Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 3/31/2015
Default: sorted by market value

Security Name Par / Shares Market Value
Abbott Laboratories 61,961 $2,870,653
ABS-CBN Holdings Corp. (G.D.R.) 1,029,460 $1,443,859
Adecco SA 23,625 $1,966,887
Adobe Systems, Inc. 32,210 $2,381,607
Aetna, Inc. 65,141 $6,939,471
Airbus Group NV 112,960 $7,334,046
Air China, Ltd. 3,335,826 $3,389,532
Aitken Spence Hotel Holdings Plc 453,648 $227,658
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,781,800
Alps Electric Co, Ltd. 117,800 $2,846,365
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 (144A) 5,000,000 $5,345,903
AmerisourceBergen Corp. 6,827 $776,025
Amgen, Inc. 31,624 $5,055,096
Amphenol Corp. 68,340 $4,027,276
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 7,500,000 $7,132,933
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 7,000,000 $7,648,861
Anhui Expressway Co, Ltd. 2,192,000 $1,524,988
Apple, Inc. 43,180 $5,372,887
Apr15 Dax C @ 12000.000000 1,500 $1,583,726
Apr15 Hscei C @ 12000 1,000 $3,369,707
Apr15 Hscei C @ 12400 1,000 $1,912,188
Apr15 Mem5 P @ 1830 1,200 $39,000
Apr15 Mem5 P @ 1880 1,200 $63,000
Apr15 Mem5 P @ 1885 1,250 $71,875
Apr15 Mem5 P @ 1920 -2,400 $-240,000
Apr15 Mem5 P @ 1960 -2,400 $-504,000
Apr15 Mem5 P @ 1965 -2,500 $-575,000
Apr15 Mem5 P @ 2010 1,200 $624,000
Apr15 Mem5 P @ 2040 1,200 $1,044,000
Apr15 Mem5 P @ 2045 1,250 $1,187,500
Apr15 Nky P @ 17375.000000 825 $92,859
Apr15 Nky P @ 18250.000000 -1,650 $-859,805
Apr15 Nky P @ 19125.000000 825 $1,719,610
Apr15 Sx5e C @ 3650.000000 1,250 $1,179,771
Apr15 Sx5e C @ 3675.000000 1,250 $952,814
Aquarius Platinum, Ltd. 2,347,992 $310,319
Aquarius Platinum, Ltd., 4.0%, 12/18/15 4,600,000 $4,514,644
Ascendas Real Estate Investment Trust 1,232,700 $2,324,625
Atlas Copco AB 59,354 $1,919,245
Australia Government Bond, 2.75%, 4/21/24 9,100,000 $7,281,427
AviChina Industry & Technology Co, Ltd. 4,388,000 $3,158,165
Axis Bank, Ltd. 129,176 $1,155,297
Ayala Corp. 191,820 $3,408,491
Ball Corp., 4.0%, 11/15/23 1,586,000 $1,570,316
Banca Popolare dell'Emilia Romagna SC 83,775 $730,204
Bankinter SA 187,274 $1,426,508
Bank Negara Indonesia Persero Tbk PT 6,189,500 $3,415,834
Bank of China, Ltd. 3,238,000 $1,871,673
Bank of Ireland 10,386,042 $3,926,943
Bank Rakyat Indonesia Persero Tbk PT 3,561,000 $3,611,439
Bayerische Motoren Werke AG 22,605 $2,826,659
Becton Dickinson and Co. 28,087 $4,033,012
Beijing Capital Land, Ltd. 5,172,000 $3,197,556
BlackRock MuniVest Fund, Inc. 62,300 $632,345
BlackRock MuniYield Fund, Inc. 44,100 $669,438
Bolsas y Mercados Espanoles SHMSF SA 53,144 $2,364,197
Brembo S.p.A. 97,235 $3,963,901
Bumi Serpong Damai Tbk PT 9,679,000 $1,576,016
CapitaMall Trust 781,000 $1,250,175
Cardinal Health, Inc. 49,302 $4,450,492
CBS Corp. (Class B) 24,600 $1,491,498
Cheung Kong Infrastructure Holdings, Ltd. 333,000 $2,859,803
China Aircraft Leasing Group Holdings, Ltd. 1,066,000 $1,483,619
China CNR Corp, Ltd. 2,710,000 $3,901,212
China Construction Bank Corp. 1,366,000 $1,135,131
China Everbright, Ltd. 1,024,000 $2,672,133
China Galaxy Securities Co, Ltd. 1,333,500 $1,525,670
China Machinery Engineering Corp. 824,000 $849,996
China Medical System Holdings, Ltd. 2,945,000 $4,533,987
China Merchants Bank Co, Ltd. 992,500 $2,426,247
China Overseas Land & Investment, Ltd. 640,000 $2,070,115
China Railway Construction Corp, Ltd. 2,460,000 $3,676,656
China Railway Group, Ltd. 3,282,000 $3,347,955
China Resources Gas Group, Ltd. 16,000 $49,641
China Resources Land, Ltd. 1,284,000 $3,618,829
China Singyes Solar Technologies Holdings, Ltd. 1,835,703 $2,506,822
Chocoladefabriken Lindt & Sprungli AG 66 $353,443
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,066,653
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 119,838 $119,688
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 179,756 $179,792
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $2,974,378
Costco Wholesale Corp. 19,549 $2,961,576
CSX Corp. 24,604 $814,884
CVS Health Corp. 66,323 $6,845,197
Daimler AG 23,187 $2,231,361
Daito Trust Construction Co, Ltd. 9,800 $1,096,240
Danske Bank A/S 142,367 $3,753,986
Deutsche Annington Immobilien SE 21,147 $713,920
Deutsche Euroshop AG 33,465 $1,662,173
Deutsche Wohnen AG 104,580 $2,679,496
Disco Corp. 14,300 $1,462,838
Dollar General Corp. 39,447 $2,973,515
Dongjiang Environmental Co, Ltd. 546,000 $2,179,388
EVA Precision Industrial Holdings, Ltd. 9,840,000 $2,950,304
Faurecia 17,149 $749,772
First Gulf Bank PJSC 1,621,454 $6,431,063
First Republic Bank/CA 12,125 $692,216
Forbo Holding AG 1,051 $1,249,425
Fosun International, Ltd. 431,000 $835,356
FUJIFILM Holdings Corp. 31,400 $1,118,330
Fuji Heavy Industries, Ltd. 22,200 $738,081
Fujitsu, Ltd. 277,000 $1,890,563
Georg Fischer AG 1,852 $1,264,619
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 21,086,000 $19,197,485
Great Portland Estates Plc 116,874 $1,406,990
Green Real Estate Investment Trust plc 872,328 $1,510,420
GS Mortgage Securities Corp II Series 2005-GG4 REMICS, 4.782%, 7/10/39 3,000,000 $2,523,195
GT Capital Holdings, Inc. 24,740 $739,216
Gt Capital Holdings Inc Rights Rts 24,740 $55
Guggenheim S&P Global Water Index ETF 34,734 $979,151
Haitong Securities Co, Ltd. 826,400 $2,012,711
Halliburton Co. 25,589 $1,122,845
Hammerson Plc 138,501 $1,366,426
Hanesbrands, Inc., 6.375%, 12/15/20 1,943,000 $2,098,480
Hatton National Bank Plc 1,440,794 $2,404,995
HCL Technologies, Ltd. 120,598 $1,901,549
Hera S.p.A. 302,252 $709,531
Hitachi High-Technologies Corp. 40,200 $1,227,402
Honeywell International, Inc. 39,893 $4,161,239
Hoshizaki Electric Co, Ltd. 7,500 $489,019
Housing Development Finance Corp, Ltd. 120,728 $2,548,869
Hoya Corp. 37,300 $1,496,190
Huntington Ingalls Industries, Inc. 20,876 $2,925,771
Illinois Tool Works, Inc. 40,743 $3,957,775
INC Research Holdings, Inc. 48,550 $1,589,042
Inditex SA 12,232 $391,856
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 2,566,000 $2,998,763
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 2,242,000 $2,898,906
Indonesia Treasury Bond, 5.625%, 5/15/23 26,832,000,000 $1,877,426
Industria Macchine Automatiche S.p.A. 48,887 $2,299,173
Ingersoll-Rand Plc 27,495 $1,871,860
Interroll Holding AG 1,324 $748,619
Invesco, Ltd. 89,862 $3,566,623
Iriso Electronics Co, Ltd. 23,300 $1,634,651
Japan Airlines Co, Ltd. 67,300 $2,097,590
Japara Healthcare, Ltd. 748,546 $1,532,277
Johnson Controls, Inc. 37,608 $1,896,948
Jones Lang LaSalle, Inc. 5,100 $869,040
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 2,384,000 $2,404,575
Jupiter Fund Management Plc 122,461 $742,542
Ju Teng International Holdings, Ltd. 1,788,000 $1,041,886
Kaba Holding AG 2,926 $1,760,333
Kangda International Environmental Co, Ltd. 5,446,000 $2,391,229
Kasikornbank PCL 319,800 $2,244,038
Keppel Real Estate Investment Trust 708 $619
Keyence Corp. 5,200 $2,840,170
Kinross Gold Corp., 5.125%, 9/1/21 14,500,000 $13,930,873
Kinross Gold Corp., 5.95%, 3/15/24 1,850,000 $1,718,118
KKR & Co LP 135,713 $3,095,614
Krones AG 7,457 $775,739
Krung Thai Bank PCL 3,741,300 $2,619,025
KWG Property Holding, Ltd. 1,900,000 $1,348,901
L-3 Communications Holdings, Inc. 8,337 $1,048,711
Lam Research Corp. 35,829 $2,516,450
Largan Precision Co, Ltd. 25,000 $2,145,848
Leonteq AG 12,907 $4,403,700
LISI 24,078 $654,492
Lonza Group AG 13,100 $1,635,422
Lukoil International Finance BV, 4.563%, 4/24/23 (144A) 3,640,000 $3,145,323
Lukoil International Finance BV, 6.125%, 11/9/20 (144A) 4,200,000 $4,143,971
Makalot Industrial Co, Ltd. 106,000 $762,215
Man Wah Holdings, Ltd. 2,224,000 $2,132,975
Mapletree Greater China Commercial Trust 2,541,000 $1,924,059
Mapletree Industrial Trust 794,700 $914,157
Mapletree Logistics Trust 458,000 $415,226
Market Vectors Vietnam ETF 119,015 $2,008,973
Marriott International, Inc./MD 49,133 $3,946,363
MasterCard, Inc. 39,281 $3,393,486
May15 Dax C @ 12500.000000 750 $475,198
May15 Hscei C @ 12600 1,200 $2,623,534
May15 Sx5e C @ 3850.000000 1,500 $369,039
Megaworld Corp. 25,618,000 $3,109,883
Melia Hotels International SA 90,928 $1,119,266
Merlin Properties Socimi SA 222,589 $3,031,918
Metropolitan Bank & Trust Co. 674,680 $1,472,267
Mexican Bonos, 10.0%, 12/5/24 42,083,800 $3,663,025
MGM Resorts International, 6.625%, 12/15/21 5,523,000 $6,006,991
Minebea Co, Ltd. 251,000 $3,965,646
Mitsubishi Electric Corp. 286,000 $3,403,791
Mitsubishi Estate Co, Ltd. 109,000 $2,529,871
Mitsubishi UFJ Financial Group, Inc. 234,900 $1,454,333
Mitsui Fudosan Co, Ltd. 104,000 $3,056,378
Moncler S.p.A. 178,153 $2,983,927
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,101,577
Murata Manufacturing Co, Ltd. 22,100 $3,044,586
My EG Services Bhd 2,615,900 $1,965,354
Nam Cheong, Ltd. 2,634,000 $583,708
National Development Bank Plc 745,006 $1,389,619
New Zealand Government Bond, 5.5%, 4/15/23 8,421,000 $7,461,130
Next Plc 9,623 $1,003,439
Nordea Bank AB 113,859 $1,386,681
Northrop Grumman Corp. 45,913 $7,390,156
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,045,525
Novartis AG 24,332 $2,404,686
Novelis, Inc., Initial Term Loan, 3/10/17 239,385 $239,510
NSK, Ltd. 283,000 $4,140,578
Pakuwon Jati Tbk PT 35,135,300 $1,380,929
PAX Global Technology, Ltd. 5,297,000 $5,533,573
PChome Online, Inc. 60,000 $782,682
Pembangunan Perumahan Persero Tbk PT 4,274,600 $1,236,612
PepsiCo, Inc. 54,797 $5,239,689
PICC Property & Casualty Co, Ltd. 370,000 $732,295
Pioneer Custom Basket Usd Buy -7,008,544 $-41,868
Pioneer Custom Basket Usd Buy -8,005,378 $-4,861
Power Finance Corp, Ltd. 250,833 $1,090,956
PowerShares Buyback Achievers Portfolio 478,283 $23,584,135
PPG Industries, Inc. 19,954 $4,500,425
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $4,041,867
PTC India Financial Services, Ltd. 721,366 $639,668
Puregold Price Club, Inc. 780,400 $724,979
Raytheon Co. 56,392 $6,160,826
RHOEN-KLINIKUM AG 28,118 $698,703
Rockwell Automation, Inc. 19,932 $2,311,913
Rockwell Collins, Inc. 59,291 $5,724,546
Royal Bafokeng Platinum, Ltd. 612,177 $2,617,002
Russian Federal Bond - OFZ, 7.6%, 7/20/22 264,882,000 $3,671,752
Russian Foreign Bond - Eurobond, 12.75%, 6/24/28 4,630,000 $7,293,149
Russian Foreign Bond - Eurobond, 3.5%, 1/16/19 (144A) 23,600,000 $22,828,083
Safran SA 40,818 $2,850,214
Samsung Electronics Co, Ltd. 1,715 $2,224,282
Sandvik AB 133,921 $1,495,924
Schmolz + Bickenbach AG 388,541 $379,156
Secom Co, Ltd. 55,900 $3,735,515
Sekisui Chemical Co, Ltd. 290,000 $3,765,974
Sheng Siong Group, Ltd. 2,037,800 $1,187,286
Shine Corporate, Ltd. 311,841 $772,369
Shire Plc (A.D.R.) 23,150 $5,539,564
Sinko Industries, Ltd. 69,800 $743,795
Sonova Holding AG 10,546 $1,461,656
Sony Corp. 81,000 $2,165,418
SPDR S&P Euro Dividend Aristocrats UCITS ETF 152,405 $3,626,942
SPDR S&P Global Dividend Aristocrats ETF 66,984 $2,184,100
SPDR S&P UK Dividend Aristocrats UCITS ETF 219,314 $4,221,431
SPDR S&P US Dividend Aristocrats UCITS ETF 332,234 $13,361,469
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,734,868
Starwood Hotels & Resorts Worldwide, Inc. 35,964 $3,002,994
Starwood Property Trust, Inc. 93,104 $2,262,427
Starwood Waypoint Residential Trust 11,502 $297,327
Sumitomo Mitsui Financial Group, Inc. 55,300 $2,118,967
Sumitomo Realty & Development Co, Ltd. 83,000 $2,988,697
Summarecon Agung Tbk PT 4,969,200 $652,102
Sunac China Holdings, Ltd., 9.375%, 4/5/18 1,400,000 $1,450,167
Swire Pacific, Ltd. 59 $802
TAG Immobilien AG 91,569 $1,264,205
Target Corp. 30,312 $2,487,706
TDK Corp. 24,700 $1,755,453
Teleperformance 20,529 $1,405,950
Tencent Holdings, Ltd. 158,200 $2,990,617
Terna Rete Elettrica Nazionale S.p.A. 167,203 $735,552
The Blackstone Group LP 93,138 $3,622,137
The British Land Co Plc 56,462 $697,142
The Kroger Co. 32,826 $2,516,441
The Sherwin-Williams Co. 7,700 $2,190,650
The Siam Commercial Bank PCL 137,200 $753,066
The Toro Co. 48,944 $3,431,953
The Valspar Corp. 33,632 $2,826,097
The Walt Disney Co. 32,205 $3,377,982
THK Co, Ltd. 27,800 $708,067
Time Warner, Inc. 52,872 $4,464,512
Tokyo Tatemono Co, Ltd. 407,000 $2,982,633
Totetsu Kogyo Co, Ltd. 129,200 $2,889,240
Trswap: Hsaudi15 Index Usd Buy -9,329,784 $-1,220,024
Union Pacific Corp. 40,182 $4,352,112
United Overseas Bank, Ltd. 146 $2,444
United Technologies Corp. 37,902 $4,442,114
Valora Holding AG 1,650 $367,264
Vipshop Holdings, Ltd. (A.D.R.) 188,825 $5,559,008
Wasion Group Holdings, Ltd. 4,390,000 $5,300,456
Waskita Karya Persero Tbk PT 15,136,700 $2,055,713
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $169,510
Wyndham Worldwide Corp. 34,609 $3,131,076
Xinyi Glass Holdings, Ltd. 1,186,000 $739,668
Xinyi Solar Holdings, Ltd. 12,822,000 $3,969,204
Yes Bank, Ltd. 85,085 $1,107,113
Zhuzhou CSR Times Electric Co, Ltd. 923,500 $6,050,290

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.