Pioneer Emerging Markets Local Currency Debt Fund

Top 10 Portfolio Holdings as of 2/27/2015
Default: sorted by market value

Security Name Par / Shares Market Value
Akbank TAS, 7.5%, 2/5/18 1,150,000 $448,436
America Movil SAB de CV, 6.0%, 6/9/19 2,000,000 $136,230
America Movil SAB de CV, 6.45%, 12/5/22 5,000,000 $333,903
Arcelik AS, 3.875%, 9/16/21 100,000 $114,317
Banco ABC Brasil SA, 8.5%, 3/28/16 700,000 $244,278
Banco Safra SA, 10.25%, 8/8/16 700,000 $232,692
Banco Santander Chile, 6.5%, 9/22/20 50,000,000 $83,336
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/17 360,000 $132,812
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/18 180,000 $61,544
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/19 450,000 $149,425
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/21 530,000 $171,783
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/23 350,000 $111,534
Colombian TES, 10.0%, 7/24/24 200,000,000 $104,531
Colombian TES, 6.0%, 4/28/28 120,000,000 $46,062
Colombian TES, 7.0%, 5/4/22 300,000,000 $133,270
Development Bank of Southern Africa, Ltd., 0.0%, 12/31/27 6,600,000 $161,608
Emgesa SA ESP, 8.75%, 1/25/21 560,000,000 $243,632
Empresas Publicas de Medellin ESP, 8.375%, 2/1/21 400,000,000 $170,466
Eskom Holdings SOC, Ltd., 0.0%, 12/31/18 2,000,000 $117,277
Eskom Holdings SOC, Ltd., 10.0%, 1/25/23 3,000,000 $287,366
European Bank for Reconstruction & Development, 5.625%, 3/15/17 8,000,000 $131,899
European Bank for Reconstruction & Development, 7.25%, 8/22/17 800,000,000 $63,772
European Investment Bank, 4.25%, 10/25/22 870,000 $276,152
Export-Import Bank of Korea, 7.55%, 8/27/15 16,000,000 $248,394
Export-Import Bank of Korea, 8.2%, 5/31/16 270,000 $108,000
Export-Import Bank of Korea, 8.4%, 7/6/16 1,000,000,000 $81,088
Federal Grid Co OJS via Federal Grid Finance, Ltd., 8.446%, 3/13/19 2,000,000 $27,164
Finansbank AS, 6.25%, 4/30/19 200,000 $208,397
Fixed 02 Jan 2018 Brl 11.025% 212,403 $
Fixed 04 Jan 2021 Brl 10.795% -52,457 $
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 $
Fx Vanilla Option Call Eur/Put Huf 330 20 08 2015 Hu -50,000 $-353
Fx Vanilla Option Call Eur/Put Mxn 19 20 07 2015 Mx 100,000 $637
Fx Vanilla Option Call Eur/Put Mxn 19 20 07 2015 Mx -100,000 $-637
Fx Vanilla Option Call Eur/Put Pln 4.4 22 10 2015 Pl -200,000 $-2,289
Hungary Government Bond, 6.0%, 11/24/23 14,000,000 $64,838
Hungary Government Bond, 6.5%, 6/24/19 24,500,000 $110,549
Hungary Government Bond, 6.75%, 11/24/17 14,500,000 $61,894
Hungary Government Bond, 7.5%, 11/12/20 40,000,000 $188,828
Indonesia Treasury Bond, 10.0%, 9/15/24 2,200,000,000 $213,268
Indonesia Treasury Bond, 10.5%, 8/15/30 2,520,000,000 $264,436
Indonesia Treasury Bond, 11.0%, 9/15/25 2,720,000,000 $282,884
Indonesia Treasury Bond, 8.25%, 6/15/32 1,380,000,000 $117,710
Indonesia Treasury Bond, 9.5%, 7/15/31 2,140,000,000 $201,481
Inter-American Development Bank, 7.25%, 7/17/17 700,000,000 $57,795
International Bank for Reconstruction & Development, 10.0%, 10/28/15 50,000,000 $217,136
International Bank for Reconstruction & Development, 4.5%, 8/3/17 130,000,000 $54,042
Itau Unibanco Holding SA, 10.5%, 11/23/15 400,000 $140,739
JPMorgan Chase Bank NA, 7.7%, 6/1/16 2,000,000,000 $160,193
Malaysia Government Bond, 3.58%, 9/28/18 891,000 $250,866
Malaysia Government Bond, 4.16%, 7/15/21 800,000 $227,424
Malaysia Government Bond, 4.378%, 11/29/19 800,000 $230,322
Malaysia Government Bond, 4.498%, 4/15/30 440,000 $128,775
Mexican Bonos, 10.0%, 11/20/36 2,250,000 $221,729
Mexican Bonos, 10.0%, 12/5/24 2,000,000 $179,837
Mexican Bonos, 6.0%, 6/18/15 1,000,000 $68,330
Mexican Bonos, 6.5%, 6/10/21 3,340,000 $240,116
Mexican Bonos, 8.5%, 12/13/18 1,820,000 $139,178
Peru Government Bond, 6.95%, 8/12/31 100,000 $35,041
Peru Government Bond, 7.84%, 8/12/20 100,000 $37,197
Peru Government Bond, 8.2%, 8/12/26 200,000 $79,009
Poland Government Bond, 3.25%, 7/25/25 100,000 $30,179
Poland Government Bond, 4.0%, 10/25/23 300,000 $94,213
Poland Government Bond, 4.75%, 10/25/16 100,000 $28,790
Poland Government Bond, 4.75%, 4/25/17 600,000 $179,782
Poland Government Bond, 5.0%, 4/25/16 381,000 $110,925
Poland Government Bond, 5.25%, 10/25/17 300,000 $89,840
Raiffeisen Bank SA, 5.35%, 5/15/19 650,000 $183,521
Romania Government Bond, 5.85%, 4/26/23 90,000 $28,813
Russian Federal Bond - OFZ, 7.4%, 4/19/17 5,000,000 $73,338
Russian Railways via RZD Capital Plc, 8.3%, 4/2/19 12,000,000 $160,004
Scds: (Russia) Usd 20dec15 Buy Bnr1dbdv7 100,000 $-2,297
South Africa Government Bond, 6.25%, 3/31/36 1,200,000 $85,842
South Africa Government Bond, 6.75%, 3/31/21 2,000,000 $172,740
South Africa Government Bond, 7.0%, 2/28/31 1,200,000 $96,675
South Africa Government Bond, 8.0%, 12/21/18 600,000 $54,056
South Africa Government Bond, 8.25%, 9/15/17 1,000,000 $92,104
South Africa Government Bond - CPI Linked, 2.75%, 1/31/22 390,000 $45,169
Swp: Brl 10.795000 04-Jan-2021 Brl Sell 52,457 $653
Swp: Brl 11.025000 02-Jan-2018 Brl Buy 212,403 $-1,980
Swp: Cop 5.920000 07-May-2024 Cop Buy 255,000,000 $235
Thailand Government Bond, 3.625%, 6/16/23 1,375,000 $45,884
Thailand Government Bond, 5.125%, 3/13/18 3,700,000 $126,483
Thailand Government Bond, 5.625%, 1/12/19 3,637,000 $126,712
Trgv 2.4% 08may24 45,000 $19,629
Turkey Government Bond, 10.4%, 3/20/24 280,000 $130,288
Turkey Government Bond, 5.0%, 5/13/15 100,000 $40,176
Turkey Government Bond, 8.5%, 7/10/19 70,000 $28,558
Turkey Government Bond, 8.5%, 9/14/22 150,000 $63,071
Turkey Government Bond, 8.8%, 9/27/23 105,000 $44,681
Turkey Government Bond, 9.0%, 1/27/16 260,000 $104,639
Turkey Government Bond, 9.5%, 1/12/22 30,000 $12,859
Turkiye Is Bankasi, 0.0%, 11/16/15 300,000 $111,679

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

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