Pioneer Flexible Opportunities Fund

Top 10 Portfolio Holdings as of 12/31/2015
Default: sorted by market value

Security Name Par / Shares Market Value
3SBIO INC INC 598,500 $840,178
ACE LTD 53,187 $6,214,900
ACTELION LTD. 22,014 $3,066,714
ADEPTUS HEALTH INC CLASS A 33,157 $1,807,719
ADOBE SYSTEMS INC. 40,883 $3,840,549
AETNA INC. 30,411 $3,288,037
AGILENT TECHNOLOGIES INC. 91,242 $3,814,828
AITKEN S HOTEL HOLDING PLC 453,648 $213,851
ALIBABA GROUP HOLDING ADR REPRESEN 24,551 $1,995,259
ALLIANZ SE 38,000 $6,747,827
ALTRIA GROUP INC 60,264 $3,507,967
AMAZON.COM INC. 1,128 $762,403
AMERICAN INTERNATIONAL GROUP INC. 120,879 $7,490,871
ANA HOLDINGS INC. 814,000 $2,370,216
ANGSJ 5.125% 01Aug22 7,500,000 $6,122,656
ANGSJ 8.5% 30Jul20 5,500,000 $5,832,279
ASCENDAS INDIA UNITS TRUST 1,751,200 $1,074,924
ASCENDAS REAL ESTATE INVESTMENT TR 240,000 $386,072
ASCENDAS REAL ESTATE INVESTMENT TR RTS 9,000 $393
AVAGO TECHNOLOGIES LTD 40,466 $5,873,639
BALOISE-HOLDING AG 24,304 $3,094,691
BANK CENTRAL ASIA ORD 3,812,300 $3,677,504
BANK RAKYAT INDONESIA (PERSERO) OR 4,534,300 $3,757,343
BECTON DICKINSON ORD 24,141 $3,719,886
BEIJING CAPITAL INTERNATIONAL AIRP 1,422,000 $1,535,690
BEIJING ENTERPRISES WATER GROUP LT 3,910,000 $2,739,398
BLACKROCK MUNIVEST CF 62,300 $638,575
BLACKROCK MUNIYIELD CF 44,100 $655,767
BLL 4% 15Nov23 1,586,000 $1,520,753
BORGWARNER INC. 35,865 $1,550,443
BOSTON SCIENTIFIC CORP. 123,729 $2,281,562
BRISTOL-MYERS SQUIBB CO. 93,919 $6,460,688
BRITISH LAND COMPANY THE REIT PLC 95,313 $1,103,962
C.R. BARD INC. 25,087 $4,752,481
CARDINAL HEALTH INC. 68,608 $6,124,636
CENTRAL JAPAN RAILWAY CO. 23,100 $4,151,081
CHIBA BANK LTD. 569,000 $4,089,983
CHINA HIGH SPEED TRANSMISSION EQUI 4,585,000 $3,691,497
CHINA MAPLE LEAF EDUCATIONAL SYSTE 8,175,168 $4,018,836
CHINA RAILWAY SIGNAL & COMMUNICATI 2,243,000 $1,490,442
CHINA RESOURCES LAND LTD. 522,000 $1,522,150
CHINA STATE CONSTRUCTION INTERNATI 2,520,000 $4,376,473
CHINA WATER AFFAIRS GROUP LTD 3,576,000 $1,716,402
CME: (CDX.NA.HY.25.V1) USD 20Dec20 Z91VRER63 74,003,095 $853,786
COMMSCOPE INC 1ST LIEN TERM-B L + 2.5% 14Jan18 91,029 $90,802
CORE LABORATORIES NV 30,817 $3,351,040
CSOP CHINA -YEAR TREASURY BOND ETF 9,600 $160,529
CT ENVIRONMENTAL GROUP LTD 13,806,000 $4,524,600
DAIMLER AG 62,376 $5,254,085
DANONE S.A. 94,656 $6,400,686
DASSAULT AVIATION SA 2,582 $3,214,105
DELPHI AUTOMOTIVE PLC 39,803 $3,412,311
DERWENT LONDON PLC 6,827 $369,412
DIC ASSET AG 39,466 $399,406
EAST JAPAN RAILWAY CO. 53,200 $5,067,720
EDWARDS LIFESCIENCES CORP. 66,672 $5,265,754
E FUND CITI CHINESE GOVERNMENT BON 9,600 $165,391
ELIOR ORD 184,014 $3,856,008
ENAGAS S.A. 52,720 $1,488,259
ENGILITY HOLDINGS INC 47,878 $1,555,077
FCFS 6.75% 01Apr21 3,000,000 $2,990,625
FEB16 HSCEI C @ 10000 500 $709,645
FEB16 HSCEI C @ 10200 500 $458,043
FEI CO. 23,480 $1,873,469
FINMECCANICA S.P.A. 294,920 $4,130,701
FIRST REAL ESTATE INVESTMENT TRUST 1,383,000 $1,170,917
FIRST REPUBLIC BANK 59,050 $3,900,843
FORBO HOLDING AG 2,076 $2,448,689
FUJI HEAVY INDUSTRIES LTD 75,500 $3,157,558
G8 EDUCATION LTD 300,185 $780,811
GAZPRU 3.85% 06Feb20 144A 6,687,000 $6,312,975
GAZPRU 6.51% 07Mar22 144A 4,000,000 $4,106,460
GEORG FISCHER AG 3,672 $2,488,063
GFISJ 4.875% 07Oct20 144A 21,086,000 $15,948,923
GILEAD SCIENCES INC. 36,881 $3,731,988
GRANITE CONSTRUCTION INC. 51,701 $2,218,489
GREAT PORTLAND ESTATES PLC 120,337 $1,468,280
GREEN REIT PLC 661,541 $1,149,229
GUGGENHEIM INVEST S&P GLOBAL WATER 41,792 $1,134,234
HAMMERSON REIT PLC 171,074 $1,512,567
HARRIS CORP. 104,048 $9,041,771
HATTON NATIONAL BANK PLC 1,015,563 $1,492,543
HBI 6.375% 15Dec20 1,943,000 $2,016,510
HELLA KGAA HUECK 54,301 $2,271,625
HIBERNIA PLC 403,841 $620,435
HILL-ROM HOLDINGS INC. 107,037 $5,144,198
HISPANIA ACTIVOS INMOBILIARIOS SA 55,608 $790,930
HITACHI CAPITAL CORP. 111,300 $3,032,508
HOLOGIC INC. 133,596 $5,168,829
HONEYWELL INTERNATIONAL INC. 68,293 $7,073,106
HOSHINO RESORTS REIT INC 285 $2,978,036
HUNTINGTON INGALLS INDUSTRIES INC. 29,341 $3,721,905
ICADE S.A. 22,146 $1,488,386
IMAX CHINA HOLDING INC 111,700 $787,629
INC RESEARCH HOLDINGS INC CLASS A 131,927 $6,399,778
INDOCEMENT TUNGGAL PRAKARSA ORD 2,246,500 $3,637,578
INDON 5.875% 15Jan24 144A 14,051,000 $15,433,678
INDON 6.75% 15Jan44 144A 2,242,000 $2,472,771
JAN16 MEH6 P @ 1885 1,500 $180,000
JAN16 MEH6 P @ 1950 -3,000 $-1,005,000
JAN16 MEH6 P @ 2015 1,500 $1,425,000
JAN16 NKY C @ 19750.000000 800 $86,522
JAN16 SX5E C @ 3525.000000 2,000 $40,172
JAN16 SX5E P @ 3025.000000 3,000 $161,233
JAN16 SX5E P @ 3150.000000 -6,000 $-1,019,519
JAN16 SX5E P @ 3275.000000 3,000 $1,462,505
JAPAN AIRLINES LTD 133,600 $4,841,610
JAPAN HOTEL INVESTMENT REIT CORP 5,233 $3,896,451
JD.COM ADR REPRESENTING INC CLASS 105,833 $3,414,701
JOHNSON & JOHNSON ORD 36,301 $3,728,838
JUST EAT PLC 546,871 $3,978,575
KAJIMA CORP 792,000 $4,770,449
KCN 5.125% 01Sep21 7,200,000 $4,803,000
KCN 5.95% 15Mar24 4,350,000 $2,947,209
KEISEI ELECTRIC RAILWAY CO. LTD. 394,000 $5,080,698
KENNEDY WILSON EUROPE REAL ESTATE 41,998 $748,847
KUONI REISEN HOLDING AG 5,819 $1,623,002
KWGPRO 8.25% 05Aug19 REGS 2,000,000 $2,136,916
KWG PROPERTY HOLDING LTD. 3,239,500 $2,403,391
LABORATORY CORP. OF AMERICA HOLDIN 24,360 $3,011,870
LEIDOS HOLDINGS INC 39,288 $2,210,342
LEONTEQ AG 17,130 $2,487,191
LOEN ENTERTAINMENT INC 33,864 $2,419,062
LONGFOR PROPERTIES CO. LTD. 1,624,000 $2,422,269
LUKOIL 6.125% 09Nov20 144A 5,682,000 $5,829,148
LUKOIL 7.25% 05Nov19 144A 4,500,000 $4,889,150
MAGELLAN AEROSPACE CORP. 129,378 $1,506,898
MANULIFE FINANCIAL CORP 298,205 $4,474,261
MAN WAH HOLDINGS LTD. 3,345,200 $3,936,367
MAPLETREE GREATER CHINA COMMERCIAL 4,096,200 $2,644,387
MARKET VECTORS VIETNAM ETF 209,556 $3,099,333
MARRIOTT INTERNATIONAL INC CLASS A 32,590 $2,184,833
MASTERCARD INC. CL A 55,077 $5,362,296
MBONO 5.75% 05Mar26 65,208,800 $3,702,577
MEDTRONIC PLC 103,384 $7,952,297
MERLIN PROPERTIES REIT SA 209,811 $2,629,977
MEX 3.6% 30Jan25 3,768,000 $3,728,812
MEX 4% 02Oct23 3,722,000 $3,807,192
MGM 6.625% 15Dec21 5,523,000 $5,670,433
MICROSOFT CORP. 20,555 $1,140,391
MITSUBISHI UFJ FINANCIAL GROUP INC 764,100 $4,812,812
MIZUHO FINANCIAL GROUP INC. 2,795,800 $5,663,704
MORGAN STANLEY 135,656 $4,315,217
MSC FLT% 12Nov49 07-T25-AJ 3,000,000 $2,974,030
NATIONAL DEVELOPMENT BANK PLC 540,501 $734,406
NEW ORIENTAL EDUCATION & TECHNOLOG 113,052 $3,546,441
NOAH HOLDINGS ADR REPRESENTING .5 43,183 $1,206,101
NORTHROP GRUMMAN CORP. 42,155 $7,959,285
NTHSHR FLT% 05Jul16 144A 1,000,000 $1,030,727
ORPEA S.A. 57,530 $4,608,534
PERNOD RICARD S.A. 6,553 $748,489
PFIZER INC. 138,667 $4,476,170
PNC FINANCIAL SERVICES GROUP INC 24,283 $2,314,412
POSTE ITALIANE 501,493 $3,865,921
POWERSHARES INTERNATIONAL BUYBACK 62,296 $1,631,532
PP PERSERO ORD 4,244,000 $1,192,783
PROSHARES S&P 500 ARISTOCRATS ETF 205,701 $10,141,059
RAMSAY HEALTH CARE LTD. 33,715 $1,668,928
RAYTHEON CO. 60,932 $7,587,861
RED ELECTRICA CORP. S.A. 13,819 $1,156,956
REMY COINTREAU S.A. 37,053 $2,655,601
REYNOLDS AMERICAN INC 166,327 $7,675,991
RUSSIA 3.5% 16Jan19 144A 21,400,000 $21,636,291
S 6% 01Dec16 1,500,000 $1,504,687
SAFRAN SA 43,657 $3,003,775
SCHAEFFLER PREF AG 84,163 $1,484,924
SECOM CO. LTD. 73,200 $5,018,036
SEE 5.125% 01Dec24 144A 3,000,000 $3,012,812
SFD 5.875% 01Aug21 144A 1,500,000 $1,581,718
SFD 6.625% 15Aug22 1,500,000 $1,593,791
SHENZHEN EXPRESSWAY CO LTD H 1,946,000 $1,719,935
SHENZHEN INTERNATIONAL HOLDINGS LT 1,319,000 $2,440,465
SHIMADZU CORP. 257,000 $4,372,420
SHIMIZU CORP 524,000 $4,315,806
SHIONOGI & CO. LTD. 106,300 $4,866,629
SIMON PROPERTY GROUP REIT INC 9,137 $1,776,598
SM INVESTMENTS CORP 87,200 $1,605,557
SM PRIME HOLDINGS INC. 5,759,000 $2,663,192
SNAM ORD 637,719 $3,344,308
SOMPO JAPAN NIPPONKOA HOLDINGS INC 45,000 $1,501,622
SPDR S&P GLOB. DIV. ARISTOCR ETF 26,388 $753,801
SSGA SPDR S&P EURO DIVIDEND ARISTO 186,015 $4,147,367
SSGA SPDR S&P UK DIVIDEND ARISTOCR 219,314 $3,905,643
SSGA SPDR S&P US DIVIDEND ARISTOCR 86,547 $3,431,588
STARWOOD PROPERTY TRUST REIT INC 124,311 $2,555,834
STARWOOD WAYPOINT REIT TRUST 30,288 $685,720
STROEER ORD 68,815 $4,326,049
STRYKER CORP. 24,438 $2,271,267
SUMMIT MATERIALS INC CLASS A 98,552 $1,974,982
SUNAC 9.375% 05Apr18 REGS 1,400,000 $1,504,854
SUNDRUG CO. LTD. 59,500 $3,870,965
SUN TV NETWORK LTD 411,562 $2,642,648
SWISS LIFE HOLDING AG 11,224 $3,038,689
SYSMEX CORP. 11,800 $768,668
TAISEI CORP. 568,000 $3,780,366
TAIYO YUDEN CO. LTD. 165,700 $2,324,211
TAKASAGO THERMAL ENGINEERING CO. L 180,000 $2,659,567
TD AMERITRADE HOLDING CORP 64,014 $2,221,925
TELEPERFORMANCE ORD 15,681 $1,319,487
TENCENT HOLDINGS LTD 253,700 $4,991,935
THALES SA 74,311 $5,575,206
THERMO FISHER SCIENTIFIC INC. 46,266 $6,562,832
TIANJIN CAPITAL ENVIRONMENTAL PROT 3,588,000 $2,791,569
TJX COS. 69,471 $4,926,188
TORO CO. 75,763 $5,536,002
TRAVELERS COS. INC. 26,380 $2,977,246
TRSWAP: BUYEU EUR BUY 1,253 $329,221
TRSWAP: BUYEU INDEX EUR BUY 1,172 $140,704
TRSWAP: BUYJP INDEX JPY BUY 184,624 $-120,564
TRSWAP: GOLDMAN SACHS TOTAL CASH R USD BUY 58,677 $-128,992
TRSWAP: HACK (PUREFUNDS ISE CYBER USD BUY 155,416 $-49,933
TSURUHA HOLDINGS INC 21,700 $1,897,396
UNITEDHEALTH GROUP INC. 25,613 $3,013,113
USG FLT% 15Jan18 3,000,000 $3,472,375
VCA INC 74,735 $4,110,425
VISA INC. 39,322 $3,049,421
VMC 7.5% 15Jun21 3,000,000 $3,505,000
WASION LTD 2,992,000 $3,119,260
WASKITA KARYA PERSERO CLS A ORD 14,395,500 $1,743,643
WELLS FARGO & CO. 55,815 $3,034,103
WHEELER REIT INC TRUST 74,022 $142,862
WHES 9% 31Dec49 PERPETUAL 204 $199,920
XINYI SOLAR HOLDINGS LTD 12,478,000 $5,103,674
YUHAN CORP. 9,510 $2,203,822
ZEE ENTERTAINMENT ENTERPRISES LTD 393,905 $2,606,601

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

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