Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 11/28/2014
Default: sorted by market value

Security Name Par / Shares Market Value
Abbott Laboratories 99,951 $4,448,819
ABS-CBN Holdings Corp. (G.D.R.) 1,277,600 $1,337,589
Actelion, Ltd. 18,830 $2,235,725
Aetna, Inc. 74,220 $6,474,953
Aitken Spence Hotel Holdings Plc 453,648 $276,592
Ajinomoto Co, Inc. 44,000 $822,628
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,924,000
Allergan, Inc./United States 4,765 $1,019,186
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 (144A) 5,000,000 $5,261,441
American International Group, Inc. 77,006 $4,219,929
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 6,000,000 $6,639,833
Anhui Expressway Co, Ltd. 4,752,000 $3,242,625
ANTA Sports Products, Ltd. 1,080,000 $2,233,180
Apple, Inc. 43,180 $5,135,397
AP Thailand PCL 6,299,100 $1,265,187
Aquarius Platinum, Ltd. 8,802,958 $2,060,324
Aquarius Platinum, Ltd., 4.0%, 12/18/15 4,600,000 $4,498,289
Aryzta AG 10,318 $822,058
Ascendas Real Estate Investment Trust 472,000 $847,626
Aviva Plc 196,600 $1,557,231
Axis Bank, Ltd. 713,073 $5,532,621
Baidu, Inc. (A.D.R.) 37,530 $9,198,978
Baloise Holding AG 16,053 $2,095,017
Bankinter SA 505,414 $4,513,945
Bank Mandiri Persero Tbk PT 2,940,600 $2,536,259
Bank of Ireland 11,140,376 $4,594,939
Bank Rakyat Indonesia Persero Tbk PT 2,271,200 $2,144,635
Bayer AG 35,610 $5,354,892
BDO Unibank, Inc. 2,426,955 $5,887,017
Becton Dickinson and Co. 26,985 $3,786,805
Bharti Infratel, Ltd. 355,031 $1,700,973
BlackRock MuniVest Fund, Inc. 62,300 $601,818
BlackRock MuniYield Fund, Inc. 44,100 $640,773
BNP Paribas SA 27,201 $1,745,909
BOC Hong Kong Holdings, Ltd. 1,267,000 $4,473,753
Bolsas y Mercados Espanoles SA 31,741 $1,307,017
Brembo S.p.A. 76,275 $2,635,122
Canadian Pacific Railway, Ltd. 9,342 $1,804,501
Cardinal Health, Inc. 80,573 $6,622,295
Cheung Kong Infrastructure Holdings, Ltd. 416,000 $3,076,781
China Animal Healthcare, Ltd. 5,720,000 $4,728,011
China CNR Corp, Ltd. 8,915,500 $8,806,000
China Everbright, Ltd. 1,024,000 $2,361,539
China Everbright International, Ltd. 1,107,000 $1,701,500
China Overseas Land & Investment, Ltd. 764,000 $2,292,324
China Singyes Solar Technologies Holdings, Ltd. 2,482,703 $4,182,482
China South City Holdings, Ltd. 1,584,000 $814,952
China State Construction International Holdings, Ltd. 2,320,770 $3,509,372
China Vanke Co, Ltd. 1,152,100 $2,356,006
China Water Affairs Group, Ltd. 6,690,000 $3,606,934
CIMC Enric Holdings, Ltd. 862,000 $885,237
Comcast Corp. 31,034 $1,770,179
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,046,363
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 120,446 $120,145
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 180,669 $180,404
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $2,963,956
Credit Suisse First Boston Mortgage Securities Corp., 4.898%, 3/15/36 (144A) 2,000,000 $87,276
CSR Corp, Ltd. 3,876,000 $3,943,347
CSX Corp. 66,695 $2,433,701
CVS Health Corp. 66,323 $6,059,269
Daimler AG 46,739 $3,939,252
Danske Bank A/S 209,405 $5,931,264
Dec14 Gdx C @ 20.000000 17,000 $493,000
Dec14 Hyg P @ 90.000000 10,000 $400,000
Dec14 Nky C @ 18000 1,000 $610,758
Dec14 Sx5e C @ 3450 12,000 $1,477,337
Deutsche Wohnen AG 104,580 $2,510,968
DIC Asset AG 234,518 $2,186,564
Discover Financial Services 80,767 $5,294,277
Ecolab, Inc. 23,313 $2,539,951
Emami, Ltd. 67,923 $846,186
Enagas SA 130,402 $4,364,762
EOG Resources, Inc. 23,138 $2,006,527
Ezion Holdings, Ltd. 1,853,400 $1,882,977
Feb15 Meh5 C @ 2130 3,000 $2,640,000
Feb15 Meh5 C @ 2150 5,000 $3,050,000
Feb15 Meh5 C @ 2175 3,000 $1,140,000
Feb15 Meh5 C @ 2190 5,000 $1,425,000
Feb15 Meh5 C @ 2200 5,000 $1,187,500
First Gulf Bank PJSC 2,008,620 $9,803,032
First Republic Bank/CA 65,017 $3,350,326
Forbo Holding AG 2,760 $2,952,992
Fuji Heavy Industries, Ltd. 31,600 $1,150,131
G8 Education, Ltd. 743,403 $2,809,682
Galaxy Entertainment Group, Ltd. 549,000 $3,741,848
GEA Group AG 121,815 $5,812,185
Georg Fischer AG 2,095 $1,280,935
Glenmark Pharmaceuticals, Ltd. 233,497 $3,079,208
Gold Fields, Ltd. 1,600,000 $6,727,945
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 9,500,000 $8,426,896
Green Real Estate Investment Trust plc 362,171 $608,621
GS Mortgage Securities Corp II Series 2005-GG4 REMICS, 4.782%, 7/10/39 3,000,000 $3,037,429
Guangdong Investment, Ltd. 2,716,000 $3,745,289
Guggenheim S&P Global Water Index ETF 34,734 $994,782
Haitong Securities Co, Ltd. 3,105,200 $6,596,719
Hatton National Bank Plc 1,798,579 $2,550,914
HCL Technologies, Ltd. 48,138 $1,287,172
Hitachi, Ltd. 569,000 $4,350,037
Honeywell International, Inc. 47,705 $4,726,134
Hon Hai Precision Industry Co, Ltd. 529,960 $1,655,195
Housing Development Finance Corp, Ltd. 173,376 $3,219,285
ICICI Bank, Ltd. (A.D.R.) 58,330 $3,435,054
IHI Corp. 341,000 $1,724,262
Illinois Tool Works, Inc. 59,036 $5,604,287
Indocement Tunggal Prakarsa Tbk PT 867,200 $1,757,902
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 15,148,000 $17,806,473
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 6,620,000 $8,606,793
Indonesia Treasury Bond, 8.375%, 3/15/24 50,000,000,000 $4,352,642
Industria Macchine Automatiche S.p.A. 42,605 $1,776,732
Info Edge India, Ltd. 214,362 $3,320,641
Intel Corp. 36,721 $1,367,857
Interroll Holding AG 506 $298,454
IRB Infrastructure Developers, Ltd. 790,364 $3,472,465
Iriso Electronics Co, Ltd. 2,300 $121,719
iShares MSCI Spain Capped ETF 45,459 $1,755,172
Jan15 Amzn C @ 335.000000 5,625 $8,198,438
Jan15 Amzn C @ 350.000000 -4,717 $-3,702,845
Jan15 Nky P @ 15750.000000 1,000 $821,364
Jan15 Sx5e C @ 3300.000000 10,000 $5,770,072
Jan15 Sx5e C @ 3350.000000 13,000 $4,712,433
Jan15 Sx7e C @ 155.000000 10,000 $963,751
Johnson & Johnson 98,618 $10,675,399
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 2,384,000 $2,413,279
Kaba Holding AG 2,926 $1,507,461
Kaisa Group Holdings, Ltd. 3,503,000 $1,351,291
Kangda International Environmental Co, Ltd. 6,872,000 $3,164,217
Kennedy-Wilson, Inc., 8.75%, 4/1/19 5,000,000 $5,394,340
Keppel Real Estate Investment Trust 708 $673
Kinross Gold Corp., 5.125%, 9/1/21 9,000,000 $8,753,146
Kinross Gold Corp., 5.95%, 3/15/24 (144A) 1,850,000 $1,790,692
KKR & Co LP 247,507 $5,514,456
Krung Thai Bank PCL 4,524,900 $3,291,087
KWG Property Holding, Ltd. 1,152,000 $898,947
L'Occitane International SA 724,500 $1,863,845
Lam Research Corp. 26,739 $2,209,711
Largan Precision Co, Ltd. 27,000 $2,091,053
Lenzing AG 20,543 $1,376,775
Leonteq AG 22,291 $5,499,787
Lifestyle Properties Development, Ltd. 23,825 $4,477
Lincoln National Corp. 101,814 $5,765,727
Lindsay Corp. 9,809 $862,505
Livzon Pharmaceutical Group, Inc. 154,400 $1,044,398
Lonza Group AG 13,984 $1,642,711
LPN Development PCL 4,156,300 $3,060,939
Mandom Corp. 24,900 $796,164
Man Wah Holdings, Ltd. 2,346,400 $4,321,049
Mapletree Greater China Commercial Trust 2,541,000 $1,919,282
Mapletree Industrial Trust 1,119,000 $1,291,401
Market Vectors Vietnam ETF 81,255 $1,660,852
Marriott International, Inc./DE 41,716 $3,286,804
MasterCard, Inc. 16,636 $1,452,156
MediaTek, Inc. 144,000 $2,189,191
Megaworld Corp. 25,618,000 $2,853,187
MEIJI Holdings Co, Ltd. 10,400 $934,383
Merlin Properties Socimi SA 222,589 $2,756,385
Metropolitan Bank & Trust Co. 451,300 $832,075
Mexican Udibonos, 4.0%, 11/15/40 27,867,100 $11,698,109
Mills Estruturas e Servicos de Engenharia SA 185,451 $750,280
Minebea Co, Ltd. 251,000 $3,108,773
Minor International PCL 1,587,600 $1,884,248
Mitsubishi Electric Corp. 245,000 $2,945,368
Mitsubishi Estate Co, Ltd. 136,000 $3,061,416
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,110,740
Murata Manufacturing Co, Ltd. 39,500 $4,269,034
My EG Services Bhd 1,989,000 $2,504,299
Nam Cheong, Ltd. 3,987,000 $1,163,285
National Development Bank Plc 1,353,602 $2,472,958
Nedbank Group, Ltd. 40,198 $879,535
Neopost SA 24,235 $1,719,512
Northrop Grumman Corp. 67,654 $9,534,478
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,058,282
Novartis AG 37,234 $3,601,278
Novelis, Inc., Initial Term Loan, 3/10/17 240,633 $240,483
Omron Corp. 72,400 $3,368,167
Orpea 102,829 $6,483,235
PACCAR, Inc. 50,752 $3,401,399
Pakuwon Jati Tbk PT 34,971,500 $1,475,658
PChome Online, Inc. 210,000 $2,425,188
Pebblebrook Hotel Trust, 6.5% (Perpetual) 97,818 $2,464,525
PepsiCo, Inc. 66,431 $6,649,743
Power Finance Corp, Ltd. 346,578 $1,722,063
PowerShares Buyback Achievers Portfolio 455,771 $21,753,950
PPG Industries, Inc. 11,816 $2,585,577
Prestige Estates Projects, Ltd. 928,263 $3,847,819
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $4,047,229
Qihoo 360 Technology Co, Ltd. (A.D.R.) 60,811 $4,520,082
Quality Houses PCL 21,222,300 $2,635,027
Ramsay Health Care, Ltd. 19,684 $907,230
Raytheon Co. 32,842 $3,504,241
Red Electrica Corp SA 30,088 $2,750,541
Reed Elsevier Plc 322,042 $5,591,585
Robinsons Land Corp. 7,683,400 $4,406,814
Robinsons Retail Holdings, Inc. 958,940 $1,545,535
Roche Holding AG 24,920 $7,450,170
Rockwell Automation, Inc. 37,955 $4,380,387
Ross Stores, Inc. 63,347 $5,794,984
Royal Bafokeng Platinum, Ltd. 378,333 $1,949,562
Royal Bank of Canada 34,999 $2,561,238
Sampath Bank Plc 14,024 $24,493
Sands China, Ltd. 347,200 $2,076,199
Sarine Technologies, Ltd. 940,000 $2,047,030
Schmolz + Bickenbach AG 1,513,601 $1,972,699
Secom Co, Ltd. 77,000 $4,453,580
Sekisui Chemical Co, Ltd. 204,000 $2,538,912
Shanghai Fosun Pharmaceutical Group Co, Ltd. 1,191,000 $4,265,540
Sheng Siong Group, Ltd. 2,990,000 $1,513,231
Shire Plc (A.D.R.) 24,293 $5,188,985
Shree Cement, Ltd. 9,700 $1,402,648
Sika AG 566 $2,151,987
SM Investments Corp. 96,510 $1,724,788
SM Prime Holdings, Inc. 6,516,700 $2,478,441
Sobha, Ltd. 302,625 $2,424,102
Sonova Holding AG 22,319 $3,370,280
Sound Global, Ltd. 1,846,000 $2,063,511
SPDR S&P Euro Dividend Aristocrats UCITS ETF 138,513 $3,272,973
SPDR S&P Global Dividend Aristocrats ETF 55,639 $1,827,305
SPDR S&P UK Dividend Aristocrats UCITS ETF 219,314 $4,247,592
SPDR S&P US Dividend Aristocrats UCITS ETF 254,568 $10,336,404
Standard Bank Group, Ltd. 69,545 $854,231
Stanley Electric Co, Ltd. 85,600 $1,862,838
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,745,268
Starwood Hotels & Resorts Worldwide, Inc. 28,577 $2,257,583
Starwood Property Trust, Inc. 93,104 $2,240,082
Starwood Waypoint Residential Trust 11,502 $293,186
Straumann Holding AG 13,168 $3,404,140
Sunac China Holdings, Ltd. 3,646,000 $3,385,728
Supalai PCL 1,646,800 $1,353,122
Swire Pacific, Ltd. 59 $810
Swiss Re AG 63,019 $5,383,420
Takasago Thermal Engineering Co, Ltd. 222,000 $2,808,259
Tencent Holdings, Ltd. 156,200 $2,484,641
The Blackstone Group LP 180,219 $6,040,941
The Boeing Co. 40,218 $5,403,690
The Charles Schwab Corp. 85,762 $2,428,780
The Dow Chemical Co. 51,015 $2,482,900
The Hershey Co. 21,290 $2,134,829
The Siam Commercial Bank PCL 647,000 $3,869,005
The Toro Co. 39,916 $2,621,683
The Toronto-Dominion Bank 50,679 $2,560,203
The Walt Disney Co. 37,290 $3,449,698
THK Co, Ltd. 149,900 $3,631,652
Time Warner, Inc. 58,863 $5,010,419
Totetsu Kogyo Co, Ltd. 137,200 $2,932,935
Union Pacific Corp. 62,973 $7,353,357
United Overseas Bank, Ltd. 146 $2,682
United Technologies Corp. 24,928 $2,744,074
United Tractors Tbk PT 578,500 $868,573
US Silica Holdings, Inc. 80,525 $2,530,096
Vakrangee, Ltd. 326,644 $731,155
Vertex Pharmaceuticals, Inc. 17,397 $2,050,758
Vipshop Holdings, Ltd. (A.D.R.) 264,430 $6,044,870
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $313,853
Wyndham Worldwide Corp. 34,609 $2,885,006
Xinyi Solar Holdings, Ltd. 20,578,000 $5,907,744
Yes Bank, Ltd. 250,718 $2,857,556
Zhuzhou CSR Times Electric Co, Ltd. 1,086,000 $4,670,140

The portfolio is actively managed, and current holdings may be different.

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