Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 4/30/2015
Default: sorted by market value

Security Name Par / Shares Market Value
A2A S.p.A. 1,028,829 $1,186,662
Abbott Laboratories 61,961 $2,876,230
ABS-CBN Holdings Corp. (G.D.R.) 1,029,460 $1,434,082
Adecco SA 23,625 $1,938,289
Adhi Karya Persero Tbk PT 1,670,400 $355,931
Adobe Systems, Inc. 32,210 $2,449,893
Aetna, Inc. 65,141 $6,961,619
AIA Group, Ltd. 59,600 $397,849
Airbus Group NV 112,960 $7,855,024
Air China, Ltd. 2,374,645 $2,879,388
Aitken Spence Hotel Holdings Plc 453,648 $271,474
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,835,800
Alibaba Group Holding, Ltd. (A.D.R.) 4,720 $383,689
Altria Group, Inc. 15,300 $765,765
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 (144A) 5,000,000 $5,340,174
American International Group, Inc. 21,090 $1,187,156
AmerisourceBergen Corp. 21,090 $2,410,587
Amgen, Inc. 27,280 $4,307,785
Amphenol Corp. 52,483 $2,905,984
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 7,500,000 $7,324,946
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 7,000,000 $7,875,194
Apple, Inc. 43,180 $5,403,977
AP Thailand PCL 3,404,700 $758,090
Aquarius Platinum, Ltd., 4.0%, 12/18/15 4,600,000 $4,506,978
Asahi Kasei Corp. 206,000 $1,934,302
Ascendas Real Estate Investment Trust 1,116,300 $2,078,965
Australia Government Bond, 2.75%, 4/21/24 9,100,000 $7,292,222
Ayala Corp. 191,820 $3,351,600
Baidu, Inc. (A.D.R.) 1,818 $364,109
Ball Corp., 4.0%, 11/15/23 1,586,000 $1,583,533
Banca Popolare dell'Emilia Romagna SC 83,775 $689,507
Banco de Sabadell SA 306,558 $820,880
Bank Negara Indonesia Persero Tbk PT 2,970,400 $1,469,806
Bank of China, Ltd. 2,594,000 $1,781,795
Bank of Ireland 9,628,383 $3,696,384
Bank Rakyat Indonesia Persero Tbk PT 3,561,000 $3,188,187
BASF SE 8,002 $794,749
Bayer AG 16,575 $2,420,627
Becton Dickinson and Co. 33,359 $4,699,282
Beijing Capital Land, Ltd. 5,172,000 $4,281,550
Beijing Enterprises Water Group, Ltd. 1,960,000 $1,692,863
Beijing Jingneng Clean Energy Co, Ltd. 4,558,000 $2,259,423
BlackRock MuniVest Fund, Inc. 62,300 $636,083
BlackRock MuniYield Fund, Inc. 44,100 $657,531
BNP Paribas SA 38,980 $2,457,619
Bolsas y Mercados Espanoles SHMSF SA 53,144 $2,381,775
Boston Scientific Corp. 65,532 $1,167,780
Brembo S.p.A. 97,235 $3,895,233
Bumi Serpong Damai Tbk PT 9,679,000 $1,388,590
Canadian Pacific Railway, Ltd. 16,105 $3,069,291
CapitaLand Mall Trust 781,000 $1,288,181
Cardinal Health, Inc. 49,302 $4,158,131
CBS Corp. (Class B) 30,876 $1,918,326
Central Japan Railway Co. 2,200 $403,528
Cheung Kong Infrastructure Holdings, Ltd. 188,000 $1,597,493
China Aircraft Leasing Group Holdings, Ltd. 2,001,000 $3,498,480
China CNR Corp, Ltd. 2,015,500 $4,120,366
China Everbright, Ltd. 1,634,000 $5,412,357
China High Speed Transmission Equipment Group Co, Ltd. 2,668,000 $2,409,617
China Life Insurance Co, Ltd. 81,000 $392,851
China Longyuan Power Group Corp, Ltd. 640,000 $795,975
China Maple Leaf Educational Systems, Ltd. 1,862,343 $667,574
China Medical System Holdings, Ltd. 1,717,000 $3,030,616
China Merchants Bank Co, Ltd. 509,500 $1,540,365
China Overseas Land & Investment, Ltd. 686,000 $2,865,462
China Railway Construction Corp, Ltd. 2,272,000 $4,535,134
China Railway Group, Ltd. 1,361,000 $1,910,231
China Resources Gas Group, Ltd. 376,000 $1,308,943
China Resources Land, Ltd. 1,498,000 $5,449,927
China Singyes Solar Technologies Holdings, Ltd. 1,119,703 $1,839,673
China State Construction International Holdings, Ltd. 416,000 $802,697
Chocoladefabriken Lindt & Sprungli AG 66 $362,390
CNOOC, Ltd. 1,308,000 $2,229,540
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,074,267
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 119,838 $119,763
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 179,756 $179,869
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $3,011,711
Costco Wholesale Corp. 15,574 $2,227,861
CSPC Pharmaceutical Group, Ltd. 2,124,000 $2,207,030
CT Environmental Group, Ltd. 1,204,000 $1,691,460
CVS Health Corp. 66,323 $6,585,211
Daimler AG 50,513 $4,890,069
Daiwa House Industry Co, Ltd. 73,400 $1,634,594
Danone SA 5,478 $396,584
Danske Bank A/S 55,448 $1,573,773
Deutsche Annington Immobilien SE 23,485 $795,717
Deutsche Euroshop AG 33,465 $1,670,134
Deutsche Wohnen AG 78,203 $2,062,221
Disco Corp. 14,300 $1,295,138
Dollar General Corp. 31,498 $2,290,220
Dongjiang Environmental Co, Ltd. 546,000 $2,955,806
East Japan Railway Co. 53,200 $4,698,511
Enagas SA 55,725 $1,719,313
ENN Energy Holdings, Ltd. 468,000 $3,371,142
EOG Resources, Inc. 12,106 $1,197,889
EVA Precision Industrial Holdings, Ltd. 7,340,000 $2,384,892
FANUC Corp. 3,600 $787,661
First Gulf Bank PJSC 1,208,987 $4,994,757
First Republic Bank/CA 40,646 $2,369,255
Forbo Holding AG 1,299 $1,576,313
FUJIFILM Holdings Corp. 31,400 $1,186,494
Fuji Heavy Industries, Ltd. 23,400 $780,614
Fujitsu, Ltd. 232,000 $1,529,298
Gazprom OAO (A.D.R.) 197,970 $1,164,064
Gazprom OAO Via Gaz Capital SA, 3.85%, 2/6/20 (144A) 4,400,000 $4,065,733
Georg Fischer AG 1,852 $1,314,259
Global Brands Group Holding, Ltd. 4,502,000 $923,262
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 21,086,000 $19,098,645
Great Portland Estates Plc 97,315 $1,189,487
Green Real Estate Investment Trust plc 872,328 $1,526,456
GS Mortgage Securities Corp II Series 2005-GG4 REMICS, 4.782%, 7/10/39 3,000,000 $601,838
Guggenheim S&P Global Water Index ETF 34,734 $1,014,580
Halliburton Co. 34,312 $1,679,572
Hammerson Plc 116,937 $1,198,573
Hanesbrands, Inc., 6.375%, 12/15/20 1,943,000 $2,101,516
Harris Corp. 14,599 $1,171,424
Hatton National Bank Plc 1,440,794 $2,496,996
HCL Technologies, Ltd. 84,797 $1,180,813
HDFC Bank, Ltd. 25,231 $394,539
Hera S.p.A. 478,431 $1,261,494
Hill-Rom Holdings, Inc. 15,776 $787,853
Hitachi High-Technologies Corp. 27,400 $792,665
Hitachi Kokusai Electric, Inc. 60,000 $843,180
Hon Hai Precision Industry Co, Ltd. 542,000 $1,624,683
Hoshizaki Electric Co, Ltd. 24,100 $1,420,428
Housing Development Finance Corp, Ltd. 61,084 $1,132,845
Hoya Corp. 37,000 $1,428,451
Huadian Power International Corp, Ltd. 1,460,000 $1,615,254
Huntington Ingalls Industries, Inc. 20,876 $2,747,073
Illinois Tool Works, Inc. 40,743 $3,812,730
INC Research Holdings, Inc. 48,550 $1,628,367
Inditex SA 12,232 $392,555
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 5,966,000 $6,956,646
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 2,242,000 $2,880,690
Industria Macchine Automatiche S.p.A. 48,887 $2,498,240
Interroll Holding AG 1,324 $880,103
Invesco, Ltd. 89,862 $3,722,084
Iriso Electronics Co, Ltd. 28,700 $2,004,021
iShares MSCI Sweden ETF 34,771 $1,182,909
Japan Airlines Co, Ltd. 67,300 $2,245,141
Japara Healthcare, Ltd. 748,546 $1,625,973
Jones Lang LaSalle, Inc. 9,679 $1,607,295
JPMorgan Chase & Co. 24,868 $1,573,150
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 2,384,000 $2,398,712
Jul15 Usu5 C @ 161 600 $1,040,625
Jul15 Usu5 C @ 168 -600 $-215,625
Jun15 Cac C @ 5350.000000 1,750 $520,457
Jun15 Ecm5 C @ 1100 1,250 $5,406,250
Jun15 Ecm5 C @ 1150 -2,500 $-2,531,250
Jun15 Ecm5 C @ 1200 1,250 $203,125
Jun15 Ftsemib C @ 24000.000000 1,800 $1,320,608
Jun15 Hscei C @ 14400 500 $1,903,103
Jun15 Mem5 P @ 1920 1,200 $552,000
Jun15 Mem5 P @ 2000 -2,400 $-2,364,000
Jun15 Mem5 P @ 2080 1,200 $2,520,000
Jun15 Sx5e C @ 3800.000000 1,500 $477,308
Juniper Networks, Inc. 61,746 $1,631,947
Jupiter Fund Management Plc 122,461 $808,364
Ju Teng International Holdings, Ltd., 10/14/16 223,500 $19,609
Kaba Holding AG 2,926 $1,929,026
Kangda International Environmental Co, Ltd. 5,446,000 $2,996,105
Kasikornbank PCL 466,500 $2,957,961
Keppel Corp, Ltd. 56,900 $372,875
Keppel Real Estate Investment Trust 708 $657
Kinross Gold Corp., 5.125%, 9/1/21 14,500,000 $14,005,270
Kinross Gold Corp., 5.95%, 3/15/24 1,850,000 $1,737,684
KKR & Co LP 135,713 $3,054,900
Krung Thai Bank PCL 1,801,700 $1,091,609
KWG Property Holding, Ltd. 3,200,500 $3,242,281
Lam Research Corp. 15,620 $1,180,560
Largan Precision Co, Ltd. 25,000 $2,500,925
Leonteq AG 25,814 $4,434,098
Lexmark International, Inc. 9,167 $406,923
Link Net Tbk PT 1,647,900 $714,177
Lonza Group AG 13,100 $1,861,806
Lukoil International Finance BV, 4.563%, 4/24/23 (144A) 3,640,000 $3,242,830
Lukoil International Finance BV, 6.125%, 11/9/20 (144A) 4,200,000 $4,339,708
Lukoil International Finance BV, 7.25%, 11/5/19 (144A) 4,500,000 $4,880,450
Lukoil OAO (A.D.R.) 77,029 $3,947,736
LyondellBasell Industries NV 11,617 $1,202,592
Makalot Industrial Co, Ltd. 106,000 $828,231
Man Wah Holdings, Ltd. 1,304,000 $1,692,820
Mapletree Greater China Commercial Trust 2,541,000 $2,032,209
Mapletree Industrial Trust 794,700 $964,586
Mapletree Logistics Trust 458,000 $425,113
Market Vectors Vietnam ETF 119,015 $2,145,840
Marriott International, Inc./MD 49,133 $3,933,097
MasterCard, Inc. 39,281 $3,543,539
May15 Cac C @ 5350.000000 4,000 $182,153
May15 Dax C @ 12500.000000 750 $42,376
May15 Ftsemib C @ 25000.000000 2,200 $64,934
May15 Nky P @ 18250.000000 1,000 $71,213
May15 Nky P @ 19000.000000 -2,000 $-1,131,032
May15 Nky P @ 19750.000000 1,000 $2,932,306
May15 Sx5e C @ 3850.000000 1,500 $55,658
Medtronic Plc 20,532 $1,528,607
Merck & Co, Inc. 39,955 $2,379,720
Meritor, Inc. 119,194 $1,563,825
Merlin Properties Socimi SA 222,589 $3,043,671
MGM Resorts International, 6.625%, 12/15/21 5,523,000 $6,047,838
Minebea Co, Ltd. 182,000 $2,795,879
Mitsubishi Electric Corp. 286,000 $3,707,793
Mitsubishi Estate Co, Ltd. 34,000 $799,545
Mitsubishi UFJ Financial Group, Inc. 234,900 $1,657,979
Mitsui Fudosan Co, Ltd. 104,000 $3,081,939
Moncler S.p.A. 178,153 $3,164,447
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,084,348
Murata Manufacturing Co, Ltd. 22,600 $3,189,778
Nabtesco Corp. 28,900 $794,945
Nam Cheong, Ltd. 2,634,000 $664,083
National Development Bank Plc 784,068 $1,571,638
NEC Corp. 234,000 $784,524
Nestle SA 25,573 $1,995,565
New China Life Insurance Co, Ltd. 63,100 $391,123
NewOcean Energy Holdings, Ltd. 1,956,000 $1,088,064
New York Community Bancorp, Inc. 46,363 $796,980
New Zealand Government Bond, 5.5%, 4/15/23 8,421,000 $7,419,531
Next Plc 32,979 $3,713,911
Nordea Bank AB 113,859 $1,441,170
Northrop Grumman Corp. 45,913 $7,072,439
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,031,942
Novartis AG 14,677 $1,517,472
Novelis, Inc., Initial Term Loan, 3/10/17 239,385 $240,253
NSK, Ltd. 256,000 $4,008,461
NS Solutions Corp. 12,400 $417,807
ORIX Corp. 63,900 $977,509
PACCAR, Inc. 12,398 $810,209
Pakuwon Jati Tbk PT 35,135,300 $1,183,162
PAX Global Technology, Ltd. 3,011,000 $4,383,944
PChome Online, Inc. 50,000 $847,525
Pembangunan Perumahan Persero Tbk PT 6,648,700 $2,004,951
PepsiCo, Inc. 25,538 $2,429,175
Petrobras Global Finance BV, 5.875%, 3/1/18 4,000,000 $4,128,767
Pioneer Custom Basket Usd Buy -7,008,544 $-101,349
Pioneer Custom Basket Usd Buy -16,769,748 $-455,499
Pioneer Custom Basket Usd Buy -8,005,378 $-73,136
Power Finance Corp, Ltd. 300,459 $1,260,596
PowerShares Buyback Achievers Portfolio 478,283 $23,335,428
PPG Industries, Inc. 17,092 $3,786,904
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $3,949,826
Pruksa Real Estate PCL 434,000 $361,557
Pruksa Real Estate PCL 502,100 $417,792
PTC India Financial Services, Ltd. 1,186,882 $993,982
Publicis Groupe SA 28,926 $2,422,695
Puregold Price Club, Inc. 780,400 $694,432
Raytheon Co. 56,392 $5,864,768
Reckitt Benckiser Group Plc 8,777 $783,534
Reliance Industries, Ltd. 55,113 $749,327
Reynolds American, Inc. 32,041 $2,348,605
Robinsons Retail Holdings, Inc. 402,430 $785,338
Roche Holding AG 21,979 $6,335,235
Rockwell Automation, Inc. 25,470 $3,020,742
Rockwell Collins, Inc. 59,291 $5,770,793
Royal Bafokeng Platinum, Ltd. 612,177 $2,664,178
Russian Federal Bond - OFZ, 7.6%, 7/20/22 264,882,000 $4,459,688
Russian Foreign Bond - Eurobond, 12.75%, 6/24/28 2,879,000 $4,678,315
Russian Foreign Bond - Eurobond, 3.5%, 1/16/19 (144A) 23,600,000 $23,357,117
Safran SA 59,793 $4,370,143
Sberbank of Russia (A.D.R.) 747,780 $4,516,591
Schlumberger, Ltd. 8,681 $821,309
Secom Co, Ltd. 38,600 $2,729,757
Sekisui Chemical Co, Ltd. 55,000 $735,760
Sheng Siong Group, Ltd. 2,037,800 $1,291,395
Shimano, Inc. 10,900 $1,652,407
Shimao Property Holdings, Ltd. 900,000 $2,128,934
Shine Corporate, Ltd. 311,841 $745,507
Shire Plc (A.D.R.) 14,275 $3,476,105
Sonova Holding AG 10,546 $1,463,425
SPDR S&P Euro Dividend Aristocrats UCITS ETF 152,405 $3,722,864
SPDR S&P Global Dividend Aristocrats ETF 66,984 $2,250,698
SPDR S&P UK Dividend Aristocrats UCITS ETF 219,314 $4,347,263
SPDR S&P US Dividend Aristocrats UCITS ETF 294,979 $11,839,273
Spirit AeroSystems Holdings, Inc. 78,946 $4,087,994
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,730,795
Starwood Property Trust, Inc. 93,104 $2,235,427
Starwood Waypoint Residential Trust 30,288 $779,613
Stella International Holdings, Ltd. 452,000 $1,223,177
Stroeer Media SE 42,434 $1,580,767
Sumitomo Mitsui Financial Group, Inc. 55,300 $2,412,367
Sumitomo Realty & Development Co, Ltd. 83,000 $3,206,957
Summarecon Agung Tbk PT 4,969,200 $680,927
Sunac China Holdings, Ltd. 2,183,000 $2,876,902
Sunac China Holdings, Ltd., 9.375%, 4/5/18 1,400,000 $1,426,979
Swire Pacific, Ltd. 59 $797
Swissquote Group Holding SA 27,048 $865,988
TAG Immobilien AG 91,569 $1,177,468
Target Corp. 24,077 $1,897,990
TDK Corp. 24,700 $1,773,770
Techtronic Industries Co, Ltd. 109,000 $387,253
Teleperformance 26,482 $1,984,004
Tencent Holdings, Ltd. 137,900 $2,847,991
Tenneco, Inc. 13,909 $812,981
Terna Rete Elettrica Nazionale S.p.A. 257,810 $1,215,083
Thales SA 26,864 $1,628,035
The Blackstone Group LP 93,138 $3,814,932
The Coca-Cola Co. 19,483 $790,230
The Kroger Co. 32,826 $2,262,040
The Sherwin-Williams Co. 7,700 $2,140,600
The Siam Commercial Bank PCL 137,200 $660,854
The Toro Co. 48,944 $3,281,206
The Valspar Corp. 33,632 $2,727,555
The Walt Disney Co. 32,205 $3,501,328
Time Warner, Inc. 61,257 $5,170,703
Tokyo Tatemono Co, Ltd. 266,000 $1,934,129
Totetsu Kogyo Co, Ltd. 129,200 $2,914,523
Trswap: Hsaudi15 Index Usd Buy -8,459,342 $1,305,855
Turkey Government International Bond, 3.25%, 3/23/23 4,200,000 $3,965,978
UnitedHealth Group, Inc. 32,622 $3,634,091
United Overseas Bank, Ltd. 44,746 $825,389
United Technologies Corp. 37,902 $4,311,353
Valora Holding AG 1,650 $369,140
Vipshop Holdings, Ltd. (A.D.R.) 188,825 $5,341,859
Volvo AB 134,952 $1,859,683
Wasion Group Holdings, Ltd. 2,150,000 $3,393,865
Waskita Karya Persero Tbk PT 15,136,700 $2,014,822
Wells Fargo & Co. 22,150 $1,220,465
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $173,952
Wyndham Worldwide Corp. 44,593 $3,808,242
X5 Retail Group NV (G.D.R.) 20,768 $422,785
Xinchen China Power Holdings, Ltd. 1,698,000 $816,511
Xinjiang Goldwind Science & Technology Co, Ltd. 534,200 $1,243,063
Xinyi Glass Holdings, Ltd. 3,232,000 $2,153,465
Xinyi Solar Holdings, Ltd. 11,054,000 $3,887,072
Yes Bank, Ltd. 61,549 $815,833
Yuzhou Properties Co, Ltd. 6,246,000 $1,809,958
Zhuzhou CSR Times Electric Co, Ltd. 623,000 $5,308,659

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

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