Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 2/28/2014
Default: sorted by market value

Security Name Par / Shares Market Value
Aberdeen Asia-Pacific Income Fund, Inc. 865,010 $5,226,390
ACE, Ltd. 45,154 $4,419,222
Actelion, Ltd. 55,073 $5,835,461
Adaro Indonesia PT, 7.625%, 10/22/19 (144A) 2,900,000 $3,160,486
Adobe Systems, Inc. 65,158 $4,470,490
Aeropuertos Argentina 2000 SA, 10.75%, 12/1/20 (144A) 726,000 $631,293
Aeropuertos Dominicanos Siglo XXI SA, 9.25%, 11/13/19 (144A) 3,000,000 $2,528,250
Afren Plc 450,010 $1,227,201
Agile Property Holdings, Ltd., 8.875%, 4/28/17 (144A) 3,000,000 $3,177,219
Airbus Group NV 114,595 $8,443,661
Airtac International Group 219,000 $2,241,771
Aitken Spence Hotel Holdings Plc 141,699 $78,740
Akbank TAS, 5.0%, 10/24/22 (144A) 6,100,000 $5,841,597
Alam Sutera Realty Tbk PT 77,340,500 $3,845,196
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,380,000 $3,508,440
Alliance Global Group, Inc. 8,896,361 $5,980,764
Allianz SE 46,772 $8,379,288
Al Noor Hospitals Group Plc 75,424 $1,126,388
Alps Electric Co, Ltd. 253,600 $3,278,045
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 (144A) 5,000,000 $5,289,132
American Express Co. 49,686 $4,535,338
AmerisourceBergen Corp. 88,274 $5,989,391
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 5,300,000 $4,881,739
AngloGold Ashanti Holdings Plc, 5.375%, 4/15/20 4,900,000 $4,925,997
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 6,000,000 $6,665,167
Anhui Conch Cement Co, Ltd. 543,000 $1,973,774
Anton Oilfield Services Group/Hong Kong 4,910,000 $3,399,572
Apple, Inc. 6,220 $3,273,213
Aquarius Platinum, Ltd., 4.0%, 12/18/15 1,400,000 $1,131,356
Aramex PJSC 220,904 $190,366
Ascendas Real Estate Investment Trust 1,323,773 $2,256,583
Aspen Pharmacare Holdings, Ltd. 47,761 $1,211,974
Australia Government Bond, 2.75%, 4/21/24 7,000,000 $5,651,656
Avago Technologies, Ltd. 51,314 $3,166,074
Aviva Plc 292,409 $2,319,892
Ayala Corp. 182,870 $2,360,264
Baidu, Inc. (A.D.R.) 22,878 $3,910,537
Ball Corp., 5.0%, 3/15/22 5,500,000 $5,805,556
Banco Bilbao Vizcaya Argentaria SA, Floating Rate Note, 12/31/49 (Perpetual) 5,000,000 $5,452,500
Bangkok Bank PCL Hong Kong, 4.8%, 10/18/20 (144A) 1,990,000 $2,088,744
Bank Mandiri Persero Tbk PT 5,626,500 $4,427,433
Bank of China Hong Kong, Ltd., 5.55%, 2/11/20 (144A) 1,800,000 $1,937,645
Bank of East Asia, Ltd., 6.125%, 7/16/20 4,375,000 $4,812,597
Bank Rakyat Indonesia Persero Tbk PT 4,057,500 $3,252,187
Bayer AG 16,360 $2,324,472
BDO Unibank, Inc. 2,725,405 $5,135,855
Becton Dickinson and Co. 24,167 $2,784,522
Beiersdorf AG 10,910 $1,115,297
Beijing Enterprises Holdings, Ltd. 316,000 $3,025,596
Beijing Enterprises Water Group, Ltd. 10,075,311 $7,241,112
Beijing Jingneng Clean Energy Co, Ltd. 11,092,075 $6,720,214
BHP Billiton, Ltd. 64,107 $2,207,895
BlackRock MuniVest Fund, Inc. 62,300 $591,850
BlackRock MuniYield Fund, Inc. 44,100 $599,319
Blackstone Group LP 352,625 $11,760,044
Blackstone Holdings Finance Co LLC, 4.75%, 2/15/23 (144A) 1,556,000 $1,663,149
Blue Label Telecoms, Ltd. 1,805,567 $1,527,125
BM&FBovespa SA 281,223 $1,208,155
BNP Paribas SA 40,984 $3,359,031
Bollore SA 5,737 $3,540,787
Brembo S.p.A. 125,671 $3,794,520
Brilliance China Automotive Holdings, Ltd. 2,732,000 $4,154,456
Calpine Corp., 7.875%, 1/15/23 (144A) 2,000,000 $2,270,125
Canadian National Railway Co. 42,256 $2,389,154
Canadian Pacific Railway, Ltd. 23,399 $3,673,643
Cardinal Health, Inc. 40,479 $2,895,463
CBOE Holdings, Inc. 123,948 $6,696,910
CBS Corp. (Class B) 88,383 $5,928,732
Celanese US Holdings LLC, 4.625%, 11/15/22 4,500,000 $4,573,469
Celanese US Holdings LLC, 5.875%, 6/15/21 2,500,000 $2,724,757
Cementir Holding S.p.A. 136,710 $1,177,731
Cheung Kong Infrastructure Holdings, Ltd. 354,000 $2,311,814
China Everbright International, Ltd. 1,594,000 $2,350,193
China Gas Holdings, Ltd. 2,526,000 $3,958,971
China Lodging Group, Ltd. (A.D.R.) 203,414 $5,728,138
China Medical System Holdings, Ltd. 3,054,399 $3,932,435
China Merchants Finance Co, Ltd., 5.0%, 5/4/22 2,900,000 $2,964,296
China Railway Resources Huitung, Ltd., 3.85%, 2/5/23 3,000,000 $2,807,594
China Resources Gas Group, Ltd. 838,000 $2,941,006
China Singyes Solar Technologies Holdings, Ltd. 1,787,703 $2,178,879
China State Construction International Holdings, Ltd. 2,012,770 $3,459,642
China Suntien Green Energy Corp, Ltd. 13,074,149 $5,534,595
China WindPower Group, Ltd. 17,570,000 $1,708,152
Chow Tai Fook Jewellery Group, Ltd. 2,013,600 $3,529,850
Christian Dior SA 11,197 $2,208,236
Cie Generale des Etablissements Michelin 41,924 $5,119,820
CIMC Enric Holdings, Ltd. 2,726,840 $4,204,540
Citizen Holdings Co, Ltd. 277,900 $2,286,383
Clariant AG 175,076 $3,585,527
Comcast Corp. 103,915 $5,371,366
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $2,981,931
Commercial Bank of Ceylon Plc 2,799,820 $2,461,599
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 121,358 $121,813
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 182,037 $183,061
Compass Minerals International, Inc., 8.0%, 6/1/19 4,500,000 $4,826,250
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $3,119,044
CONSOL Energy, Inc., 8.0%, 4/1/17 1,500,000 $1,615,625
CoreSite Realty Corp., 7.25%, 12/31/49 (Perpetual) 94,999 $2,290,426
Covidien Plc 82,375 $5,926,881
CRCC Yuxiang, Ltd., 3.5%, 5/16/23 3,000,000 $2,776,777
Credicorp, Ltd. 14,523 $1,887,990
Credit Suisse First Boston Mortgage Securities Corp., 4.898%, 3/15/36 (144A) 2,000,000 $1,666,396
Credit Suisse Group Guernsey I, Ltd., Floating Rate Note, 2/24/41 5,000,000 $5,461,406
Ctrip.com International, Ltd. (A.D.R.) 82,641 $4,463,440
CVS Caremark Corp. 7,976 $583,365
Del Monte Pacific, Ltd. 5,757,464 $2,914,181
Denso Corp. 51,500 $2,771,860
Discover Financial Services 210,975 $12,105,746
East Lane Re, Ltd., Floating Rate Note, 3/13/15 (Cat Bond) (144A) 400,000 $418,662
Ecolab, Inc. 46,898 $5,053,260
Emaar Properties PJSC 1,404,044 $3,498,673
Emperador, Inc. 8,306,400 $2,186,016
ETFS Physical Precious Metal Basket Shares 74,750 $5,365,555
Ezion Holdings, Ltd. 2,454,675 $4,364,252
Falck Renewables S.p.A. 895,437 $1,729,715
Fantasia Holdings Group Co, Ltd. 6,636,000 $1,156,024
First Gulf Bank PJSC 824,396 $5,011,133
First Potomac Realty Trust, 7.75%, 12/31/49 (Perpetual) 95,999 $2,382,695
Forgame Holdings, Ltd. 360,600 $2,461,947
Fortescue Metals Group, Ltd. 440,727 $2,147,814
Frontier Communications Corp., 7.125%, 1/15/23 5,500,000 $5,814,589
FUJIFILM Holdings Corp. 146,300 $4,224,836
Fuji Heavy Industries, Ltd. 192,400 $5,220,931
Fujitsu, Ltd. 457,000 $2,857,944
Gazprom OAO Via Gaz Capital SA, 6.51%, 3/7/22 (144A) 2,153,000 $2,360,689
Geberit AG 10,309 $3,240,980
Georg Fischer AG 2,867 $2,296,936
Givaudan SA 2,195 $3,442,572
Glenmark Pharmaceuticals, Ltd. 563,807 $5,207,819
GOME Electrical Appliances Holding, Ltd. 26,779,000 $4,479,639
Grand Korea Leisure Co, Ltd. 144,180 $5,956,923
Great Wall Motor Co, Ltd. 467,385 $2,139,253
Greene King Plc 73,044 $1,125,267
Grifols SA 21,196 $1,206,366
GS Mortgage Securities Corp II Series 2005-GG4, 4.782%, 7/10/39 3,000,000 $3,090,522
Halliburton Co. 99,044 $5,645,508
Harman International Industries, Inc. 12,473 $1,306,297
Hatton National Bank Plc 2,409,956 $2,804,616
Hellenic Republic Government Bond, 2.0%, 2/24/23 (Step) 8,100,000 $8,654,324
Hitachi, Ltd. 141,000 $1,116,483
Hitachi Kokusai Electric, Inc. 302,000 $4,097,218
Honeywell International, Inc. 43,024 $4,063,187
Hon Hai Precision Industry Co, Ltd. 1,212,000 $3,356,882
Hotel Shilla Co, Ltd. 62,320 $4,876,313
Howden Joinery Group Plc 175,219 $1,117,152
Huntington Ingalls Industries, Inc. 39,757 $4,028,577
Hyundai Motor Co. 5,116 $1,177,755
Indocement Tunggal Prakarsa Tbk PT 1,558,000 $3,018,675
Indonesia Treasury Bond, 8.375%, 3/15/24 161,081,000,000 $14,460,723
Industrial & Commercial Bank of China Asia, Ltd., 5.125%, 11/30/20 3,800,000 $4,055,914
Ingersoll-Rand Plc 94,036 $5,749,361
Intercorp Financial Services, Inc. 59,814 $1,899,095
Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A) 2,000,000 $2,249,528
Ireland Government Bond, 3.9%, 3/20/23 6,750,000 $10,429,883
Iriso Electronics Co, Ltd. 35,200 $1,771,742
Japanese Government CPI Linked Bond, 0.1%, 9/10/23 1,044,500,000 $11,074,058
Johnson & Johnson 25,282 $2,328,978
JPMorgan Chase & Co., 5.0%, 12/20/18 -52,000,000 $-4,714,487
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7, Floating Rate Note, 4/15/45 2,384,000 $2,457,286
Jupiter Fund Management Plc 330,209 $2,411,876
Ju Teng International Holdings, Ltd. 4,850,738 $3,707,598
Kennedy-Wilson, Inc., 8.75%, 4/1/19 5,000,000 $5,632,292
Keppel Corp, Ltd. 137,000 $1,132,362
Keppel Real Estate Investment Trust 708 $656
Keyence Corp. 2,600 $1,119,662
King Yuan Electronics Co, Ltd. 3,910,000 $3,165,971
Kinross Gold Corp., 5.125%, 9/1/21 9,000,000 $9,156,105
Kinross Gold Corp., 5.95%, 3/15/24 (144A) 1,850,000 $1,855,237
KKR & Co LP 413,817 $9,989,542
KKR Group Finance Co LLC, 6.375%, 9/29/20 (144A) 3,000,000 $3,555,761
Korean Reinsurance Co. 1,922 $20,114
Kunlun Energy Co, Ltd. 668,000 $1,190,188
Labixiaoxin Snacks Group, Ltd. 2,325,000 $1,768,662
LaSalle Hotel Properties, 7.5%, 12/31/49 (Perpetual) 91,866 $2,319,617
Las Vegas Sands Corp. 72,694 $6,197,164
Legg Mason, Inc. 49,466 $2,273,457
Leisure & Resorts World Corp. 10,518,800 $1,952,822
Lifestyle Properties Development, Ltd. 23,825 $4,663
Lincoln National Corp. 122,178 $6,124,783
Lippo Cikarang Tbk PT 1,337,000 $852,315
Lithuania Government International Bond, 6.125%, 3/9/21 (144A) 6,300,000 $7,458,973
LVMH Moet Hennessy Louis Vuitton SA 11,758 $2,180,362
Macquarie Group, Ltd., 6.0%, 1/14/20 (144A) 4,000,000 $4,500,173
Makalot Industrial Co, Ltd. 424,000 $2,333,866
Mandom Corp. 71,200 $2,425,652
Man Wah Holdings, Ltd. 2,192,497 $3,821,342
Mar14 Nky C @ 15125 300 $464,214
Market Vectors Gold Miners ETF 128,179 $3,317,273
Market Vectors Vietnam ETF 66,171 $1,446,498
Marriott International, Inc./DE 127,588 $6,919,097
Mayora Indah Tbk PT 66,000 $171,388
Mazda Motor Corp. 1,028,197 $4,970,133
Megaworld Corp. 43,419,000 $4,094,622
MEIJI Holdings Co, Ltd. 17,000 $1,122,459
Melco Crown Philippines Resorts Corp. 11,396,869 $3,320,106
Mexican Bonos, 8.0%, 6/11/20 187,518,900 $16,079,265
MGM Resorts International 99,364 $2,737,478
Minebea Co, Ltd. 459,000 $4,073,940
Mitsubishi Electric Corp. 415,000 $4,933,426
Mitsubishi Motors Corp. 349,800 $3,877,727
Mitsui & Co, Ltd. 253,200 $3,900,316
Mitsui Fudosan Co, Ltd. 86,000 $2,566,227
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,078,285
Muenchener Rueckversicherungs AG 13,095 $2,870,592
Nabtesco Corp. 98,300 $2,470,098
Nampak, Ltd. 335,047 $1,150,622
National Development Bank Plc 1,045,803 $1,435,796
New China Life Insurance Co, Ltd. 1,389,800 $4,380,158
Newocean Energy Holdings, Ltd. 5,118,244 $4,805,091
New Zealand Government Bond, 3.0%, 4/15/20 8,515,000 $6,739,293
Next Plc 42,408 $4,792,290
NGK Spark Plug Co, Ltd. 122,000 $2,753,827
Nippon Kayaku Co, Ltd. 143,000 $1,868,203
Nitori Holdings Co, Ltd. 28,600 $1,295,024
Noble Group, Ltd., 6.625%, 8/5/20 (144A) 3,000,000 $3,138,104
Nordea Bank AB 497,030 $7,120,404
Northrop Grumman Corp. 48,391 $5,856,763
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,052,282
Novelis, Inc. Georgia, 3/10/17 242,505 $244,064
Obrascon Huarte Lain SA, 7.625%, 3/15/20 6,300,000 $10,024,783
Omron Corp. 114,200 $4,817,274
OSIM International, Ltd. 576,000 $1,100,855
PACCAR, Inc. 55,309 $3,641,545
Paradise Entertainment, Ltd. 1,724,000 $1,390,849
Peabody Energy Corp., 6.0%, 11/15/18 3,200,000 $3,520,533
Pebblebrook Hotel Trust, 6.5%, 12/31/49 (Perpetual) 100,000 $2,210,000
Persimmon Plc 50,079 $1,211,314
Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A) 1,390,000 $1,548,769
Porr Ag 17,499 $966,790
Portugal Obrigacoes do Tesouro OT, 3.85%, 4/15/21 4,000,000 $5,608,886
PowerShares Buyback Achievers Portfolio 579,700 $25,158,980
PowerShares DB Agriculture Fund 420,000 $11,495,400
PPG Industries, Inc. 33,252 $6,577,911
ProShares Short MSCI Emerging Markets 38,638 $1,066,795
Prospect Capital Corp. 195,194 $2,154,942
Prospect Capital Corp., 5.5%, 8/15/16 3,150,000 $3,332,919
Prospect Capital Corp., 5.75%, 3/15/18 950,000 $1,035,751
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $3,854,501
Prudential Plc 193,334 $4,379,366
Qatar Electricity & Water Co. 76,148 $3,644,128
Qatar National Bank 95,994 $5,154,133
Qihoo 360 Technology Co, Ltd. (A.D.R.) 59,667 $6,540,697
Queen Street II Capital, Ltd., Floating Rate Note, 4/9/14 (Cat Bond) (144A) 300,000 $305,398
Rayonier, Inc. 120,177 $5,659,135
Reed Elsevier Plc 370,137 $5,678,037
Repsol SA 109,156 $2,741,983
Reynolds Group Issuer, Inc., 7.875%, 8/15/19 1,000,000 $1,108,500
Rhoen Klinikum AG 54,567 $1,759,124
Rightmove Plc 37,978 $1,763,144
Rockwell Automation, Inc. 53,339 $6,552,163
Rohm Co, Ltd. 66,200 $3,431,714
Romanian Government International Bond, 4.375%, 8/22/23 (144A) 8,500,000 $8,424,297
Ryman Hospitality Properties, Inc. 54,024 $2,279,273
Sands China, Ltd. 587,600 $4,932,526
Santander Issuances SAU, Floating Rate Note, 9/30/19 3,600,000 $4,989,564
Sanyo Special Steel Co, Ltd. 883,000 $3,639,408
Sappi Papier Holding GmbH, 6.625%, 4/15/21 (144A) 1,000,000 $1,045,028
Sapurakencana Petroleum Bhd 2,802,200 $3,788,273
Sarine Technologies, Ltd. 1,724,478 $3,076,134
Schroders Plc 74,981 $3,403,051
Secom Co, Ltd. 62,892 $3,556,845
Sekisui House, Ltd. 263,300 $3,306,115
SJM Holdings, Ltd. 1,435,500 $4,638,248
SK Hynix, Inc. 159,070 $5,798,330
Smurfit Kappa Acquisitions, 7.75%, 11/15/19 (144A) 2,000,000 $3,037,723
Sonova Holding AG 23,788 $3,364,617
SPDR S&P Euro Dividend Aristocrats UCITS ETF 20,600 $556,810
SPDR S&P UK Dividend Aristocrats UCITS ETF 25,744 $582,955
Stanley Electric Co, Ltd. 50,000 $1,150,216
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,727,253
Starwood Hotels & Resorts Worldwide, Inc. 42,674 $3,518,898
Starwood Property Trust, Inc. 93,104 $2,236,358
Starwood Waypoint Residential Trust 11,502 $311,819
St Jude Medical, Inc. 69,867 $4,703,446
St Shine Optical Co, Ltd. 42,000 $1,166,572
Sumitomo Mitsui Financial Group, Inc. 146,700 $6,566,453
Sundrug Co, Ltd. 118,500 $4,782,112
SunPower Corp. 68,292 $2,262,514
Swire Pacific, Ltd. 59 $663
Swiss Life Holding AG 27,240 $6,775,772
Taiheiyo Cement Corp. 717,000 $2,526,700
Tarkett SA 83,540 $3,598,119
The Carlyle Group LP 31,548 $1,144,246
The Hershey Co. 62,659 $6,630,575
The Restaurant Group Plc 103,764 $1,166,158
Thermo Fisher Scientific, Inc. 58,110 $7,237,019
The Walt Disney Co. 75,260 $6,081,761
THK Co, Ltd. 168,000 $3,860,847
Tokyo Tatemono Co, Ltd. 119,000 $971,743
Trancom Co, Ltd. 32,400 $1,146,164
Travellers International Hotel Group, Inc. 299,080 $63,520
Turkey Government International Bond, 5.125%, 3/25/22 8,000,000 $8,157,667
UBS AG, 7.625%, 8/17/22 4,500,000 $5,353,300
United Overseas Bank, Ltd. 146 $2,370
United Photovoltaics Group, Ltd. 15,714,000 $2,862,422
Universal Robina Corp. 777,070 $2,439,877
USG People NV 34,273 $651,248
Valero Energy Corp. 21,905 $1,051,002
Verizon Communications, Inc. 45,313 $2,155,993
Viacom, Inc. (Class B) 72,753 $6,382,621
Vipshop Holdings, Ltd. (A.D.R.) 25,952 $3,408,017
Visa, Inc. 15,039 $3,397,912
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $333,099
Whitbread Plc 17,872 $1,342,377
Whiting Petroleum Corp., 6.5%, 10/1/18 350,000 $379,167
Wijaya Karya Persero Tbk PT 9,999,000 $1,853,718
William Hill Plc 177,323 $1,180,081
Xinyi Glass Holdings, Ltd. 8,450,975 $7,544,333
Youku Tudou, Inc. (A.D.R.) 34,445 $1,143,230
Yumeshin Holdings Co, Ltd. 398,568 $3,549,235
Zodiac Aerospace 106,625 $3,755,209
Zuiko Corp. 41,700 $2,209,761

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

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