The fund is designed to be used by the Adviser to facilitate moving groups of clients into and out of defensive and special situation investments efficiently based on the Adviser's perceptions of market risks and opportunities. It is not limited as to the maturity of its fixed-income investments. The fund is not limited as to the debt quality of its fixed-income investments. It may also sell securities short.

Nasdaq

TMPFX

The fund invests in a diversified portfolio of shorter-term investment-grade corporate and government securities. Normally, the fund will invest at least 80% of its net assets (including any borrowings for investment purposes) in bonds and all of the securities purchased by the fund will be rated investment grade at the time of purchase by at least one of the major credit rating agencies or, if unrated, deemed to be investment grade quality by T. Rowe Price.

TRBUX

The investment seeks maximum total return consistent with the preservation of capital. The fund invests, under normal market conditions, at least 80% of its assets in fixed-income securities. It invests in a diversified portfolio of securities of different maturities including U.S. Treasury securities, U.S. government agency securities, securities of U.S. government-sponsored enterprises, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, municipal bonds, collateralized loan obligations and cash equivalent securities including repurchase agreements, commercial paper and variable rate demand notes.

TSDOX

The investment seeks total return, consistent with preservation of capital. 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 years. Under normal market conditions, it invests primarily in investment-grade securities and will seek to maintain an average portfolio duration of two years or less.

TSDUX

The fund invests at least 80% of its net assets in United States Treasury debt securities and obligations of agencies and instrumentalities of the United States, including repurchase agreements collateralized with such securities.

UGSDX

Under normal circumstances, the Portfolio invests at least 80% of its assets in fixed-income securities of U.S. issuers, including U.S. government securities, corporate securities, mortgage-related and asset-backed securities, municipal securities, structured products, preferred stocks and inflation-indexed-securities. It may invest up to 20% of its assets in other securities which need not be fixed-income securities of U.S. issuers.

UMNIX

Under normal circumstances, the fund invests in fixed income securities and money market instruments. It will, under normal circumstances, invest more than 25% of its total assets in the financial services group of industries. The fund may invest in money market funds. It may invest in securities of any maturity, but will generally limit its weighted average portfolio duration to one year or less.

USIAX

The fund normally invests at least 80% of the fund's assets in investment-grade debt securities that have a dollar-weighted average portfolio maturity of 18 months or less. The fund invests primarily in U.S. dollar-denominated debt securities that may include, but are not limited to, obligations of U.S., state, and local governments, their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; and other securities believed to have debt-like characteristics.

UUSTX

The investment seeks current income consistent with capital preservation. Under normal circumstances, the fund invests substantially all of its net assets in U.S. dollar-denominated short-term fixed-, floating- and variable-rate debt securities that have received either a minimum short-term rating of at least A-2(or its equivalent) or a minimum long-term rating of BBB (or its equivalent), by one or more NRSROs, or, if unrated, that are deemed by the adviser to be of comparable quality at the time of purchase.

Symbol	Full Name	Category	Inception	Expense Ratio	YTD Return	10Y Return (Annualized)	Dividend Yield
TMPFX	Tactical Multi-Purpose Fund	Ultrashort Bond	Mar 30, 2017	1.14%	1.72%	—	3.83%
TRBUX	T. Rowe Price Ultra Short-Term Bond Fund	Ultrashort Bond	Dec 3, 2012	0.31%	2.26%	2.19%	4.52%
TSDOX	Touchstone Ultra Short Duration Fixed Income Fund	Ultrashort Bond	Mar 1, 1994	0.69%	2.71%	1.84%	4.80%
TSDUX	Morgan Stanley Pathway Funds Ultra-ShortTerm Fixed...	Ultrashort Bond	Mar 8, 2016	0.62%	2.36%	—	3.14%
UGSDX	U.S. Global Investors U.S. Government Ultra-Short ...	Ultrashort Bond	Dec 2, 2013	1.06%	1.41%	1.26%	3.90%
UMNIX	Lazard US Short Duration Fixed Income Portfolio	Ultrashort Bond	Feb 28, 2011	0.40%	0.45%	0.92%	3.81%
USIAX	UBS Ultra Short Income Fund	Ultrashort Bond	May 29, 2018	0.35%	1.63%	—	5.24%
UUSTX	USAA Ultra Short-Term Bond Fund	Ultrashort Bond	Oct 18, 2010	0.62%	2.19%	2.08%	5.07%
WCIIX	Allspring Conservative Income Fund	Ultrashort Bond	May 31, 2013	0.37%	1.59%	1.82%	5.62%

The Best Ultrashort Bond Mutual Funds

Risk vs. Return Scatterplot