Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 10/31/2014
Default: sorted by market value

Security Name Par / Shares Market Value
Abbott Laboratories 99,951 $4,356,864
ABS-CBN Holdings Corp. (G.D.R.) 1,472,300 $1,501,620
Abu Dhabi Commercial Bank PJSC 1,513,569 $3,299,382
Actelion, Ltd. 18,830 $2,234,453
Aetna, Inc. 74,220 $6,123,892
Aitken Spence Hotel Holdings Plc 453,648 $296,070
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,988,800
Allergan, Inc./United States 4,765 $905,636
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 (144A) 5,000,000 $5,218,872
American International Group, Inc. 105,794 $5,667,385
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 6,000,000 $6,600,167
Anhui Expressway Co, Ltd. 4,752,000 $2,908,250
ANTA Sports Products, Ltd. 806,000 $1,585,764
Apple, Inc. 43,180 $4,663,440
Aquarius Platinum, Ltd. 8,802,958 $2,325,010
Aquarius Platinum, Ltd., 4.0%, 12/18/15 4,600,000 $4,506,978
Aryzta AG 31,110 $2,645,287
Australia Government Bond, 5.75%, 5/15/21 12,695,000 $13,266,327
Aviva Plc 765,332 $6,383,584
Axis Bank, Ltd. 713,073 $5,116,050
Baidu, Inc. (A.D.R.) 37,530 $8,961,038
Baloise Holding AG 16,053 $2,019,884
Bank Mandiri Persero Tbk PT 2,023,500 $1,736,593
Bank of Ireland 11,140,376 $4,381,583
Bayer AG 30,841 $4,385,435
BDO Unibank, Inc. 2,426,955 $5,288,250
Becton Dickinson and Co. 26,985 $3,472,970
Bharti Infratel, Ltd. 355,031 $1,688,394
BlackRock MuniVest Fund, Inc. 62,300 $609,294
BlackRock MuniYield Fund, Inc. 44,100 $639,450
BNP Paribas SA 34,463 $2,182,963
BOC Hong Kong Holdings, Ltd. 1,267,000 $4,211,675
Boer Power Holdings, Ltd. 2,375,000 $2,969,595
Brazil Notas do Tesouro Nacional Serie B, 6.0%, 8/15/50 3,000,000 $2,998,257
Brilliance China Automotive Holdings, Ltd. 776,000 $1,339,932
Canadian Pacific Railway, Ltd. 9,342 $1,940,147
Cardinal Health, Inc. 80,573 $6,323,369
Caterpillar, Inc. 17,797 $1,804,794
CBOE Holdings, Inc. 91,608 $5,399,376
CBS Corp. (Class B) 31,962 $1,732,980
Celgene Corp. 26,622 $2,850,950
Chailease Holding Co, Ltd. 866,000 $2,135,452
Cheung Kong Infrastructure Holdings, Ltd. 416,000 $3,036,982
China Animal Healthcare, Ltd. 6,508,000 $5,377,092
China CNR Corp, Ltd. 8,915,500 $9,324,396
China Overseas Land & Investment, Ltd. 764,000 $2,223,324
China Railway Construction Corp, Ltd. 3,082,500 $3,233,688
China Singyes Solar Technologies Holdings, Ltd. 2,482,703 $4,823,192
China State Construction International Holdings, Ltd. 1,824,770 $2,858,692
China Vanke Co, Ltd. 1,152,100 $2,177,258
China Water Affairs Group, Ltd. 3,854,000 $1,980,912
Comcast Corp. 97,906 $5,419,097
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,029,756
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 120,446 $120,145
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 180,669 $180,556
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $3,078,211
CoreSite Realty Corp., 7.25% (Perpetual) 94,999 $2,446,224
Credit Suisse First Boston Mortgage Securities Corp., 4.898%, 3/15/36 (144A) 2,000,000 $91,233
CSR Corp, Ltd. 3,876,000 $4,028,837
Ctrip.com International, Ltd. (A.D.R.) 75,914 $4,425,786
CVS Health Corp. 66,323 $5,691,177
Daimler AG 46,739 $3,632,078
Daito Trust Construction Co, Ltd. 22,700 $2,868,185
Danske Bank A/S 155,626 $4,271,441
Dec14 Mez4 C @ 2050 2,300 $2,185,000
Deutsche Wohnen AG 113,996 $2,567,432
DiamondRock Hospitality Co. 370,783 $5,320,736
DIC Asset AG 205,959 $1,733,157
Discover Financial Services 80,767 $5,151,319
Ecolab, Inc. 23,313 $2,593,105
Emami, Ltd. 67,923 $908,450
Enagas SA 130,402 $4,378,125
EOG Resources, Inc. 23,138 $2,199,267
Ezion Holdings, Ltd. 1,466,400 $1,746,991
Feb15 Meh5 C @ 2130 3,000 $1,755,000
Feb15 Meh5 C @ 2150 5,000 $2,100,000
First Gulf Bank PJSC 2,008,620 $9,972,612
First Republic Bank/CA 58,489 $2,978,845
Forbo Holding AG 2,760 $2,863,976
Fuji Heavy Industries, Ltd. 31,600 $1,072,734
Fujitsu General, Ltd. 196,000 $2,503,736
G8 Education, Ltd. 500,285 $2,205,912
Galaxy Entertainment Group, Ltd. 549,000 $3,750,872
GEA Group AG 121,815 $5,606,178
Glenmark Pharmaceuticals, Ltd. 233,497 $2,737,442
Gold Fields, Ltd. 1,600,000 $5,203,181
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 9,500,000 $8,485,875
Green Real Estate Investment Trust plc 362,171 $573,283
GS Mortgage Securities Corp II Series 2005-GG4 REMICS, 4.782%, 7/10/39 3,000,000 $3,041,505
Guangdong Investment, Ltd. 2,716,000 $3,601,988
Guggenheim S&P Global Water Index ETF 34,734 $980,541
Haitong Securities Co, Ltd. 3,105,200 $5,328,146
Halliburton Co. 79,126 $4,363,008
Hatton National Bank Plc 1,798,579 $2,709,411
HCL Technologies, Ltd. 120,239 $3,160,214
Hitachi, Ltd. 569,000 $4,571,156
Honeywell International, Inc. 47,705 $4,585,405
Hon Hai Precision Industry Co, Ltd. 546,960 $1,728,506
Host Hotels & Resorts, Inc. 228,793 $5,333,165
Housing Development Finance Corp, Ltd. 173,376 $3,113,926
ICICI Bank, Ltd. (A.D.R.) 77,008 $4,340,171
IHI Corp. 341,000 $1,684,484
Illinois Tool Works, Inc. 59,036 $5,375,228
Indocement Tunggal Prakarsa Tbk PT 1,903,000 $3,832,741
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 19,303,000 $22,291,078
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 12,547,000 $15,635,130
Industria Macchine Automatiche S.p.A. 34,067 $1,335,013
Info Edge India, Ltd. 185,408 $2,553,705
Invesco, Ltd. 108,311 $4,383,346
IRB Infrastructure Developers, Ltd. 421,786 $1,731,518
iShares MSCI Spain Capped ETF 45,459 $1,709,627
Jan15 Amzn C @ 335.000000 7,000 $2,590,000
Jan15 Amzn C @ 350.000000 -7,000 $-1,239,000
Jan15 Meh5 P @ 1650 -4,500 $-821,250
Jan15 Meh5 P @ 1690 -2,000 $-495,000
Jan15 Meh5 P @ 1700 -2,250 $-596,250
Jan15 Meh5 P @ 1725 -2,500 $-792,588
Jan15 Sx5e C @ 3275.000000 5,250 $1,785,710
Jan15 Sx5e P @ 2500.000000 -2,500 $-195,750
Johnson & Johnson 98,618 $10,629,048
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 2,384,000 $2,410,951
Kaba Holding AG 2,926 $1,394,275
Kennedy-Wilson, Inc., 8.75%, 4/1/19 5,000,000 $5,338,021
Keppel Real Estate Investment Trust 708 $673
Kinross Gold Corp., 5.125%, 9/1/21 9,000,000 $8,856,420
Kinross Gold Corp., 5.95%, 3/15/24 (144A) 1,850,000 $1,783,392
KKR & Co LP 247,507 $5,336,251
Krung Thai Bank PCL 3,914,600 $2,797,000
Lam Research Corp. 26,739 $2,081,899
Largan Precision Co, Ltd. 23,000 $1,617,982
LaSalle Hotel Properties 139,368 $5,464,619
LaSalle Hotel Properties, 7.5% (Perpetual) 45,810 $1,192,892
Leonteq AG 22,291 $4,859,591
Lexmark International, Inc. 42,349 $1,827,783
Lifestyle Properties Development, Ltd. 23,825 $3,795
Lincoln National Corp. 122,178 $6,690,467
Livzon Pharmaceutical Group, Inc. 154,400 $1,156,472
Lonza Group AG 13,984 $1,541,763
LPN Development PCL 4,898,300 $3,740,192
Macy's, Inc. 63,400 $3,665,788
Makita Corp. 16,100 $943,753
Man Wah Holdings, Ltd. 1,358,400 $2,032,178
Mapletree Greater China Commercial Trust 1,925,000 $1,415,374
Mapletree Industrial Trust 754,000 $867,490
Market Vectors Vietnam ETF 145,296 $3,104,976
Marriott International, Inc./DE 83,129 $6,297,022
Maruti Suzuki India, Ltd. 64,820 $3,535,443
MasterCard, Inc. 16,636 $1,393,265
Megaworld Corp. 25,618,000 $2,823,565
Merlin Properties Socimi SA 222,589 $2,638,089
Mexican Bonos, 10.0%, 12/5/24 43,185,300 $4,310,680
Mexican Udibonos, 4.0%, 11/15/40 35,894,300 $15,413,685
Minebea Co, Ltd. 251,000 $3,483,737
Minor International PCL 1,587,600 $1,709,965
Mitsubishi Electric Corp. 245,000 $3,196,586
Mitsubishi UFJ Financial Group, Inc. 865,800 $5,165,167
Mitsubishi UFJ Lease & Finance Co, Ltd. 352,400 $1,877,547
MMC Norilsk Nickel OJSC (A.D.R.) 48,698 $910,166
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,090,849
Murata Manufacturing Co, Ltd. 39,500 $4,494,451
My EG Services Bhd 1,989,000 $2,454,873
Nam Cheong, Ltd. 2,728,000 $838,863
National Development Bank Plc 1,353,602 $2,527,632
Nedbank Group, Ltd. 40,198 $873,639
Neopost SA 74,058 $5,153,625
New Zealand Government Bond, 5.5%, 4/15/23 15,319,000 $13,219,341
Northrop Grumman Corp. 67,654 $9,333,546
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,055,943
Nov14 Hyg P @ 92.000000 8,000 $580,000
Nov14 Mez4 P @ 1800 9,000 $472,500
Nov14 Mez4 P @ 1845 4,000 $340,000
Nov14 Mez4 P @ 1895 4,500 $742,500
Nov14 Mez4 P @ 1925 5,000 $1,609,475
Nov14 Sx5e P @ 2825.000000 5,000 $338,256
Novartis AG 37,234 $3,451,616
Novelis, Inc., Initial Term Loan, 3/10/17 240,633 $238,708
Oil India, Ltd. 255,292 $2,666,581
Omron Corp. 58,700 $2,849,039
Orpea 102,829 $6,281,759
PACCAR, Inc. 33,455 $2,185,281
Pebblebrook Hotel Trust 125,058 $5,327,471
Pebblebrook Hotel Trust, 6.5% (Perpetual) 100,000 $2,470,000
Pentair Plc 26,130 $1,752,017
PepsiCo, Inc. 66,431 $6,388,669
Ping An Insurance Group Co of China, Ltd. 445,500 $3,648,488
Power Finance Corp, Ltd. 346,578 $1,584,639
PowerShares Buyback Achievers Portfolio 404,787 $18,616,154
PPG Industries, Inc. 11,816 $2,406,801
Prestige Estates Projects, Ltd. 846,676 $3,164,893
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $4,018,796
Prudential Financial, Inc. 59,315 $5,251,750
Pruksa Real Estate PCL 3,122,200 $3,207,412
Qatar National Bank SAQ 46,437 $2,754,903
Quality Houses PCL 17,778,400 $2,344,285
Ramsay Health Care, Ltd. 19,684 $907,748
Red Electrica Corp SA 30,088 $2,629,107
Reed Elsevier Plc 322,042 $5,295,080
Rhoen Klinikum AG 127,574 $3,798,294
Rhoen Klinikum AG 140,632 $118,395
Robinsons Land Corp. 7,683,400 $4,201,067
Robinsons Retail Holdings, Inc. 958,940 $1,365,160
Roche Holding AG 24,920 $7,356,841
Ross Stores, Inc. 63,347 $5,113,370
Royal Bafokeng Platinum, Ltd. 378,333 $2,001,669
Royal Bank of Canada 23,764 $1,686,573
Ryman Hospitality Properties, Inc. 105,480 $5,205,438
Sampath Bank Plc 14,024 $25,633
Sands China, Ltd. 347,200 $2,163,745
Sarine Technologies, Ltd. 1,648,000 $3,822,343
Secom Co, Ltd. 77,000 $4,775,768
Sekisui Chemical Co, Ltd. 146,000 $1,723,765
Shanghai Fosun Pharmaceutical Group Co, Ltd. 1,191,000 $4,279,600
Sheng Siong Group, Ltd. 2,990,000 $1,558,964
Shire Plc (A.D.R.) 18,281 $3,652,544
Shree Cement, Ltd. 9,700 $1,441,608
SM Investments Corp. 123,980 $2,159,575
SM Prime Holdings, Inc. 5,562,600 $2,170,074
Snam S.p.A. 319,700 $1,728,393
Sobha Developers, Ltd. 257,629 $1,809,528
Sonova Holding AG 5,475 $853,483
SPDR S&P Euro Dividend Aristocrats UCITS ETF 138,513 $3,162,221
SPDR S&P Global Dividend Aristocrats ETF 55,639 $1,801,862
SPDR S&P UK Dividend Aristocrats UCITS ETF 219,314 $4,226,032
SPDR S&P US Dividend Aristocrats UCITS ETF 221,493 $8,743,189
Standard Bank Group, Ltd. 69,545 $873,771
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,747,795
Starwood Hotels & Resorts Worldwide, Inc. 15,635 $1,198,579
Starwood Property Trust, Inc. 93,104 $2,100,426
Starwood Waypoint Residential Trust 11,502 $301,122
Straumann Holding AG 15,028 $3,700,606
Sumitomo Mitsui Financial Group, Inc. 67,800 $2,757,565
Sunac China Holdings, Ltd. 3,646,000 $3,155,774
Supalai PCL 573,200 $452,619
Swire Pacific, Ltd. 59 $774
Swiss Life Holding AG 7,423 $1,702,553
Swiss Re AG 63,019 $5,094,062
Taiheiyo Cement Corp. 716,000 $2,632,716
Takasago Thermal Engineering Co, Ltd. 222,000 $2,937,809
Tencent Holdings, Ltd. 351,500 $5,596,300
The Blackstone Group LP 180,219 $5,428,196
The Boeing Co. 40,218 $5,023,630
The Charles Schwab Corp. 85,762 $2,458,797
The Siam Commercial Bank PCL 332,400 $1,809,292
The Siam Commercial Bank PCL 314,600 $1,714,370
The Toronto-Dominion Bank 35,084 $1,726,269
The Walt Disney Co. 75,688 $6,916,369
THK Co, Ltd. 149,900 $3,824,989
Time Warner, Inc. 58,863 $4,677,843
Totetsu Kogyo Co, Ltd. 100,900 $2,336,636
Union Pacific Corp. 62,973 $7,333,206
United Overseas Bank, Ltd. 146 $2,619
United Technologies Corp. 24,928 $2,667,296
Vertex Pharmaceuticals, Inc. 17,397 $1,959,598
Vipshop Holdings, Ltd. (A.D.R.) 26,443 $6,063,115
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $331,619
Wyndham Worldwide Corp. 34,609 $2,688,081
Wynn Resorts, Ltd. 9,095 $1,728,141
Xinyi Solar Holdings, Ltd. 20,578,000 $6,982,741
Yahoo!, Inc. 26,920 $1,239,666
Yaskawa Electric Corp. 143,700 $1,882,974
Yes Bank, Ltd. 250,718 $2,791,982
Zhuzhou CSR Times Electric Co, Ltd. 1,086,000 $5,074,237

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

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