Pioneer Flexible Opportunities Fund

Top 10 Portfolio Holdings as of 4/29/2016
Default: sorted by market value

Security Name Par / Shares Market Value
3SBio, Inc. 1,442,000 $1,745,547
Aberdeen Asia-Pacific Income Fund, Inc. 1,443,597 $7,275,729
Actelion, Ltd. 22,014 $3,556,567
Aena Sa 5,277 $752,617
Aetna, Inc. 21,522 $2,416,275
Agilent Technologies, Inc. 97,834 $4,003,367
AIA Group, Ltd. 123,800 $745,312
Aitken Spence Hotel Holdings Plc 453,648 $195,418
Alibaba Group Holding, Ltd. (A.D.R.) 11,405 $877,501
Allianz SE 33,294 $5,652,025
Alphabet, Inc. 5,166 $3,656,908
Altria Group, Inc. 55,555 $3,483,854
Amadeus IT Holding SA 24,552 $1,117,270
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 7,500,000 $7,689,844
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 8,500,000 $9,367,236
ArcelorMittal, 5.5%, 2/25/17 4,000,000 $4,170,333
Ascendas India Trust 1,751,200 $1,243,602
Ascendas Real Estate Investment Trust 1,015,400 $1,857,439
Australia Government Bond, 1.75%, 11/21/20 9,530,000 $7,220,831
Ayala Land, Inc. 1,569,100 $1,155,933
Ball Corp., 4.0%, 11/15/23 1,586,000 $1,598,996
Banco de Sabadell SA 382,965 $731,912
Banregio Grupo Financiero SAB de CV 136,577 $819,684
Becton Dickinson and Co. 9,706 $1,565,190
Beijing Capital International Airport Co, Ltd. 648,000 $697,529
Beijing Enterprises Water Group, Ltd. 3,882,000 $2,327,068
Bharti Airtel, Ltd. 276,290 $1,514,372
BlackRock MuniVest Fund, Inc. 62,300 $671,594
BlackRock MuniYield Fund, Inc. 44,100 $693,693
Boston Scientific Corp. 173,774 $3,809,126
Bristol-Myers Squibb Co. 110,419 $7,970,043
Broadcom, Ltd. 37,521 $5,468,686
Cap Gemini SA 15,442 $1,441,665
CapitaLand, Ltd. 479,000 $1,107,741
CapitaRetail China Trust 342,100 $375,221
Cardinal Health, Inc. 42,295 $3,318,466
Central Japan Railway Co. 16,400 $2,986,778
Cheung Kong Infrastructure Holdings, Ltd. 115,000 $1,087,423
China Communications Construction Co, Ltd. 1,750,000 $2,111,614
China Eastern Airlines Corp, Ltd. 1,634,000 $897,351
China Everbright International, Ltd. 1,291,000 $1,451,254
China High Speed Transmission Equipment Group Co, Ltd. 1,733,000 $1,347,152
China Railway Group, Ltd. 1,128,000 $898,666
China Railway Signal & Communication Corp, Ltd. 2,656,000 $1,578,446
China Resources Power Holdings Co, Ltd. 748,097 $1,267,225
China State Construction International Holdings, Ltd. 2,556,000 $3,993,596
China Vanke Co, Ltd. 296,100 $742,054
Chubb, Ltd. 53,187 $6,268,620
City Developments, Ltd. 406,600 $2,521,597
Colony Starwood Homes 30,288 $738,119
Comcast Corp. 35,616 $2,164,028
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $2,906,026
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 91,030 $91,000
Core Laboratories NV 30,817 $4,119,000
CR Bard, Inc. 31,991 $6,787,530
CT Environmental Group, Ltd. 3,682,000 $1,077,483
CVS Health Corp. 17,635 $1,772,318
Daicel Corp. 94,000 $1,219,978
Danaher Corp. 7,639 $739,073
DiamondRock Hospitality Co. 362,018 $3,225,580
Discover Financial Services 65,049 $3,660,307
dorma+kaba Holding AG 545 $353,335
Edwards Lifesciences Corp. 66,672 $7,081,233
Engility Holdings, Inc. 60,325 $1,186,593
Facebook, Inc. 16,296 $1,916,084
Finmeccanica S.p.A. 227,503 $2,873,466
First Cash Financial Services, Inc., 6.75%, 4/1/21 3,000,000 $3,001,875
First Real Estate Investment Trust 1,224,900 $1,138,552
First Republic Bank/CA 41,946 $2,949,643
FLIR Systems, Inc. 57,814 $1,746,561
Frasers Centrepoint, Ltd. 919,600 $1,141,978
Galaxy Entertainment Group, Ltd. 618,000 $2,087,326
Gazprom OAO Via Gaz Capital SA, 3.85%, 2/6/20 (144A) 6,687,000 $6,653,366
Gazprom OAO Via Gaz Capital SA, 6.51%, 3/7/22 (144A) 4,000,000 $4,366,780
Geberit AG 1,997 $766,620
Georg Fischer AG 3,983 $3,234,060
Gerresheimer AG 26,525 $1,972,473
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 6,971,000 $6,539,615
Granite Construction, Inc. 119,046 $5,308,261
Green Real Estate Investment Trust plc 742,930 $1,216,543
Grifols SA 31,113 $676,744
GT Capital Holdings, Inc. 46,735 $1,358,281
Guangdong Investment, Ltd. 1,096,000 $1,554,189
Guggenheim S&P Global Water Index ETF 32,883 $962,485
Halliburton Co. 27,610 $1,140,569
Hanesbrands, Inc., 6.375%, 12/15/20 1,943,000 $2,057,799
Harman International Industries, Inc. 12,130 $931,099
Harris Corp. 44,785 $3,583,248
Hatton National Bank Plc 254,529 $360,256
HCA Holdings, Inc. 81,692 $6,586,009
HDFC Bank, Ltd. 44,598 $756,433
Hibernia Real Estate Investment Trust plc 403,841 $596,545
Hill-Rom Holdings, Inc. 113,246 $5,475,444
Hologic, Inc. 102,244 $3,434,376
Honeywell International, Inc. 38,433 $4,391,739
Hoshino Resorts Real Estate Investment Trust, Inc. 236 $2,905,908
Hoshizaki Electric Co, Ltd. 42,200 $3,665,783
Hyatt Hotels Corp. 29,450 $1,410,066
INC Research Holdings, Inc. 131,927 $6,349,647
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 15,870,000 $18,334,034
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 3,796,000 $4,724,084
Indonesia Treasury Bond, 7.0%, 5/15/27 25,355,000,000 $1,871,841
Indonesia Treasury Bond, 8.375%, 9/15/26 44,544,000,000 $3,570,930
Intuitive Surgical, Inc. 4,723 $2,958,298
Japan Airlines Co, Ltd. 38,900 $1,440,957
Japan Hotel Real Estate Investment Trust Investment Corp. 5,233 $4,805,641
Johnson Controls, Inc. 64,720 $2,679,408
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/17/45 2,384,000 $1,772,709
Jun16 Dax C @ 9900.000000 625 $1,541,591
Jun16 Hscei C @ 9000 1,000 $1,398,719
Kajima Corp. 792,000 $5,083,821
Kao Corp. 67,800 $3,885,722
Kasikornbank PCL 159,300 $757,268
Keisei Electric Railway Co, Ltd. 307,000 $4,381,399
Keppel Real Estate Investment Trust 3,953,300 $3,086,678
Kinross Gold Corp., 5.125%, 9/1/21 11,765,000 $11,771,204
Kinross Gold Corp., 5.95%, 3/15/24 4,350,000 $4,132,947
Laboratory Corp of America Holdings 24,360 $3,052,795
LaSalle Hotel Properties 105,220 $2,514,758
Leidos Holdings, Inc. 53,357 $2,647,041
Loen Entertainment, Inc. 11,227 $758,068
Longfor Properties Co, Ltd. 740,000 $1,041,730
Lukoil International Finance BV, 6.125%, 11/9/20 (144A) 5,682,000 $6,240,620
Lukoil International Finance BV, 7.25%, 11/5/19 (144A) 4,500,000 $5,151,485
Maeda Corp. 100,000 $782,458
Magellan Aerospace Corp. 179,867 $2,531,217
Man Wah Holdings, Ltd. 1,715,600 $2,003,756
Mapletree Greater China Commercial Trust 4,592,100 $3,517,150
Market Vectors Vietnam ETF 209,556 $3,021,798
Marriott International, Inc./MD 30,662 $2,149,100
Martin Marietta Materials, Inc. 8,434 $1,427,286
MasterCard, Inc. 58,649 $5,688,367
Medtronic Plc 66,921 $5,296,797
Merlin Properties Socimi SA 190,041 $2,208,802
Metropolitan Bank & Trust Co. 415,480 $717,716
Mexican Bonos, 5.75%, 3/5/26 128,693,400 $7,473,369
Mexico Government International Bond, 3.6%, 1/30/25 8,804,000 $9,027,181
Mexico Government International Bond, 4.0%, 10/2/23 8,582,000 $9,017,298
MGM Resorts International, 6.625%, 12/15/21 5,523,000 $6,020,223
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $2,968,863
Nestle SA 19,378 $1,444,160
New Oriental Education & Technology Group, Inc. (A.D.R.) 69,728 $2,730,548
New Zealand Government Bond, 3.0%, 4/15/20 5,134,000 $3,692,704
NH Hoteles SA 309,813 $1,490,021
Northrop Grumman Corp. 32,471 $6,697,468
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,009,442
NuVasive, Inc. 57,754 $3,057,497
Ono Pharmaceutical Co, Ltd. 41,600 $1,940,541
Orpea 43,968 $3,625,542
Pebblebrook Hotel Trust 127,979 $3,537,340
Pembangunan Perumahan Persero Tbk PT 4,244,000 $1,179,694
Philippine Government Bond, 3.625%, 9/9/25 165,000,000 $3,502,975
Poste Italiane S.p.A. 619,066 $4,728,313
PowerShares International BuyBack Achievers Portfolio 62,296 $1,762,977
ProShares S&P 500 Dividend Aristocrats ETF 211,883 $11,174,709
Raytheon Co. 54,566 $6,894,414
Reynolds American, Inc. 138,223 $6,855,861
Russian Federal Bond - OFZ, 7.6%, 7/20/22 304,576,000 $4,528,789
Russian Foreign Bond - Eurobond, 3.5%, 1/16/19 (144A) 21,400,000 $21,857,068
Ryman Hospitality Properties, Inc. 69,442 $3,578,346
Ryohin Keikaku Co, Ltd. 6,700 $1,548,883
Saeta Yield Sa 135,010 $1,437,780
Safran SA 116,892 $8,053,937
Schlumberger, Ltd. 13,882 $1,115,280
Sealed Air Corp., 5.125%, 12/1/24 (144A) 3,000,000 $3,206,563
Secom Co, Ltd. 73,200 $5,792,756
Seibu Holdings, Inc. 102,300 $2,239,355
Shanghai Fosun Pharmaceutical Group Co, Ltd. 1,330,500 $3,619,078
Shimizu Corp. 457,000 $4,209,633
Shionogi & Co, Ltd. 67,100 $3,548,192
Shire Plc 60,512 $3,766,550
Simon Property Group, Inc. 9,137 $1,838,090
SM Investments Corp. 87,200 $1,750,118
Smithfield Foods, Inc., 5.875%, 8/1/21 (144A) 1,500,000 $1,585,781
Smithfield Foods, Inc., 6.625%, 8/15/22 1,500,000 $1,607,229
SM Prime Holdings, Inc. 5,759,000 $2,773,283
Sony Corp. 26,500 $689,847
SPDR S&P Euro Dividend Aristocrats UCITS ETF 177,729 $4,182,284
SPDR S&P Global Dividend Aristocrats ETF 19,163 $594,451
SPDR S&P UK Dividend Aristocrats UCITS ETF 210,227 $3,640,666
SPDR S&P US Dividend Aristocrats UCITS ETF 118,579 $5,102,454
Sprint Communications, Inc., 6.0%, 12/1/16 1,500,000 $1,545,000
Stanley Black & Decker, Inc. 6,799 $760,944
Starwood Property Trust, Inc. 124,311 $2,406,661
Stroeer SE & Co KGaA 65,959 $3,247,775
Stryker Corp. 39,814 $4,340,124
Sumitomo Mitsui Financial Group, Inc. 98,400 $3,147,066
Sunac China Holdings, Ltd., 9.375%, 4/5/18 1,400,000 $1,472,479
Sundrug Co, Ltd. 59,500 $4,393,572
Sun TV Network, Ltd. 337,395 $1,888,404
Swiss Life Holding AG 16,905 $4,265,896
Synchrony Financial 123,257 $3,767,966
Taisei Corp. 568,000 $3,981,296
Takara Leben Co, Ltd. 308,700 $2,059,639
Takasago Thermal Engineering Co, Ltd. 225,800 $2,917,848
Tata Motors, Ltd. 380,562 $2,337,970
Teleperformance 22,296 $2,001,642
Tencent Holdings, Ltd. 88,300 $1,808,778
Thales SA 75,478 $6,525,454
The Allstate Corp. 67,132 $4,366,937
The Blackstone Group LP 41,777 $1,146,361
The TJX Companies, Inc. 92,547 $7,016,914
The Toro Co. 40,444 $3,496,384
Tianjin Capital Environmental Protection Group Co, Ltd. 3,588,000 $2,007,441
Tokyo Tatemono Co, Ltd. 283,100 $3,867,871
TransDigm Group, Inc. 12,652 $2,883,011
Trswap: Bigameac Index Usd Buy 18,227 $-136,217
Trswap: Bigameac Index Usd Buy 2,391 $-21,032
Trswap: Bigameac Index Usd Buy 2,955 $-22,524
Trswap: Buyeu Eur Buy 1,253 $-17,661
Trswap: Buyeu Index Eur Buy 1,172 $-2,212
Trswap: Buyjp Index Jpy Buy 184,624 $71,501
Trswap: Buyjp Index Jpy Buy 160,444 $-38,041
Trswap: Goldman Sachs Total Cash R Usd Buy 58,677 $511,807
Trswap: Hack (Purefunds Ise Cyber Usd Buy 155,416 $147,526
Trswap: Mxid Index Idr Buy 7,003,517 $-9,134
Trswap: Pcomp Index Php Buy 21,231 $206,700
Tsuruha Holdings, Inc. 10,600 $1,048,925
UnitedHealth Group, Inc. 38,959 $5,130,121
USG Corp., 9.75%, 1/15/18 3,000,000 $3,453,625
Valeo SA 4,714 $747,353
VCA, Inc. 97,104 $6,114,639
Vinci SA 24,400 $1,822,834
Vipshop Holdings, Ltd. (A.D.R.) 180,748 $2,465,403
Visa, Inc. 49,140 $3,795,574
Volvo AB (Class B) 62,916 $736,561
Vulcan Materials Co. 13,130 $1,413,182
Vulcan Materials Co., 7.5%, 6/15/21 3,000,000 $3,700,000
Waskita Karya Persero Tbk PT 11,469,600 $2,039,910
Wendel SA 13,252 $1,531,144
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $104,371
Xinyi Glass Holdings, Ltd. 2,670,000 $1,827,706
Yes Bank, Ltd. 199,475 $2,825,693
Zee Entertainment Enterprises, Ltd. 120,766 $754,466
Zhuzhou CRRC Times Electric Co, Ltd. 198,000 $1,132,034

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

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