Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 7/31/2014
Default: sorted by market value

Security Name Par / Shares Market Value
Abbott Laboratories 26,733 $1,125,994
Abengoa SA 93,873 $538,849
Aberdeen Asia-Pacific Income Fund, Inc. 2,534,426 $15,459,999
Aberdeen Asset Management Plc 142,181 $986,881
Actelion, Ltd. 34,618 $4,171,288
Adecco SA 27,730 $2,071,527
Aetna, Inc. 38,460 $2,981,804
Airtac International Group 121,000 $1,131,128
Aitken Spence Hotel Holdings Plc 433,648 $276,353
Ajinomoto Co, Inc. 105,000 $1,618,776
Akbank TAS 404,290 $1,594,226
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $4,033,800
Alliance Global Group, Inc. 3,320,200 $1,986,187
Al Noor Hospitals Group Plc 32,445 $556,028
Alpha Bank AE 2,547,376 $2,031,822
Alps Electric Co, Ltd. 165,600 $2,304,781
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 5,000,000 $5,011,059
American Express Co. 67,174 $5,911,312
American International Group, Inc. 83,683 $4,349,842
Anglo American Platinum, Ltd. 70,208 $3,079,228
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 5,300,000 $5,301,654
AngloGold Ashanti Holdings Plc, 5.375%, 4/15/20 4,900,000 $5,082,689
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 6,000,000 $6,811,667
Apollo Hospitals Enterprise, Ltd. 31,413 $522,439
Apple, Inc. 66,136 $6,320,618
Aquarius Platinum, Ltd. 20,443,021 $8,312,163
Aquarius Platinum, Ltd., 4.0%, 12/18/15 4,600,000 $4,437,978
Aryzta AG 35,818 $3,240,221
Asahi Group Holdings, Ltd. 66,500 $2,014,957
Atresmedia Corp de Medios de Comunicacion SA 37,881 $553,955
Aug14 Bjk C @ 51.000000 5,000 $337,500
Aug14 Fmg C @ 4.2 25,000 $1,806,327
Australia Government Bond, 2.75%, 4/21/24 75,279,000 $66,125,111
Autoliv, Inc. 15,696 $1,561,909
Avago Technologies, Ltd. 77,179 $5,354,679
Aviva Plc 374,614 $3,168,294
Ayala Land, Inc. 1,496,600 $1,065,634
Baidu, Inc. (A.D.R.) 9,697 $2,095,037
Bajaj Finance, Ltd. 71,553 $2,608,356
Banco Bilbao Vizcaya Argentaria SA, Floating Rate Note (Perpetual) 7,400,000 $8,310,200
Banco de Sabadell SA 161,610 $523,235
Bankinter SA 192,744 $1,656,742
Bank of Baroda 175,801 $2,507,378
Baoxin Auto Group, Ltd. 1,188,000 $963,025
BDO Unibank, Inc. 1,985,535 $4,125,343
Becton Dickinson and Co. 22,464 $2,611,215
Beijing Jingneng Clean Energy Co, Ltd. 4,802,075 $2,024,316
BlackRock MuniVest Fund, Inc. 62,300 $602,441
BlackRock MuniYield Fund, Inc. 44,100 $616,518
BNP Paribas SA 47,086 $3,176,134
Boer Power Holdings, Ltd. 3,280,000 $3,968,329
Bolsas y Mercados Espanoles SA 133,218 $6,053,037
Brembo S.p.A. 112,260 $4,127,277
Burckhardt Compression Holding AG 3,324 $1,733,307
Canadian Pacific Railway, Ltd. 29,329 $5,571,044
Cap Gemini SA 83,657 $6,046,934
Cardinal Health, Inc. 71,113 $5,095,246
CBOE Holdings, Inc. 53,318 $2,626,871
Celanese US Holdings LLC, 4.625%, 11/15/22 2,204,000 $2,231,489
Chailease Holding Co, Ltd. 21,400 $56,190
Cheung Kong Holdings, Ltd. 91,000 $1,762,920
Cheung Kong Infrastructure Holdings, Ltd. 316,000 $2,227,747
China Animal Healthcare, Ltd. 4,392,000 $2,883,966
China CNR Corp, Ltd. 1,586,000 $1,312,078
China Everbright International, Ltd. 1,903,000 $2,550,341
China Gas Holdings, Ltd. 1,314,000 $2,535,593
China Lodging Group, Ltd. (A.D.R.) 86,042 $2,146,748
China Railway Construction Corp, Ltd. 1,234,000 $1,187,266
China Railway Group, Ltd. 2,252,000 $1,214,216
China Railway Resources Huitung, Ltd., 3.85%, 2/5/23 3,000,000 $3,001,744
China Singyes Solar Technologies Holdings, Ltd. 3,240,703 $4,735,222
China State Construction International Holdings, Ltd. 2,250,770 $3,980,486
Chroma ATE, Inc. 1,510,000 $3,980,947
Comcast Corp. 50,752 $2,726,905
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,038,925
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 120,750 $120,901
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 181,125 $181,462
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $3,004,711
CoreSite Realty Corp., 7.25% (Perpetual) 94,999 $2,435,774
CRCC Yuxiang, Ltd., 3.5%, 5/16/23 3,000,000 $2,873,936
Credit Suisse First Boston Mortgage Securities Corp., 4.898%, 3/15/36 (144A) 2,000,000 $99,594
CSR Corp, Ltd. 3,008,000 $2,707,123
CSX Corp. 90,314 $2,702,195
Cummins, Inc. 10,876 $1,516,006
Daimler AG 30,595 $2,534,458
Deutsche Wohnen AG 76,148 $1,653,107
DiamondRock Hospitality Co. 209,948 $2,573,962
Discover Financial Services 188,718 $11,523,121
Dish TV India, Ltd. 1,620,836 $1,562,505
Ecolab, Inc. 40,133 $4,355,634
Enagas SA 110,679 $3,682,545
EOG Resources, Inc. 31,673 $3,466,293
Epistar Corp. 685,000 $1,485,799
Erste Group Bank AG 121,936 $3,126,567
ETFS Platinum Trust 145,529 $20,666,573
Everlight Electronics Co, Ltd. 649,000 $1,457,028
FANUC Corp. 14,500 $2,511,960
First Gulf Bank PJSC 2,008,620 $9,899,028
First Republic Bank/CA 34,139 $1,594,974
Fortis Healthcare, Ltd. 262,532 $508,709
Fresenius SE & Co KGaA 14,470 $2,172,883
Fujitsu, Ltd. 292,000 $2,246,168
G8 Education, Ltd. 367,763 $1,693,345
GAGFAH SA 167,056 $2,926,887
Gazprom OAO (A.D.R.) 218,248 $1,599,758
Gazprom OAO Via Gaz Capital SA, 6.51%, 3/7/22 (144A) 4,153,000 $4,408,576
GEA Group AG 91,157 $4,100,167
Georg Fischer AG 4,659 $3,075,483
Gerresheimer AG 59,092 $4,072,708
Givaudan SA 1,910 $3,124,903
Glenmark Pharmaceuticals, Ltd. 89,442 $969,321
GOME Electrical Appliances Holding, Ltd. 12,088,000 $2,053,352
Grand Korea Leisure Co, Ltd. 67,504 $2,789,563
Grape King Bio, Ltd. 127,000 $603,506
Great Wall Motor Co, Ltd. 544,500 $2,237,653
GS Mortgage Securities Corp II Series 2005-GG4 REMICS, 4.782%, 7/10/39 3,000,000 $3,071,877
Halliburton Co. 80,100 $5,526,099
Hana Financial Group, Inc. 70,059 $2,821,032
Harman International Industries, Inc. 10,630 $1,153,887
Harris Corp. 14,545 $992,987
Hatton National Bank Plc 2,409,956 $3,145,517
HCL Technologies, Ltd. 138,557 $3,556,732
Henderson Land Development Co, Ltd. 277,000 $1,765,002
Hitachi High-Technologies Corp. 93,800 $2,511,931
Honeywell International, Inc. 47,705 $4,380,750
Host Hotels & Resorts, Inc. 122,304 $2,658,889
Howden Joinery Group Plc 255,779 $1,458,961
Huntington Ingalls Industries, Inc. 44,615 $4,056,396
ICICI Bank, Ltd. (A.D.R.) 54,474 $2,724,789
Idea Cellular, Ltd. 841,996 $2,160,482
Illinois Tool Works, Inc. 41,572 $3,424,286
Indocement Tunggal Prakarsa Tbk PT 892,000 $1,920,335
Indofood Sukses Makmur Tbk PT 3,232,088 $1,934,004
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 9,872,000 $11,119,437
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 9,366,000 $11,208,761
Infosys, Ltd. 60,467 $3,350,386
Ingenico 18,721 $1,889,626
Ingersoll-Rand Plc 65,981 $3,879,023
Insurance Australia Group, Ltd. 557,513 $3,240,852
Interparfums SA 16,438 $532,358
Interpump Group S.p.A. 160,648 $2,053,329
Interroll Holding AG 2,597 $1,621,648
Inventec Corp. 2,900,000 $2,563,649
iShares MSCI Brazil Capped ETF 153,904 $7,464,344
iShares MSCI Spain Capped ETF 89,024 $3,641,972
Johnson & Johnson 98,618 $9,870,676
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 2,384,000 $2,442,368
Jpn Yen Futr Optn Aug14p 97.5 400 $260,000
Kaba Holding AG 2,222 $1,074,249
Kennedy-Wilson, Inc., 8.75%, 4/1/19 5,000,000 $5,502,083
Keppel Real Estate Investment Trust Management, Ltd. 708 $721
Keyence Corp. 4,700 $2,082,296
Kinross Gold Corp., 5.125%, 9/1/21 9,000,000 $9,463,141
Kinross Gold Corp., 5.95%, 3/15/24 (144A) 1,850,000 $1,930,716
KKR & Co LP 343,809 $7,880,102
Korean Reinsurance Co. 197,988 $2,172,355
K Wah International Holdings, Ltd. 3,633,000 $2,645,072
Largan Precision Co, Ltd. 41,000 $3,168,163
LaSalle Hotel Properties 59,829 $2,081,451
LaSalle Hotel Properties, 7.5% (Perpetual) 45,810 $1,202,971
Leisure & Resorts World Corp. 1,604,300 $245,104
Leoni AG 40,524 $2,781,768
Leonteq AG 18,665 $3,730,866
Leonteq AG 18,665 $160,367
Lifestyle Properties Development, Ltd. 23,825 $3,214
Lincoln National Corp. 122,178 $6,400,905
Logitech International SA 39,481 $577,748
Lonza Group AG 21,107 $2,344,413
Lukoil OAO 44,459 $2,472,375
Macy's, Inc. 29,100 $1,681,689
Mandom Corp. 65,100 $2,392,373
Mapletree Commercial Trust 1,988,000 $2,229,863
Mapletree Greater China Commercial Trust 3,944,000 $2,899,424
Mapletree Industrial Trust 2,857,000 $3,218,375
Mapletree Logistics Trust 2,846,000 $2,682,230
Marriott International, Inc./DE 31,958 $2,068,002
MasterCard, Inc. 35,411 $2,625,726
Merlin Properties Socimi SA 147,486 $1,950,994
Metropolitan Bank & Trust Co. 822,860 $1,618,740
Mexican Bonos, 7.75%, 11/13/42 251,252,300 $21,282,772
Mexican Udibonos, 4.0%, 11/15/40 30,594,300 $13,321,797
Minebea Co, Ltd. 484,000 $5,746,043
Mitsubishi Electric Corp. 221,000 $2,918,118
Mitsubishi UFJ Financial Group, Inc. 1,154,400 $6,833,343
Mitsui & Co, Ltd. 315,000 $5,060,054
MMC Norilsk Nickel OJSC (A.D.R.) 136,381 $2,666,720
Monsanto Co. 27,763 $3,139,718
Montupet 10,658 $660,149
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,100,347
Murata Manufacturing Co, Ltd. 23,100 $2,205,434
My EG Services Bhd 911,500 $818,414
National Bank of Greece SA 1,118,989 $3,525,297
National Development Bank Plc 1,080,629 $1,789,911
Neopost SA 60,132 $4,217,633
New Zealand Government Bond, 3.0%, 4/15/20 67,755,000 $54,774,354
Next Plc 47,952 $5,465,963
Nordea Bank AB 347,431 $4,651,634
Northrop Grumman Corp. 60,867 $7,503,075
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,036,543
Novelis, Inc. Georgia, Initial Term Loan, 3/10/17 241,257 $241,648
Orpea 39,617 $2,597,500
PACCAR, Inc. 56,906 $3,543,537
Paradise Entertainment, Ltd. 3,420,000 $2,380,396
Pebblebrook Hotel Trust, 6.5% (Perpetual) 100,000 $2,455,000
PepsiCo, Inc. 23,786 $2,095,547
Peru Government Bond, 5.2%, 9/12/23 0 $72
PetroChina Co, Ltd. 1,660,000 $2,173,323
Porr Ag 15,906 $963,988
Power Finance Corp, Ltd. 216,372 $961,075
PowerShares Buyback Achievers Portfolio 488,679 $21,584,951
PPG Industries, Inc. 11,816 $2,343,822
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $4,031,992
Prudential Financial, Inc. 48,299 $4,200,564
PTC India, Ltd. 699,809 $959,478
Qatar National Bank SAQ 48,301 $2,401,121
Radiant Opto-Electronics Corp. 776,000 $3,214,219
Reed Elsevier Plc 322,042 $5,186,512
Roche Holding AG 19,017 $5,523,363
Rockwell Collins, Inc. 56,520 $4,141,220
Royal Bafokeng Platinum, Ltd. 823,552 $5,599,882
Ryman Hospitality Properties, Inc. 54,024 $2,579,646
Sanofi 25,394 $2,685,640
Santander Issuances SAU, Floating Rate Note, 9/30/19 3,600,000 $4,910,742
Sarine Technologies, Ltd. 1,648,000 $3,751,950
Schneider Electric SE 5,805 $488,293
Secom Co, Ltd. 17,792 $1,085,543
Sekisui Chemical Co, Ltd. 236,000 $2,827,382
Sep14 Amzn C @ 330.000000 1,000 $622,500
Sep14 Bhp C @ 36 10,000 $2,694,970
Sep14 Fcx C @ 39.000000 9,000 $513,000
Sep14 V C @ 220.000000 900 $184,950
Sheng Siong Group, Ltd. 2,990,000 $1,698,765
Sika AG 129 $500,564
SM Investments Corp. 154,520 $2,820,342
Sonova Holding AG 14,125 $2,191,102
Southwestern Energy Co. 118,791 $4,820,539
SPDR S&P Euro Dividend Aristocrats UCITS ETF 98,873 $2,573,135
SPDR S&P Global Dividend Aristocrats ETF 32,906 $1,095,278
SPDR S&P UK Dividend Aristocrats UCITS ETF 151,536 $3,200,319
SPX Corp. 48,208 $4,778,859
Sri Lanka Government Bonds, 10.6%, 7/1/19 750,000,000 $6,360,739
Stanley Electric Co, Ltd. 104,800 $2,722,909
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,799,326
Starwood Hotels & Resorts Worldwide, Inc. 40,975 $3,148,519
Starwood Property Trust, Inc. 93,104 $2,197,254
Starwood Waypoint Residential Trust 11,502 $302,388
St Jude Medical, Inc. 72,378 $4,718,322
Strabag SE 54,832 $1,470,356
Straumann Holding AG 4,557 $1,072,869
Strides Arcolab, Ltd. 291,676 $3,178,546
Sumitomo Mitsui Financial Group, Inc. 101,000 $4,134,813
Sun Pharmaceutical Industries, Ltd. 163,395 $2,129,755
Surya Citra Media Tbk PT 3,411,500 $1,119,321
Swire Pacific, Ltd. 59 $758
Swissquote Group Holding SA 90,020 $2,970,987
TAG Immobilien AG 178,330 $2,173,202
Tata Motors, Ltd. 300,180 $2,217,328
Tech Mahindra, Ltd. 45,585 $1,625,306
Teleperformance 16,240 $1,125,382
Tencent Holdings, Ltd. 234,600 $3,793,021
The Blackstone Group LP 275,340 $8,998,111
The Boeing Co. 16,338 $1,968,402
The Carlyle Group LP 156,675 $5,229,812
Thermo Fisher Scientific, Inc. 77,453 $9,410,540
The Siam Commercial Bank PCL 94,100 $520,342
The Siam Commercial Bank PCL 473,200 $2,614,046
The Walt Disney Co. 90,899 $7,806,406
The Wharf Holdings, Ltd. 537,000 $4,292,925
Tiffany & Co. 31,959 $3,119,518
Time, Inc. 7,078 $170,580
Time Warner, Inc. 18,827 $1,563,018
Turkiye Halk Bankasi AS 203,125 $1,522,130
Turkiye Is Bankasi 556,738 $1,544,537
Turkiye Vakiflar Bankasi Tao 649,527 $1,516,504
U.S. Treasury Inflation Indexed Bonds, 1.375%, 2/15/44 22,854,900 $26,074,523
Ulvac, Inc. 112,800 $2,244,948
Union Pacific Corp. 10,739 $1,055,751
United Overseas Bank, Ltd. 146 $2,819
United Technologies Corp. 33,965 $3,571,420
Vertex Pharmaceuticals, Inc. 17,397 $1,546,767
Vipshop Holdings, Ltd. (A.D.R.) 26,443 $5,435,094
Visa, Inc. 7,308 $1,542,061
Vodafone Group Plc 306,816 $1,021,567
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $348,644
Whitbread Plc 51,576 $3,724,005
Wijaya Karya Persero Tbk PT 9,158,500 $2,093,553
Wyndham Worldwide Corp. 34,609 $2,614,710
Xinyi Glass Holdings, Ltd. 2,630,000 $1,546,154
Xinyi Solar Holdings, Ltd. 16,028,000 $4,545,749
Yumeshin Holdings Co, Ltd. 232,468 $2,210,816
Zhuzhou CSR Times Electric Co, Ltd. 1,233,500 $4,235,515
Zodiac Aerospace 100,660 $3,139,529

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

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