Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 12/31/2014
Default: sorted by market value

Security Name Par / Shares Market Value
Abbott Laboratories 33,274 $1,497,995
ABS-CBN Holdings Corp. (G.D.R.) 1,159,600 $1,194,645
Actelion, Ltd. 22,322 $2,568,988
Adani Ports & Special Economic Zone, Ltd. 354,146 $1,788,584
Adhi Karya Persero Tbk PT 3,573,400 $993,513
Adobe Systems, Inc. 41,324 $3,004,255
Aetna, Inc. 74,220 $6,592,963
Aitken Spence Hotel Holdings Plc 453,648 $272,710
Ajinomoto Co, Inc. 43,000 $796,213
Akbank TAS 326,547 $1,201,853
Alam Sutera Realty Tbk PT 34,944,200 $1,564,508
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,805,200
Almirall SA 97,985 $1,619,765
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 (144A) 5,000,000 $5,313,663
American International Group, Inc. 65,804 $3,685,682
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 6,000,000 $6,535,167
Anhui Expressway Co, Ltd. 3,148,000 $2,111,812
Apple, Inc. 43,180 $4,766,208
AP Thailand PCL 6,299,100 $1,139,545
Aquarius Platinum, Ltd. 8,802,958 $2,010,964
Aquarius Platinum, Ltd., 4.0%, 12/18/15 4,600,000 $4,422,644
Ascendas Real Estate Investment Trust 1,412,000 $2,536,135
Astra International Tbk PT 1,402,000 $832,179
Aviva Plc 719,756 $5,392,905
Axis Bank, Ltd. 505,735 $4,000,945
Ayala Corp. 130,810 $2,015,629
Baidu, Inc. (A.D.R.) 36,023 $8,212,163
Ball Corp., 4.0%, 11/15/23 1,586,000 $1,538,596
Baloise Holding AG 16,053 $2,050,938
Bankinter SA 139,060 $1,108,996
Bank Mandiri Persero Tbk PT 4,873,500 $4,206,558
Bank of China, Ltd. 2,789,000 $1,561,558
Bank of Ireland 11,140,376 $4,149,201
Bank Rakyat Indonesia Persero Tbk PT 3,561,000 $3,315,864
BDO Unibank, Inc. 2,426,955 $5,929,385
Becton Dickinson and Co. 21,729 $3,023,808
Beijing Capital Land, Ltd. 2,298,000 $868,192
Beijing Enterprises Water Group, Ltd. 3,372,000 $2,280,997
BlackRock MuniVest Fund, Inc. 62,300 $617,393
BlackRock MuniYield Fund, Inc. 44,100 $650,034
BOC Hong Kong Holdings, Ltd. 926,500 $3,084,755
Bolsas y Mercados Espanoles SA 60,444 $2,330,316
Brembo S.p.A. 76,275 $2,556,651
Cap Gemini SA 26,227 $1,868,405
CapitaMall Trust 781,000 $1,202,479
Cardinal Health, Inc. 80,573 $6,504,658
Cheung Kong Infrastructure Holdings, Ltd. 416,000 $3,065,809
China Animal Healthcare, Ltd. 2,326,000 $1,615,020
China Biologic Products, Inc. 2,926 $196,715
China City Railway Transportation Technology Holdings Co, Ltd. 4,504,000 $1,493,813
China CNR Corp, Ltd. 8,915,500 $12,784,881
China Everbright, Ltd. 1,024,000 $2,419,461
China Everbright International, Ltd. 1,107,000 $1,631,798
China Fiber Optic Network System Group, Ltd. 3,104,000 $832,331
China Galaxy Securities Co, Ltd. 1,242,000 $1,546,143
China Medical System Holdings, Ltd. 2,438,000 $4,002,761
China Overseas Land & Investment, Ltd. 1,132,000 $3,340,825
China Resources Land, Ltd. 1,284,000 $3,370,222
China Singyes Solar Technologies Holdings, Ltd. 2,686,703 $3,712,467
China South City Holdings, Ltd. 2,450,000 $1,109,589
China Southern Airlines Co, Ltd. 3,248,000 $1,552,713
China State Construction International Holdings, Ltd. 2,320,770 $3,242,890
China Water Affairs Group, Ltd. 6,022,000 $2,750,518
CH Robinson Worldwide, Inc. 32,617 $2,442,687
CIFI Holdings Group Co, Ltd. 6,246,000 $1,236,734
Cme: (Cdx.Na.Hy.23.V1) Usd 20dec19 Z91mw60e6 -25,695,527 $-1,642,933
Comcast Corp. 31,034 $1,800,282
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,063,689
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 120,142 $119,341
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 180,213 $179,011
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $3,023,378
Container Corp Of India, Ltd. 15,384 $329,695
Crompton Greaves, Ltd. 271,638 $803,190
CSR Corp, Ltd. 3,876,000 $5,218,317
CSX Corp. 115,366 $4,179,710
Cummins, Inc. 13,669 $1,970,660
CVS Health Corp. 66,323 $6,387,568
Daimler AG 38,788 $3,236,641
Daito Trust Construction Co, Ltd. 14,200 $1,606,662
Danske Bank A/S 142,861 $3,845,861
Deutsche Euroshop AG 8,650 $378,851
Deutsche Wohnen AG 104,580 $2,485,256
DIC Asset AG 270,336 $2,422,962
Discover Financial Services 80,767 $5,289,431
Dollar General Corp. 39,447 $2,788,903
Dongjiang Environmental Co, Ltd. 210,400 $735,707
Ecolab, Inc. 18,052 $1,886,795
Enagas SA 130,402 $4,128,272
Expeditors International of Washington, Inc. 34,042 $1,518,614
Ezion Holdings, Ltd. 907,400 $769,750
Feb15 Spx P @ 1700.000000 3,273 $752,790
First Gulf Bank PJSC 1,717,952 $7,853,360
First Republic Bank/CA 29,128 $1,518,151
Forbo Holding AG 2,760 $2,761,595
Franshion Properties China, Ltd. 6,628,000 $1,887,315
Frasers Centrepoint Trust 282,000 $403,429
Fuji Heavy Industries, Ltd. 56,600 $1,991,759
G8 Education, Ltd. 815,353 $2,760,776
GEA Group AG 77,385 $3,426,930
Gemalto NV 19,083 $1,559,064
Georg Fischer AG 1,923 $1,210,347
Glory, Ltd. 95,100 $2,539,764
Gold Fields, Ltd. 785,410 $3,556,215
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 9,986,000 $8,501,831
Green Real Estate Investment Trust plc 514,847 $796,381
GS Mortgage Securities Corp II Series 2005-GG4 REMICS, 4.782%, 7/10/39 3,000,000 $3,026,403
Guangdong Investment, Ltd. 2,716,000 $3,534,115
Guggenheim S&P Global Water Index ETF 34,734 $974,636
Hanesbrands, Inc., 6.375%, 12/15/20 1,943,000 $2,065,085
Hatton National Bank Plc 1,798,579 $2,676,852
Hitachi, Ltd. 420,000 $3,071,069
Hitachi High-Technologies Corp. 40,200 $1,159,076
Hitachi Kokusai Electric, Inc. 56,000 $786,924
Honeywell International, Inc. 47,705 $4,766,684
Housing Development Finance Corp, Ltd. 173,376 $3,106,012
Huntington Ingalls Industries, Inc. 16,622 $1,869,310
ICICI Bank, Ltd. (A.D.R.) 166,363 $1,921,493
Illinois Tool Works, Inc. 55,387 $5,245,149
INC Research Holdings, Inc. 48,550 $1,247,250
Indocement Tunggal Prakarsa Tbk PT 867,200 $1,752,463
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 13,291,000 $15,378,887
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 6,620,000 $8,398,298
Indonesia Treasury Bond, 8.375%, 3/15/24 97,347,000,000 $8,353,259
Industrial & Commercial Bank of China, Ltd. 3,410,000 $2,477,200
Industria Macchine Automatiche S.p.A. 42,605 $1,855,079
Info Edge India, Ltd. 214,362 $2,889,346
Ingenico 11,066 $1,162,906
Intel Corp. 52,026 $1,888,024
Interroll Holding AG 2,270 $1,200,267
Invesco, Ltd. 49,123 $1,941,341
IRB Infrastructure Developers, Ltd. 790,364 $3,283,096
Jan15 Amzn C @ 335.000000 4,893 $435,477
Jan15 Amzn C @ 350.000000 -2,040 $-57,120
Jan15 Hscei C @ 10600 727 $135,940
Jan15 Meh5 P @ 1700 6,727 $369,985
Jan15 Sx7e C @ 155.000000 10,000 $75,641
Japara Healthcare, Ltd. 1,389,569 $2,320,773
Johnson & Johnson 54,111 $5,658,387
Johnson Controls, Inc. 39,846 $1,926,156
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 2,384,000 $2,382,213
Kaba Holding AG 2,926 $1,475,906
Kangda International Environmental Co, Ltd. 9,299,000 $4,084,032
Keppel Real Estate Investment Trust 708 $652
Keyence Corp. 2,600 $1,150,822
Kingdee International Software Group Co, Ltd. 2,516,000 $743,142
Kinross Gold Corp., 5.125%, 9/1/21 9,000,000 $8,757,660
Kinross Gold Corp., 5.95%, 3/15/24 (144A) 1,850,000 $1,768,342
KION Group AG 20,028 $768,975
KKR & Co LP 204,237 $4,740,341
Krung Thai Bank PCL 4,524,900 $3,122,993
KWG Property Holding, Ltd. 1,620,500 $1,102,284
Lam Research Corp. 26,739 $2,121,472
Legg Mason, Inc. 56,569 $3,019,088
Lenzing AG 20,543 $1,303,244
Leonteq AG 22,291 $5,362,248
Lifestyle International Holdings, Ltd. 407,500 $857,161
Lifestyle Properties Development, Ltd. 23,825 $3,952
Lincoln National Corp. 65,659 $3,786,555
Lonza Group AG 21,064 $2,374,691
LPN Development PCL 4,156,300 $2,780,134
Mandom Corp. 72,600 $2,382,898
Man Wah Holdings, Ltd. 1,990,800 $3,278,636
Mapletree Greater China Commercial Trust 2,541,000 $1,821,030
Mapletree Industrial Trust 1,119,000 $1,252,432
Mapletree Logistics Trust 458,000 $409,697
Mar15 Spx C @ 2250.000000 10,000 $850,000
Mar15 Spx C @ 2275.000000 26,000 $1,365,000
Mar15 Sx5e C @ 3500.000000 10,000 $1,779,067
Mar15 Sx5e C @ 3525.000000 10,000 $1,464,402
Market Vectors Vietnam ETF 100,709 $1,935,627
Marriott International, Inc./MD 41,716 $3,255,099
MasterCard, Inc. 43,968 $3,788,283
Megaworld Corp. 25,618,000 $2,639,680
Melia Hotels International SA 38,197 $407,358
Merlin Properties Socimi SA 222,589 $2,701,008
Metropolitan Bank & Trust Co. 834,310 $1,536,373
MGM Resorts International, 6.625%, 12/15/21 3,800,000 $4,001,189
Minebea Co, Ltd. 251,000 $3,671,265
Minor International PCL 1,587,600 $1,568,775
Mitsubishi Electric Corp. 245,000 $2,914,909
Mitsubishi Estate Co, Ltd. 151,000 $3,193,551
Mitsubishi UFJ Financial Group, Inc. 283,000 $1,550,064
Mizuho Financial Group, Inc. 1,356,100 $2,277,037
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,093,180
Murata Manufacturing Co, Ltd. 39,500 $4,311,664
My EG Services Bhd 1,989,000 $2,380,692
Nam Cheong, Ltd. 3,987,000 $943,993
National Development Bank Plc 1,353,602 $2,577,322
Next Plc 3,795 $400,255
Northern Trust Corp. 11,149 $751,443
Northrop Grumman Corp. 67,654 $9,971,523
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,061,228
Novartis AG 24,332 $2,238,541
Novelis, Inc., Initial Term Loan, 3/10/17 240,009 $238,134
Orpea 102,829 $6,451,490
OSIM International, Ltd. 523,000 $779,238
PACCAR, Inc. 50,752 $3,451,644
Pakuwon Jati Tbk PT 34,971,500 $1,442,991
Pembangunan Perumahan Persero Tbk PT 3,137,900 $896,020
PepsiCo, Inc. 59,291 $5,606,557
Poly Property Group Co, Ltd. 997,000 $407,994
Power Finance Corp, Ltd. 492,539 $2,332,822
PowerShares Buyback Achievers Portfolio 455,771 $21,899,797
PPG Industries, Inc. 11,816 $2,731,268
Prestige Estates Projects, Ltd. 836,283 $3,177,886
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $3,972,507
PTC India Financial Services, Ltd. 912,867 $998,646
Puregold Price Club, Inc. 753,400 $644,983
Qatar National Bank SAQ 28,246 $1,640,995
Quality Houses PCL 21,222,300 $2,361,618
Ramsay Health Care, Ltd. 19,684 $913,942
Raytheon Co. 51,076 $5,524,891
Red Electrica Corp SA 30,088 $2,641,772
Reed Elsevier Plc 322,042 $5,478,675
Robinsons Land Corp. 3,384,500 $1,999,136
Robinsons Retail Holdings, Inc. 958,940 $1,619,888
Rockwell Automation, Inc. 20,214 $2,247,797
Ross Stores, Inc. 16,887 $1,591,769
Royal Bafokeng Platinum, Ltd. 378,333 $1,722,068
Royal Bank of Canada 21,935 $1,513,904
Sampath Bank Plc 20,024 $35,812
Sarine Technologies, Ltd. 753,000 $1,394,957
Secom Co, Ltd. 77,000 $4,420,675
Sekisui Chemical Co, Ltd. 204,000 $2,454,116
Shanghai Fosun Pharmaceutical Group Co, Ltd. 1,191,000 $4,272,115
Sheng Siong Group, Ltd. 1,690,000 $878,515
Shimao Property Holdings, Ltd. 874,500 $1,944,519
Shire Plc (A.D.R.) 14,452 $3,071,628
Shree Cement, Ltd. 9,700 $1,446,195
SIIC Environment Holdings, Ltd. 7,063,000 $732,538
SM Investments Corp. 96,510 $1,746,811
SM Prime Holdings, Inc. 6,516,700 $2,467,857
Sobha, Ltd. 302,625 $2,303,356
SPDR S&P Euro Dividend Aristocrats UCITS ETF 138,513 $3,142,516
SPDR S&P Global Dividend Aristocrats ETF 55,639 $1,794,508
SPDR S&P UK Dividend Aristocrats UCITS ETF 219,314 $4,146,348
SPDR S&P US Dividend Aristocrats UCITS ETF 254,568 $10,410,854
Stanley Electric Co, Ltd. 42,200 $911,508
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,701,399
Starwood Hotels & Resorts Worldwide, Inc. 28,577 $2,316,737
Starwood Property Trust, Inc. 93,104 $2,163,737
Starwood Waypoint Residential Trust 11,502 $303,308
Straumann Holding AG 10,626 $2,670,486
Sumitomo Mitsui Financial Group, Inc. 55,300 $1,996,711
Summarecon Agung Tbk PT 7,050,300 $856,691
Sunac China Holdings, Ltd. 3,646,000 $3,682,554
Supalai PCL 1,646,800 $1,206,685
Swire Pacific, Ltd. 59 $764
Swiss Life Holding AG 3,559 $841,338
TAG Immobilien AG 33,547 $390,559
Takasago Thermal Engineering Co, Ltd. 222,000 $2,845,573
Tambang Batubara Bukit Asam Persero Tbk PT 1,476,600 $1,472,172
TDK Corp. 25,200 $1,483,723
Techtronic Industries Co, Ltd. 715,500 $2,293,000
Thales SA 37,006 $1,997,026
The Blackstone Group LP 144,084 $4,874,362
The Charles Schwab Corp. 85,762 $2,589,155
The Dai-ichi Life Insurance Co, Ltd. 49,300 $747,583
The Hershey Co. 30,444 $3,164,045
The Kroger Co. 32,826 $2,107,757
The Sherwin-Williams Co. 7,866 $2,069,073
The Siam Commercial Bank PCL 647,000 $3,580,237
The Toro Co. 51,040 $3,256,862
The Valspar Corp. 23,608 $2,041,620
The Walt Disney Co. 37,290 $3,512,345
THK Co, Ltd. 149,900 $3,616,531
Time Warner, Inc. 58,863 $5,028,077
Tokio Marine Holdings, Inc. 46,700 $1,515,496
Total Bangun Persada Tbk PT 17,612,800 $1,594,595
Totetsu Kogyo Co, Ltd. 137,200 $3,131,313
Union Pacific Corp. 69,707 $8,304,195
United Overseas Bank, Ltd. 146 $2,701
Vakrangee, Ltd. 431,373 $853,445
Vanguard Industrials ETF 10,671 $1,139,876
Vipshop Holdings, Ltd. (A.D.R.) 264,430 $5,166,962
Vontobel Holding AG 10,544 $397,143
Wasion Group Holdings, Ltd. 1,630,000 $1,515,436
Waskita Karya Persero Tbk PT 15,136,700 $1,775,910
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $292,387
Wijaya Karya Persero Tbk PT 4,810,300 $1,415,253
Wyndham Worldwide Corp. 34,609 $2,968,068
Xinyi Solar Holdings, Ltd. 20,578,000 $5,630,456
Yes Bank, Ltd. 273,497 $3,322,405
Yuzhou Properties Co, Ltd. 7,932,000 $1,990,415
Zhuzhou CSR Times Electric Co, Ltd. 1,086,000 $6,337,159
Zumtobel Group AG 54,611 $1,230,249

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

Please request a free information kit on any Pioneer fund by ordering from this web site or by calling 1-800-225-6292. The kit includes a quarterly fact sheet and a prospectus. You should consider a fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about each fund and should be read carefully before you invest or send money. To obtain a prospectus directly and for other information on any Pioneer fund please visit our download literature page.