Pioneer Emerging Markets Local Currency Debt Fund

Top 10 Portfolio Holdings as of 6/30/2015
Default: sorted by market value

Security Name Par / Shares Market Value
Akbank TAS, 7.5%, 2/5/18 1,150,000 $399,465
America Movil SAB de CV, 6.0%, 6/9/19 2,000,000 $127,914
America Movil SAB de CV, 6.45%, 12/5/22 3,000,000 $183,832
America Movil SAB de CV, 7.125%, 12/9/24 2,000,000 $124,019
Arcelik AS, 3.875%, 9/16/21 100,000 $115,180
Banco ABC Brasil SA, 8.5%, 3/28/16 700,000 $222,626
Banco Safra SA, 10.25%, 8/8/16 700,000 $226,432
Banco Santander Chile, 6.5%, 9/22/20 50,000,000 $78,836
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/17 360,000 $116,108
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/19 450,000 $141,317
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/21 530,000 $162,172
Brazil Notas do Tesouro Nacional Serie F, 10.0%, 1/1/23 350,000 $105,050
Colombian TES, 10.0%, 7/24/24 200,000,000 $98,884
Colombian TES, 6.0%, 4/28/28 120,000,000 $39,691
Colombian TES, 7.0%, 5/4/22 300,000,000 $117,323
Development Bank of Southern Africa, Ltd., 0.0%, 12/31/27 6,600,000 $144,458
Emgesa SA ESP, 8.75%, 1/25/21 560,000,000 $236,752
Empresas Publicas de Medellin ESP, 8.375%, 2/1/21 400,000,000 $167,354
Eskom Holdings SOC, Ltd., 0.0%, 12/31/18 2,000,000 $112,000
Eskom Holdings SOC, Ltd., 10.0%, 1/25/23 3,000,000 $271,248
European Bank for Reconstruction & Development, 5.625%, 3/15/17 8,000,000 $125,191
European Bank for Reconstruction & Development, 7.25%, 8/22/17 800,000,000 $62,278
European Investment Bank, 4.25%, 10/25/22 870,000 $262,440
Export-Import Bank of Korea, 7.55%, 8/27/15 16,000,000 $293,985
Export-Import Bank of Korea, 8.2%, 5/31/16 270,000 $97,993
Export-Import Bank of Korea, 8.4%, 7/6/16 1,000,000,000 $80,457
Federal Grid Co OJS via Federal Grid Finance, Ltd., 8.446%, 3/13/19 2,000,000 $32,708
Finansbank AS, 6.25%, 4/30/19 200,000 $203,930
Fixed 24 Mar 2017 Zar 6.93% 6,000,000 $
Float 24 Mar 2017 Zar 3m Ba 0 Bps -6,000,000 $
Fswp: Zar 6.930000 24-Mar-2017 Zar Buy 6,000,000 $-1,082
Fx Vanilla Option Call Eur/Put Huf 330 20 08 2015 Hu 50,000 $110
Fx Vanilla Option Call Eur/Put Huf 330 20 08 2015 Hu -50,000 $-110
Fx Vanilla Option Call Eur/Put Mxn 18.5 19 11 2015 Mx -200,000 $-3,617
Fx Vanilla Option Call Eur/Put Mxn 18.5 19 11 2015 Mx 200,000 $3,617
Fx Vanilla Option Call Eur/Put Mxn 19 20 07 2015 Mx -100,000 $-30
Fx Vanilla Option Call Eur/Put Mxn 19 20 07 2015 Mx 100,000 $30
Fx Vanilla Option Call Eur/Put Pln 4.4 22 10 2015 Pl 200,000 $1,248
Fx Vanilla Option Call Eur/Put Pln 4.4 22 10 2015 Pl -200,000 $-1,248
Fx Vanilla Option Call Gbp/Put Try 4.5 22 12 2015 Tr -150,000 $-7,631
Fx Vanilla Option Call Gbp/Put Try 4.5 22 12 2015 Tr 150,000 $7,631
Hungary Government Bond, 6.0%, 11/24/23 14,000,000 $58,937
Hungary Government Bond, 6.5%, 6/24/19 24,500,000 $99,223
Hungary Government Bond, 7.0%, 6/24/22 12,770,000 $54,381
Hungary Government Bond, 7.5%, 11/12/20 40,000,000 $179,363
Indonesia Treasury Bond, 10.5%, 8/15/30 2,200,000,000 $199,610
Indonesia Treasury Bond, 11.0%, 9/15/25 700,000,000 $63,379
Indonesia Treasury Bond, 8.25%, 6/15/32 1,200,000,000 $88,260
Indonesia Treasury Bond, 9.5%, 7/15/31 2,140,000,000 $181,537
Inter-American Development Bank, 7.25%, 7/17/17 700,000,000 $55,175
International Bank for Reconstruction & Development, 10.0%, 10/28/15 50,000,000 $248,018
Itau Unibanco Holding SA, 10.5%, 11/23/15 400,000 $128,201
JPMorgan Chase Bank NA, 7.7%, 6/1/16 2,000,000,000 $147,119
Malaysia Government Bond, 3.58%, 9/28/18 891,000 $238,661
Malaysia Government Bond, 4.16%, 7/15/21 800,000 $220,397
Malaysia Government Bond, 4.378%, 11/29/19 800,000 $219,479
Malaysia Government Bond, 4.498%, 4/15/30 200,000 $55,195
Mexican Bonos, 10.0%, 11/20/36 2,250,000 $196,397
Mexican Bonos, 10.0%, 12/5/24 2,000,000 $163,468
Mexican Bonos, 6.5%, 6/10/21 3,000,000 $199,289
Peru Government Bond, 6.95%, 8/12/31 100,000 $31,667
Peru Government Bond, 7.84%, 8/12/20 100,000 $41,104
Peru Government Bond, 8.2%, 8/12/26 200,000 $77,283
Poland Government Bond, 1.5%, 4/25/20 180,000 $45,344
Poland Government Bond, 3.25%, 7/25/19 250,000 $70,295
Poland Government Bond, 4.0%, 10/25/23 390,000 $112,734
Poland Government Bond, 4.75%, 10/25/16 100,000 $28,477
Poland Government Bond, 4.75%, 4/25/17 300,000 $84,394
Poland Government Bond, 5.0%, 4/25/16 381,000 $104,878
Poland Government Bond, 5.25%, 10/25/17 300,000 $88,461
Poland Government Bond, 5.5%, 10/25/19 500,000 $153,896
Raiffeisen Bank SA, 5.35%, 5/15/19 650,000 $170,253
Romania Government Bond, 5.85%, 4/26/23 90,000 $25,332
Russian Federal Bond - OFZ, 7.4%, 4/19/17 5,000,000 $87,029
Russian Federal Bond - OFZ, 7.5%, 3/15/18 500,000 $8,850
Russian Railways via RZD Capital Plc, 8.3%, 4/2/19 12,000,000 $194,681
Scds: (Russia) Usd 20dec15 Buy Bnr1dbdv7 100,000 $-502
South Africa Government Bond, 6.25%, 3/31/36 1,200,000 $75,862
South Africa Government Bond, 7.0%, 2/28/31 1,200,000 $86,292
South Africa Government Bond, 7.25%, 1/15/20 1,905,000 $158,608
South Africa Government Bond, 8.0%, 1/31/30 620,000 $49,782
South Africa Government Bond, 8.25%, 9/15/17 1,000,000 $85,862
South Africa Government Bond - CPI Linked, 2.75%, 1/31/22 390,000 $44,737
Thailand Government Bond, 3.625%, 6/16/23 1,375,000 $42,797
Thailand Government Bond, 5.125%, 3/13/18 3,700,000 $120,932
Thailand Government Bond, 5.625%, 1/12/19 3,637,000 $123,550
Turkey Government Bond, 10.4%, 3/20/24 280,000 $114,901
Turkey Government Bond, 2.4%, 5/8/24 45,000 $18,182
Turkey Government Bond, 8.5%, 7/10/19 70,000 $26,442
Turkey Government Bond, 8.5%, 9/14/22 150,000 $55,003
Turkey Government Bond, 8.8%, 9/27/23 105,000 $39,063
Turkey Government Bond, 9.0%, 1/27/16 260,000 $100,291
Turkey Government Bond, 9.5%, 1/12/22 30,000 $11,782
Turkiye Is Bankasi, 0.0%, 11/16/15 300,000 $107,565

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

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