Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 2/27/2015
Default: sorted by market value

Security Name Par / Shares Market Value
3M Co. 9,143 $1,541,967
Abbott Laboratories 33,274 $1,576,189
ABS-CBN Holdings Corp. (G.D.R.) 1,159,600 $1,732,637
Adhi Karya Persero Tbk PT 3,573,400 $950,131
Adobe Systems, Inc. 48,116 $3,805,976
Aetna, Inc. 65,141 $6,484,787
Airbus Group NV 12,503 $777,121
Aitken Spence Hotel Holdings Plc 453,648 $266,004
Alam Sutera Realty Tbk PT 20,833,300 $1,078,246
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,860,100
Alps Electric Co, Ltd. 113,400 $2,552,374
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 (144A) 5,000,000 $5,349,080
Amgen, Inc. 39,066 $6,161,490
Amphenol Corp. 68,340 $3,858,476
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 6,000,000 $5,831,483
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 7,000,000 $7,787,869
Anhui Expressway Co, Ltd. 2,192,000 $1,525,837
ANTA Sports Products, Ltd. 941,000 $1,892,206
Apple, Inc. 43,180 $5,546,903
Apr15 Dax C @ 12000.000000 5,141 $995,186
Apr15 Hsi C @ 25800 1,000 $1,237,759
Apr15 Sx5e C @ 3650.000000 5,000 $2,615,546
Apr15 Sx5e C @ 3675.000000 5,000 $2,064,463
Aquarius Platinum, Ltd. 6,513,518 $1,255,405
Aquarius Platinum, Ltd., 4.0%, 12/18/15 4,600,000 $4,480,758
Asahi Kasei Corp. 72,000 $743,821
Ascendas Real Estate Investment Trust 1,412,000 $2,558,661
Ascott Residence Trust 789,700 $752,901
AviChina Industry & Technology Co, Ltd. 2,336,000 $1,519,473
Aviva Plc 345,663 $2,874,391
Axis Bank, Ltd. 409,758 $3,778,336
Ayala Corp. 191,820 $3,118,435
Ball Corp., 4.0%, 11/15/23 1,586,000 $1,576,396
Bankinter SA 187,274 $1,460,992
Bank Negara Indonesia Persero Tbk PT 6,189,500 $3,287,211
Bank of Ireland 10,386,042 $3,942,244
Bank Rakyat Indonesia Persero Tbk PT 3,561,000 $3,543,961
Bayerische Motoren Werke AG 32,509 $4,109,471
Becton Dickinson and Co. 21,729 $3,188,079
Beijing Capital Land, Ltd. 5,172,000 $2,653,374
Bharti Airtel, Ltd. 259,499 $1,510,161
BlackRock MuniVest Fund, Inc. 62,300 $638,575
BlackRock MuniYield Fund, Inc. 44,100 $663,705
Brembo S.p.A. 76,275 $2,875,208
Bumi Serpong Damai Tbk PT 6,760,800 $1,160,358
CapitaMall Trust 781,000 $1,208,984
Cardinal Health, Inc. 49,302 $4,338,083
CBS Corp. (Class B) 50,182 $2,965,756
Central Pattana PCL 272,100 $369,861
Cheung Kong Infrastructure Holdings, Ltd. 333,000 $2,840,982
China Animal Healthcare, Ltd. 2,691,000 $1,522,419
China CNR Corp, Ltd. 2,710,000 $3,724,702
China Construction Bank Corp. 1,793,000 $1,489,686
China Everbright, Ltd. 1,024,000 $2,507,362
China Medical System Holdings, Ltd. 3,305,000 $5,469,638
China Merchants Bank Co, Ltd. 641,500 $1,463,638
China Overseas Land & Investment, Ltd. 640,000 $1,950,952
China Railway Construction Corp, Ltd. 2,460,000 $3,002,991
China Railway Group, Ltd. 3,282,000 $2,665,225
China Resources Land, Ltd. 1,284,000 $3,409,385
China Singyes Solar Technologies Holdings, Ltd. 1,835,703 $2,445,488
China State Construction International Holdings, Ltd. 3,382,770 $4,813,924
China Water Affairs Group, Ltd. 3,266,000 $1,508,635
CIFI Holdings Group Co, Ltd. 6,246,000 $1,264,208
Comcast Corp. 31,034 $1,842,799
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,050,964
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 120,142 $119,941
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 180,213 $180,267
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $3,033,411
Costco Wholesale Corp. 19,549 $2,872,921
CSX Corp. 78,606 $2,696,972
CT Environmental Group, Ltd. 740,000 $746,297
CVS Health Corp. 66,323 $6,888,970
Daimler AG 30,181 $2,918,450
Danske Bank A/S 142,367 $3,762,661
Deutsche Annington Immobilien SE 41,007 $1,581,772
Deutsche Euroshop AG 33,465 $1,708,106
Deutsche Wohnen AG 104,580 $2,884,039
DIC Asset AG 270,336 $2,934,629
Distribuidora Internacional de Alimentacion SA 196,649 $1,493,989
Dollar General Corp. 39,447 $2,864,641
Dongjiang Environmental Co, Ltd. 546,000 $1,903,723
EVA Precision Industrial Holdings, Ltd. 9,088,000 $2,341,586
FANUC Corp. 13,100 $2,514,181
Faurecia 25,767 $1,172,926
First Gulf Bank PJSC 1,717,952 $8,318,564
Forbo Holding AG 1,733 $1,846,725
Frasers Centrepoint Trust 282,000 $422,018
Fuji Heavy Industries, Ltd. 85,900 $2,922,757
G8 Education, Ltd. 663,936 $2,258,606
GEA Group AG 53,108 $2,625,606
Georg Fischer AG 1,852 $1,327,886
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 17,586,000 $16,163,183
Green Real Estate Investment Trust plc 872,328 $1,483,559
GS Mortgage Securities Corp II Series 2005-GG4 REMICS, 4.782%, 7/10/39 3,000,000 $3,022,577
Guggenheim S&P Global Water Index ETF 34,734 $986,098
Hanesbrands, Inc., 6.375%, 12/15/20 1,943,000 $2,094,412
Hatton National Bank Plc 1,798,579 $3,175,424
HCL Technologies, Ltd. 60,299 $1,973,886
Hitachi High-Technologies Corp. 40,200 $1,245,061
Hitachi Kokusai Electric, Inc. 56,000 $780,227
Honeywell International, Inc. 44,804 $4,604,955
Hoshizaki Electric Co, Ltd. 7,500 $443,261
Hotel Shilla Co, Ltd. 19,249 $1,732,821
Housing Development Finance Corp, Ltd. 120,728 $2,643,925
Hoya Corp. 37,300 $1,506,138
Huntington Ingalls Industries, Inc. 16,622 $2,349,187
Idea Cellular, Ltd. 290,774 $734,714
Illinois Tool Works, Inc. 40,743 $4,027,853
INC Research Holdings, Inc. 48,550 $1,453,102
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 2,566,000 $3,020,227
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 2,242,000 $2,938,281
Industrial & Commercial Bank of China, Ltd. 2,534,000 $1,848,863
Industria Macchine Automatiche S.p.A. 42,605 $2,066,778
Ingersoll-Rand Plc 44,728 $3,005,274
Interroll Holding AG 2,270 $1,188,265
Invesco, Ltd. 76,078 $3,063,661
Iriso Electronics Co, Ltd. 23,300 $1,629,219
iShares MSCI India ETF 25,340 $850,157
Japan Airlines Co, Ltd. 45,500 $1,400,315
Japara Healthcare, Ltd. 1,389,569 $2,880,101
Johnson Controls, Inc. 75,372 $3,829,651
Jones Lang LaSalle, Inc. 5,100 $822,375
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 2,384,000 $2,384,702
Kaba Holding AG 2,926 $1,585,664
Kangda International Environmental Co, Ltd. 8,578,000 $3,547,568
Keppel Real Estate Investment Trust 708 $644
Keyence Corp. 6,100 $3,120,451
Kinross Gold Corp., 5.125%, 9/1/21 9,000,000 $9,344,816
Kinross Gold Corp., 5.95%, 3/15/24 1,850,000 $1,900,855
KKR & Co LP 135,713 $3,101,042
Krung Thai Bank PCL 3,741,300 $2,635,207
KWG Property Holding, Ltd. 3,344,000 $2,172,543
L-3 Communications Holdings, Inc. 8,337 $1,079,058
Lam Research Corp. 35,829 $2,954,459
Largan Precision Co, Ltd. 34,000 $2,905,624
Legg Mason, Inc. 43,452 $2,488,496
Leonteq AG 12,907 $3,365,717
Lexmark International, Inc. 49,786 $2,123,871
Liberbank SA 1,687,266 $1,360,948
LISI 49,168 $1,526,666
Lonza Group AG 13,100 $1,610,937
Mandom Corp. 72,600 $2,452,213
Man Wah Holdings, Ltd. 3,981,600 $3,409,478
Mapletree Greater China Commercial Trust 2,541,000 $1,938,484
Mapletree Industrial Trust 1,119,000 $1,268,670
Mapletree Logistics Trust 458,000 $413,261
Mar15 Dvn C @ 67.500000 4,500 $67,500
Mar15 Meh5 C @ 2150 179 $28,640
Mar15 Meh5 P @ 1900 2,500 $143,750
Mar15 Meh5 P @ 1990 -5,000 $-812,500
Mar15 Meh5 P @ 2080 2,500 $1,800,000
Mar15 Nky P @ 15875.000000 500 $10,443
Mar15 Nky P @ 16875.000000 -1,000 $-62,657
Mar15 Nky P @ 17000.000000 1,000 $71,011
Mar15 Nky P @ 17750.000000 -2,000 $-543,024
Mar15 Nky P @ 17875.000000 500 $169,173
Mar15 Nky P @ 18500.000000 1,000 $1,148,705
Mar15 Spx C @ 2250.000000 514 $5,140
Mar15 Spx C @ 2275.000000 17,920 $134,400
Market Vectors Vietnam ETF 119,015 $2,336,264
Marriott International, Inc./MD 49,133 $4,082,952
MasterCard, Inc. 39,281 $3,540,397
Megaworld Corp. 25,618,000 $3,177,454
Melia Hotels International SA 68,775 $812,083
Merlin Properties Socimi SA 222,589 $2,988,573
Metropolitan Bank & Trust Co. 982,830 $2,062,022
MGM Resorts International, 6.625%, 12/15/21 5,523,000 $6,066,651
Minebea Co, Ltd. 251,000 $3,784,810
Mitsubishi Electric Corp. 170,000 $1,993,592
Mitsubishi Estate Co, Ltd. 151,000 $3,527,382
Mitsubishi UFJ Financial Group, Inc. 352,000 $2,290,943
Mitsui Fudosan Co, Ltd. 28,000 $769,709
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,096,212
Murata Manufacturing Co, Ltd. 32,300 $3,984,463
My EG Services Bhd 2,028,600 $1,402,901
Nam Cheong, Ltd. 2,634,000 $608,036
National Development Bank Plc 1,170,741 $2,286,802
Next Plc 19,046 $2,201,911
Nordea Bank AB 113,859 $1,535,529
Northrop Grumman Corp. 43,818 $7,261,081
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,047,081
Novartis AG 24,332 $2,490,427
Novelis, Inc., Initial Term Loan, 3/10/17 240,009 $240,134
NSK, Ltd. 283,000 $3,946,153
Orpea 38,895 $2,586,226
Pakuwon Jati Tbk PT 45,751,900 $1,944,577
PAX Global Technology, Ltd. 2,564,000 $2,335,676
Pembangunan Perumahan Persero Tbk PT 4,274,600 $1,341,401
PepsiCo, Inc. 46,706 $4,622,960
Power Finance Corp, Ltd. 492,539 $2,345,841
PowerShares Buyback Achievers Portfolio 446,146 $22,173,456
PPG Industries, Inc. 24,878 $5,855,784
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $4,006,973
Pruksa Real Estate PCL 698,300 $690,318
PTC India Financial Services, Ltd. 1,132,967 $1,092,805
Quality Houses PCL 21,222,300 $2,688,027
Ramsay Health Care, Ltd. 28,702 $1,498,302
Raytheon Co. 56,392 $6,133,758
Reed Elsevier Plc 120,484 $2,075,800
Robinsons Land Corp. 2,722,900 $1,728,743
Robinsons Retail Holdings, Inc. 958,940 $1,849,065
Rockwell Automation, Inc. 13,035 $1,525,616
Rockwell Collins, Inc. 59,291 $5,281,642
Royal Bafokeng Platinum, Ltd. 612,177 $3,043,681
Safran SA 27,753 $1,950,785
Sampath Bank Plc 20,024 $40,302
Secom Co, Ltd. 77,000 $4,795,876
Sekisui Chemical Co, Ltd. 290,000 $3,722,633
Sheng Siong Group, Ltd. 849,000 $461,366
Shimao Property Holdings, Ltd. 692,500 $1,469,332
Shine Corporate Ltd 311,841 $762,936
Shire Plc (A.D.R.) 23,150 $5,600,217
Sinko Industries, Ltd. 69,800 $772,318
SM Investments Corp. 122,170 $2,437,791
Sobha, Ltd. 97,467 $753,932
Sony Corp. 109,100 $3,074,106
SPDR S&P Euro Dividend Aristocrats UCITS ETF 138,513 $3,359,752
SPDR S&P Global Dividend Aristocrats ETF 55,639 $1,868,398
SPDR S&P UK Dividend Aristocrats UCITS ETF 219,314 $4,511,071
SPDR S&P US Dividend Aristocrats UCITS ETF 254,568 $10,414,608
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,777,385
Starwood Hotels & Resorts Worldwide, Inc. 9,127 $733,172
Starwood Property Trust, Inc. 93,104 $2,271,738
Starwood Waypoint Residential Trust 11,502 $289,620
Stroeer Media SE 48,809 $1,528,694
Sumitomo Mitsui Financial Group, Inc. 55,300 $2,201,621
Summarecon Agung Tbk PT 9,470,600 $1,329,364
Swire Pacific, Ltd. 59 $806
Swiss Life Holding AG 6,397 $1,515,904
TAG Immobilien AG 91,569 $1,231,575
Takara Leben Co, Ltd. 310,000 $1,648,948
Takasago Thermal Engineering Co, Ltd. 65,800 $801,598
Target Corp. 30,312 $2,328,871
TDK Corp. 33,300 $2,346,334
Teleperformance 32,079 $2,476,148
Tencent Holdings, Ltd. 206,700 $3,617,313
The Blackstone Group LP 93,138 $3,488,949
The Hershey Co. 10,281 $1,066,962
The Kroger Co. 32,826 $2,335,570
The Sherwin-Williams Co. 12,576 $3,586,675
The Siam Commercial Bank PCL 647,000 $3,387,905
The Toro Co. 43,137 $2,918,218
The Valspar Corp. 33,632 $2,914,213
The Walt Disney Co. 37,290 $3,881,143
THK Co, Ltd. 149,900 $3,614,362
Time Warner, Inc. 52,872 $4,328,102
Tokio Marine Holdings, Inc. 46,700 $1,699,538
Tokyo Tatemono Co, Ltd. 143,000 $1,064,444
Total Bangun Persada Tbk PT 17,612,800 $1,489,658
Totetsu Kogyo Co, Ltd. 137,200 $3,189,221
Trswap: Hsaudi15 Index Usd Buy -8,995,355 $76,678
Union Pacific Corp. 62,453 $7,510,598
United Overseas Bank, Ltd. 146 $2,471
United Technologies Corp. 30,409 $3,707,161
Vipshop Holdings, Ltd. (A.D.R.) 264,430 $6,465,314
Volvo AB 91,261 $1,093,273
Wasion Group Holdings, Ltd. 3,178,000 $3,149,402
Waskita Karya Persero Tbk PT 15,136,700 $2,122,975
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $253,155
Wyndham Worldwide Corp. 34,609 $3,166,031
Xinyi Solar Holdings, Ltd. 16,380,000 $4,851,574
Yes Bank, Ltd. 221,738 $2,956,666
Zhuzhou CSR Times Electric Co, Ltd. 923,500 $5,203,354
Zumtobel Group AG 54,611 $1,447,388

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

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