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What Makes This Fund Different?

  • Ultra Short Duration – A target of two years or less seeks a measure of protection against market volatility
  • Bias Toward Higher Quality Securities – Another means of risk management. 
  • Portfolio Management Expertise – Over 20 years of combined investment experience in managing floating rate securities
  • Highly Competitive Potential Income – For investors willing to accept greater risk yet higher potential income than money markets
  • Low Volatility – Pursues NAV stability through a high level of diversification* across a number of different sectors. Management follows a diligent risk management process
 
*Diversification does not assure a profit or protect against a loss.

 

A Diversified, Multi-Layered Approach

The Fund invests in a diverse mix of securities that have traditionally had low correlations to other fixed income asset classes, which may help further dampen NAV volatility.
diversified-multi-layered-approach
¹ Class C2 shares (Ticker symbol: MAUCX, 72388E860) are available to some broker-dealers and financial intermediaries. For more information, see the Fund's prospectus. Financial Advisors should check with their firm for availability or call 800-622-9876.

 

 

² The BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Index represents the London interbank offered rate (LIBOR) with a constant 3-month average maturity. LIBOR is a composite of the rates of interest at which banks borrow from one another in the London market, and it is a widely used benchmark for short-term interest rates. It is not possible to invest directly in an index.

About Morningstar Ratings:
The Overall Morningstar Rating™ is based on a weighted average of the star ratings assigned to a fund's three, five, and ten year (as applicable) time periods. The ratings and rankings are for Class A, C, and Y shares only.
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Morningstar Ratings and Rankings for all Periods Among 142 Ultrashort Bond Funds as of 11/30/17

 
  Class A Class C Class Y
  Rating Ranking Rating Ranking Rating Ranking
 
3-year 19%
(34/142)
39%
(58/142)
14%
(26/142)
5-year 17%
(20/109)
46%
(46/109)
15%
(18/109)
 

 

Call 1-800-225-6292 or visit our performance page for the most recent performance results.

 

Ratings and rankings are based on past performance, which is no guarantee of future results. Star ratings do not reflect the effect of any applicable sales load. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Rankings are based on average annual total returns for listed periods and do not reflect any applicable sales load.

The following copyright pertains only to Morningstar information. The Morningstar information contained herein 1) is proprietary to Morningstar; 2) may not be copied; and 3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. ©2017 Morningstar, Inc. All Rights Reserved.

A Word About Risk:

All investments are subject to risk, including the possible loss of principal. Pioneer Multi-Asset Ultrashort Income ("MAUI") Fund has the ability to invest in a wide variety of debt securities. The Fund may invest in underlying funds, including ETFs. In addition to the Fund's operating expenses, you will indirectly bear the operating expenses of investments in any underlying funds. The Fund and some of the underlying funds employ leverage, which increases the volatility of investment returns and subjects the Fund to magnified losses if an underlying fund's investments decline in value. The Fund and some of the underlying funds may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may invest in inflation-linked securities. As inflationary expectations increase, inflation-linked securities may become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, inflation-linked securities will become less attractive and less valuable. The Fund may invest in credit default swaps, which may in some cases be illiquid, and they increase credit risk since the fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap. The Fund may invest in subordinated securities which may be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer. The Fund may invest in floating rate loans. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer's obligations or may be difficult to liquidate. The Fund may invest in event-linked bonds. The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a pre-defined "trigger" event, such as a hurricane or an earthquake of a specific magnitude. The Fund may invest in zero coupon bonds and payment in kind securities, which may be more speculative and fluctuate more in value than other fixed income securities. The accrual of income from these securities are payable as taxable annual dividends to shareholders. Investments in equity securities are subject to price fluctuationInternational investments are subject to special risks including currency fluctuations, social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. Investments in fixed income securities involve interest rate, credit, inflation, and reinvestment risks. As interest rates rise, the value of fixed income securities falls. The Fund may invest in mortgage-backed securities, which during times of fluctuating interest rates may increase or decrease more than other fixed-income securities. Mortgage-backed securities are also subject to pre-payments. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation. High yield bonds possess greater price volatility, illiquidity, and possibility of defaultThere may be insufficient or illiquid collateral securing the floating rate loans held within the Fund. This may reduce the future redemption or recovery value of such loans. The Fund may have disadvantaged access to confidential information that could be used to assess a loan issuer, as Pioneer normally seeks to avoid receiving material, non-public information.


Multi-Asset Ultrashort Income Fund is not a money market fund.
These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund or underlying funds will be successful. 


Please see the prospectus for a more complete discussion of the Fund's risks.

 

For more information about this Fund or other Pioneer products, please contact your Financial Advisor or visit us online.

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Amundi Pioneer for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it from our web site.
This material is not intended to replace the advice of a qualified attorney, tax advisor, investment professional or insurance agent. Before making any financial commitment regarding the issues discussed here, consult with the appropriate professional advisor. Mutual fund investing carries risks. Investment return and principal values fluctuate, and shares, when redeemed, may be worth more or less than their original cost.
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Morningstar Rankings

Overall A Share
Morningstar Rating™
   
Overall C Share
Morningstar Rating™
   
Overall Y Share
Morningstar Rating™

Among 142 Ultrashort Bond funds,
class A, C & Y shares as of 11/30/17


 

Fund Facts

Tickers, CUSIPs

Class A: MAFRX, 72388E407
Class C: MCFRX¹, 72388E506
Class Y: MYFRX, 72388E605

 

Goal
To allocate opportunistically among a variety of floating rate fixed income sectors seeking income and capital appreciation

 

Approach
Invests in a wide range of floating rate instruments, with a focus on short durations and a bias towards higher-quality securities

 

Inception Date
April 29, 2011

 

Benchmark
BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Index²

 

Contact us to learn more. 
1-800-622-9876

Untitled Document Portfolio Management

Charles Melchreit
Director of Investment Grade
Portfolio Manager

biography »

 

 


Seth Roman
Portfolio Manager

biography »

 

 

 


Jonathan Sharkey
Portfolio Manager

biography »