Pioneer Emerging Markets Local Currency Debt Fund

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

Security Name Par / Shares Market Value
Akbank TAS, 7.5%, 2/5/18 1,150,000 $468,747
America Movil SAB de CV, 6.0%, 6/9/19 2,000,000 $137,540
America Movil SAB de CV, 6.45%, 12/5/22 5,000,000 $337,134
Banco ABC Brasil SA, 8.5%, 3/28/16 700,000 $259,233
Banco Safra SA, 10.25%, 8/8/16 700,000 $259,852
Banco Santander Chile, 6.5%, 9/22/20 50,000,000 $80,728
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/17 500,000 $190,600
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/18 180,000 $64,863
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/19 450,000 $158,829
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/21 530,000 $183,369
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/23 350,000 $119,299
Colombian TES, 10.0%, 7/24/24 200,000,000 $106,546
Colombian TES, 6.0%, 4/28/28 120,000,000 $47,310
Colombian TES, 7.0%, 5/4/22 300,000,000 $135,020
Development Bank of Southern Africa, Ltd., 0.0%, 12/31/27 6,600,000 $171,784
Emgesa SA ESP, 8.75%, 1/25/21 560,000,000 $246,677
Empresas Publicas de Medellin ESP, 8.375%, 2/1/21 400,000,000 $190,614
Eskom Holdings SOC, Ltd., 0.0%, 12/31/18 2,000,000 $121,542
Eskom Holdings SOC, Ltd., 10.0%, 1/25/23 3,000,000 $295,615
European Bank for Reconstruction & Development, 5.625%, 3/15/17 8,000,000 $132,156
European Bank for Reconstruction & Development, 7.25%, 8/22/17 800,000,000 $65,333
European Investment Bank, 4.25%, 10/25/22 870,000 $282,857
Export-Import Bank of Korea, 7.55%, 8/27/15 16,000,000 $229,153
Export-Import Bank of Korea, 8.2%, 5/31/16 270,000 $111,407
Export-Import Bank of Korea, 8.4%, 7/6/16 1,000,000,000 $82,525
Federal Grid Co OJS via Federal Grid Finance, Ltd., 8.446%, 3/13/19 2,000,000 $22,199
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 $-745
Fx Vanilla Option Call Eur/Put Mxn 19 20 07 2015 Mx 100,000 $1,221
Fx Vanilla Option Call Eur/Put Mxn 19 20 07 2015 Mx -100,000 $-1,221
Fx Vanilla Option Call Eur/Put Pln 4.4 22 10 2015 Pl -200,000 $-3,334
Hungary Government Bond, 6.0%, 11/24/23 14,000,000 $64,349
Hungary Government Bond, 6.5%, 6/24/19 20,000,000 $88,574
Hungary Government Bond, 6.75%, 11/24/17 50,000,000 $208,434
Hungary Government Bond, 7.5%, 11/12/20 40,000,000 $186,193
Indonesia Treasury Bond, 10.0%, 9/15/24 2,200,000,000 $214,153
Indonesia Treasury Bond, 10.5%, 8/15/30 2,520,000,000 $266,552
Indonesia Treasury Bond, 11.0%, 9/15/25 2,720,000,000 $285,263
Indonesia Treasury Bond, 8.25%, 6/15/32 1,380,000,000 $118,695
Indonesia Treasury Bond, 9.5%, 7/15/31 1,500,000,000 $142,629
Inter-American Development Bank, 7.25%, 7/17/17 700,000,000 $57,543
International Bank for Reconstruction & Development, 10.0%, 10/28/15 50,000,000 $230,763
International Bank for Reconstruction & Development, 4.5%, 8/3/17 130,000,000 $55,289
Itau Unibanco Holding SA, 10.5%, 11/23/15 400,000 $148,783
JPMorgan Chase Bank NA, 7.7%, 6/1/16 2,000,000,000 $164,263
Malaysia Government Bond, 3.58%, 9/28/18 891,000 $247,883
Malaysia Government Bond, 4.16%, 7/15/21 800,000 $225,255
Malaysia Government Bond, 4.378%, 11/29/19 800,000 $228,484
Malaysia Government Bond, 4.498%, 4/15/30 440,000 $127,927
Mexican Bonos, 10.0%, 11/20/36 2,250,000 $229,162
Mexican Bonos, 10.0%, 12/5/24 2,000,000 $184,028
Mexican Bonos, 6.0%, 6/18/15 1,000,000 $68,166
Mexican Bonos, 6.5%, 6/10/21 3,340,000 $244,195
Mexican Bonos, 8.5%, 12/13/18 1,820,000 $140,658
Nigeria Government International Bond, 16.39%, 1/27/22 10,000,000 $60,835
Peru Government Bond, 6.95%, 8/12/31 100,000 $38,180
Peru Government Bond, 7.84%, 8/12/20 100,000 $39,061
Peru Government Bond, 8.2%, 8/12/26 200,000 $83,177
Poland Government Bond, 3.25%, 7/25/25 100,000 $30,708
Poland Government Bond, 4.0%, 10/25/23 300,000 $95,461
Poland Government Bond, 4.75%, 10/25/16 100,000 $28,846
Poland Government Bond, 4.75%, 4/25/17 600,000 $180,035
Poland Government Bond, 5.0%, 4/25/16 381,000 $110,992
Poland Government Bond, 5.25%, 10/25/17 300,000 $90,188
Raiffeisen Bank SA, 5.35%, 5/15/19 650,000 $186,394
Romania Government Bond, 5.85%, 4/26/23 90,000 $29,243
Russian Federal Bond - OFZ, 7.4%, 4/19/17 6,300,000 $80,496
Russian Railways via RZD Capital Plc, 8.3%, 4/2/19 12,000,000 $131,437
Scds: (Russia) Usd 20dec15 Buy Bnr1dbdv7 100,000 $-4,217
South Africa Government Bond, 6.25%, 3/31/36 1,200,000 $89,913
South Africa Government Bond, 6.75%, 3/31/21 2,000,000 $176,344
South Africa Government Bond, 7.0%, 2/28/31 1,200,000 $101,013
South Africa Government Bond, 8.0%, 12/21/18 600,000 $54,890
South Africa Government Bond, 8.25%, 9/15/17 1,000,000 $92,749
South Africa Government Bond - CPI Linked, 2.75%, 1/31/22 2,500,000 $294,258
Swp: Brl 10.795000 04-Jan-2021 Brl Sell 52,457 $489
Swp: Brl 11.025000 02-Jan-2018 Brl Buy 212,403 $-1,650
Swp: Cop 5.920000 07-May-2024 Cop Buy 255,000,000 $1,583
Thailand Government Bond, 3.625%, 6/16/23 1,375,000 $45,606
Thailand Government Bond, 5.125%, 3/13/18 3,700,000 $124,937
Thailand Government Bond, 5.625%, 1/12/19 3,637,000 $125,377
Turkey Government Bond, 4.5%, 2/11/15 29,600 $17,993
Turkey Government Bond, 5.0%, 5/13/15 100,000 $41,144
Turkey Government Bond, 8.5%, 7/10/19 70,000 $30,508
Turkey Government Bond, 8.5%, 9/14/22 150,000 $68,330
Turkey Government Bond, 8.8%, 9/27/23 105,000 $48,907
Turkey Government Bond, 9.0%, 1/27/16 260,000 $108,488
Turkey Government Bond, 9.5%, 1/12/22 30,000 $13,979
Turkiye Is Bankasi, 0.0%, 11/16/15 300,000 $115,199

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.

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.