Pioneer Emerging Markets Local Currency Debt Fund

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

Security Name Par / Shares Market Value
Akbank TAS, 7.5%, 2/5/18 1,150,000 $400,840
America Movil SAB de CV, 6.0%, 6/9/19 2,000,000 $133,912
America Movil SAB de CV, 6.45%, 12/5/22 3,000,000 $195,892
America Movil SAB de CV, 7.125%, 12/9/24 2,000,000 $132,832
Arcelik AS, 3.875%, 9/16/21 100,000 $114,711
Banco ABC Brasil SA, 8.5%, 3/28/16 700,000 $215,001
Banco Safra SA, 10.25%, 8/8/16 700,000 $217,922
Banco Santander Chile, 6.5%, 9/22/20 50,000,000 $81,209
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/17 360,000 $113,041
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/19 450,000 $137,857
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/21 530,000 $158,891
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/23 350,000 $103,139
Colombian TES, 10.0%, 7/24/24 200,000,000 $102,860
Colombian TES, 6.0%, 4/28/28 120,000,000 $41,958
Colombian TES, 7.0%, 5/4/22 300,000,000 $122,085
Development Bank of Southern Africa, Ltd., 0.0%, 12/31/27 6,600,000 $147,576
Emgesa SA ESP, 8.75%, 1/25/21 560,000,000 $239,179
Empresas Publicas de Medellin ESP, 8.375%, 2/1/21 400,000,000 $171,126
Eskom Holdings SOC, Ltd., 0.0%, 12/31/18 2,000,000 $111,196
Eskom Holdings SOC, Ltd., 10.0%, 1/25/23 3,000,000 $273,098
European Bank for Reconstruction & Development, 5.625%, 3/15/17 8,000,000 $124,938
European Bank for Reconstruction & Development, 7.25%, 8/22/17 800,000,000 $62,414
European Investment Bank, 4.25%, 10/25/22 870,000 $267,419
Export-Import Bank of Korea, 7.55%, 8/27/15 16,000,000 $306,695
Export-Import Bank of Korea, 8.2%, 5/31/16 270,000 $102,194
Export-Import Bank of Korea, 8.4%, 7/6/16 1,000,000,000 $80,451
Federal Grid Co OJS via Federal Grid Finance, Ltd., 8.446%, 3/13/19 2,000,000 $34,392
Finansbank AS, 6.25%, 4/30/19 200,000 $205,442
Fixed 02 Jan 2018 Brl 11.025% 212,403 $
Fixed 04 Jan 2021 Brl 10.795% -52,457 $
Fixed 24 Mar 2017 Zar 6.93% 6,000,000 $
Float 02 Jan 2018 Brl Brl Overnight Cdi (Cetip) Rate 0 Bps -212,403 $
Float 04 Jan 2021 Brl Brl Overnight Cdi (Cetip) Rate 0 Bps 52,457 $
Float 24 Mar 2017 Zar 3m Ba 0 Bps -6,000,000 $
Fswp: Zar 6.930000 24-Mar-2017 Zar Buy 6,000,000 $-2,083
Fx Vanilla Option Call Eur/Put Huf 330 20 08 2015 Hu -50,000 $-131
Fx Vanilla Option Call Eur/Put Mxn 18.5 19 11 2015 Mx -200,000 $-2,726
Fx Vanilla Option Call Eur/Put Mxn 19 20 07 2015 Mx -100,000 $-57
Fx Vanilla Option Call Eur/Put Mxn 19 20 07 2015 Mx 100,000 $57
Fx Vanilla Option Call Eur/Put Pln 4.4 22 10 2015 Pl -200,000 $-1,180
Fx Vanilla Option Call Gbp/Put Try 4.5 22 12 2015 Tr -150,000 $-6,317
Hungary Government Bond, 6.0%, 11/24/23 14,000,000 $60,653
Hungary Government Bond, 6.5%, 6/24/19 24,500,000 $105,965
Hungary Government Bond, 7.0%, 6/24/22 12,770,000 $58,738
Hungary Government Bond, 7.5%, 11/12/20 40,000,000 $180,500
Indonesia Treasury Bond, 10.5%, 8/15/30 2,200,000,000 $202,282
Indonesia Treasury Bond, 11.0%, 9/15/25 700,000,000 $64,052
Indonesia Treasury Bond, 8.25%, 6/15/32 1,380,000,000 $106,682
Indonesia Treasury Bond, 9.5%, 7/15/31 2,140,000,000 $183,338
Inter-American Development Bank, 7.25%, 7/17/17 700,000,000 $55,418
International Bank for Reconstruction & Development, 10.0%, 10/28/15 50,000,000 $246,572
International Bank for Reconstruction & Development, 4.5%, 8/3/17 130,000,000 $53,185
Itau Unibanco Holding SA, 10.5%, 11/23/15 400,000 $130,459
JPMorgan Chase Bank NA, 7.7%, 6/1/16 2,000,000,000 $159,319
Malaysia Government Bond, 3.58%, 9/28/18 891,000 $244,673
Malaysia Government Bond, 4.16%, 7/15/21 800,000 $225,752
Malaysia Government Bond, 4.378%, 11/29/19 800,000 $229,799
Malaysia Government Bond, 4.498%, 4/15/30 200,000 $57,066
Mexican Bonos, 10.0%, 11/20/36 2,250,000 $208,924
Mexican Bonos, 10.0%, 12/5/24 2,000,000 $173,295
Mexican Bonos, 6.0%, 6/18/15 1,000,000 $66,855
Mexican Bonos, 6.5%, 6/10/21 3,000,000 $209,031
Peru Government Bond, 6.95%, 8/12/31 100,000 $32,772
Peru Government Bond, 7.84%, 8/12/20 100,000 $41,500
Peru Government Bond, 8.2%, 8/12/26 200,000 $79,024
Poland Government Bond, 1.5%, 4/25/20 180,000 $46,075
Poland Government Bond, 3.25%, 7/25/19 250,000 $71,001
Poland Government Bond, 4.0%, 10/25/23 390,000 $115,847
Poland Government Bond, 4.75%, 10/25/16 100,000 $28,616
Poland Government Bond, 4.75%, 4/25/17 300,000 $84,698
Poland Government Bond, 5.0%, 4/25/16 381,000 $105,320
Poland Government Bond, 5.25%, 10/25/17 300,000 $89,100
Poland Government Bond, 5.5%, 10/25/19 500,000 $155,429
Raiffeisen Bank SA, 5.35%, 5/15/19 650,000 $178,954
Romania Government Bond, 5.85%, 4/26/23 90,000 $26,158
Russian Federal Bond - OFZ, 7.4%, 4/19/17 5,000,000 $91,043
Russian Federal Bond - OFZ, 7.5%, 3/15/18 500,000 $9,259
Russian Railways via RZD Capital Plc, 8.3%, 4/2/19 12,000,000 $204,778
Scds: (Russia) Usd 20dec15 Buy Bnr1dbdv7 100,000 $-434
South Africa Government Bond, 6.25%, 3/31/36 1,200,000 $76,454
South Africa Government Bond, 7.0%, 2/28/31 1,200,000 $86,652
South Africa Government Bond, 7.25%, 1/15/20 1,905,000 $158,582
South Africa Government Bond, 8.0%, 1/31/30 620,000 $50,007
South Africa Government Bond, 8.25%, 9/15/17 1,000,000 $85,640
South Africa Government Bond - CPI Linked, 2.75%, 1/31/22 390,000 $44,549
Swp: Brl 10.795000 04-Jan-2021 Brl Sell 52,457 $637
Swp: Brl 11.025000 02-Jan-2018 Brl Buy 212,403 $-2,185
Thailand Government Bond, 3.625%, 6/16/23 1,375,000 $44,303
Thailand Government Bond, 5.125%, 3/13/18 3,700,000 $121,188
Thailand Government Bond, 5.625%, 1/12/19 3,637,000 $124,159
Turkey Government Bond, 10.4%, 3/20/24 280,000 $115,511
Turkey Government Bond, 2.4%, 5/8/24 45,000 $18,356
Turkey Government Bond, 8.5%, 7/10/19 70,000 $26,567
Turkey Government Bond, 8.5%, 9/14/22 150,000 $55,801
Turkey Government Bond, 8.8%, 9/27/23 105,000 $39,379
Turkey Government Bond, 9.0%, 1/27/16 260,000 $99,971
Turkey Government Bond, 9.5%, 1/12/22 30,000 $11,902
Turkiye Is Bankasi, 0.0%, 11/16/15 300,000 $107,374

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

For fund descriptions, historical and current performance, standardized returns as of the most recent quarter-end, risk disclosure or a prospectus, please click here.

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