Multi-pass underfill dispensing couples cycle time with process reliability because the sequence determines the inter-pass flow times. This paper formulates a tri-objective multiset-permutation routing model that minimises nominal cycle time and additive duration variance while maximising reliability under hard- and soft-dwell policies; reliability combines pass, schedule-dependent flow and travel terms. Under independent durations and deterministic dwell thresholds, the variance measure equals the cycle-time variance under soft dwell and bounds it from above under hard dwell. A multiset-permutation binary-addition-tree algorithm enumerates the feasible routes without duplication and prunes prefixes by dominance. Six instances, including three BeagleBone Black benchmarks, yield reference Pareto fronts, the largest search space of routes in 38 minutes on 20 CPU cores. Among simulated candidates, the nominally cost-selected routes incur maximum estimated excess costs of USD 0.0014 per board at the modelled duration variability and USD 0.0035 with it doubled. Round-robin dispatch is within 3.7 % of the reference optimum at the tested costs; NSGA-II and simplified swarm optimisation show at most 0.53 % observed cost regret while recovering about 30 % of the largest hard-dwell front. The framework quantifies sequencing trade-offs and heuristic decision regret; physical reliability prediction requires inspection-based calibration.

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