Pioneer Flexible Opportunities Fund

Top 10 Portfolio Holdings as of 3/31/2016
Default: sorted by market value

Security Name Par / Shares Market Value
3SBio, Inc. 811,500 $1,094,289
Aberdeen Asia-Pacific Income Fund, Inc. 1,443,597 $7,217,985
Actelion, Ltd. 22,014 $3,295,392
Aetna, Inc. 21,522 $2,417,997
Agilent Technologies, Inc. 97,834 $3,898,685
Aitken Spence Hotel Holdings Plc 453,648 $164,680
Alibaba Group Holding, Ltd. (A.D.R.) 11,405 $901,337
Allianz SE 33,294 $5,420,930
Alphabet, Inc. 1,863 $1,421,283
Altria Group, Inc. 55,555 $3,481,076
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 7,500,000 $7,112,638
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 8,500,000 $9,250,843
Apr16 Nky C @ 17625.000000 300 $26,668
ArcelorMittal, 5.5%, 2/25/17 4,000,000 $4,072,000
Ascendas India Trust 1,751,200 $1,137,143
Ascendas Real Estate Investment Trust 1,015,400 $1,800,969
Australia Government Bond, 1.75%, 11/21/20 6,179,000 $4,709,049
Ayala Corp. 124,760 $2,034,352
Ayala Land, Inc. 1,569,100 $1,202,539
Ball Corp., 4.0%, 11/15/23 1,586,000 $1,586,176
Bangkok Bank PCL 70,900 $363,383
Bank Central Asia Tbk PT 3,176,500 $3,186,082
Banregio Grupo Financiero SAB de CV 136,577 $796,435
Barrick Gold Corp., 4.1%, 5/1/23 3,200,000 $3,171,115
Becton Dickinson and Co. 9,706 $1,473,565
BlackRock MuniVest Fund, Inc. 62,300 $671,594
BlackRock MuniYield Fund, Inc. 44,100 $683,550
Boston Scientific Corp. 173,774 $3,268,689
Bristol-Myers Squibb Co. 110,419 $7,053,566
Broadcom, Ltd. 37,521 $5,796,995
Cap Gemini SA 15,442 $1,452,453
CapitaLand, Ltd. 622,800 $1,418,921
CapitaLand Commercial Trust, Ltd. 1,698,200 $1,852,582
Cardinal Health, Inc. 42,295 $3,466,075
Central Japan Railway Co. 16,400 $2,901,836
China High Speed Transmission Equipment Group Co, Ltd. 1,440,000 $1,199,242
China Railway Signal & Communication Corp, Ltd. 1,027,000 $568,535
China State Construction International Holdings, Ltd. 2,556,000 $3,809,171
Chubb, Ltd. 53,187 $6,337,231
City Developments, Ltd. 439,400 $2,664,117
Colony Starwood Homes 30,288 $749,628
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $2,887,964
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 91,030 $91,057
Core Laboratories NV 30,817 $3,464,139
CR Bard, Inc. 31,991 $6,483,616
CT Environmental Group, Ltd. 7,180,000 $2,110,431
CVS Health Corp. 25,845 $2,680,902
Daicel Corp. 94,000 $1,285,142
Danske Bank A/S 77,412 $2,188,919
DiamondRock Hospitality Co. 362,018 $3,663,622
Edwards Lifesciences Corp. 66,672 $5,881,137
Elior Group 32,764 $719,122
Enagas SA 47,310 $1,423,401
Engility Holdings, Inc. 60,325 $1,131,697
Facebook, Inc. 16,296 $1,859,374
FEI Co. 24,848 $2,211,720
First Cash Financial Services, Inc., 6.75%, 4/1/21 3,000,000 $2,988,750
First Real Estate Investment Trust 1,224,900 $1,118,091
First Republic Bank/CA 41,946 $2,795,281
FLIR Systems, Inc. 57,814 $1,904,971
Forbo Holding AG 982 $1,191,760
Frasers Centrepoint, Ltd. 919,600 $1,112,392
Galaxy Entertainment Group, Ltd. 618,000 $2,318,426
Gazprom OAO Via Gaz Capital SA, 3.85%, 2/6/20 (144A) 6,687,000 $6,511,118
Gazprom OAO Via Gaz Capital SA, 6.51%, 3/7/22 (144A) 4,000,000 $4,205,320
GEA Group AG 37,633 $1,843,151
Georg Fischer AG 3,983 $3,223,909
Gerresheimer AG 22,993 $1,805,210
Gilead Sciences, Inc. 15,335 $1,408,673
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 21,086,000 $19,474,239
Granite Construction, Inc. 119,046 $5,690,399
Green Real Estate Investment Trust plc 742,930 $1,188,907
GT Capital Holdings, Inc. 46,735 $1,412,363
Guggenheim S&P Global Water Index ETF 32,883 $924,012
Hanesbrands, Inc., 6.375%, 12/15/20 1,943,000 $2,047,477
Harris Corp. 44,785 $3,486,960
Hatton National Bank Plc 708,833 $971,004
HCA Holdings, Inc. 81,692 $6,376,061
Hella KGaA Hueck & Co. 34,458 $1,463,741
Hibernia Real Estate Investment Trust plc 403,841 $597,967
Hill-Rom Holdings, Inc. 113,246 $5,696,274
Hitachi Capital Corp. 111,300 $2,423,974
Hologic, Inc. 102,244 $3,527,418
Honeywell International, Inc. 47,037 $5,270,496
Hoshino Resorts Real Estate Investment Trust, Inc. 236 $2,882,475
Hoshizaki Electric Co, Ltd. 42,200 $3,522,450
Hyatt Hotels Corp. 29,450 $1,457,481
IMAX China Holding, Inc. 165,300 $1,000,507
INC Research Holdings, Inc. 131,927 $5,436,712
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 15,870,000 $18,018,969
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 3,796,000 $4,642,413
Indonesia Treasury Bond, 7.0%, 5/15/27 25,355,000,000 $1,821,810
Indonesia Treasury Bond, 8.375%, 9/15/26 44,544,000,000 $3,527,176
Intuitive Surgical, Inc. 6,172 $3,709,681
Japan Airlines Co, Ltd. 77,600 $2,843,390
Japan Hotel Real Estate Investment Trust Investment Corp. 5,233 $4,609,896
JD.com, Inc. (A.D.R.) 26,334 $697,851
Johnson Controls, Inc. 48,945 $1,907,387
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/17/45 2,384,000 $1,817,634
Jun16 Hyg C @ 82.000000 10,000 $975,000
Kajima Corp. 792,000 $4,970,461
Kao Corp. 52,300 $2,790,852
Kasikornbank PCL 279,500 $1,376,808
Keisei Electric Railway Co, Ltd. 307,000 $4,320,023
Kennedy Wilson Europe Real Estate Plc 63,664 $1,071,813
Keppel Real Estate Investment Trust 2,918,700 $2,155,181
Kinross Gold Corp., 5.125%, 9/1/21 14,500,000 $13,474,427
Kinross Gold Corp., 5.95%, 3/15/24 4,350,000 $3,710,439
KOC Holding AS 225,872 $1,147,768
Krung Thai Bank PCL 4,090,500 $2,178,028
KWG Property Holding, Ltd. 1,046,500 $688,052
Laboratory Corp of America Holdings 24,360 $2,853,287
LaSalle Hotel Properties 105,220 $2,663,118
Leidos Holdings, Inc. 53,357 $2,684,924
Loen Entertainment, Inc. 19,865 $1,354,783
Lukoil International Finance BV, 6.125%, 11/9/20 (144A) 5,682,000 $6,131,786
Lukoil International Finance BV, 7.25%, 11/5/19 (144A) 4,500,000 $5,038,393
Maeda Corp. 100,000 $745,811
Magellan Aerospace Corp. 179,867 $2,261,169
Man Wah Holdings, Ltd. 1,247,200 $1,578,917
Mapletree Greater China Commercial Trust 4,096,200 $2,903,058
Market Vectors Vietnam ETF 209,556 $2,933,784
Marriott International, Inc./MD 30,662 $2,182,521
MasterCard, Inc. 58,649 $5,542,331
May 10 Calls On Sx5e - Ix10088124-0-8380 - 3100 2,000 $713,014
May16 Xlf C @ 22.000000 12,000 $1,080,000
Medtronic Plc 66,921 $5,019,075
Merlin Properties Socimi SA 123,170 $1,433,770
Mexican Bonos, 5.75%, 3/5/26 63,281,700 $3,620,026
Mexico Government International Bond, 3.6%, 1/30/25 8,804,000 $9,033,784
Mexico Government International Bond, 4.0%, 10/2/23 8,582,000 $9,160,331
MGM Resorts International, 6.625%, 12/15/21 5,523,000 $6,031,154
Microsoft Corp. 45,844 $2,531,964
Mitsubishi Estate Co, Ltd. 34,000 $631,824
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $2,898,517
New Oriental Education & Technology Group, Inc. (A.D.R.) 69,728 $2,411,892
New Zealand Government Bond, 3.0%, 4/15/20 3,491,000 $2,524,653
Northrop Grumman Corp. 32,471 $6,426,011
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,023,726
NuVasive, Inc. 30,726 $1,494,820
Ono Pharmaceutical Co, Ltd. 49,500 $2,096,693
Orpea 43,968 $3,664,821
Pebblebrook Hotel Trust 127,979 $3,720,350
Pembangunan Perumahan Persero Tbk PT 4,244,000 $1,235,433
Philippine Government Bond, 3.625%, 9/9/25 165,000,000 $3,585,488
Poste Italiane S.p.A. 619,066 $4,689,022
PowerShares International BuyBack Achievers Portfolio 62,296 $1,701,927
ProShares S&P 500 Dividend Aristocrats ETF 211,883 $11,085,719
Prospect Capital Corp., 5.875%, 3/15/23 2,587,000 $2,234,493
Raytheon Co. 54,566 $6,691,429
Reynolds American, Inc. 138,223 $6,953,999
Russian Federal Bond - OFZ, 7.6%, 7/20/22 304,576,000 $4,297,505
Russian Foreign Bond - Eurobond, 3.5%, 1/16/19 (144A) 21,400,000 $21,666,551
Ryman Hospitality Properties, Inc. 69,442 $3,574,874
Safran SA 116,892 $8,185,446
Sealed Air Corp., 5.125%, 12/1/24 (144A) 3,000,000 $3,163,750
Secom Co, Ltd. 73,200 $5,443,719
Seibu Holdings, Inc. 104,500 $2,211,783
Shanghai Fosun Pharmaceutical Group Co, Ltd. 552,500 $1,484,404
Shimizu Corp. 349,000 $2,959,652
Shionogi & Co, Ltd. 67,100 $3,159,507
Simon Property Group, Inc. 9,137 $1,897,664
SM Investments Corp. 87,200 $1,800,117
Smithfield Foods, Inc., 5.875%, 8/1/21 (144A) 1,500,000 $1,567,188
Smithfield Foods, Inc., 6.625%, 8/15/22 1,500,000 $1,606,448
SM Prime Holdings, Inc. 5,759,000 $2,748,343
Snam S.p.A. 637,719 $3,998,622
Sony Corp. 54,900 $1,411,847
Southern Copper Corp., 3.875%, 4/23/25 3,000,000 $2,927,796
SPDR S&P Euro Dividend Aristocrats UCITS ETF 186,015 $4,328,526
SPDR S&P Global Dividend Aristocrats ETF 26,388 $801,892
SPDR S&P UK Dividend Aristocrats UCITS ETF 219,314 $3,749,009
SPDR S&P US Dividend Aristocrats UCITS ETF 118,579 $5,069,134
Sprint Communications, Inc., 6.0%, 12/1/16 1,500,000 $1,520,625
Starwood Property Trust, Inc. 124,311 $2,353,207
Stroeer SE & Co KGaA 77,761 $4,893,480
Stryker Corp. 34,083 $3,656,765
Sumitomo Mitsui Financial Group, Inc. 98,400 $2,984,495
Sunac China Holdings, Ltd., 9.375%, 4/5/18 1,400,000 $1,530,667
Sundrug Co, Ltd. 59,500 $4,453,442
Sun TV Network, Ltd. 337,395 $1,935,101
Swiss Life Holding AG 16,905 $4,502,952
Synchrony Financial 102,505 $2,937,793
Taisei Corp. 568,000 $3,756,540
Takara Leben Co, Ltd. 244,400 $1,446,912
Takasago Thermal Engineering Co, Ltd. 172,900 $2,173,257
Tata Motors, Ltd. 380,562 $2,232,653
Teleperformance 22,296 $1,962,029
Tencent Holdings, Ltd. 68,900 $1,406,974
Thales SA 61,992 $5,436,884
The Allstate Corp. 53,005 $3,570,947
The Blackstone Group LP 41,777 $1,171,845
The Siam Commercial Bank PCL 354,200 $1,422,044
The TJX Companies, Inc. 92,547 $7,251,057
The Toro Co. 40,444 $3,483,037
The Travelers Companies, Inc. 26,380 $3,078,810
Tianjin Capital Environmental Protection Group Co, Ltd. 3,588,000 $2,174,013
Tokyo Tatemono Co, Ltd. 228,600 $2,848,991
TransDigm Group, Inc. 12,652 $2,787,742
Trswap: Buyeu Eur Buy 1,253 $138,887
Trswap: Buyeu Index Eur Buy 1,172 $29,872
Trswap: Buyjp Index Jpy Buy 184,624 $78,826
Trswap: Goldman Sachs Total Cash R Usd Buy 58,677 $549,215
Trswap: Hack (Purefunds Ise Cyber Usd Buy 155,416 $178,553
Trswap: Mxid Index Idr Buy 7,003,517 $55,723
Trswap: Pcomp Index Php Buy 21,231 $260,589
Turkiye Halk Bankasi AS 289,858 $1,077,665
Turkiye Vakiflar Bankasi TAO 700,821 $1,172,141
U.S. Treasury Bills, 0.0%, 4/28/16 1,700,000 $1,699,781
UnitedHealth Group, Inc. 38,959 $5,021,815
USG Corp., 9.75%, 1/15/18 3,000,000 $3,417,250
VCA, Inc. 97,104 $5,601,930
Vipshop Holdings, Ltd. (A.D.R.) 180,748 $2,328,034
Visa, Inc. 49,140 $3,758,227
Vulcan Materials Co., 7.5%, 6/15/21 3,000,000 $3,621,250
Waskita Karya Persero Tbk PT 11,469,600 $1,734,280
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $92,528
Wynn Macau, Ltd. 1,708,800 $2,643,530
Xinyi Glass Holdings, Ltd. 1,050,000 $699,829
Yes Bank, Ltd. 93,136 $1,216,018
Zhuzhou CRRC Times Electric Co, Ltd. 198,000 $1,156,312

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

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