Pioneer Flexible Opportunities Fund

Top 10 Portfolio Holdings as of 7/31/2015
Default: sorted by market value

Security Name Par / Shares Market Value
Abbott Laboratories 101,789 $5,159,684
Aetna, Inc. 65,141 $7,358,979
Airbus Group SE 76,654 $5,435,257
Aitken Spence Hotel Holdings Plc 453,648 $265,275
Ajinomoto Co, Inc. 95,000 $2,192,459
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,673,800
Alibaba Group Holding, Ltd. (A.D.R.) 15,176 $1,188,888
Allianz SE 25,590 $4,192,351
Altria Group, Inc. 60,264 $3,277,156
American International Group, Inc. 145,413 $9,323,882
AmerisourceBergen Corp. 30,923 $3,270,107
Amgen, Inc. 18,298 $3,231,244
Amphenol Corp. 73,020 $4,119,058
Amplifon S.p.A. 181,593 $1,520,171
ANA Holdings, Inc. 938,000 $2,987,698
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 7,500,000 $6,642,188
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 8,500,000 $8,726,319
Anhui Expressway Co, Ltd. 2,654,000 $2,288,733
Apollo Management Holdings LP, 4.0%, 5/30/24 (144A) 4,000,000 $4,030,895
Apple, Inc. 20,954 $2,541,720
Ascendas India Trust 866,900 $590,809
Ascendas Real Estate Investment Trust 467,000 $823,129
Ascott Residence Trust 438,700 $399,574
ASML Holding NV 15,542 $1,544,717
Aug15 Aal C @ 42.000000 4,321 $263,581
Aug15 Dax C @ 11500.000000 200 $114,908
Aug15 Dax C @ 11600.000000 1,000 $398,393
Aug 15 Hscei P @ 10200 773 $366,450
Aug15 Hscei P @ 11000 200 $347,645
Aug15 Hscei P @ 11400 100 $313,139
Aug15 Meu5 C @ 2110 3,000 $2,085,000
Aug15 Sx5e C @ 3625.000000 250 $124,155
Aug15 Sx5e C @ 3650.000000 2,000 $746,300
Aug15 Vips C @ 24.000000 5,000 $75,000
Autohome, Inc. (A.D.R.) 33,346 $1,293,491
AviChina Industry & Technology Co, Ltd. 1,996,000 $1,660,732
Axiare Patrimonio SOCIMI SA 32,904 $415,343
Axis Bank, Ltd. 138,402 $1,242,641
Ayala Corp. 191,820 $3,269,168
Ball Corp., 4.0%, 11/15/23 1,586,000 $1,524,058
Bank of Ireland 6,669,816 $2,799,969
Bank Rakyat Indonesia Persero Tbk PT 2,639,700 $1,945,660
Banzai S.p.A. 136,949 $930,586
Baxalta, Inc. 11,812 $387,788
Baxter International, Inc. 54,539 $2,185,923
Bayer AG 29,028 $4,284,948
Becton Dickinson and Co. 5,505 $837,586
Beijing Capital International Airport Co, Ltd. 1,108,000 $1,140,751
Beijing Capital Land, Ltd. 1,504,000 $721,762
Beijing Enterprises Water Group, Ltd. 6,058,000 $4,503,618
Bertrandt AG 12,852 $1,602,008
BlackRock MuniVest Fund, Inc. 62,300 $594,965
BlackRock MuniYield Fund, Inc. 44,100 $616,518
Boer Power Holdings, Ltd. 1,354,000 $2,570,225
Bolsas y Mercados Espanoles SHMSF SA 40,953 $1,690,066
Brembo S.p.A. 18,686 $841,911
British American Tobacco Plc 58,272 $3,461,329
Cardinal Health, Inc. 49,302 $4,189,684
Celgene Corp. 52,481 $6,888,131
Central Japan Railway Co. 25,800 $4,515,763
Cheung Kong Infrastructure Holdings, Ltd. 417,000 $3,626,229
China Communications Construction Co, Ltd. 1,367,000 $1,743,776
China Eastern Airlines Corp, Ltd. 4,808,000 $3,884,724
China Everbright, Ltd. 422,000 $1,014,104
China High Speed Transmission Equipment Group Co, Ltd. 3,819,000 $3,097,869
China Maple Leaf Educational Systems, Ltd. 6,299,028 $2,088,186
China Power International Development, Ltd. 3,828,000 $2,695,962
China Railway Construction Corp, Ltd. 1,129,500 $1,455,219
China Resources Land, Ltd. 1,266,000 $3,532,766
China Southern Airlines Co, Ltd. 3,014,000 $2,977,257
Comcast Corp. 27,980 $1,746,232
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,037,847
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 125,790 $126,065
Community Health Systems, Inc. 19,584 $1,145,860
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $2,927,711
CSOP China 5-Year Treasury Bond ETF 9,600 $165,934
CT Environmental Group, Ltd. 11,464,000 $4,011,518
CVS Health Corp. 80,191 $9,019,082
Daimler AG 36,766 $3,286,487
Daiwa House Industry Co, Ltd. 73,400 $1,827,291
Daiwa Securities Group, Inc. 286,000 $2,228,667
Dalian Wanda Commercial Properties Co, Ltd. 473,700 $3,428,673
Deutsche Annington Immobilien SE 43,210 $1,349,340
Deutsche EuroShop AG 27,104 $1,209,018
Deutsche Wohnen AG 78,203 $1,933,855
Dollar General Corp. 30,600 $2,459,322
Dongjiang Environmental Co, Ltd. 1,262,400 $2,112,715
East Japan Railway Co. 53,200 $5,255,495
E Fund Citi Chinese Government Bond 5-10 Years Index ETF 9,600 $168,542
Endesa SA 81,757 $1,718,650
Ezion Holdings, Ltd. 1,081,400 $680,644
First Gulf Bank PJSC 792,323 $3,343,818
First Republic Bank/CA 59,154 $3,773,434
Forbo Holding AG 2,296 $2,797,321
Frasers Centrepoint Trust 279,800 $419,906
Frasers Commercial Trust 377,600 $400,362
FUJIFILM Holdings Corp. 46,000 $1,805,882
Fuji Heavy Industries, Ltd. 114,700 $4,254,627
Gazprom OAO Via Gaz Capital SA, 3.85%, 2/6/20 (144A) 6,687,000 $6,337,372
Georg Fischer AG 2,748 $1,830,298
Gilead Sciences, Inc. 73,461 $8,658,113
Glenmark Pharmaceuticals, Ltd. 84,499 $1,329,366
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 21,086,000 $18,512,190
Great Portland Estates Plc 66,842 $869,009
Greenland Hong Kong Holdings, Ltd. 2,588,000 $1,476,922
Green Real Estate Investment Trust plc 1,014,794 $1,714,058
Grifols SA 29,673 $1,310,162
Guangzhou R&F Properties Co, Ltd. 3,736,800 $3,718,157
Guggenheim S&P Global Water Index ETF 41,792 $1,184,456
Hammerson Plc 84,821 $871,636
Hanesbrands, Inc., 6.375%, 12/15/20 1,943,000 $2,043,834
Harris Corp. 14,599 $1,210,841
Hatton National Bank Plc 1,310,069 $2,153,971
HCA Holdings, Inc. 36,314 $3,377,565
Hibernia Real Estate Investment Trust plc 296,988 $428,512
Hill-Rom Holdings, Inc. 70,155 $3,930,785
Hilton Worldwide Holdings, Inc. 141,368 $3,795,731
Hispania Activos Inmobiliarios SA 28,085 $428,189
Honeywell International, Inc. 32,549 $3,419,272
Hoshino Resorts Real Estate Investment Trust, Inc. 316 $3,458,533
Huadian Power International Corp, Ltd. 3,212,000 $3,233,038
Huaneng Renewables Corp, Ltd. 8,284,000 $3,541,135
ICADE 22,151 $1,641,452
Illinois Tool Works, Inc. 26,325 $2,355,298
INC Research Holdings, Inc. 84,501 $4,227,585
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 10,371,000 $11,590,745
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 2,242,000 $2,618,656
Industria Macchine Automatiche S.p.A. 16,970 $879,167
Interroll Holding AG 1,313 $842,461
Irish Continental Group Plc 90,112 $430,182
Japan Hotel Real Estate Investment Trust Investment Corp. 2,640 $1,707,362
Japara Healthcare, Ltd. 748,546 $1,524,731
JD.com, Inc. (A.D.R.) 24,096 $795,891
JG Summit Holdings, Inc. 795,330 $1,261,341
Jones Lang LaSalle, Inc. 19,336 $3,442,581
JPMorgan Chase & Co. 35,302 $2,419,246
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 2,384,000 $2,378,141
Juniper Networks, Inc. 61,746 $1,754,821
Kaba Holding AG 1,249 $798,497
Kao Corp. 15,900 $806,632
KB Home 50,044 $799,703
Keppel Real Estate Investment Trust 708 $555
Kering 8,786 $1,692,685
Kinross Gold Corp., 5.125%, 9/1/21 14,500,000 $14,109,604
Kinross Gold Corp., 5.95%, 3/15/24 4,350,000 $4,011,869
KKR & Co LP 70,612 $1,687,627
KWG Property Holding, Ltd. 4,941,500 $3,690,597
KWG Property Holding, Ltd., 8.25%, 8/5/19 2,000,000 $2,075,667
Lam Research Corp. 48,884 $3,757,713
Land Securities Group Plc 41,953 $850,401
Largan Precision Co, Ltd. 25,000 $2,532,790
LEG Immobilien AG 5,852 $426,045
Lennar Corp. 40,493 $2,147,749
Leonteq AG 19,700 $4,534,905
LifePoint Health, Inc. 29,964 $2,482,817
Lindsay Corp. 14,889 $1,248,740
Longfor Properties Co, Ltd. 1,624,000 $2,313,116
Lonza Group AG 8,116 $1,174,902
Lukoil International Finance BV, 4.563%, 4/24/23 (144A) 4,677,000 $4,229,190
Lukoil International Finance BV, 6.125%, 11/9/20 (144A) 5,682,000 $5,846,956
Lukoil International Finance BV, 7.25%, 11/5/19 (144A) 4,500,000 $4,847,938
LyondellBasell Industries NV 33,811 $3,172,486
Mapletree Greater China Commercial Trust 3,298,500 $2,356,404
Mapletree Industrial Trust 740,000 $822,471
Mapletree Logistics Trust 505,700 $409,336
Market Vectors Vietnam ETF 179,777 $3,302,503
Marriott International, Inc./MD 54,690 $3,971,041
MasterCard, Inc. 20,822 $2,028,063
McGraw Hill Financial, Inc. 19,971 $2,032,049
McKesson Corp. 8,720 $1,923,370
Medtronic Plc 32,032 $2,510,988
MEIJI Holdings Co, Ltd. 8,500 $1,212,216
Melia Hotels International SA 174,421 $2,507,255
Meritor, Inc. 456,336 $6,425,211
Merlin Properties Socimi SA 117,770 $1,289,903
Metropolitan Bank & Trust Co. 413,720 $799,987
Mexican Bonos, 10.0%, 12/5/24 96,711,300 $7,755,709
MGM Resorts International, 6.625%, 12/15/21 5,523,000 $5,880,422
Mitsubishi Estate Co, Ltd. 57,000 $1,270,135
Mitsubishi UFJ Financial Group, Inc. 288,100 $2,090,037
Mizuho Financial Group, Inc. 1,786,400 $3,875,530
MMC Norilsk Nickel PJSC (A.D.R.) 91,684 $1,417,381
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,047,079
Murata Manufacturing Co, Ltd. 21,100 $3,121,868
My EG Services Bhd 3,017,400 $2,083,162
National Development Bank Plc 649,064 $1,334,612
New China Life Insurance Co, Ltd. 663,500 $2,841,449
Next Plc 42,979 $5,363,776
NIKE, Inc. (Class B) 45,890 $5,287,446
Northrop Grumman Corp. 51,020 $8,826,970
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,016,443
NSK, Ltd. 127,500 $1,643,558
NS Solutions Corp. 25,000 $985,509
NTT Data Corp. 17,600 $855,201
Oct15 Bac C @ 18 10,000 $620,000
Paris Orleans SA 53,797 $1,653,966
PAX Global Technology, Ltd. 497,000 $793,015
Petrobras Global Finance BV, 5.875%, 3/1/18 5,957,000 $6,126,650
Pioneer Custom Basket Usd Buy -31,555,297 $-274,017
PowerShares Buyback Achievers Portfolio 364,880 $17,809,793
PowerShares International BuyBack Achievers Portfolio 49,341 $1,355,397
PPG Industries, Inc. 17,666 $1,914,641
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $4,010,253
Prudential Financial, Inc. 68,354 $6,039,759
Publicis Groupe SA 27,171 $2,054,927
Ramsay Health Care, Ltd. 17,520 $854,028
Raytheon Co. 52,463 $5,723,189
REN - Redes Energeticas Nacionais SGPS SA 532,832 $1,596,840
Reynolds American, Inc. 35,041 $3,006,167
Roche Holding AG 21,979 $6,338,216
Russian Foreign Bond - Eurobond, 3.5%, 1/16/19 (144A) 16,800,000 $16,908,500
Safran SA 62,156 $4,696,504
Secom Co, Ltd. 64,200 $4,322,179
Sep15 Ecu5 C @ 1.110 1,000 $1,100,000
Sep15 Hscei C @ 12000 500 $440,200
Sep15 Hscei C @12800 500 $146,733
Sep15 Hscei P @ 11600 200 $955,864
Sep15 Usu5 C @ 155 500 $1,085,938
Sep15 Usu5 C @ 163 -500 $-54,688
Sep15 Usu5 P @ 147 -500 $-23,438
Sep15 Usu5 P @ 155 500 $617,188
Shenzhen Expressway Co, Ltd. 3,622,000 $2,676,980
Shimizu Corp. 197,000 $1,732,644
Shine Corporate, Ltd. 629,359 $1,070,070
Shionogi & Co, Ltd. 68,400 $2,726,960
Shire Plc (A.D.R.) 3,331 $888,744
Shui On Land, Ltd. 6,047,000 $1,648,020
Simon Property Group, Inc. 9,137 $1,710,629
SM Prime Holdings, Inc. 2,854,500 $1,339,484
Societe BIC SA 12,673 $2,170,914
SPDR S&P Euro Dividend Aristocrats UCITS ETF 186,015 $4,452,174
SPDR S&P Global Dividend Aristocrats ETF 87,827 $2,813,628
SPDR S&P UK Dividend Aristocrats UCITS ETF 219,314 $4,353,057
SPDR S&P US Dividend Aristocrats UCITS ETF 275,596 $11,040,653
Spirit AeroSystems Holdings, Inc. 102,227 $5,755,380
Stanley Black & Decker, Inc. 44,193 $4,661,920
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,646,326
Starwood Property Trust, Inc. 93,104 $2,025,943
Starwood Waypoint Residential Trust 30,288 $741,450
Sumitomo Mitsui Financial Group, Inc. 74,800 $3,356,909
Sunac China Holdings, Ltd. 2,259,000 $2,007,966
Sunac China Holdings, Ltd., 9.375%, 4/5/18 1,400,000 $1,472,070
Swire Pacific, Ltd. 59 $755
Swiss Life Holding AG 14,228 $3,358,652
TAG Immobilien AG 70,939 $802,749
Taisei Corp. 360,000 $2,120,839
Takara Leben Co, Ltd. 154,000 $808,374
Target Corp. 80,182 $6,562,897
TDK Corp. 29,900 $2,088,648
Teleperformance 15,681 $1,162,759
Tencent Holdings, Ltd. 151,500 $2,821,948
Tenet Healthcare Corp. 35,669 $2,008,165
Tesoro Corp. 14,127 $1,375,122
Thales SA 26,555 $1,797,905
The Blackstone Group LP 122,055 $4,790,659
The British Land Co Plc 32,476 $426,506
The Hartford Financial Services Group, Inc. 27,594 $1,312,095
The Kroger Co. 122,130 $4,792,381
The Sherwin-Williams Co. 7,700 $2,138,752
The Toro Co. 69,968 $4,780,913
The Travelers Companies, Inc. 24,023 $2,549,321
The Valspar Corp. 24,592 $2,048,022
The Walt Disney Co. 54,203 $6,504,360
Time Warner, Inc. 61,257 $5,393,066
Tosoh Corp. 192,000 $1,004,619
Trswap: Buyeu Index Eur Buy -4,442,864 $19,590
Trswap: Buyjp Index Jpy Buy -624,998,396 $-136,084
Trswap: Hack (Purefunds Ise Cyber Usd Buy -4,955,797 $-212,275
UBS AG 191,568 $4,398,038
UBS Group AG 113,137 $2,599,631
UnitedHealth Group, Inc. 34,344 $4,169,362
United Overseas Bank, Ltd. 44,746 $727,553
Valero Energy Corp. 25,609 $1,679,950
VCA, Inc. 68,561 $4,218,558
Vipshop Holdings, Ltd. (A.D.R.) 212,797 $4,147,414
Visa, Inc. 59,303 $4,467,888
Wasion Group Holdings, Ltd. 3,496,000 $4,606,359
Wells Fargo & Co. 61,948 $3,584,931
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $141,382
Wyndham Worldwide Corp. 50,969 $4,205,962
X5 Retail Group NV (G.D.R.) 68,149 $1,219,687
Xinjiang Goldwind Science & Technology Co, Ltd. 967,600 $1,861,184
Xinyi Solar Holdings, Ltd. 10,292,000 $4,402,607
Yes Bank, Ltd. 178,905 $2,318,761
Yuhan Corp. 11,511 $2,670,094
Yuzhou Properties Co, Ltd. 3,547,000 $784,958
Zee Entertainment Enterprises, Ltd. 369,045 $2,305,344
Zhejiang Expressway Co, Ltd. 1,842,000 $2,117,943
Zhuzhou CSR Times Electric Co, Ltd. 464,500 $3,137,484

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

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