Pioneer Investments:



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Goal
To allocate opportunistically among a variety of floating rate fixed income sectors to provide diversification*, income and capital appreciation.

Approach
To invest in a wide range of floating rate instruments, a focus on short durations of one year or less, and a bias towards higher-quality securities

Inception Date
April 29, 2011

Benchmark
BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Index¹

Managers

Charles Melchreit, CFA
V.P. and Portfolio Manager
Biography

   

Seth Roman, CFA
V.P. and Portfolio Manager
Biography

   

Jonathan Sharkey
V.P. and Portfolio Manager
Biography












Seeks a Measure of Protection from Rising Interest Rates and Inflation

Pioneer believes that now, more than ever, floating rate securities can play an important role in an investorís total asset allocation. Floating rate securities include bank loans, catastrophe bonds (event-linked securities), mortgage-backed securities, tax-exempt and money market instruments, among others.

  • Protection against rising rates: Unlike other types of fixed income securities whose rates are fixed, the income component of floating rate securities rises as interest rates rise

  • A hedge against inflation: Income potential can help investors protect purchasing power over time
  • Diversification:* Low correlations to other fixed income asset classes may help investors diversify their credit portfolio, as a further cushion against volatility
* Diversification does not ensure a profit or protect against a loss in a declining market.

A Dynamic, Diversified Approach to Floating Rate Investing

Exposure to a broad range of sectors, credit ratings and security structures, combined with a bias toward higher quality securities help to set this Fund apart.

  • The Fundís investment universe includes, but is not limited to, non-agency mortgage-backed securities, asset-backed securities, U.S. government securities, municipal bonds, corporate bonds, catastrophe bonds, bank loans, and money market instruments.

  • The Fundís ability to allocate opportunistically among this broad range of floating rate sectors helps to provide diversity, income and capital appreciation. It also offers exposure to securities that may not have prominent representation in core bond funds.

  • The Fund seeks higher income than cash or money market accounts2, with a bias toward higher quality and lower duration/lower volatility than traditional floating rate funds that may focus only on bank loans.

What Makes This Fund Different?

  • Ultra short duration: a target of one year or less seeks a measure of protection against market volatility

  • Bias toward higher quality securities: another means of risk management

  • Portfolio management expertise: close to 20 years of combined investment experience in managing floating rate securities

Who Might Invest in Pioneer Multi-Asset Ultrashort Income Fund?

Pioneer believes floating rate securities may be appropriate for a wide range of investors, including those who:

  • Are concerned about a rise in interest rates or inflation

  • Are seeking yield above that of cash and money market accounts2

  • Desire exposure to securities that may not be represented in typical core bond funds, for purposes of diversification* and seek a measure of volatility protection
* Diversification does not ensure a profit or protect against a loss in a declining market.

Why Choose Pioneer for Fixed Income?

  • Expertise in Floating Rate Sectors. As a preeminent fixed income manager, Pioneer Investments is home to some of the most experienced investment professionals in the industry. The portfolio management team for Pioneer Multi-Asset Ultrashort Income Fund brings close to 20 years of combined experience across a broad range of credit sectors, with focus on floating rate securities such as bank loans and taxable and tax-exempt money market securities.

  • Pioneerís core U.S. fixed income team includes 24 portfolio managers, analysts and traders, averaging over 20 years of experience. Our extensive credit management expertise and rigorous approach to research underlie the strategies behind all of our actively managed bond funds. Our collaborative environment encourages team members to "think outside the box" in developing innovative products to address the changing needs and ongoing challenges of investors.

  • Pioneer applies a value-oriented, total return investment approach to each of its fixed income products. This philosophy allows us to incorporate our macroeconomic view along with our fundamental and quantitative security research (top-down/bottom-up), which provides the framework for picking the sectors and fixed income instruments that we believe offer the best opportunity for income and capital appreciation.