Victory Pioneer Multi-Asset Ultrashort Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Victory Pioneer Multi-Asset Ultrashort Income Fund held 1,164 positions with $7.83B in net assets. Its ten largest holdings made up 7.2% of the fund. The MYFRX share class costs 0.44% a year. Over the 12 months to May 2026, MYFRX returned 4.5%, with dividends reinvested. In 2026 Q2 it added 149 new positions and exited 157.
The Victory Pioneer Multi-Asset Ultrashort Income Fund (the Fund) seeks a high level of current income to the extent consistent with a relatively high level of stability of principal.
The fund invests at least 80% of assets in floating rate instruments across U.S. and non-U.S. issuers, including senior loans, mortgage- and asset-backed securities, corporate bonds, and preferred stock, with an average portfolio duration targeted below two years. The adviser selects securities based on yield, liquidity, credit quality, and issuer diversification, informed by economic indicators and fundamental credit analysis. Because the fund may invest up to 20% in below-investment-grade or unrated debt and up to 35% in non-U.S. issuers including emerging markets, credit and currency risk may be material. The fund may invest without limit in derivatives and holds no specific average credit quality target.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
TORONTO DOMINION BANK | 1.61% | $126.30M | — |
RBC DOMINION SECURITIES INC | 1.36% | $106.29M | — |
BANK OF NOVA SCOTIA | 0.72% | $56.29M | — |
SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 4.98% floating · due 2056-04-25 | 0.55% | $42.83M | — |
BANK OF AMERICA | 0.51% | $40.00M | — |
TARGA RESOURCES CORP. | 0.49% | $38.75M | — |
ERP OPERATING LIMITED PARTNERSHIP | 0.48% | $38.00M | — |
LSEG US FIN CORP. | 0.48% | $37.97M | — |
S&P GLOBAL INC. | 0.48% | $37.97M | — |
UDR, INC. | 0.48% | $37.99M | — |
The 200 largest of 1,164 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Securitized | 51.65% |
| Bonds | 33.93% |
| Cash & short-term | 12.76% |
| Loans | 1.88% |
| Derivatives | -0.00% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Securitized
- 52.1%
- Other
- 15.7%
- Financials
- 10.3%
- International
- 9.1%
- 10 other sectors
- 12.8%
- Securitized
- 52.1%
- Other
- 15.7%
- Financials
- 10.3%
- International
- 9.1%
- Cash
- 8.4%
- Industrials
- 0.9%
- Utilities
- 0.9%
- Health Care
- 0.7%
- Information Technology
- 0.7%
- Energy
- 0.4%
- Communication Services
- 0.4%
- Consumer Staples
- 0.3%
- Materials
- 0.1%
- Consumer Discretionary
- 0.0%
How it has done
MYFRX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.41%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.44% | +4.47% | — | — | — | |
| 0.58% | +4.19% | — | — | — | |
| 0.88% | +3.91% | — | — | — | |
| 0.35% | +4.46% | — | — | — |
These classes hold the same portfolio, so the 0.56pp spread over 1 year is the cost difference between them — roughly 0.56pp a year — not a difference in what they own.
Fees & fund details
Victory Pioneer Multi-Asset Ultrashort Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.35% – 0.88%· MYFRX 0.44%
- Portfolio turnover
- 53.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
149 new· the largest 8
157 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 74.7% |
| Fixed rate | 24.9% |
| Zero-coupon or unclassified | 0.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 10.6% |
| 1-3y | 28.5% |
| 3-5y | 6.3% |
| 5-10y | 12.4% |
| 10y+ | 42.1% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 74% |
| Interest rates | 26% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.05 yr |
| High yield | +0.06 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 6% |
| 1 yr | 0.18 yr | 44% |
| 5 yr | 0.09 yr | 23% |
| 10 yr | 0.08 yr | 20% |
| 30 yr | 0.03 yr | 6% |
| 3 mo | 0.05 yr | 4% |
| 1 yr | 0.58 yr | 52% |
| 5 yr | 0.33 yr | 30% |
| 10 yr | 0.13 yr | 11% |
| 30 yr | 0.03 yr | 3% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.05 | +0.00 | $36.8k | $1.6k |
| 1 yr | +0.18 | +0.54 | +0.03 | $426.2k | $24.3k |
| 5 yr | +0.09 | +0.31 | +0.03 | $239.0k | $21.4k |
| 10 yr | +0.08 | +0.13 | +0.00 | $98.0k | $1.3k |
| 30 yr | +0.03 | +0.03 | -0.00 | $22.3k | -$0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
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