Pioneer Multi-Asset Ultrashort Income Fund
Data updated: 2025-02-26
C000129913 — Pioneer Multi-Asset Ultrashort Income Fund. Intermediate Total / Aggregate Bond · $6.89B AUM. Holdings, fees, performance and SEC filings.
C000129913 Fund Overview
Pioneer Multi-Asset Ultrashort Income Fund is a US mutual fund managed by Pioneer Series Trust X, categorised as Intermediate Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Pioneer Series Trust X
- Category: Intermediate Total / Aggregate Bond
- Assets under management: $6.89B
- 1-year return: 6.1%
- SEC CIK: 0001174520
- SEC series ID: S000031915
- Share class ID: C000129913
C000129913 Investment Objective and Strategy
Pioneer Multi-Asset Ultrashort Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Pioneer Series Trust X.
Investment objective
A high level of current income to the extent consistent with a relatively high level of stability of principal.
Principal investment strategy
"Normally, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in floating rate instruments of U.S. and non-U.S. issuers, including: mortgage-backed and asset-backed securities; senior secured loans (""senior loans"") and second lien or other subordinated or unsecured loans; debt issued by banks and other corporate, governmental and non-governmental entities; corporate bonds; event-linked bonds (also known as ""catastrophe bonds"") and other insurance-linked securities; and preferred stock. The fund may invest in floating rate instruments of issuers in any industry or market sector. The fund also considers as floating rate instruments, and the fund may invest without limit in, adjustable rate securities, fixed rate securities with durations of less than or equal to one year, funds that invest primarily in floating rate instruments, and fixed rate securities with respect to which the fund has entered into derivative instruments to effectively convert the fixed rate interest payments into floating rate interest payments.
The fund considers these investments as economic equivalents of floating rate instruments. The fund also may invest in other derivative instruments that provide exposure to floating rate instruments or have similar economic characteristics for purposes of satisfying the 80% requirement. The fund does not have a targeted maturity range for its portfolio. The fund may invest in securities with a broad range of maturities. The maturity of a fixed income security is a measure of the time remaining until final payment on the security is due. Under normal circumstances, the fund's average portfolio duration will be less than two years. Duration seeks to measure the price sensitivity of a fixed income security to changes in interest rates. If the fund's average portfolio duration exceeds two years, the fund will take action to bring it within its expected range within a reasonable period of time.
Unlike maturity, duration takes into account interest payments that occur throughout the course of holding the bond. The longer a portfolio's duration, the more sensitive it will be to changes in interest rates. For example, if the fund has a two year duration, then all other things being equal, the fund will decrease in value by two percent if interest rates rise one percent. The assumptions that are made about a security's features and options when calculating duration may prove to be incorrect. Duration is calculated by the adviser, is not an exact measurement and may not reliably predict the fund's or a particular security's price sensitivity to changes in yield or interest rates. The fund may invest up to 20% of its net assets in debt securities that are rated below investment grade (debt securities rated below investment grade are commonly referred to as ""junk bonds"") or are unrated but determined by the fund's investment adviser to be of equivalent credit quality, and those that are in default or in bankruptcy.
The fund does not have a policy of maintaining a specific average credit quality of its portfolio. The fund may invest up to 35% of its total assets in debt securities of non-U.S. issuers, including emerging market issuers. The fund does not currently intend to invest more than 25% of its total assets in any one non-U.S. country. The fund may invest a substantial portion of its assets in collateralized mortgage obligations (CMOs) and other mortgage-related securities, including mortgage-related securities issued by private issuers. In addition to its investments in floating rate instruments, the fund also may invest in other securities, including debt of U.S. and non-U.S. governmental, corporate and other non-governmental issuers; mortgage-backed and asset-backed securities; convertible securities; municipal bonds; bonds not paying current income; bonds that do not make regular interest payments; zero coupon securities; money market instruments; and other short-term investments, including cash and cash equivalents, certificates of deposit, repurchase agreements maturing in one week or less and bankers' acceptances.
The fund may receive debt securities or equity securities as a result of the general restructuring of the debt of an issuer, the restructuring of a floating rate loan, or as part of a package of securities acquired with a loan. The fund may, but is not required to, use derivatives, such as credit default swaps. The fund may use derivatives for a variety of purposes, including: in an attempt to hedge against adverse changes in the market price of securities, interest rates or currency exchange rates; as a substitute for purchasing or selling securities; to attempt to increase the fund's return as a non-hedging strategy that may be considered speculative; to manage portfolio characteristics; and as a cash flow management technique. The fund may invest without limit in derivative instruments.
However, the fund may choose not to make use of derivatives for a variety of reasons, and any use may be limited by applicable law and regulations. The fund may hold cash or other short-term investments. The fund's investments may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, floating rate, contingent, deferred, payment in kind and auction rate features. The fund's investments may include instruments that allow for balloon payments or negative amortization payments. The fund may invest in equity securities as a consequence of holding debt of the same issuer, when the adviser believes they offer the potential for capital gains or for other portfolio management purposes, although equity securities may not pay dividends or contribute to achieving the fund's investment objective of a high level of current income.
The adviser considers both broad economic and issuer specific factors in selecting a portfolio designed to achieve the fund's investment objectives. In assessing the appropriate duration, rating, sector and country weightings of the fund's portfolio, the adviser considers a variety of factors that are expected to influence economic activity and interest rates. These factors include fundamental economic indicators, such as the rates of economic growth and inflation, Federal Reserve monetary policy, and the relative value of the U.S. dollar compared to other currencies. Once the adviser determines the preferable portfolio characteristics, the adviser selects individual securities based upon the terms of the securities (such as yields compared to U.S. Treasuries or comparable issues), liquidity, credit quality, and sector and issuer diversification.
The adviser also employs fundamental quantitative and qualitative research to assess an issuer's credit quality, taking into account financial condition and profitability, future capital needs, potential for change in rating, industry outlook, the competitive environment and management capabilities. The adviser may sell a portfolio security when it believes the security no longer will contribute to meeting the fund's investment objectives. The adviser makes that determination based on the same criteria it uses to select portfolio securities."
C000129913 Holdings
Top 10 holdings of Pioneer Multi-Asset Ultrashort Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Bank Of America, National Association | 2.03% |
| Bank Of America, National Association | 1.75% |
| Treasury Bill | 1.74% |
| Treasury Bill | 1.45% |
| Nomura Securities International, Inc. | 0.74% |
| Treasury Bill | 0.72% |
| Prudential Funding LLC | 0.65% |
| Treasury Bill | 0.58% |
| Rbc Dominion Securities Inc. | 0.56% |
| Wisconsin Pwr + Lt Co. D 0.0 02jan25 | 0.46% |
C000129913 Portfolio Allocation
Asset-class allocation of Pioneer Multi-Asset Ultrashort Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Securitized | 46.4% |
| Fixed Income | 46.1% |
| Cash & Equivalents | 6.2% |
| Loans | 1.9% |
C000129913 Performance
Total returns for C000129913 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 6.1% |
| 3 years (annualised) | 4.3% |
| 5 years (annualised) | 2.6% |
C000129913 Risk Information
Risk metrics for C000129913, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 0.4%
C000129913 Costs and Fees
C000129913 costs about $89 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.89%
- Gross expense ratio: 0.89%
- Portfolio turnover: 57%
- Brokerage commissions: 0.01 bps of average net assets (SEC N-CEN)
C000129913 Cashflows
Over the 12 months to 2024-12, Pioneer Multi-Asset Ultrashort Income Fund had net inflows of $1.86B, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-12 | $262.94M |
| 2024-11 | $208.47M |
| 2024-10 | $171.45M |
| 2024-09 | $218.89M |
| 2024-08 | $166.88M |
| 2024-07 | $162.38M |
C000129913 Debt Constituents
Largest debt holdings of Pioneer Multi-Asset Ultrashort Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Treasury Bill | 1.74% |
| Treasury Bill | 1.45% |
| Treasury Bill | 0.72% |
| Prudential Funding LLC | 0.65% |
| Treasury Bill | 0.58% |
| Centerpoint Energy Res 0.0 02jan25 | 0.46% |
| Wisconsin Pwr + Lt Co. D 0.0 02jan25 | 0.46% |
| Consolidated Edison, Inc. | 0.46% |
| Erac USA Fin LLC Disc C 0.0 02jan25 | 0.46% |
| Autozone, Inc. Disc Coml 0.0 02jan25 | 0.46% |
C000129913 Prospectus and SEC Filings
Official Pioneer Multi-Asset Ultrashort Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-07-25
- Prospectus (485BPOS) — filed 2023-07-26
- Prospectus (485BPOS) — filed 2022-07-27
- Portfolio holdings (N-PORT) — filed 2025-02-26
- Portfolio holdings (N-PORT) — filed 2024-11-21
- Portfolio holdings (N-PORT) — filed 2024-08-23
- Annual census (N-CEN) — filed 2024-06-13
- Annual census (N-CEN) — filed 2023-06-12
Related Funds
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Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.