Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 6/30/2014
Default: sorted by market value

Security Name Par / Shares Market Value
Abbott Laboratories 26,733 $1,093,652
Aberdeen Asia-Pacific Income Fund, Inc. 2,652,142 $16,655,452
Aberdeen Asset Management Plc 514,767 $3,998,051
Actelion, Ltd. 34,618 $4,377,858
Adecco SA 39,043 $3,211,849
Airbus Group NV 46,003 $3,088,303
Air France-KLM 166,504 $2,094,177
Aitken Spence Hotel Holdings Plc 433,648 $256,205
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,979,800
Alliance Global Group, Inc. 3,320,200 $2,214,261
Al Noor Hospitals Group Plc 32,445 $568,400
Alpha Bank AE 3,260,858 $3,039,407
Alps Electric Co, Ltd. 165,600 $2,131,781
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 (144A) 5,000,000 $5,441,215
American Express Co. 67,174 $6,372,797
American International Group, Inc. 83,683 $4,567,418
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 5,300,000 $5,282,680
AngloGold Ashanti Holdings Plc, 5.375%, 4/15/20 4,900,000 $5,031,875
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 6,000,000 $6,955,167
Apple, Inc. 66,136 $6,146,018
Aquarius Platinum, Ltd. 20,443,021 $8,116,770
Aquarius Platinum, Ltd., 4.0%, 12/18/15 4,600,000 $4,376,644
Aryzta AG 35,818 $3,391,337
Aug14 Fmg C @ 4.2 25,000 $1,042,585
Australia Government Bond, 2.75%, 4/21/24 75,279,000 $66,648,802
Autoliv, Inc. 15,696 $1,672,880
Avago Technologies, Ltd. 77,179 $5,562,291
Aviva Plc 64,295 $563,194
Baidu, Inc. (A.D.R.) 9,697 $1,811,497
Ball Corp., 5.0%, 3/15/22 5,500,000 $5,718,472
Banco Bilbao Vizcaya Argentaria SA, Floating Rate Note, 12/31/49 (Perpetual) 7,400,000 $8,393,450
Bayer AG 7,834 $1,106,782
BDO Unibank, Inc. 1,985,535 $4,255,663
Becton Dickinson and Co. 36,786 $4,351,784
Beijing Enterprises Holdings, Ltd. 367,500 $3,479,585
Beijing Enterprises Water Group, Ltd. 2,520,000 $1,686,208
Beijing Jingneng Clean Energy Co, Ltd. 7,496,075 $3,351,519
BlackRock MuniVest Fund, Inc. 62,300 $615,524
BlackRock MuniYield Fund, Inc. 44,100 $634,599
Blue Label Telecoms, Ltd. 1,805,567 $1,452,506
Boer Power Holdings, Ltd. 3,280,000 $4,049,123
Bollore SA 6,393 $4,150,415
Bolsas y Mercados Espanoles SA 133,218 $6,363,424
Brembo S.p.A. 112,260 $4,099,247
Brilliance China Automotive Holdings, Ltd. 610,000 $1,144,392
Burckhardt Compression Holding AG 3,324 $1,792,125
Canadian Pacific Railway, Ltd. 29,329 $5,312,655
Cap Gemini SA 83,657 $5,976,092
Cardinal Health, Inc. 71,113 $4,875,507
CBS Corp. (Class B) 27,654 $1,718,420
Celanese US Holdings LLC, 4.625%, 11/15/22 2,204,000 $2,245,034
Chailease Holding Co, Ltd. 214,000 $538,150
Cheung Kong Infrastructure Holdings, Ltd. 635,000 $4,379,147
China Animal Healthcare, Ltd. 3,281,000 $2,276,170
China Cnr Corp Ltd Class H 1,586,000 $1,064,086
China Everbright International, Ltd. 1,903,000 $2,723,983
China Gas Holdings, Ltd. 1,174,000 $2,436,264
China Lodging Group, Ltd. (A.D.R.) 158,571 $3,980,132
China Railway Construction Corp, Ltd. 3,165,500 $2,787,961
China Railway Group, Ltd. 2,252,000 $1,101,607
China Railway Resources Huitung, Ltd., 3.85%, 2/5/23 3,000,000 $2,947,866
China Singyes Solar Technologies Holdings, Ltd. 3,240,703 $5,463,278
China State Construction International Holdings, Ltd. 2,250,770 $3,950,262
China WindPower Group, Ltd. 36,210,000 $2,897,917
Chroma ATE, Inc. 1,056,000 $2,954,813
CIMC Enric Holdings, Ltd. 800,000 $1,053,184
Clariant AG 61,566 $1,206,329
Comcast Corp. 30,854 $1,656,243
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,044,922
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 121,054 $121,130
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 181,125 $181,804
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $3,163,378
CoreSite Realty Corp., 7.25%, 12/31/49 (Perpetual) 94,999 $2,389,225
CRCC Yuxiang, Ltd., 3.5%, 5/16/23 3,000,000 $2,868,588
Credit Suisse First Boston Mortgage Securities Corp., 4.898%, 3/15/36 (144A) 2,000,000 $505,785
Credit Suisse Group Guernsey I, Ltd., Floating Rate Note, 2/24/41 5,000,000 $5,538,906
CSR Corp, Ltd. 4,226,000 $3,178,669
CSX Corp. 90,314 $2,782,574
Daimler AG 30,595 $2,865,850
Daiwa Securities Group, Inc. 536,000 $4,652,165
Danaher Corp. 59,110 $4,653,730
Deutsche Wohnen AG 76,148 $1,642,628
DiamondRock Hospitality Co. 89,482 $1,147,159
Discover Financial Services 188,718 $11,696,742
Ecolab, Inc. 40,133 $4,468,408
Enagas SA 91,289 $2,942,155
EOG Resources, Inc. 31,673 $3,701,307
Epistar Corp. 228,000 $561,880
ETFS Platinum Trust 38,595 $5,581,995
Evonik Industries AG 54,322 $2,161,372
Ezion Holdings, Ltd. 652,675 $1,087,547
First Gulf Bank PJSC 1,588,262 $6,879,658
First Potomac Realty Trust, 7.75%, 12/31/49 (Perpetual) 95,999 $2,491,174
Frontier Communications Corp., 7.125%, 1/15/23 5,500,000 $6,010,698
Fujitsu, Ltd. 233,000 $1,750,715
G8 Education, Ltd. 367,763 $1,593,931
GAGFAH SA 167,056 $3,042,117
GameLoft SE 129,470 $1,195,973
Gazprom OAO Via Gaz Capital SA, 6.51%, 3/7/22 (144A) 4,153,000 $4,585,390
GEA Group AG 58,603 $2,776,410
Georg Fischer AG 4,659 $3,339,460
Gerresheimer AG 59,092 $4,074,692
Givaudan SA 1,001 $1,670,535
Gourmet Master Co, Ltd. 72,000 $558,294
Grand Korea Leisure Co, Ltd. 80,607 $3,312,744
Grape King Bio Ltd 127,000 $573,858
GS Mortgage Securities Corp II Series 2005-GG4, 4.782%, 7/10/39 3,000,000 $3,089,319
Halliburton Co. 80,100 $5,687,901
Harman International Industries, Inc. 10,630 $1,141,981
Harris Corp. 14,545 $1,101,784
Hatton National Bank Plc 2,409,956 $2,912,607
HCL Technologies, Ltd. 138,557 $3,469,300
Hitachi High-Technologies Corp. 93,800 $2,235,987
Honeywell International, Inc. 47,705 $4,434,180
Host Hotels & Resorts, Inc. 51,484 $1,133,163
Huntington Ingalls Industries, Inc. 44,615 $4,220,133
ICICI Bank, Ltd. (A.D.R.) 54,474 $2,718,253
Illinois Tool Works, Inc. 41,572 $3,640,044
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 9,872,000 $11,163,655
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 9,366,000 $11,062,417
Ingenico 18,721 $1,629,652
Ingersoll-Rand Plc 43,693 $2,731,249
Insurance Australia Group, Ltd. 389,525 $2,161,395
Interpump Group S.p.A. 160,648 $2,211,384
Inventec Corp. 3,354,000 $3,210,235
iShares Gold Trust 441,267 $5,683,519
iShares MSCI Spain Capped ETF 89,024 $3,812,008
iShares Silver Trust 286,070 $5,792,918
Johnson & Johnson 81,121 $8,486,879
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Floating Rate Note, 4/15/45 2,384,000 $2,486,498
Jpn Yen Futr Optn Aug14p 97.5 400 $125,000
Jul14 Bjk C @ 49 5,000 $850,000
Jul14 Ftsemib P @ 21500.000000 500 $785,808
Jul14 Sx5e P @ 3275 800 $670,556
Jul14 Uup C @ 21 15,000 $450,000
Ju Teng International Holdings, Ltd. 2,332,000 $1,677,129
Kennedy-Wilson, Inc., 8.75%, 4/1/19 5,000,000 $5,518,875
Keppel Real Estate Investment Trust Management, Ltd. 708 $727
Kering 19,903 $4,362,327
King Yuan Electronics Co, Ltd. 558,000 $523,788
Kinross Gold Corp., 5.125%, 9/1/21 9,000,000 $9,475,950
Kinross Gold Corp., 5.95%, 3/15/24 (144A) 1,850,000 $1,960,166
KKR & Co LP 343,809 $8,364,873
LaSalle Hotel Properties, 7.5%, 12/31/49 (Perpetual) 91,866 $2,408,267
Leisure & Resorts World Corp. 1,797,000 $280,062
Leoni AG 40,524 $3,226,293
Leonteq AG 16,393 $3,934,483
Liberbank SA 1,542,795 $1,479,837
Lifestyle Properties Development, Ltd. 23,825 $2,926
Lincoln National Corp. 122,178 $6,284,836
Macy's, Inc. 29,100 $1,688,382
Mandom Corp. 65,100 $2,319,349
Man Wah Holdings, Ltd. 1,707,200 $2,727,969
Mapletree Commercial Trust 2,629,000 $2,889,652
Mapletree Greater China Commercial Trust 4,132,000 $2,867,361
Mapletree Industrial Trust 3,374,000 $3,870,584
Mapletree Logistics Trust 2,938,000 $2,745,074
MediaTek, Inc. 132,000 $2,234,394
Merida Industry Co, Ltd. 166,000 $1,099,800
Merlin Properties Sa 147,486 $1,949,269
MetLife, Inc. 58,596 $3,255,594
Metropolitan Bank & Trust 822,860 $1,648,722
Mexican Bonos, 7.75%, 11/13/42 311,681,300 $27,230,288
Mexican Bonos, 8.0%, 6/11/20 303,884,700 $26,955,567
Micron Technology, Inc. 52,652 $1,734,883
Minebea Co, Ltd. 484,000 $5,451,691
Mitsubishi Electric Corp. 185,000 $2,289,312
Mitsubishi Estate Co, Ltd. 88,000 $2,177,640
Mitsubishi UFJ Financial Group, Inc. 1,154,400 $7,092,850
Mitsui & Co, Ltd. 315,000 $5,059,608
Monsanto Co. 22,481 $2,804,280
Montupet 35,207 $2,997,150
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,092,961
Mudi 4% 15nov40 19,425,300 $8,682,375
My EG Services Bhd 658,800 $623,889
National Bank of Greece SA 1,136,213 $4,150,793
National Development Bank Plc 1,080,629 $1,719,711
Neopost SA 60,132 $4,505,051
New Zealand Government Bond, 3.0%, 4/15/20 67,755,000 $56,064,525
Next Plc 38,746 $4,288,921
Nordea Bank AB 497,030 $7,003,001
Northrop Grumman Corp. 48,391 $5,789,015
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,043,426
Novelis, Inc. Georgia, Initial Term Loan, 3/10/17 241,257 $241,890
ORIX Corp. 104,400 $1,729,440
Orpea 32,230 $2,259,689
PACCAR, Inc. 103,750 $6,518,613
Paradise Entertainment, Ltd. 3,420,000 $2,246,566
Pebblebrook Hotel Trust, 6.5%, 12/31/49 (Perpetual) 100,000 $2,356,000
Perugb 5.2% 12sep23 9,205,000 $3,315,174
Porr Ag 15,906 $1,174,577
Portugal Obrigacoes do Tesouro OT, 3.85%, 4/15/21 9,313,454 $13,464,444
PowerShares Buyback Achievers Portfolio 488,679 $21,917,253
PPG Industries, Inc. 11,816 $2,483,132
Prospect Capital Corp., 5.5%, 8/15/16 3,150,000 $3,341,450
Prospect Capital Corp., 5.75%, 3/15/18 950,000 $1,020,115
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $3,990,439
Prudential Financial, Inc. 48,299 $4,287,502
Radiant Opto-Electronics Corp. 638,000 $2,733,161
Ramsay Health Care, Ltd. 39,930 $1,713,836
Raytheon Co. 41,141 $3,795,257
Red Electrica Corp SA 47,978 $4,395,785
Reed Elsevier Plc 384,197 $6,172,154
Repco Home Finance, Ltd. 82,637 $630,658
Roche Holding AG 19,017 $5,676,942
Rockwell Collins, Inc. 70,510 $5,509,651
Rohm Co, Ltd. 30,400 $1,747,283
Royal Bafokeng Platinum, Ltd. 823,552 $5,494,874
Ryman Hospitality Properties, Inc. 54,024 $2,601,256
Safestore Holdings Plc 621,585 $2,320,246
Santander Issuances SAU, Floating Rate Note, 9/30/19 3,600,000 $4,987,151
Sapurakencana Petroleum Bhd 2,427,100 $3,314,341
Sarine Technologies, Ltd. 1,648,000 $3,398,224
Secom Co, Ltd. 17,792 $1,089,266
Sekisui Chemical Co, Ltd. 236,000 $2,739,421
Sep14 Bhp C @ 36 10,000 $1,154,501
Shire Plc 13,456 $1,054,636
SM Investments Corp. 154,520 $2,890,375
Sonova Holding AG 14,125 $2,156,883
Southwestern Energy Co. 118,791 $5,403,803
SPDR S&P Euro Dividend Aristocrats UCITS ETF 98,873 $2,767,105
SPDR S&P Global Dividend Aristocrats ETF 32,906 $1,137,968
SPDR S&P UK Dividend Aristocrats UCITS ETF 151,536 $3,353,332
SPX Corp. 48,208 $5,216,588
Sri Lanka Government Bonds, 10.6%, 7/1/19 750,000,000 $6,488,446
Stanley Electric Co, Ltd. 104,800 $2,738,428
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,762,939
Starwood Hotels & Resorts Worldwide, Inc. 36,033 $2,912,187
Starwood Property Trust, Inc. 93,104 $2,213,082
Starwood Waypoint Residential Trust 11,502 $301,467
St Jude Medical, Inc. 72,378 $5,012,177
Strabag SE 54,832 $1,724,938
Strides Arcolab Ltd 220,039 $2,290,804
Sumitomo Mitsui Financial Group, Inc. 101,000 $4,241,847
Sundrug Co, Ltd. 48,100 $2,144,521
Sun Pharmaceutical Industries, Ltd. 163,395 $1,870,398
Sun TV Network, Ltd. 157,203 $1,193,802
Swire Pacific, Ltd. 59 $726
Swissquote Group Holding SA 120,153 $4,581,269
TAG Immobilien AG 178,330 $2,176,566
Tata Consultancy Services, Ltd. 73,802 $2,966,991
Tata Motors, Ltd. 300,180 $2,152,058
Tech Mahindra, Ltd. 45,585 $1,631,886
Tencent Holdings, Ltd. 294,500 $4,503,320
The Blackstone Group LP 275,340 $9,207,370
The Carlyle Group LP 77,597 $2,635,194
Thermo Fisher Scientific, Inc. 77,453 $9,139,454
The Walt Disney Co. 90,899 $7,793,680
THK Co, Ltd. 88,600 $2,093,836
Tiffany & Co. 21,520 $2,157,380
Time Inc 7,078 $171,429
Time Warner, Inc. 56,629 $3,978,187
Tokyo Tatemono Co, Ltd. 178,000 $1,650,469
Turkey Government International Bond, 5.125%, 3/25/22 2,671,000 $2,858,415
UBS AG, 7.625%, 8/17/22 4,500,000 $5,546,043
Ulvac, Inc. 112,800 $2,407,753
Union Pacific Corp. 10,739 $1,071,215
United Overseas Bank, Ltd. 146 $2,639
United Technologies Corp. 33,965 $3,921,259
Vertex Pharmaceuticals, Inc. 17,397 $1,647,148
Viacom, Inc. (Class B) 37,802 $3,278,567
Vipshop Holdings, Ltd. (A.D.R.) 26,443 $4,964,409
Wharf Holdings, Ltd. 537,000 $3,868,671
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $352,345
Whitbread Plc 51,576 $3,884,598
Wipro, Ltd. 368,382 $3,343,987
Wyndham Worldwide Corp. 14,839 $1,123,609
Yumeshin Holdings Co, Ltd. 334,368 $3,159,553
Zhuzhou CSR Times Electric Co, Ltd. 935,500 $2,845,719
Zodiac Aerospace 157,086 $5,314,092

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

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