Pioneer Multi-Asset Real Return Fund

Top 10 Portfolio Holdings as of 1/30/2015
Default: sorted by market value

Security Name Par / Shares Market Value
3M Co. 9,143 $1,483,909
Abbott Laboratories 33,274 $1,489,344
ABS-CBN Holdings Corp. (G.D.R.) 1,159,600 $1,308,229
Adhi Karya Persero Tbk PT 3,573,400 $1,036,010
Adobe Systems, Inc. 48,116 $3,374,375
Aetna, Inc. 74,220 $6,814,880
Aitken Spence Hotel Holdings Plc 453,648 $273,362
Ajinomoto Co, Inc. 43,000 $883,193
Akbank TAS 491,102 $1,796,159
Alam Sutera Realty Tbk PT 34,944,200 $1,631,100
Alam Synergy Pte, Ltd., 9.0%, 1/29/19 (144A) 3,600,000 $3,673,800
Almirall SA 97,985 $1,707,142
Alps Electric Co, Ltd. 113,400 $2,360,299
American Airlines 2013-1 Class C Pass Through Trust, 6.125%, 7/15/18 (144A) 5,000,000 $5,188,611
Amgen, Inc. 35,302 $5,375,083
Amphenol Corp. 68,340 $3,670,541
AngloGold Ashanti Holdings Plc, 5.125%, 8/1/22 6,000,000 $5,851,188
AngloGold Ashanti Holdings Plc, 8.5%, 7/30/20 7,000,000 $7,561,104
Anhui Conch Cement Co, Ltd. 507,000 $1,703,347
Anhui Expressway Co, Ltd. 2,192,000 $1,590,063
Apple, Inc. 43,180 $5,058,969
AP Thailand PCL 6,299,100 $1,232,474
Aquarius Platinum, Ltd. 6,513,518 $1,420,073
Aquarius Platinum, Ltd., 4.0%, 12/18/15 4,600,000 $4,437,978
Ascendas Real Estate Investment Trust 1,412,000 $2,565,405
Ascott Residence Trust 789,700 $737,715
Astra International Tbk PT 1,256,200 $773,839
AviChina Industry & Technology Co, Ltd. 2,336,000 $1,507,759
Aviva Plc 463,747 $3,683,323
Axis Bank, Ltd. 505,735 $4,783,697
Ayala Corp. 191,820 $3,139,135
Baidu, Inc. (A.D.R.) 36,023 $7,850,132
Ball Corp., 4.0%, 11/15/23 1,586,000 $1,581,550
Bank Mandiri Persero Tbk PT 3,798,700 $3,281,316
Bank Negara Indonesia Persero Tbk PT 6,189,500 $3,035,793
Bank of China, Ltd. 655,000 $365,376
Bank of Ireland 10,386,042 $3,129,077
Bank Rakyat Indonesia Persero Tbk PT 3,561,000 $3,264,154
Banregio Grupo Financiero SAB de CV 141,340 $734,873
Bayerische Motoren Werke AG 32,509 $3,794,138
BDO Unibank, Inc. 2,012,225 $5,193,776
Becton Dickinson and Co. 21,729 $3,000,340
Beijing Capital Land, Ltd. 5,172,000 $2,364,093
Beijing Enterprises Water Group, Ltd. 2,266,000 $1,492,702
Beijing Jingneng Clean Energy Co, Ltd. 1,776,000 $710,198
Bharat Heavy Electricals, Ltd. 184,641 $865,980
Bharti Airtel, Ltd. 259,499 $1,560,889
BlackRock MuniVest Fund, Inc. 62,300 $656,019
BlackRock MuniYield Fund, Inc. 44,100 $672,525
Bloomberry Resorts Corp. 1,368,100 $381,525
BOC Hong Kong Holdings, Ltd. 216,500 $757,050
Brembo S.p.A. 76,275 $2,680,815
Bumi Serpong Damai Tbk PT 2,316,600 $367,694
CapitaMall Trust 781,000 $1,205,807
Cardinal Health, Inc. 80,573 $6,702,868
Central Pattana PCL 272,100 $372,255
CESC, Ltd. 131,164 $1,535,059
Cheung Kong Infrastructure Holdings, Ltd. 333,000 $2,735,268
China Animal Healthcare, Ltd. 2,691,000 $1,809,722
China Biologic Products, Inc. 2,926 $199,378
China CNR Corp, Ltd. 2,693,500 $3,464,074
China Everbright, Ltd. 1,024,000 $2,201,425
China Everbright International, Ltd. 2,057,000 $3,029,310
China Fiber Optic Network System Group, Ltd. 3,104,000 $758,872
China Medical System Holdings, Ltd. 3,305,000 $5,676,267
China Overseas Land & Investment, Ltd. 1,294,000 $3,724,361
China Resources Land, Ltd. 1,284,000 $3,259,403
China Singyes Solar Technologies Holdings, Ltd. 1,835,703 $2,559,867
China State Construction International Holdings, Ltd. 2,792,770 $4,271,688
China Water Affairs Group, Ltd. 4,888,000 $2,292,832
CH Robinson Worldwide, Inc. 20,458 $1,457,019
CIFI Holdings Group Co, Ltd. 6,246,000 $1,253,798
Comcast Corp. 31,034 $1,649,302
COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46 3,000,000 $3,059,189
CommScope, Inc., Tranche 3 Term Loan, 1/21/17 120,142 $119,591
CommScope, Inc., Tranche 4 Term Loan, 1/14/18 180,213 $180,154
Concho Resources, Inc., 7.0%, 1/15/21 2,800,000 $2,955,711
Container Corp Of India, Ltd. 15,384 $347,430
Costco Wholesale Corp. 15,904 $2,274,113
CSPC Pharmaceutical Group, Ltd. 858,000 $722,359
CSX Corp. 88,761 $2,955,741
CT Environmental Group, Ltd. 738,000 $740,666
Cummins, Inc. 13,669 $1,906,279
CVS Health Corp. 66,323 $6,510,266
Daimler AG 16,790 $1,524,953
Daito Trust Construction Co, Ltd. 6,600 $732,391
Danske Bank A/S 58,022 $1,499,568
Deutsche Annington Immobilien SE 20,943 $728,353
Deutsche Euroshop AG 33,465 $1,551,352
Deutsche Wohnen AG 104,580 $2,723,901
DIC Asset AG 270,336 $2,829,222
DLF, Ltd. 297,592 $815,977
Dollar General Corp. 39,447 $2,645,316
Dongjiang Environmental Co, Ltd. 546,000 $1,890,785
EVA Precision Industrial Holdings, Ltd. 9,088,000 $2,158,131
FANUC Corp. 8,600 $1,443,403
Feb14 Nky P @ 15875 -1,600 $-142,979
Feb14 Sx5e C @ 3275 2,250 $2,920,664
Feb14 Sx5e P @ 2900 -3,250 $-187,173
Feb14 Sx5e P @ 3050 750 $94,010
Feb15 Dax C @ 11050.000000 2,000 $726,672
Feb15 Hscei C @ 12200 500 $451,485
Feb15 Hscei C @ 13000 -1,000 $-148,345
Feb15 Hscei C @ 13800 500 $9,675
Feb15 Hscei P @ 10200 800 $43,859
Feb15 Hscei P @ 11000 -1,600 $-593,380
Feb15 Hscei P @ 11800 800 $1,065,504
Feb15 Hscei P @ 21400 500 $16,124
Feb15 Hscei P @ 23000 -1,000 $-238,642
Feb15 Hscei P @ 24600 500 $1,307,693
Feb15 Meh5 C @ 2015 -1,250 $-1,393,750
Feb15 Meh5 C @ 2075 1,250 $243,750
Feb15 Meh5 C @ 2200 700 $3,500
Feb15 Meh5 P @ 1790 1,800 $373,500
Feb15 Meh5 P @ 1800 1,800 $409,500
Feb15 Meh5 P @ 1890 -3,600 $-2,196,000
Feb15 Meh5 P @ 1900 -3,600 $-2,466,000
Feb15 Meh5 P @ 1955 1,250 $1,593,750
Feb15 Meh5 P @ 1990 1,800 $3,384,000
Feb15 Meh5 P @ 2000 1,800 $3,762,000
Feb15 Meh5 P @ 2015 -1,250 $-3,056,250
Feb15 Nky P @ 15000.000000 800 $23,830
Feb15 Nky P @ 16750.000000 800 $330,213
Feb15 Spx C @ 2040.000000 700 $416,500
Feb15 Spx C @ 2120.000000 -1,400 $-45,500
Feb15 Spx P @ 1700.000000 3,273 $319,118
Feb15 Sx5e C @ 3200.000000 1,750 $3,410,899
Feb15 Sx5e C @ 3425.000000 -4,500 $-1,654,069
Feb15 Sx5e C @ 3575.000000 2,250 $101,633
February 11 Calls On Sx5e - Ix11496817-0-Fd40 - 3050 -1,750 $-6,130,133
February 11 Puts On Sx5e - Ix11496821-0-57c0 - 2750 2,500 $74,813
First Gulf Bank PJSC 1,717,952 $7,931,727
Forbo Holding AG 1,733 $1,676,484
Franshion Properties China, Ltd. 2,518,000 $737,371
Frasers Centrepoint Trust 282,000 $431,038
Fuji Heavy Industries, Ltd. 73,300 $2,628,644
G8 Education, Ltd. 663,936 $2,154,464
GEA Group AG 53,108 $2,412,307
Georg Fischer AG 1,184 $710,274
Glory, Ltd. 41,700 $1,094,543
Gold Fields Orogen Holdings BVI, Ltd., 4.875%, 10/7/20 (144A) 17,586,000 $15,835,094
Green Real Estate Investment Trust plc 514,847 $778,415
Grupo Bimbo SAB de CV 272,351 $695,260
GS Mortgage Securities Corp II Series 2005-GG4 REMICS, 4.782%, 7/10/39 3,000,000 $3,022,164
Guangdong Investment, Ltd. 1,106,000 $1,480,928
Guggenheim S&P Global Water Index ETF 34,734 $958,311
Hanesbrands, Inc., 6.375%, 12/15/20 1,943,000 $2,069,578
Hanson International Tbk PT 13,968,600 $780,971
Hatton National Bank Plc 1,798,579 $2,789,911
Hitachi, Ltd. 420,000 $3,174,148
Hitachi High-Technologies Corp. 40,200 $1,249,609
Hitachi Kokusai Electric, Inc. 56,000 $762,750
Honeywell International, Inc. 25,877 $2,529,736
Hoshizaki Electric Co, Ltd. 7,500 $379,497
Housing Development & Infrastructure, Ltd. 823,211 $1,483,466
Housing Development Finance Corp, Ltd. 173,376 $3,559,499
Huntington Ingalls Industries, Inc. 16,622 $1,938,125
ICICI Bank, Ltd. (A.D.R.) 166,363 $1,998,020
Idea Cellular, Ltd. 290,774 $726,072
Illinois Tool Works, Inc. 40,743 $3,792,766
INC Research Holdings, Inc. 48,550 $1,131,215
Indonesia Government International Bond, 5.875%, 1/15/24 (144A) 13,291,000 $15,419,037
Indonesia Government International Bond, 6.75%, 1/15/44 (144A) 6,620,000 $8,559,660
Indonesia Treasury Bond, 8.375%, 3/15/24 97,347,000,000 $8,588,960
Industria Macchine Automatiche S.p.A. 42,605 $1,877,706
Info Edge India, Ltd. 85,366 $1,161,344
Ingenico 22,138 $2,313,713
Interroll Holding AG 2,270 $1,158,237
Invesco, Ltd. 62,224 $2,285,488
iShares MSCI India ETF 25,340 $813,551
iShares MSCI Mexico Capped ETF 19,224 $1,081,350
Japan Airlines Co, Ltd. 45,500 $1,526,554
Japara Healthcare, Ltd. 1,389,569 $2,092,630
Johnson Controls, Inc. 62,451 $2,902,098
JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 REMICS, Floating Rate Note, 4/15/45 2,384,000 $2,387,605
Kaba Holding AG 2,926 $1,470,746
Kangda International Environmental Co, Ltd. 8,578,000 $3,789,746
Keppel Real Estate Investment Trust 708 $646
Keyence Corp. 5,000 $2,326,245
Kingdee International Software Group Co, Ltd. 2,516,000 $813,443
Kinross Gold Corp., 5.125%, 9/1/21 9,000,000 $9,286,057
Kinross Gold Corp., 5.95%, 3/15/24 1,850,000 $1,881,239
KKR & Co LP 135,713 $3,258,469
Krung Thai Bank PCL 2,737,800 $1,899,971
KWG Property Holding, Ltd. 3,344,000 $2,135,299
L-3 Communications Holdings, Inc. 14,756 $1,816,759
Lam Research Corp. 26,739 $2,043,929
Largan Precision Co, Ltd. 24,000 $1,980,420
Legg Mason, Inc. 56,569 $3,136,185
Lenzing AG 20,543 $1,323,273
Leonteq AG 9,958 $2,190,614
Lonza Group AG 13,100 $1,552,531
Lyxor ETF MSCI India 47,127 $828,534
Mandom Corp. 72,600 $2,450,950
Man Wah Holdings, Ltd. 3,981,600 $3,403,537
Mapletree Greater China Commercial Trust 2,541,000 $1,913,401
Mapletree Industrial Trust 1,119,000 $1,263,599
Mapletree Logistics Trust 458,000 $405,662
Mar15 Spx C @ 2250.000000 10,000 $150,000
Mar15 Spx C @ 2275.000000 26,000 $325,000
Market Vectors Vietnam ETF 119,015 $2,176,784
Marriott International, Inc./MD 49,133 $3,660,409
MasterCard, Inc. 43,968 $3,606,695
Megaworld Corp. 25,618,000 $2,984,973
Melia Hotels International SA 68,775 $790,600
Merlin Properties Socimi SA 222,589 $2,668,743
Metro Pacific Investments Corp. 6,761,400 $790,023
Metropolitan Bank & Trust Co. 982,830 $2,109,713
Mexican Bonos, 10.0%, 12/5/24 40,337,400 $3,711,750
MGM Resorts International, 6.625%, 12/15/21 5,523,000 $5,845,904
Minebea Co, Ltd. 251,000 $3,875,988
Mitsubishi Electric Corp. 129,000 $1,492,171
Mitsubishi Estate Co, Ltd. 151,000 $3,040,522
Mitsubishi UFJ Financial Group, Inc. 283,000 $1,505,737
Mitsui Fudosan Co, Ltd. 28,000 $708,190
Mizuho Financial Group, Inc. 1,356,100 $2,226,599
Morgan Stanley Capital I Trust 2007-TOP25, Floating Rate Note, 11/12/49 3,000,000 $3,109,044
Murata Manufacturing Co, Ltd. 32,300 $3,482,907
My EG Services Bhd 3,269,200 $2,289,858
Nam Cheong, Ltd. 2,634,000 $609,275
National Development Bank Plc 1,353,602 $2,413,414
Next Plc 14,528 $1,580,243
Northrop Grumman Corp. 67,654 $10,618,295
Northshore Re, Ltd., Floating Rate Note, 7/5/16 (Cat Bond) (144A) 1,000,000 $1,045,743
Novartis AG 24,332 $2,372,170
Novelis, Inc., Initial Term Loan, 3/10/17 240,009 $238,284
Orpea 38,895 $2,532,297
PACCAR, Inc. 30,763 $1,849,164
Pakuwon Jati Tbk PT 45,751,900 $1,795,152
PAX Global Technology, Ltd. 1,612,000 $1,510,751
Pembangunan Perumahan Persero Tbk PT 3,137,900 $963,745
PepsiCo, Inc. 59,291 $5,560,310
Poly Property Group Co, Ltd. 1,831,000 $841,856
Power Finance Corp, Ltd. 492,539 $2,358,338
PowerShares Buyback Achievers Portfolio 455,771 $21,229,813
PPG Industries, Inc. 20,979 $4,675,800
Prospect Capital Corp., 5.875%, 3/15/23 3,800,000 $4,019,186
Pruksa Real Estate PCL 397,500 $391,910
PTC India Financial Services, Ltd. 1,132,967 $1,141,323
Puregold Price Club, Inc. 906,700 $857,762
Qihoo 360 Technology Co, Ltd. (A.D.R.) 13,048 $763,569
Quality Houses PCL 21,222,300 $2,543,302
Ramsay Health Care, Ltd. 19,684 $905,239
Raytheon Co. 56,392 $5,642,020
Reed Elsevier Plc 322,042 $5,598,152
Robinsons Land Corp. 2,722,900 $1,709,660
Robinsons Retail Holdings, Inc. 958,940 $1,714,973
Rockwell Automation, Inc. 22,516 $2,452,443
Rockwell Collins, Inc. 59,291 $5,076,495
Royal Bafokeng Platinum, Ltd. 275,012 $1,273,204
Safran SA 22,502 $1,499,798
Sampath Bank Plc 20,024 $37,071
Secom Co, Ltd. 77,000 $4,466,865
Sekisui Chemical Co, Ltd. 290,000 $3,167,150
Shanghai Fosun Pharmaceutical Group Co, Ltd. 995,500 $3,597,723
Sheng Siong Group, Ltd. 849,000 $454,460
Shimao Property Holdings, Ltd. 692,500 $1,455,862
Shire Plc (A.D.R.) 19,086 $4,184,796
Shree Cement, Ltd. 9,700 $1,709,924
SIIC Environment Holdings, Ltd. 7,063,000 $732,164
Sinko Industries, Ltd. 69,800 $808,618
Sinopharm Group Co, Ltd. 605,600 $2,206,089
SM Investments Corp. 122,170 $2,558,518
SM Prime Holdings, Inc. 6,516,700 $2,732,020
Sobha, Ltd. 302,625 $2,281,813
SPDR S&P Euro Dividend Aristocrats UCITS ETF 138,513 $3,191,064
SPDR S&P Global Dividend Aristocrats ETF 55,639 $1,785,809
SPDR S&P UK Dividend Aristocrats UCITS ETF 219,314 $4,271,686
SPDR S&P US Dividend Aristocrats UCITS ETF 254,568 $10,090,004
Star Energy Geothermal Wayang Windu, Ltd., 6.125%, 3/27/20 (144A) 1,700,000 $1,739,826
Starwood Property Trust, Inc. 93,104 $2,227,979
Starwood Waypoint Residential Trust 11,502 $278,808
Stroeer Media SE 38,999 $1,136,721
Sumitomo Mitsui Financial Group, Inc. 55,300 $1,859,694
Summarecon Agung Tbk PT 9,470,600 $1,227,320
Sunac China Holdings, Ltd. 2,546,000 $2,260,836
Supalai PCL 1,565,800 $1,168,007
Swire Pacific, Ltd. 59 $789
Swiss Life Holding AG 6,397 $1,429,337
TAG Immobilien AG 91,569 $1,190,577
Takara Leben Co, Ltd. 170,500 $885,756
Takasago Thermal Engineering Co, Ltd. 222,000 $2,785,271
Target Corp. 30,312 $2,231,266
TDK Corp. 25,200 $1,568,301
Teleperformance 32,079 $2,300,993
Tencent Holdings, Ltd. 206,700 $3,489,420
Thai Beverage PCL 1,431,000 $759,698
Thales SA 13,278 $700,304
The Blackstone Group LP 93,138 $3,477,773
The Hershey Co. 10,281 $1,050,821
The Kroger Co. 32,826 $2,266,635
The Sherwin-Williams Co. 7,866 $2,133,810
The Siam Commercial Bank PCL 647,000 $3,550,489
The Toro Co. 51,040 $3,313,006
The Valspar Corp. 23,608 $1,969,615
The Walt Disney Co. 37,290 $3,391,898
THK Co, Ltd. 149,900 $3,645,767
Time Warner, Inc. 58,863 $4,587,194
Tokio Marine Holdings, Inc. 46,700 $1,628,567
Total Bangun Persada Tbk PT 17,612,800 $1,537,001
Totetsu Kogyo Co, Ltd. 137,200 $3,275,647
Trswap: Hsaudi15 Index Usd Buy -8,164,603 $547,147
Turkey Government International Bond, 3.25%, 3/23/23 3,871,000 $3,785,085
Turkiye Halk Bankasi AS 165,038 $1,064,137
Union Pacific Corp. 69,707 $8,170,357
UnitedHealth Group, Inc. 10,562 $1,122,213
United Overseas Bank, Ltd. 146 $2,494
United Technologies Corp. 7,840 $899,875
Vakrangee, Ltd. 724,311 $1,490,698
Valora Holding AG 1,668 $403,219
Vietnam Government International Bond, 4.8%, 11/19/24 (144A) 2,250,000 $2,389,725
Vipshop Holdings, Ltd. (A.D.R.) 264,430 $5,920,588
Voltas, Ltd. 195,982 $846,717
Wasion Group Holdings, Ltd. 3,178,000 $2,952,488
Waskita Karya Persero Tbk PT 15,136,700 $2,035,411
WHEELER REAL ESTATE INVESTMENT, 9.0%, 12/31/49 (Perpetual) 204 $199,920
Wheeler Real Estate Investment Trust, Inc. 74,022 $256,116
Wijaya Karya Persero Tbk PT 4,810,300 $1,413,925
Wyndham Worldwide Corp. 34,609 $2,899,888
Xinyi Solar Holdings, Ltd. 16,380,000 $4,511,572
Yes Bank, Ltd. 298,540 $4,135,846
Yuzhou Properties Co, Ltd. 9,360,000 $2,229,366
Zhuzhou CSR Times Electric Co, Ltd. 1,042,000 $5,833,544
Zodiac Aerospace 44,356 $1,474,315
Zumtobel Group AG 54,611 $1,254,497

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

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