Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 8/29/2014
Default: sorted by market value

Security Name Par / Shares Market Value
Abbott Laboratories 26,733 $1,129,202
Actelion, Ltd. 29,171 $3,582,390
Adecco SA 20,526 $1,554,590
Adobe Systems, Inc. 28,529 $2,051,235
Aetna, Inc. 62,308 $5,117,356
Airtac International Group 172,000 $1,772,252
Aitken Spence Hotel Holdings Plc 433,648 $283,055
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,953,268
Alpha Bank AE 1,295,961 $1,135,070
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 (144A) 5,000,000 $5,273,229
American Express Co. 71,737 $6,424,048
American International Group, Inc. 194,893 $10,925,702
Anglo American Platinum, Ltd. 70,208 $2,920,635
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 6,000,000 $6,798,750
Anhui Expressway Co, Ltd. 2,558,000 $1,534,717
Apple, Inc. 43,180 $4,425,950
Aquarius Platinum, Ltd. 20,443,021 $8,156,437
Aquarius Platinum, Ltd., 4.0%, 12/18/15 4,600,000 $4,475,800
Ascendas Real Estate Investment Trust 269,000 $506,051
Australia Government Bond, 2.75%, 4/21/24 22,774,000 $20,501,638
Autoliv, Inc. 15,696 $1,627,518
Avago Technologies, Ltd. 77,179 $6,335,624
Aviva Plc 703,482 $6,080,288
Baidu, Inc. (A.D.R.) 9,697 $2,080,200
Baloise Holding AG 16,053 $2,094,920
Banco Bilbao Vizcaya Argentaria SA, Floating Rate Note (Perpetual) 7,400,000 $8,252,850
Bankinter SA 615,816 $5,106,654
Bank of Baroda 163,658 $2,362,167
Bank of Ireland 8,740,196 $3,506,425
BDO Unibank, Inc. 1,985,535 $4,115,505
Becton Dickinson and Co. 26,985 $3,161,832
BlackRock MuniVest Fund, Inc. 62,300 $612,409
BlackRock MuniYield Fund, Inc. 44,100 $639,891
BNP Paribas SA 76,772 $5,187,619
Boer Power Holdings, Ltd. 3,280,000 $4,146,386
Bollore SA 806 $508,221
Bolsas y Mercados Espanoles SA 133,218 $5,511,305
Brembo S.p.A. 112,260 $3,978,596
Burckhardt Compression Holding AG 3,324 $1,735,151
Canadian Pacific Railway, Ltd. 29,329 $5,883,397
Cap Gemini SA 83,657 $5,951,672
Cardinal Health, Inc. 80,573 $5,938,230
CBOE Holdings, Inc. 53,318 $2,827,187
CBS Corp. (Class B) 35,562 $2,108,471
Chailease Holding Co, Ltd. 21,400 $57,908
Cheung Kong Holdings, Ltd. 91,000 $1,658,308
Cheung Kong Infrastructure Holdings, Ltd. 416,000 $3,000,592
China Animal Healthcare, Ltd. 6,508,000 $4,952,289
China CNR Corp, Ltd. 2,978,500 $2,516,214
China Railway Resources Huitung, Ltd., 3.85%, 2/5/23 3,000,000 $2,992,970
China Singyes Solar Technologies Holdings, Ltd. 3,240,703 $5,374,289
China State Construction International Holdings, Ltd. 2,250,770 $3,628,747
China WindPower Group, Ltd. 10,530,000 $963,929
Comcast Corp. 74,201 $4,061,021
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,016,332
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 120,750 $120,825
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 181,125 $181,087
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $3,069,500
CoreSite Realty Corp., 7.25% (Perpetual) 94,999 $2,455,724
CRCC Yuxiang, Ltd., 3.5%, 5/16/23 3,000,000 $2,943,507
Credit Suisse First Boston Mortgage Securities Corp., 4.898%, 3/15/36 (144A) 2,000,000 $99,570
CSR Corp, Ltd. 3,008,000 $2,709,789
CSX Corp. 34,124 $1,054,773
Cummins, Inc. 28,157 $4,085,862
CVS Health Corp. 66,323 $5,269,362
De' Longhi 11,161 $238,039
Deutsche Wohnen AG 113,996 $2,571,467
DiamondRock Hospitality Co. 333,777 $4,445,910
DIC Asset AG 56,550 $508,787
Discover Financial Services 188,718 $11,770,342
Ecolab, Inc. 54,788 $6,290,758
Enagas SA 130,402 $4,346,408
EOG Resources, Inc. 31,673 $3,480,229
Erste Group Bank AG 140,076 $3,594,749
ETFS Platinum Trust 71,937 $9,953,923
Ezion Holdings, Ltd. 555,000 $977,150
FANUC Corp. 14,500 $2,427,131
First Gulf Bank PJSC 2,008,620 $9,995,425
First Republic Bank/CA 42,782 $2,092,040
Forbo Holding AG 1,917 $1,975,145
Fuji Heavy Industries, Ltd. 71,500 $2,033,125
Fujitsu, Ltd. 705,000 $4,823,390
G8 Education, Ltd. 367,763 $1,848,605
Gazprom OAO Via Gaz Capital SA, 6.51%, 3/7/22 (144A) 4,153,000 $4,345,218
GEA Group AG 91,157 $4,124,302
Geberit AG 3,052 $1,036,389
Georg Fischer AG 1,490 $986,395
Gerresheimer AG 59,092 $4,272,025
Givaudan SA 2,181 $3,622,845
Gold Fields, Ltd. 1,000,000 $4,767,987
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 9,500,000 $8,830,318
GOME Electrical Appliances Holding, Ltd. 12,088,000 $2,151,855
Grand Korea Leisure Co, Ltd. 36,860 $1,643,040
Grasim Industries, Ltd. 455 $25,572
GS Mortgage Securities Corp II Series 2005-GG4 REMICS, 4.782%, 7/10/39 3,000,000 $3,058,795
Guggenheim S&P Global Water Index ETF 34,734 $1,010,065
Halliburton Co. 57,931 $3,916,715
Harman International Industries, Inc. 18,891 $2,173,976
Hatton National Bank Plc 1,571,401 $2,049,965
HCL Technologies, Ltd. 138,557 $3,740,222
Hitachi High-Technologies Corp. 93,800 $2,621,988
Honeywell International, Inc. 47,705 $4,542,947
Hon Hai Precision Industry Co, Ltd. 792,960 $2,710,061
Horiba, Ltd. 41,900 $1,574,304
Host Hotels & Resorts, Inc. 189,647 $4,327,745
Howden Joinery Group Plc 364,413 $2,136,116
Huntington Ingalls Industries, Inc. 54,841 $5,599,815
Illinois Tool Works, Inc. 65,438 $5,772,286
Indocement Tunggal Prakarsa Tbk PT 2,896,000 $6,000,409
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 17,705,000 $20,291,590
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 12,547,000 $15,460,257
Industria Macchine Automatiche S.p.A. 25,772 $976,559
Infosys, Ltd. 60,467 $3,599,161
Ingersoll-Rand Plc 87,325 $5,256,965
Insurance Australia Group, Ltd. 557,513 $3,372,196
Interpump Group S.p.A. 225,520 $3,009,869
Interroll Holding AG 2,597 $1,546,090
Inventec Corp. 2,090,000 $1,646,357
iShares MSCI Spain Capped ETF 101,709 $4,121,249
Itau Unibanco Holding SA (A.D.R.) 162,330 $2,921,940
Jindal Steel & Power, Ltd. 98,762 $381,665
Johnson & Johnson 98,618 $10,229,645
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 2,384,000 $2,407,554
Kaba Holding AG 3,216 $1,581,427
Kaisa Group Holdings, Ltd. 1,386,000 $509,591
Kennedy-Wilson, Inc., 8.75%, 4/1/19 5,000,000 $5,476,753
Keppel Real Estate Investment Trust Management, Ltd. 708 $709
Keyence Corp. 7,000 $2,989,122
King Yuan Electronics Co, Ltd. 2,842,000 $2,602,561
Kinross Gold Corp., 5.125%, 9/1/21 9,000,000 $9,580,353
Kinross Gold Corp., 5.95%, 3/15/24 (144A) 1,850,000 $1,977,484
KKR & Co LP 343,809 $8,076,073
Korea Zinc Co, Ltd. 2,350 $974,616
Lam Research Corp. 42,555 $3,060,130
Largan Precision Co, Ltd. 54,000 $4,481,623
LaSalle Hotel Properties 118,421 $4,328,288
LaSalle Hotel Properties, 7.5% (Perpetual) 45,810 $1,205,719
Leonteq AG 22,291 $4,544,968
LG Display Co, Ltd. 44,369 $1,534,204
Liberbank SA 1,126,377 $1,044,797
Lifestyle Properties Development, Ltd. 23,825 $3,076
Lincoln National Corp. 122,178 $6,724,677
Logitech International SA 108,061 $1,485,496
Lonza Group AG 27,622 $3,163,498
Mapletree Commercial Trust 1,988,000 $2,315,262
Mapletree Greater China Commercial Trust 3,944,000 $2,983,796
Mapletree Industrial Trust 2,857,000 $3,293,511
Mapletree Logistics Trust 2,846,000 $2,677,544
Marriott International, Inc./DE 31,958 $2,217,885
Mazda Motor Corp. 41,000 $968,258
Merlin Properties Socimi SA 147,486 $1,936,435
Mexican Bonos, 7.75%, 11/13/42 251,252,300 $22,244,196
Mexican Udibonos, 4.0%, 11/15/40 30,594,300 $13,822,908
Minebea Co, Ltd. 484,000 $6,063,397
Mitsubishi Electric Corp. 221,000 $2,768,916
Mitsubishi UFJ Financial Group, Inc. 1,154,400 $6,642,783
Monsanto Co. 58,924 $6,814,561
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,101,980
Murata Manufacturing Co, Ltd. 23,100 $2,207,443
My EG Services Bhd 1,989,000 $1,848,508
National Bank of Greece SA 499,327 $1,721,866
National Development Bank Plc 1,080,629 $1,908,805
Neopost SA 67,588 $4,514,785
New Zealand Government Bond, 3.0%, 4/15/20 37,564,000 $30,173,742
Next Plc 47,952 $5,640,031
Nordea Bank AB 384,586 $5,015,779
Northrop Grumman Corp. 60,867 $7,743,500
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,052,083
Novelis, Inc. Georgia, Initial Term Loan, 3/10/17 241,257 $240,956
Orpea 68,125 $4,494,275
PACCAR, Inc. 56,906 $3,574,266
Pebblebrook Hotel Trust 112,669 $4,364,797
Pebblebrook Hotel Trust, 6.5% (Perpetual) 100,000 $2,500,000
PepsiCo, Inc. 57,278 $5,297,642
PetroChina Co, Ltd. 1,564,000 $2,217,661
Ping An Insurance Group Co of China, Ltd. 235,500 $1,916,535
Porr Ag 15,906 $1,038,605
Power Finance Corp, Ltd. 165,647 $686,025
PowerShares Buyback Achievers Portfolio 488,679 $22,479,234
PPG Industries, Inc. 11,816 $2,432,442
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $4,085,357
Prudential Financial, Inc. 59,315 $5,320,556
PTC India Financial Services, Ltd. 1,253,837 $847,940
Radiant Opto-Electronics Corp. 702,000 $3,031,635
Reed Elsevier Plc 322,042 $5,244,793
Rhoen Klinikum AG 140,632 $4,401,861
Roche Holding AG 19,017 $5,550,003
Ross Stores, Inc. 54,088 $4,079,317
Royal Bafokeng Platinum, Ltd. 823,552 $5,633,435
Ryman Hospitality Properties, Inc. 86,554 $4,306,062
Sampath Bank Plc 2,024 $3,545
Sanofi 28,452 $3,120,847
Santander Issuances SAU, Floating Rate Note, 9/30/19 3,600,000 $4,830,668
Sarine Technologies, Ltd. 1,648,000 $3,891,747
Schmolz + Bickenbach AG 669,202 $963,151
Sekisui Chemical Co, Ltd. 236,000 $2,784,605
Sep14 Amzn C @ 330.000000 1,000 $1,190,000
Sep14 Bhp C @ 36 10,000 $709,346
Sep14 Fcx C @ 39.000000 9,000 $49,500
Sep14 Nky P @ 15125.000000 600 $360,248
Sep14 Sx5e C @ 3050.000000 800 $1,368,402
Sep14 Sx5e C @ 3100 800 $943,798
Sep14 Sx7e C @ 137.500000 2,000 $1,208,650
Sep14 Sx7e C @ 140.000000 2,000 $939,331
Sep14 V C @ 220.000000 900 $45,450
Sheng Siong Group, Ltd. 2,990,000 $1,675,247
Shenzhen Expressway Co, Ltd. 2,352,000 $1,486,793
Sirius XM Holdings, Inc. 573,667 $2,082,411
Sonova Holding AG 9,309 $1,489,467
Sony Corp. 144,400 $2,754,560
SPDR S&P Euro Dividend Aristocrats UCITS ETF 98,873 $2,552,247
SPDR S&P Global Dividend Aristocrats ETF 32,906 $1,111,018
SPDR S&P UK Dividend Aristocrats UCITS ETF 151,536 $3,171,647
SPX Corp. 48,208 $5,016,042
Sri Lanka Government Bonds, 10.6%, 7/1/19 750,000,000 $6,495,831
Stanley Electric Co, Ltd. 104,800 $2,483,259
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,799,214
Starwood Hotels & Resorts Worldwide, Inc. 40,975 $3,464,027
Starwood Property Trust, Inc. 93,104 $2,220,530
Starwood Waypoint Residential Trust 11,502 $318,375
St Jude Medical, Inc. 72,378 $4,747,273
Strabag SE 53,208 $1,456,353
Straumann Holding AG 4,557 $1,116,429
Strides Arcolab, Ltd. 218,658 $2,377,579
Sumitomo Mitsui Financial Group, Inc. 101,000 $4,081,796
Swire Pacific, Ltd. 59 $794
Swisscom AG 1,745 $1,013,162
Swiss Life Holding AG 13,420 $3,384,758
Taiwan Cement Corp. 955,000 $1,518,927
Taiwan Semiconductor Manufacturing Co, Ltd. 240,000 $1,002,002
Teleperformance 16,240 $1,053,662
Tencent Holdings, Ltd. 120,900 $1,972,394
The Blackstone Group LP 244,793 $8,207,909
The Boeing Co. 30,128 $3,820,230
Thermo Fisher Scientific, Inc. 77,453 $9,310,625
The Siam Commercial Bank PCL 906,800 $5,306,575
The Walt Disney Co. 100,939 $9,072,397
ThyssenKrupp AG 89,586 $2,486,397
Tiffany & Co. 39,560 $3,993,186
Toshiba Corp. 568,000 $2,505,173
U.S. Treasury Inflation Indexed Bonds, 1.375%, 2/15/44 14,034,000 $16,381,503
Union Pacific Corp. 62,973 $6,629,168
United Overseas Bank, Ltd. 146 $2,680
United Technologies Corp. 18,991 $2,050,648
Vertex Pharmaceuticals, Inc. 17,397 $1,627,837
Vipshop Holdings, Ltd. (A.D.R.) 26,443 $5,199,487
Visa, Inc. 7,308 $1,553,096
Voltas, Ltd. 304,321 $1,236,951
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $372,331
Whitbread Plc 58,868 $4,285,432
Wyndham Worldwide Corp. 34,609 $2,801,252
Xinyi Glass Holdings, Ltd. 2,630,000 $1,656,719
Xinyi Solar Holdings, Ltd. 16,028,000 $4,753,981
Yumeshin Holdings Co, Ltd. 335,568 $2,832,423
Zhuzhou CSR Times Electric Co, Ltd. 894,500 $3,093,736

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

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