Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 5/30/2014
Default: sorted by market value

Security Name Par / Shares Market Value
Abbott Laboratories 84,309 $3,373,203
Aberdeen Asia-Pacific Income Fund, Inc. 2,652,142 $16,549,366
Actelion, Ltd. 42,223 $4,203,128
Adecco SA 61,969 $5,180,539
Adobe Systems, Inc. 37,183 $2,399,791
Aitken Spence Hotel Holdings Plc 433,648 $256,117
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,898,800
Alliance Global Group, Inc. 4,058,800 $2,747,079
Alps Electric Co, Ltd. 96,600 $1,123,552
Amada Co, Ltd. 366,000 $3,482,481
Amazon.com, Inc. 8,266 $2,583,538
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 (144A) 5,000,000 $5,403,194
American Express Co. 67,174 $6,146,421
American International Group, Inc. 83,683 $4,524,740
AmerisourceBergen Corp. 68,479 $5,011,293
Anglo American Platinum, Ltd. 97,205 $4,144,030
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 5,300,000 $5,210,425
AngloGold Ashanti Holdings Plc, 5.375%, 4/15/20 4,900,000 $4,957,422
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 6,000,000 $6,914,850
Anton Oilfield Services Group/Hong Kong 2,512,000 $1,915,624
Apple, Inc. 9,448 $5,980,584
Aquarius Platinum, Ltd. 20,443,021 $8,575,017
Aryzta AG 10,081 $941,330
Ascendas Real Estate Investment Trust 1,579,773 $3,099,695
Australia Government Bond, 2.75%, 4/21/24 52,455,000 $45,267,217
Autoliv, Inc. 22,131 $2,345,886
Avago Technologies, Ltd. 58,703 $4,148,541
Ayala Corp. 254,460 $3,588,914
Ayala Land, Inc. 1,606,700 $1,100,649
Bajaj Auto, Ltd. 16,864 $553,290
Ball Corp., 5.0%, 3/15/22 5,500,000 $5,736,806
Baloise Holding AG 13,215 $1,591,621
Banco Bilbao Vizcaya Argentaria SA, Floating Rate Note, 12/31/49 (Perpetual) 5,000,000 $5,561,250
Bank Mandiri Persero Tbk PT 3,678,000 $3,212,145
Bank of Baroda 34,872 $495,576
Bank Rakyat Indonesia Persero Tbk PT 2,657,500 $2,323,681
Bayer AG 32,024 $4,632,585
BDO Unibank, Inc. 1,985,535 $4,007,625
Becton Dickinson and Co. 47,718 $5,616,409
Beijing Jingneng Clean Energy Co, Ltd. 7,986,075 $3,586,937
BlackRock MuniVest Fund, Inc. 62,300 $611,786
BlackRock MuniYield Fund, Inc. 44,100 $641,655
Blackstone Group LP 207,215 $6,440,242
Blue Label Telecoms, Ltd. 1,805,567 $1,595,649
Boer Power Holdings, Ltd. 3,280,000 $4,399,692
Bollore SA 6,393 $4,099,073
Bolsas y Mercados Espanoles SA 104,440 $4,773,698
Brazil Notas do Tesouro Nacional Serie B, 6.0%, 8/15/50 52,877,000 $58,095,523
Brembo S.p.A. 143,643 $5,653,477
Brilliance China Automotive Holdings, Ltd. 1,728,000 $2,869,939
Canadian National Railway Co. 42,256 $2,559,868
Canadian Pacific Railway, Ltd. 23,322 $3,906,901
Cap Gemini SA 83,657 $6,097,055
CapitaMall Trust 340,000 $561,388
Cardinal Health, Inc. 88,156 $6,226,458
Celanese US Holdings LLC, 4.625%, 11/15/22 2,204,000 $2,239,295
Cheung Kong Infrastructure Holdings, Ltd. 857,000 $5,858,960
China Everbright International, Ltd. 1,903,000 $2,416,546
China Gas Holdings, Ltd. 1,174,000 $1,895,639
China Lodging Group, Ltd. (A.D.R.) 266,092 $6,678,909
China Merchants Finance Co, Ltd., 5.0%, 5/4/22 2,900,000 $3,004,632
China Railway Resources Huitung, Ltd., 3.85%, 2/5/23 3,000,000 $2,938,394
China Singyes Solar Technologies Holdings, Ltd. 2,728,703 $3,784,075
China State Construction International Holdings, Ltd. 2,668,770 $4,628,824
Clariant AG 173,474 $3,596,906
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,067,074
Commercial Bank of Ceylon Plc 2,186,106 $2,181,410
CommScope, Inc., 1/14/18 181,581 $182,203
CommScope, Inc., 1/21/17 121,054 $121,130
Compass Minerals International, Inc., 8.0%, 6/1/19 4,500,000 $4,869,000
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $3,175,044
CoreSite Realty Corp., 7.25%, 12/31/49 (Perpetual) 94,999 $2,378,775
Covidien Plc 82,375 $6,022,436
CRCC Yuxiang, Ltd., 3.5%, 5/16/23 3,000,000 $2,857,932
Credit Suisse First Boston Mortgage Securities Corp., 4.898%, 3/15/36 (144A) 2,000,000 $696,530
Credit Suisse Group Guernsey I, Ltd., Floating Rate Note, 2/24/41 5,000,000 $5,512,000
CSX Corp. 121,502 $3,572,159
Ctrip.com International, Ltd. (A.D.R.) 33,902 $1,878,849
Daiwa Securities Group, Inc. 740,000 $6,011,450
Danaher Corp. 59,110 $4,635,997
Del Monte Pacific, Ltd. 5,130,764 $2,457,005
Deutsche Wohnen AG 76,148 $1,689,214
Diageo Plc 33,769 $1,086,827
Dialog Semiconductor Plc 20,781 $643,388
DiamondRock Hospitality Co. 89,482 $1,111,366
Discover Financial Services 188,718 $11,158,895
Ecolab, Inc. 46,898 $5,120,793
Eicher Motors, Ltd. 4,296 $485,213
EOG Resources, Inc. 31,673 $3,351,003
ETFS Platinum Trust 40,000 $5,659,200
Ezion Holdings, Ltd. 1,628,675 $2,859,898
First Gulf Bank PJSC 1,140,298 $5,573,168
First Potomac Realty Trust, 7.75%, 12/31/49 (Perpetual) 95,999 $2,450,854
First Resources, Ltd. 591,000 $1,183,097
Frontier Communications Corp., 7.125%, 1/15/23 5,500,000 $5,840,542
Fujitsu, Ltd. 376,000 $2,564,484
GAGFAH SA 101,521 $1,693,315
Galaxy Entertainment Group, Ltd. 427,000 $3,422,153
Gazprom OAO Via Gaz Capital SA, 6.51%, 3/7/22 (144A) 4,153,000 $4,513,854
Georg Fischer AG 4,069 $3,073,653
Gerresheimer AG 59,092 $3,979,916
Grand Korea Leisure Co, Ltd. 66,790 $2,696,604
GS Mortgage Securities Corp II Series 2005-GG4, 4.782%, 7/10/39 3,000,000 $3,083,775
Halliburton Co. 99,044 $6,402,204
Harman International Industries, Inc. 31,753 $3,335,018
Hatton National Bank Plc 2,409,956 $2,884,754
Hitachi High-Technologies Corp. 93,800 $2,130,491
Home Inns & Hotels Management, Inc. (A.D.R.) 35,706 $1,125,096
Honeywell International, Inc. 24,283 $2,261,961
Host Hotels & Resorts, Inc. 51,484 $1,136,252
Hotel Shilla Co, Ltd. 19,418 $1,761,542
Huntington Ingalls Industries, Inc. 44,615 $4,453,915
Illinois Tool Works, Inc. 41,572 $3,598,057
Indon 5.875% 15jan24 144a 9,918,000 $11,351,461
Indon 6.75% 15jan44 144a 9,264,000 $11,166,015
Indonesia Treasury Bond, 7.0%, 5/15/22 65,578,000,000 $5,297,256
Industrial & Commercial Bank of China Asia, Ltd., 5.125%, 11/30/20 3,800,000 $4,206,589
Ingersoll-Rand Plc 29,267 $1,750,752
Interpump Group S.p.A. 160,648 $2,255,477
Inventec Corp. 3,188,000 $2,961,985
Johnson & Johnson 99,102 $10,054,889
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Floating Rate Note, 4/15/45 2,384,000 $2,452,387
Jun14 Bjk C @ 50 5,000 $450,000
Jun14 Hscei P @ 9200 1,400 $103,831
Jun14 Hsi P @ 21000 620 $63,975
Ju Teng International Holdings, Ltd. 722,000 $550,415
Kennedy-Wilson, Inc., 8.75%, 4/1/19 5,000,000 $5,522,917
Keppel Real Estate Investment Trust Management, Ltd. 708 $737
King Yuan Electronics Co, Ltd. 1,327,000 $1,148,489
Kinross Gold Corp., 5.125%, 9/1/21 9,000,000 $9,310,055
Kinross Gold Corp., 5.95%, 3/15/24 (144A) 1,850,000 $1,924,950
KKR & Co LP 261,731 $5,949,146
Krung Thai Bank PCL 3,584,800 $2,018,837
LaSalle Hotel Properties, 7.5%, 12/31/49 (Perpetual) 91,866 $2,382,085
Las Vegas Sands Corp. 36,552 $2,796,959
Leisure & Resorts World Corp. 10,977,600 $1,735,120
Leoni AG 37,164 $2,975,567
Leonteq AG 9,025 $1,683,810
Lifestyle Properties Development, Ltd. 23,825 $3,587
Lincoln National Corp. 122,178 $5,859,657
Macy's, Inc. 29,100 $1,742,799
Mandom Corp. 65,100 $2,224,945
Man Wah Holdings, Ltd. 954,000 $1,548,517
Mapletree Commercial Trust 2,629,000 $2,819,974
Mapletree Greater China Commercial Trust 4,132,000 $2,949,266
Mapletree Industrial Trust 3,374,000 $3,873,733
Mapletree Logistics Trust 2,938,000 $2,776,819
Market Vectors Vietnam ETF 175,621 $3,559,838
Marriott International, Inc./DE 147,160 $9,067,999
MasterCard, Inc. 38,432 $2,938,126
Mazda Motor Corp. 529,197 $2,307,069
Megaworld Corp. 20,749,000 $2,226,714
Melco Crown Philippines Resorts Corp. 11,396,869 $3,381,454
Mexican Bonos, 7.75%, 11/13/42 378,880,100 $33,846,075
Mexican Bonos, 8.0%, 6/11/20 391,418,900 $35,822,006
Mexico Real Estate Management SA de CV 288,941 $547,284
Minebea Co, Ltd. 484,000 $5,068,760
Mitsubishi Electric Corp. 394,000 $4,607,167
Mitsubishi UFJ Financial Group, Inc. 393,100 $2,227,305
Mitsubishi UFJ Lease & Finance Co, Ltd. 420,800 $2,287,235
Mitsui & Co, Ltd. 315,000 $4,796,253
Montupet 58,365 $5,257,153
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,106,146
National Bank of Greece SA 486,597 $1,719,862
National Development Bank Plc 1,080,629 $1,609,475
Neopost SA 60,132 $4,812,938
New Zealand Government Bond, 3.0%, 4/15/20 39,626,000 $31,905,084
Next Plc 55,254 $6,154,660
NGK Spark Plug Co, Ltd. 219,000 $6,064,241
Nordea Bank AB 497,030 $7,342,689
Northrop Grumman Corp. 48,391 $5,881,926
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,040,283
Novelis, Inc. Georgia, 3/10/17 241,881 $242,425
Orpea 32,230 $2,302,622
PACCAR, Inc. 71,492 $4,529,733
Pakuwon Jati Tbk PT 50,489,500 $1,766,019
Pandora A/S 15,344 $1,137,183
Paradise Entertainment, Ltd. 6,544,000 $5,220,622
Peabody Energy Corp., 6.0%, 11/15/18 2,000,000 $2,093,533
Pebblebrook Hotel Trust, 6.5%, 12/31/49 (Perpetual) 100,000 $2,441,000
Pernod Ricard SA 9,055 $1,111,624
Porr Ag 15,906 $1,107,672
Portugal Obrigacoes do Tesouro OT, 3.85%, 4/15/21 9,313,454 $13,342,427
PowerShares Buyback Achievers Portfolio 615,259 $27,139,074
PPG Industries, Inc. 11,816 $2,382,224
Prospect Capital Corp., 5.5%, 8/15/16 3,150,000 $3,330,950
Prospect Capital Corp., 5.75%, 3/15/18 950,000 $1,013,782
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $3,921,850
Prudential Financial, Inc. 48,299 $3,968,246
Qatar National Bank 86,369 $4,322,673
Raytheon Co. 51,209 $4,996,462
Red Electrica Corp SA 56,258 $4,827,523
Reed Elsevier Plc 436,627 $6,965,113
Repco Home Finance Ltd 82,637 $568,909
Repsol SA 84,209 $2,374,684
Roche Holding AG 19,017 $5,614,481
Rockwell Collins, Inc. 50,478 $3,989,781
Rohm Co, Ltd. 66,200 $3,791,698
Romani 4.875% 22jan24 144a 1,346,000 $1,456,821
Romania Government Bond, 5.85%, 4/26/23 8,790,000 $2,953,895
Royal Bafokeng Platinum, Ltd. 593,139 $4,092,899
Ryman Hospitality Properties, Inc. 54,024 $2,492,127
Safran SA 50,441 $3,430,759
Santander Issuances SAU, Floating Rate Note, 9/30/19 3,600,000 $4,957,964
Sapurakencana Petroleum Bhd 2,013,400 $2,611,116
Sarine Technologies, Ltd. 1,648,000 $3,561,530
SCOR SE 114,162 $3,988,338
Secom Co, Ltd. 27,192 $1,663,656
Sep14 Slx P @ 47 3,000 $795,000
Shire Plc 60,240 $3,471,635
SJM Holdings, Ltd. 1,000,000 $2,881,772
Smurfit Kappa Acquisitions, 7.75%, 11/15/19 (144A) 2,000,000 $2,920,589
Sonova Holding AG 22,811 $3,490,489
South Africa Government Bond, 7.25%, 1/15/20 60,000,000 $5,687,933
South Africa Government International Bond, 4.665%, 1/17/24 3,000,000 $3,156,704
Southwestern Energy Co. 122,993 $5,592,492
SPDR S&P Euro Dividend Aristocrats UCITS ETF 56,467 $1,594,026
Spdr S&P Glob. Div. Aristocr Etf 19,806 $673,271
SPDR S&P UK Dividend Aristocrats UCITS ETF 51,331 $1,138,540
SPX Corp. 48,208 $5,044,485
Sri Lanka Government Bonds, 10.6%, 7/1/19 750,000,000 $6,420,177
Standard Chartered Plc 378,665 $8,525,608
Stanley Electric Co, Ltd. 104,800 $2,506,237
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,735,222
Starwood Hotels & Resorts Worldwide, Inc. 49,691 $3,967,826
Starwood Property Trust, Inc. 93,104 $2,270,807
Starwood Waypoint Residential Trust 11,502 $313,890
Strabag SE 19,733 $584,171
Sumitomo Mitsui Financial Group, Inc. 54,500 $2,213,804
Summarecon Agung Tbk PT 15,591,000 $1,678,381
Sundrug Co, Ltd. 93,200 $4,196,532
Swire Pacific, Ltd. 59 $701
Swiss Life Holding AG 6,857 $1,653,869
TAG Immobilien AG 178,330 $2,239,700
Tbond 3.375% 15may44 13,837,000 $14,017,288
Tech Mahindra, Ltd. 17,874 $581,795
Tencent Holdings Ltd N1 321,000 $4,542,929
TF Administradora Industrial S de RL de CV 274,180 $556,008
The Boeing Co. 76,387 $10,331,342
The Dow Chemical Co. 45,483 $2,370,574
Thermo Fisher Scientific, Inc. 77,453 $9,055,030
The Siam Commercial Bank PCL 216,400 $1,047,416
The Walt Disney Co. 90,899 $7,636,425
Tiffany & Co. 24,795 $2,464,871
Time Warner, Inc. 56,629 $3,954,403
Tokyo Tatemono Co, Ltd. 136,000 $1,247,883
Trswap: Msci Asia Ex Japan (Mxapj) Usd Buy -74,408,375 $294,891
Trswap: Msci Em Asia Index 25aug14 Usd Buy -75,167,010 $-74,686
Tupperware Brands Corp. 19,679 $1,647,526
Turkiye Halk Bankasi AS 290,351 $2,256,566
Turkiye Vakiflar Bankasi Tao 924,877 $2,231,350
UBS AG, 7.625%, 8/17/22 4,500,000 $5,503,981
Ulvac, Inc. 112,800 $2,466,465
Union Pacific Corp. 8,911 $1,775,695
United Overseas Bank, Ltd. 146 $2,630
United Technologies Corp. 33,965 $3,947,412
Vipshop Holdings, Ltd. (A.D.R.) 29,707 $4,832,141
Wharf Holdings, Ltd. 323,000 $2,281,103
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $341,982
Wijaya Karya Persero Tbk PT 21,392,500 $4,301,992
Yoox S.p.A. 74,147 $2,379,523
Yumeshin Holdings Co, Ltd. 487,968 $4,738,398
Zodiac Aerospace 48,611 $1,729,743

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

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