond	Dec 30, 2013	0.48%	2.68%	2.28%	4.91%
SADIX	Allspring Ultra Short-Term Income Fund	Ultrashort Bond	Aug 31, 1999	0.26%	2.12%	2.28%	4.61%
SAUFX	SA U.S. Fixed Income Fund	Ultrashort Bond	Apr 2, 2007	0.40%	1.76%	0.46%	3.86%
SECPX	SEI Daily Income Ultra Short Duration Bond Fund	Ultrashort Bond	Sep 28, 1993	0.38%	1.65%	1.68%	4.35%
SEMRX	Semper Short Duration Fund	Ultrashort Bond	Dec 23, 2010	0.85%	2.73%	2.26%	6.18%
SIGVX	Virtus Seix U.S. Government Securities Ultra-Short...	Ultrashort Bond	Apr 11, 2002	0.41%	1.90%	1.40%	4.78%
SISSX	Virtus Seix Ultra-Short Bond Fund	Ultrashort Bond	Apr 15, 2002	0.40%	—	—	—
SMBPX	Saratoga Municipal Bond Portfolio	Ultrashort Bond	Sep 1, 1994	3.16%	-0.68%	-0.16%	0.00%
SQIFX	Sit Quality Income Fund	Ultrashort Bond	Dec 31, 2012	0.90%	0.81%	1.35%	4.06%
SUSAX	SEI Institutional Investments Trust Ultra Short Du...	Ultrashort Bond	Feb 28, 2011	0.22%	1.72%	1.94%	4.65%
TGSMX	TCW Short Term Bond Fund	Ultrashort Bond	Feb 26, 1993	0.44%	0.97%	1.41%	4.37%
TLDIX	Thornburg Ultra Short Income Fund	Ultrashort Bond	Dec 30, 2013	0.76%	1.84%	2.09%	5.29%

The Best Ultrashort Bond Mutual Funds

Risk vs. Return Scatterplot