PIONX — Income Fund
Data updated: 2026-09-25
PIONX — Income Fund. Long Corporate Bond · $9.90B AUM · 1.24% expense ratio · 1.8% 1-yr return. Holdings, fees, performance and SEC filings.
PIONX Fund Overview
PIONX — Income Fund is a US mutual fund managed by Principal Funds, Inc., categorised as Long Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Principal Funds, Inc.
- Category: Long Corporate Bond
- Assets under management: $9.90B
- 1-year return: 1.8%
- Ticker: PIONX
- SEC CIK: 0000898745
- SEC series ID: S000014242
- Share class ID: C000085770
PIONX Investment Objective and Strategy
Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Principal Funds, Inc..
Investment objective
The Fund seeks to provide a high level of current income consistent with preservation of capital.
Principal investment strategy
"Under normal circumstances, the Fund invests primarily in a diversified pool of fixed-income securities including corporate securities, U.S. government securities, and mortgage-backed securities (securitized products) (including collateralized mortgage obligations). The Fund may invest up to 35% of its assets in below investment grade bonds (sometimes called high yield bonds or ""junk bonds"") which are rated at the time of purchase Ba1 or lower by Moody's Investors Service, Inc. (""Moody's"") and BB+ or lower by S&P Global Ratings (""S&P Global"") (if the bond has been rated by only one of those agencies, that rating will determine whether the bond is below investment grade; if the bond has not been rated by either of those agencies, those selecting such investments will determine whether the bond is of a quality comparable to those rated below investment grade).
The Fund also invests in foreign securities. Under normal circumstances, the Fund maintains an average portfolio duration that is within 25% of the duration of the Bloomberg Barclays U.S. Aggregate Bond Index, which as of December 31, 2017 was 5.98 years . The Fund is not managed to a particular maturity. During the fiscal year ended October 31, 2017, the average ratings of the Funds fixed-income assets, based on market value at each month-end, were as follows (all ratings are by Moodys): 36.89% in securities rated Aaa 29.37% in securities rated Baa 1.81% in securities rated Caa 0.00% in securities rated D 5.30% in securities rated Aa 2.15% in securities rated Ba 0.12% in securities rated Ca 0.45% in securities not rated 19.03% in securities rated A 4.88% in securities rated B 0.00% in securities rated C"
PIONX Holdings
Top 10 holdings of Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Principal Funds, Inc - Government Money Market Fund - Class R-6 | 1.43% |
| AbbVie Inc | 0.60% |
| Biogen Inc | 0.60% |
| American Tower Corp | 0.53% |
| Waste Connections Inc | 0.52% |
| Truist Bank | 0.52% |
| Ryder System Inc | 0.51% |
| PNC Bank NA | 0.50% |
| PFS Financing Corp | 0.50% |
| NextEra Energy Capital Holdings Inc | 0.48% |
PIONX Portfolio Allocation
Asset-class allocation of Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 73.3% |
| Securitized | 25.0% |
| Cash & Equivalents | 1.4% |
PIONX Performance
Total returns for PIONX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 1.8% |
PIONX Risk Information
Risk metrics for PIONX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 3.6%
PIONX Costs and Fees
PIONX costs about $124 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.24%
- Gross expense ratio: 1.24%
- Portfolio turnover: 13%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
PIONX Cashflows
Over the 12 months to 2026-04, Income Fund had net outflows of $309.23M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-04 | −$2.83M |
| 2026-03 | −$107.71M |
| 2026-02 | $61.33M |
| 2026-01 | −$104.44M |
| 2025-12 | $36.55M |
| 2025-11 | −$32.04M |
PIONX Debt Constituents
Largest debt holdings of Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| AbbVie Inc | 0.60% |
| Biogen Inc | 0.60% |
| American Tower Corp | 0.53% |
| Waste Connections Inc | 0.52% |
| Truist Bank | 0.52% |
| Ryder System Inc | 0.51% |
| PNC Bank NA | 0.50% |
| NextEra Energy Capital Holdings Inc | 0.48% |
| Citigroup Inc | 0.48% |
| Healthpeak OP LLC | 0.47% |
PIONX Prospectus and SEC Filings
Official Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-27
- Prospectus (485BPOS) — filed 2025-02-26
- Prospectus (485BPOS) — filed 2024-02-27
- Portfolio holdings (N-PORT) — filed 2026-09-25
- Portfolio holdings (N-PORT) — filed 2026-06-25
- Portfolio holdings (N-PORT) — filed 2026-03-25
- Annual census (N-CEN) — filed 2026-01-14
- Annual census (N-CEN) — filed 2025-01-13
Related Funds
Other Long Corporate Bond funds tracked on ABC INVEST:
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.