Pioneer Flexible Opportunities Fund

Top 10 Portfolio Holdings as of 5/29/2015
Default: sorted by market value

Security Name Par / Shares Market Value
Abbott Laboratories 61,961 $3,011,305
ABS-CBN Holdings Corp. (G.D.R.) 345,760 $473,195
Adobe Systems, Inc. 36,148 $2,858,945
Aetna, Inc. 65,141 $7,684,684
AIA Group, Ltd. 124,400 $817,006
Air China, Ltd. 1,496,736 $1,830,252
Aitken Spence Hotel Holdings Plc 453,648 $276,296
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,866,400
Allianz SE 26,576 $4,167,449
Amada Holdings Co, Ltd. 165,700 $1,691,174
American International Group, Inc. 135,288 $7,929,230
AmerisourceBergen Corp. 14,239 $1,602,742
Amgen, Inc. 10,442 $1,631,667
Amphenol Corp. 73,020 $4,165,791
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 7,500,000 $7,409,310
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 7,000,000 $7,866,845
Apple, Inc. 37,864 $4,932,922
AP Thailand PCL 3,404,700 $708,048
Ascendas Real Estate Investment Trust 702,000 $1,248,179
Autohome, Inc. (A.D.R.) 23,699 $1,080,437
Axis Bank, Ltd. 232,428 $2,130,110
Ayala Corp. 191,820 $3,401,722
Ball Corp., 4.0%, 11/15/23 1,586,000 $1,531,151
Bank of Ireland 9,628,383 $3,685,554
Bank Rakyat Indonesia Persero Tbk PT 2,236,300 $1,987,633
Bayer AG 33,549 $4,760,103
Becton Dickinson and Co. 24,641 $3,462,307
Beijing Capital Land, Ltd. 5,172,000 $3,921,137
Beijing Enterprises Water Group, Ltd. 2,820,000 $2,381,497
Bitauto Holdings, Ltd. (A.D.R.) 18,910 $1,144,811
BlackRock MuniVest Fund, Inc. 62,300 $623,000
BlackRock MuniYield Fund, Inc. 44,100 $634,599
Brembo S.p.A. 97,235 $4,133,116
Bumi Serpong Damai Tbk PT 5,701,500 $819,492
CapitaLand Mall Trust 498,500 $800,769
Cardinal Health, Inc. 49,302 $4,346,957
CBS Corp. (Class B) 30,876 $1,905,667
Celgene Corp. 52,481 $6,005,926
Central Japan Railway Co. 13,800 $2,393,499
Cheung Kong Infrastructure Holdings, Ltd. 188,000 $1,550,441
China Aircraft Leasing Group Holdings, Ltd. 1,704,000 $3,018,916
China Airlines, Ltd. 1,751,000 $851,312
China Cinda Asset Management Co, Ltd. 1,987,000 $1,257,842
China CNR Corp, Ltd. 1,505,000 $3,078,460
China Communications Construction Co, Ltd. 914,000 $1,576,289
China Eastern Airlines Corp, Ltd. 2,334,000 $1,783,069
China Everbright, Ltd. 340,000 $1,352,265
China Everbright International, Ltd. 1,252,000 $2,373,254
China High Speed Transmission Equipment Group Co, Ltd. 3,295,000 $3,306,712
China Life Insurance Co, Ltd. 81,000 $389,047
China Longyuan Power Group Corp, Ltd. 995,000 $1,230,274
China Maple Leaf Educational Systems, Ltd. 4,100,523 $1,596,819
China Medical System Holdings, Ltd. 1,243,000 $2,073,982
China Overseas Land & Investment, Ltd. 924,000 $3,347,576
China Railway Construction Corp, Ltd. 861,000 $1,583,684
China Railway Group, Ltd. 1,232,000 $1,585,617
China Resources Land, Ltd. 1,498,000 $4,848,105
China Singyes Solar Technologies Holdings, Ltd. 1,905,703 $2,950,306
Chocoladefabriken Lindt & Sprungli AG 66 $349,450
CNOOC, Ltd. 1,308,000 $2,036,245
Comcast Corp. 27,980 $1,635,711
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,064,988
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 119,838 $119,713
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 179,756 $179,813
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $3,027,500
CSPC Pharmaceutical Group, Ltd. 2,866,000 $2,949,218
CT Environmental Group, Ltd. 1,600,000 $2,178,817
CVS Health Corp. 80,191 $8,209,955
Daiwa House Industry Co, Ltd. 73,400 $1,757,189
Dalian Wanda Commercial Properties Co, Ltd. 426,900 $3,498,891
Danske Bank A/S 55,448 $1,626,543
Deutsche Annington Immobilien SE 24,173 $765,601
Deutsche Euroshop AG 33,465 $1,620,369
Deutsche Wohnen AG 78,203 $1,905,295
Disco Corp. 32,100 $2,983,959
Dollar General Corp. 21,136 $1,534,262
Dongjiang Environmental Co, Ltd. 465,200 $2,783,441
East Japan Railway Co. 53,200 $4,853,126
Eli Lilly & Co. 43,201 $3,386,465
EVA Precision Industrial Holdings, Ltd. 3,768,000 $1,171,065
Evonik Industries AG 55,606 $2,076,676
FANUC Corp. 5,700 $1,253,339
First Gulf Bank PJSC 1,208,987 $4,794,630
First Republic Bank/CA 47,314 $2,864,863
Forbo Holding AG 1,299 $1,598,768
FUJIFILM Holdings Corp. 50,000 $1,908,422
Fuji Heavy Industries, Ltd. 90,600 $3,413,075
Gazprom OAO Via Gaz Capital SA, 3.85%, 2/6/20 (144A) 4,400,000 $4,178,643
Georg Fischer AG 2,181 $1,652,113
Gilead Sciences, Inc. 56,310 $6,321,924
Global Brands Group Holding, Ltd. 4,502,000 $1,010,215
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 21,086,000 $19,155,094
Gourmet Master Co, Ltd. 301,000 $1,538,956
Green Real Estate Investment Trust plc 872,328 $1,547,855
Guangzhou R&F Properties Co, Ltd. 1,604,800 $1,878,827
Guggenheim S&P Global Water Index ETF 41,792 $1,229,521
Hanesbrands, Inc., 6.375%, 12/15/20 1,943,000 $2,113,923
Harris Corp. 14,599 $1,156,533
Hatton National Bank Plc 1,383,569 $2,361,814
Hill-Rom Holdings, Inc. 70,155 $3,617,192
Hilton Worldwide Holdings, Inc. 84,085 $2,435,102
Hitachi Capital Corp. 33,400 $799,138
Hitachi Kokusai Electric, Inc. 28,000 $412,146
Honeywell International, Inc. 23,387 $2,436,925
Hoshizaki Electric Co, Ltd. 24,100 $1,481,688
Housing Development Finance Corp, Ltd. 61,084 $1,182,765
Huadian Power International Corp, Ltd. 2,798,000 $3,232,531
Huaneng Renewables Corp, Ltd. 3,652,000 $1,709,183
Huntington Ingalls Industries, Inc. 8,558 $1,061,106
Illinois Tool Works, Inc. 49,886 $4,680,803
Implenia AG 5,956 $372,569
INC Research Holdings, Inc. 84,501 $2,922,890
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 2,871,000 $3,293,127
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 2,242,000 $2,775,176
Industria Macchine Automatiche S.p.A. 28,072 $1,477,758
Interroll Holding AG 1,324 $850,944
Invesco, Ltd. 104,803 $4,174,303
iShares MSCI Sweden ETF 34,771 $1,180,823
Japan Airlines Co, Ltd. 22,600 $776,053
Japara Healthcare, Ltd. 748,546 $1,615,877
JD.com, Inc. (A.D.R.) 24,096 $811,553
Johnson & Johnson 23,724 $2,375,721
Johnson Controls, Inc. 40,381 $2,100,620
Jones Lang LaSalle, Inc. 19,336 $3,349,575
JPMorgan Chase & Co. 92,155 $6,061,956
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 2,384,000 $2,399,697
Jul15 Meu5 P @ 1870 1,500 $318,750
Jul15 Meu5 P @ 1950 -3,000 $-1,335,000
Jul15 Meu5 P @ 2030 1,500 $1,455,000
Jul15 Sx5e C @ 3675.000000 1,250 $775,780
Jul15 Sx5e C @ 3700.000000 1,500 $785,117
Jul15 Usu5 C @ 153 600 $2,250,000
Jul15 Usu5 C @ 156 900 $1,785,938
Jul15 Usu5 C @ 158 -1,200 $-1,443,750
Jul15 Usu5 C @ 161 -1,200 $-600,000
Jul15 Usu5 C @ 163 600 $168,750
Jul15 Usu5 C @ 166 900 $112,500
Jul15 Usu5 C @ 168 -600 $-46,875
Julius Baer Group, Ltd. 83,648 $4,570,133
Jun15 Hscei P @ 12800 1,000 $693,222
Jun15 Hscei P @ 13400 -2,000 $-3,159,802
Jun15 Hscei P @ 14000 1,000 $3,981,996
Juniper Networks, Inc. 61,746 $1,716,539
Kaba Holding AG 1,249 $785,048
Kangda International Environmental Co, Ltd. 4,452,000 $2,514,315
Kasikornbank PCL 466,500 $2,701,537
Keppel Corp, Ltd. 56,900 $368,484
Keppel Real Estate Investment Trust 708 $626
Keyence Corp. 7,000 $3,760,887
Kinross Gold Corp., 5.125%, 9/1/21 14,500,000 $14,859,240
Kinross Gold Corp., 5.95%, 3/15/24 1,850,000 $1,820,246
KKR & Co LP 70,612 $1,620,545
KWG Property Holding, Ltd. 3,876,000 $3,697,873
Lam Research Corp. 41,119 $3,382,038
Largan Precision Co, Ltd. 25,000 $2,763,858
Legg Mason, Inc. 95,873 $5,115,783
Leonteq AG 25,814 $4,764,603
Lexmark International, Inc. 36,538 $1,680,017
Lippo Cikarang Tbk PT 439,700 $360,224
Livzon Pharmaceutical Group, Inc. 112,700 $951,775
Longfor Properties Co, Ltd. 691,000 $1,138,726
Lonza Group AG 13,100 $1,844,694
Lukoil International Finance BV, 4.563%, 4/24/23 (144A) 3,640,000 $3,315,359
Lukoil International Finance BV, 6.125%, 11/9/20 (144A) 4,200,000 $4,356,865
Lukoil International Finance BV, 7.25%, 11/5/19 (144A) 4,500,000 $4,860,156
LVMH Moet Hennessy Louis Vuitton SE 4,478 $801,397
LyondellBasell Industries NV 23,081 $2,333,489
Makalot Industrial Co, Ltd. 106,000 $905,058
Mapletree Greater China Commercial Trust 2,541,000 $2,015,385
Mapletree Industrial Trust 404,500 $476,955
Market Vectors Vietnam ETF 119,015 $2,105,375
Marriott International, Inc./MD 60,102 $4,687,355
MasterCard, Inc. 39,281 $3,624,065
Medtronic Plc 72,852 $5,560,065
MEIJI Holdings Co, Ltd. 8,500 $962,534
Meritor, Inc. 119,194 $1,705,666
MGM Resorts International, 6.625%, 12/15/21 5,523,000 $6,104,929
Minebea Co, Ltd. 182,000 $3,343,114
Mitsubishi Electric Corp. 286,000 $3,905,309
Mitsubishi UFJ Financial Group, Inc. 234,900 $1,731,808
Moncler S.p.A. 188,689 $3,590,476
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,081,724
Murata Manufacturing Co, Ltd. 22,600 $3,668,110
Nam Cheong, Ltd. 2,634,000 $574,736
National Development Bank Plc 649,064 $1,332,846
NEC Corp. 349,000 $1,144,253
Nestle SA 25,573 $1,987,043
New China Life Insurance Co, Ltd. 518,500 $3,302,852
New York Community Bancorp, Inc. 46,363 $822,480
Next Plc 32,979 $3,795,923
Nordea Bank AB 113,859 $1,482,816
Northrop Grumman Corp. 45,913 $7,308,431
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,032,582
Novartis AG 14,677 $1,510,729
Novelis, Inc., Initial Term Loan, 3/10/17 239,385 $239,599
NSK, Ltd. 261,000 $4,280,852
NS Solutions Corp. 12,400 $399,479
Occidental Petroleum Corp. 25,072 $1,960,380
PACCAR, Inc. 49,964 $3,175,712
Pakuwon Jati Tbk PT 25,097,600 $836,824
PAX Global Technology, Ltd. 3,011,000 $5,444,669
PChome Online, Inc. 50,000 $724,595
Pembangunan Perumahan Persero Tbk PT 4,165,100 $1,262,691
PepsiCo, Inc. 29,110 $2,807,077
Petrobras Global Finance BV, 5.875%, 3/1/18 5,957,000 $6,184,991
Pioneer Custom Basket Usd Buy -16,769,748 $-272,639
Pioneer Custom Basket Usd Buy -7,008,544 $-23,809
Pioneer Custom Basket Usd Buy -8,005,378 $15,964
Poly Property Group Co, Ltd. 1,286,000 $708,037
PowerShares Buyback Achievers Portfolio 478,283 $23,593,700
PPG Industries, Inc. 15,023 $3,438,614
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $3,947,671
PTC India Financial Services, Ltd. 1,186,882 $882,999
Publicis Groupe SA 47,731 $3,833,466
Ramsay Health Care, Ltd. 8,088 $392,004
Raytheon Co. 47,153 $4,869,019
Reckitt Benckiser Group Plc 22,822 $2,063,923
REN - Redes Energeticas Nacionais SGPS SA 532,832 $1,558,523
Reynolds American, Inc. 32,041 $2,459,147
Roche Holding AG 21,979 $6,472,285
Rockwell Automation, Inc. 25,470 $3,130,008
Rockwell Collins, Inc. 59,291 $5,643,910
Russian Foreign Bond - Eurobond, 12.75%, 6/24/28 2,879,000 $4,715,082
Russian Foreign Bond - Eurobond, 3.5%, 1/16/19 (144A) 23,600,000 $23,730,456
Safran SA 48,560 $3,437,353
Sberbank of Russia (A.D.R.) 901,440 $5,075,107
Schlumberger, Ltd. 42,841 $3,888,678
Secom Co, Ltd. 38,600 $2,570,652
Sheng Siong Group, Ltd. 1,749,200 $1,122,165
Shimano, Inc. 16,800 $2,378,103
Shimao Property Holdings, Ltd. 1,041,500 $2,234,556
Shine Corporate, Ltd. 407,678 $875,864
Shionogi & Co, Ltd. 47,100 $1,657,218
Shire Plc (A.D.R.) 16,092 $4,186,334
Shui On Land, Ltd. 3,884,500 $1,227,116
Sino Biopharmaceutical, Ltd. 676,000 $801,050
SPDR S&P Euro Dividend Aristocrats UCITS ETF 171,180 $4,125,907
SPDR S&P Global Dividend Aristocrats ETF 74,694 $2,440,807
SPDR S&P UK Dividend Aristocrats UCITS ETF 219,314 $4,449,486
SPDR S&P US Dividend Aristocrats UCITS ETF 275,596 $11,159,602
Spirit AeroSystems Holdings, Inc. 89,930 $4,909,279
Stanley Black & Decker, Inc. 15,967 $1,635,659
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,705,183
Starwood Property Trust, Inc. 93,104 $2,224,255
Starwood Waypoint Residential Trust 30,288 $763,863
Stroeer Media SE 20,004 $836,869
Sumitomo Realty & Development Co, Ltd. 83,000 $3,187,230
Summarecon Agung Tbk PT 4,755,000 $708,139
Sunac China Holdings, Ltd. 2,565,000 $3,008,354
Sunac China Holdings, Ltd., 9.375%, 4/5/18 1,400,000 $1,453,302
Swire Pacific, Ltd. 59 $792
Sysmex Corp. 29,200 $1,689,237
TAG Immobilien AG 91,569 $1,177,791
Takara Leben Co, Ltd. 132,700 $815,957
Target Corp. 41,179 $3,266,318
TDK Corp. 24,700 $1,964,901
Techtronic Industries Co, Ltd. 109,000 $374,529
Teleperformance 15,681 $1,160,589
Tencent Holdings, Ltd. 177,800 $3,553,040
Tenneco, Inc. 27,211 $1,597,830
Terna Rete Elettrica Nazionale S.p.A. 257,810 $1,229,427
Thales SA 19,483 $1,212,955
The Blackstone Group LP 93,138 $4,079,444
The Kroger Co. 61,065 $4,445,532
The Sherwin-Williams Co. 7,700 $2,218,986
The Toro Co. 48,944 $3,347,280
The Valspar Corp. 42,055 $3,509,910
The Walt Disney Co. 54,203 $5,982,385
Time Warner, Inc. 61,257 $5,174,991
Tokyo Tatemono Co, Ltd. 266,000 $2,057,744
Tosoh Corp. 192,000 $1,146,447
Totetsu Kogyo Co, Ltd. 104,500 $2,251,149
Trswap: Hsaudi15 Index Usd Buy -9,389,913 $31,409
UBS AG 191,568 $4,108,970
UBS Group AG 40,000 $860,733
UnitedHealth Group, Inc. 39,471 $4,744,809
United Overseas Bank, Ltd. 44,746 $767,168
United Technologies Corp. 45,018 $5,274,759
Valero Energy Corp. 54,370 $3,220,879
Valora Holding AG 1,650 $354,651
Vipshop Holdings, Ltd. (A.D.R.) 212,797 $5,313,541
Visa, Inc. 23,829 $1,636,576
Volvo AB 150,247 $1,956,999
Wasion Group Holdings, Ltd. 708,000 $1,094,304
Waskita Karya Persero Tbk PT 15,136,700 $1,942,760
Wells Fargo & Co. 72,318 $4,046,915
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $170,251
Wyndham Worldwide Corp. 44,593 $3,786,392
X5 Retail Group NV (G.D.R.) 59,640 $1,160,963
Xilinx, Inc. 17,265 $823,851
Xinchen China Power Holdings, Ltd. 1,698,000 $764,699
Xinjiang Goldwind Science & Technology Co, Ltd. 867,000 $2,123,870
Xinyi Glass Holdings, Ltd. 3,888,000 $2,342,258
Xinyi Solar Holdings, Ltd. 8,812,000 $4,124,279
Yes Bank, Ltd. 91,419 $1,263,275
Yuhan Corp. 3,767 $902,148
Yuzhou Properties Co, Ltd. 7,790,000 $2,169,460
Zhuzhou CSR Times Electric Co, Ltd. 564,000 $4,632,973

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.