Mise en page 1 - UniCredit Bank Slovakia as

Annual Report
31 December 2012 (Audited)
Pioneer Funds
A Luxembourg Investment Fund
(Fonds Commun de Placement)

No subscriptions can be received on the basis of this financial report. Subscriptions are only valid if made on the basis of the current prospectus and the Key Investor Information Document, accompanied
by a copy of the latest annual report and a copy of the latest semi-annual report, if published thereafter.

Table of Contents
Annual Commentary on the Financial Markets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Risk Disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Statement of Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Statement of Operations and Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Statement of Unit Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Schedule of Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pioneer Funds - Euro Liquidity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184
Pioneer Funds - Euro Short-Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186
Pioneer Funds - Euro Cash Plus. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190
Pioneer Funds - Euro Corporate Short-Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193
Pioneer Funds - U.S. Dollar Short-Term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194
Pioneer Funds - Euro Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
Pioneer Funds - Euro Aggregate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213
Pioneer Funds - Euro Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220
Pioneer Funds - Euro Corporate Trend Bond. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223
Pioneer Funds - U.S. Dollar Aggregate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240
Pioneer Funds - Global Aggregate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246
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Table of Contents
Pioneer Funds - Euro Credit Recovery 2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248
Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing) . . . . . . . . . 249
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250
Pioneer Funds - Obbligazionario Euro 10/2014 con cedola (Euro Bond 10/2014 distributing) . . . . . . . . . 251
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252
Pioneer Funds - Obbligazionario Euro 11/2014 con cedola (Euro Bond 11/2014 distributing) . . . . . . . . . 253
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 254
Pioneer Funds - Obbligazionario Euro 12/2014 con cedola (Euro Bond 12/2014 distributing) . . . . . . . . . 255
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256
Pioneer Funds - U.S. Credit Recovery 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259
Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015. . . . . . . . . . . . . . . . . . . . . . . . . 260
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262
Pioneer Funds - Emerging Markets Corporate Bond 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265
Pioneer Funds - Europe Recovery Income 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266
Pioneer Funds - Euro Strategic Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273
Pioneer Funds - Strategic Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299
Pioneer Funds - U.S. High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311
Pioneer Funds - Global High Yield. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327
Pioneer Funds - Euro High Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 333
Pioneer Funds - Emerging Markets Corporate High Yield Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 337
Pioneer Funds - Emerging Markets Bond Local Currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340
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Table of Contents
Pioneer Funds - Emerging Markets Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347
Pioneer Funds - Emerging Markets Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348
Pioneer Funds - Absolute Return Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352
Pioneer Funds - Absolute Return Currencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 355
Pioneer Funds - Absolute Return Commodity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 356
Pioneer Funds - Absolute Return European Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357
Outstanding Contracts For Differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357
Pioneer Funds - Absolute Return Asian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359
Outstanding Contracts For Differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359
Pioneer Funds - Absolute Return Multi-Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 371
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372
Pioneer Funds - Absolute Return Multi-Strategy Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 374
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 379
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 380
Outstanding Swaps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 381
Pioneer Funds - Global Multi-Asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388
Pioneer Funds - Multi Asset Real Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396
Pioneer Funds - Euroland Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 397
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 398
Pioneer Funds - Core European Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401
Pioneer Funds - Top European Players . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 402
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403
Pioneer Funds - Annual Report 3

Table of Contents
Pioneer Funds - European Equity Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405
Pioneer Funds - European Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 406
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 408
Pioneer Funds - European Potential . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 409
Pioneer Funds - European Equity Target Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412
Pioneer Funds - German Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 414
Pioneer Funds - Italian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418
Pioneer Funds - U.S. Pioneer Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 419
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 422
Pioneer Funds - U.S. Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427
Pioneer Funds - U.S. Fundamental Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429
Pioneer Funds - U.S. Research Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430
Pioneer Funds - North American Basic Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 433
Pioneer Funds - U.S. Mid Cap Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 436
Pioneer Funds - Global Equity Target Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 437
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 439
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440
Pioneer Funds - Global Select . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445
Pioneer Funds - Global Ecology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 446
Pioneer Funds - Gold and Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 448
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449
Pioneer Funds - Japanese Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 454
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 454
Pioneer Funds - Emerging Markets Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 456
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459
Outstanding Options Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 459
Pioneer Funds - Emerging Markets Equity Unconstrained . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460
Outstanding Contracts for Differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 460
Pioneer Funds - Emerging Europe and Mediterranean Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461
Pioneer Funds - Asia (Ex. Japan) Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 464
4 Pioneer Funds - Annual Report

Table of Contents
Pioneer Funds - Latin American Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 468
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 470
Pioneer Funds - China Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 471
Outstanding Financial Futures Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474
Pioneer Funds - Indian Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 475
Pioneer Funds - Russian Equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 478
Pioneer Funds - Commodity Alpha. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480
Outstanding Forward Foreign Exchange Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480
Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 481
Report of the Réviseur d’Entreprises agréé . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 498
Management and Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 499
Pioneer Funds - Annual Report 5

Pioneer Funds Annual Report 2012
Annual Commentary on the Financial Markets
The Economy
Europe: Risk of a euro break-up averted
By the end of 2012, tensions in financial markets appeared to have abated, as leading central banks’ efforts at restoring confidence offset
evidence of a weak economy. The European Central Bank (ECB) managed to allay the worst-case scenario of a collapse of the single currency
and showed the ultimate commitment, having promised to do “whatever it takes” to save the euro. The ECB’s announcement of its latest
support program (Outright Monetary Transactions) reduced the implied sovereign credit risk of peripheral European countries. These countries
have also made some genuine progress in implementing structural economic reforms, notably in the labour market and the pension system. In
addition, policies enacted by national governments hit by the sovereign-debt crisis seem to be going in the right direction and are being
pursued even at the risk of social unrest. In 2013, Italy and Spain may deserve particular attention, as they account for about a quarter of
European Monetary Union-wide GDP and still face challenging conditions.
Moreover, in 2013 European political leaders should exploit the breathing room allowed by the ECB’s actions in order to find a long-term
solution to the debt crisis. Averting the worst-case scenario of a euro collapse was badly needed, but putting the whole issue to rest may still
prove difficult. While the European Monetary Union’s crisis is mostly referred to as a “sovereign-debt” crisis, it is actually a macroeconomic
one. The deep rift exposed by the global recession is still in place, pitting “core” countries, led by Germany, against “peripheral” (mostly
Southern) economies whose fiscal troubles are compounded by a structural lack of competitiveness. From an EU perspective, the first task
may be a comprehensive agreement over the creation of a “banking union” (Single Supervision Mechanism), where the ECB takes a
supervisory role and an EU-wide liquidation procedure of unhealthy banks is promptly established. Another radical solution to the crisis may
be a “Fiscal Union” (or Transfer Union) in which budget policies are governed from a central institution. Getting all of the recipients of EU
funds under the strict supervision of creditor countries would likely set this process in motion, although debtor countries are likely to oppose
the probable loss of fiscal sovereignty.
United States: Downside risks to growth somewhat receding
Looking at the United States in 2012; rarely has US GDP growth moved so little in a 12-month period, with year-on-year gains registering
between 2% and 2.5%. On a positive note, the US economy proved resilient in the face of challenging global conditions throughout the year.
Domestic household consumption continued to lead growth, helped by positive momentum in the housing sector as mortgage rates fell to
record lows and helped revive both home sales and prices. Also on a recovery path is the Housebuilding sector, with housing-starts up by more
than 40% from their trough.
Employment growth was fairly broad-based and has consistently included the highly cyclical Manufacturing sector.
The number of applications for jobless claims was much closer to levels predating the recession, another key labour market indicator.
The US corporate sector ended the year in healthy shape and we believe that the current levels of profit margins can be sustained going
forward.
In 2012, the US Treasury market enjoyed the windfall of low yields amid a global flight to safety, but as both the federal debt and deficit are at
record highs and well above the average for the G20 group, this is an issue that needs to be addressed with some urgency.
Going forward, we expect the political negotiations over US fiscal policies to reach a compromise agreement in order to avoid the fiscal cliff.
The US Federal Reserve looks committed to retaining an overly loose monetary policy for at least another two years. Overall, we expect the
US economy to grow at a subdued pace in 2013, with real GDP increasing by another 2% year-on-year.
China: The challenges for China’s leaders
Throughout the year, fears over a hard landing for the Chinese economy prevailed. However, the latest survey of manufacturers’ purchasing
managers has eased concerns that China may suffer a serious downturn. In fact, this highly cyclical index did not collapse as it had in 2008,
but dipped briefly just below the expansion threshold of 50. This evidence helped investors to regain some optimism for a soft-landing
scenario for China.
But threats to China’s growth remain: the real estate sector, accounting for about 15% of GDP, and its impact on bank balance sheets (although
many loans were made by other financial firms, belonging to a “shadow” banking system) is one of them. Another risk is that policy makers
are not responsive enough. They acted quickly in 2012, when monetary policy was switched from a tightening to an easing mode based on
signs that the Chinese economy was growing less, but then the pace slowed down. Banks’ reserve ratios are a case in point: This key gauge
was lowered three times in 2012, but remains close to the peak of 21.5%. The new political leadership, appointed by the ruling party’s five
year congress in November, is said to be even keener on taking a gradual approach.
A more fundamental reason for concern is that China’s growth relies on exports and investments, rather than on stable sources like household
spending, as structural changes are needed for the Chinese economy to become consumer-driven. The shift in China’s growth model from
investment-led to consumer-driven may take time, but the new political leadership needs to move beyond the rhetoric of economic reforms to
actually implementing them in areas, such as a more efficient welfare state and the liberalisation of both the Financial sector and currency
markets, not to mention the further advancement of privately-owned companies (long subjugated to large state-owned enterprises).
India: An elusive trade-off between inflation and growth
At the end of 2012, the Indian central bank (RBI) was facing the dilemma of a slowing economy in need of a looser monetary policy, while
adhering to its medium-term goal of 4% to 5% inflation. The wholesale price index is inflation’s main gauge in India and it has remained
stubbornly above target. So there appears to be little room to cut benchmark interest rates in order to revive bank loans, investment spending
and, with it, overall economic growth.
6 Pioneer Funds - Annual Report

Pioneer Funds Annual Report 2012
Annual Commentary on the Financial Markets (continued)
The Economy (continued)
India: An elusive trade-off between inflation and growth (continued)
Investors expected the Indian government to implement the structural changes, aimed at making the economy more efficient and push inflation
down, and the reform measures which the government announced in September. If these prove effective, the RBI may be more willing to let
interest rates decline. However, the main reform, the liberalisation of the retail sector, has been pursued only very gradually. Recent laws
letting foreign-owned chains open business in India were shelved and then only partially restored after intense lobbying.
Another disadvantage to business is the Indian government’s excess borrowing, which made it hard for them to raise money from private
investors and therefore left the corporate bond market undersized. So far, India has been an exception to the pattern of debt-light emerging
markets and there is little evidence of a change in this trend.
In 2012, the Indian stockmarket has benefited from the return of risk aversion and has quickly recouped all of its previous losses, both in
absolute terms and against the area’s benchmark.
Brazil: The central bank focuses on preserving growth, just like in developed countries
In 2012, Brazil’s economy slowed down markedly and struggled to recover despite policy makers’ repeated efforts to stimulate it. Hence, GDP
grew by only 0.6% in the third quarter. As a net commodity exporter, Brazil’s prospects are heavily reliant on China’s demand for resources.
Exports of iron ore to China may pick up again, but are unlikely to grow at the same frantic rate as before. In addition, on the domestic side,
Brazilian consumers also bought fewer durable goods and started a debt-reduction process. As in India’s case, structural reforms are called for,
mainly because companies are burdened by heavy taxes and excess regulation. The government has recognised the need to make Brazil more
business-friendly and improve competitiveness. In 2012, its main tool was letting the currency weaken on the back of repeated interest rate
cuts. The inflation target rate was still above the current rate, but the spread was rapidly dwindling. On present trends, it may disappear
altogether in 2013, if the Brazilian central bank continues to focus on growth targets.
Russia: Making the economy less commodity-driven
The Energy sector remains a key source of growth for the Russian economy, accounting for about three-quarters of its exports. The Energy
sector includes oil as well as several other mineral resources for which Chinese demand from has weakened in 2012, to the detriment of
overall growth. If China’s economy were to undergo a structural change and households’ demand for consumer goods replaced industrial
demand for resources, Russian exports would suffer on a long-term basis. Admittedly, private consumption’s contribution has improved a lot,
as people’s purchasing power increased and unemployment declined. Recent patterns, however, were less reassuring as real wages and
disposable incomes fell amid rising inflation. On the investments’ side, the challenge for the next few years is to attract foreign direct
investments. In that respect, recent progress in corporate governance looks encouraging, as Russia rose sharply in the World Bank’s latest
survey based on the ease of doing business.
The Markets
Bonds
Central banks have kept policy rates at rock-bottom levels since the financial crisis, in an effort to stimulate economic growth. This stance led
investors to search for additional yields in credit markets and to buy up large amounts of newly-issued bonds. US companies raised more than
$3 trillion in 2012, which is near the record set before the recession.
One could argue that there is more room for spread tightening in high-yield credit markets, as yields started from much higher levels. In fact,
companies exploited low borrowing costs by flooding the market with new issues and these have been welcomed by yield-hungry investors,
who also turned to much riskier assets such as leveraged loans. Investors have been paying less and less attention to companies’ fundamentals
in the search for yields.
While we held an overweight in credit markets throughout the euro debt crisis (despite its implications on risk aversion), we picked our
securities by blending risk and returns. There was little evidence of this selective approach in the market, as yields offered by low-rated issuers
(such as single B and C) also fell to record lows.
Central bank action has inspired confidence, notably in European Monetary Union government bond markets. The ECB’s pledge to do
whatever it takes to save the euro left borrowing costs at two-year lows for governments’ hard-hit by the debt crisis. Even Italy was able to sell
new bonds despite the impending elections. However, we acknowledge that the efforts for austerity and reforms pursued by these countries are
worth lower yields and spreads. That is why we are retaining a medium-term constructive view on the EMU periphery. Our thoughts on the
EMU periphery tend to apply to bank bonds, which account for a large share of European corporate credit markets. Spreads have fallen
alongside the sovereign market, although the ECB provided no further emergency lending since the Long Term Refinancing Operations. Their
decline appeared to be driven by an increasing risk appetite among bond investors and should therefore be viewed with some caution. On a
more fundamental note, bank credit spreads may stay low if international regulators refrained from relaxing capital adequacy standards and
revive bank lending. Profit estimates may be capped by high capital ratios, whereas bondholders are likely to feel more secure about the
banking sector’s overall solvency.
Going forward, emerging markets may provide the best combination between risk and reward. Admittedly, spreads have come down sharply
too, but they reflect the actual improvements in government policies, particularly on the fiscal side. Reasonable alternatives may be found
among emerging-market corporate issuers, though a selective approach should also apply to them, as demand from yield-hungry investors
extended into this market and set a record-high for new issues in 2012.
Pioneer Funds - Annual Report 7

Pioneer Funds Annual Report 2012
Annual Commentary on the Financial Markets (continued)
Equity Markets
Europe
Since June 2012, we have gradually been adding to our European equity exposure despite widespread concerns over a euro break-up, as we
believed that those pessimistic forecasts were reflected in some valuations. While the worst-case scenario has been averted, we share the
prevailing view that the European economy will stay in recession for most of 2013. However, we believe that European equity valuations
remain cheap and consistent with these downbeat macroeconomic forecasts. According to our estimates, the cyclically-adjusted price/earnings
ratio in Europe is far below the long-term average and near its historical minimum.
A fair assessment of European stockmarkets has to take into account that companies listed on European exchanges sell most of their goods
outside of Europe and tend to follow the global economic cycle. The cheapest companies were in the Financial sector, whose liquidity shortage
was eased by the European Central Bank’s support, with a beneficial impact on stock prices. However, long-term earnings estimates may
improve very slowly as long as the credit crunch continues in recession-hit countries of the euro area. Higher capital ratios imposed by
domestic and international regulators are also looming, although some investors may be comfortable with the additional constraints posed by
the new requirements, notably on loan selection.
United States
Concerns about a recessionary fiscal cliff seemed to be only mildly reflected in US stockmarket action, when the broad S&P 500 index
wrapped up a double-digit gain in 2012, led by the most cyclical (economy-sensitive) sector groups. Even the VIX index of implied volatility
appeared to be on the rise when compared with recent low values, but was about half as much as in the summer of 2011, when the standoff
over fiscal policies pushed the S&P 500 down by 12% in under a month. The Financials index turned out to be the best performer among the
10 economic sectors in the S&P 500 and this sector group has long been one of the most vulnerable following the continued volatility
surrounding the US economy. The Federal Reserve’s (Fed) overly loose monetary policy has helped greatly, though on a more fundamental
basis the flow of economic data has also somewhat improved, thanks to upbeat data from the Housing sector.
The risk of resurgent inflation did not appear to be anticipated by equity investors (though not so among inflation-linked bondholders). This
stance was especially good news for banks, which were able to exploit a positive carry by borrowing money at the short end of the yield curve
and lending to companies and households. This margin would be largely untapped if demand for loans remained weak, but these have steadily
recovered from the recession especially for the most solid lenders.
The housing market has also benefitted from quantitative easing. It took some time for falling mortgage rates to leave a mark, but home sales
and prices stepped up the pace of recovery in 2012. Going forward, international trends may be crucial for other cyclical sectors. Exporters of
basic materials and resources are unlikely to generate past earnings growth, whereas makers of consumer goods may benefit from strong and
increased sales especially of discretionary items.
Asia and Emerging Equities
Emerging market countries and sectors have delivered quite different results throughout the year.
Country-wise, at the end of 2012, Chinese stocks were supported by the growing perception of a soft-landing scenario. We believe that the
trough of the earnings cycle has been reached and expect corporate profits to start improving in 2013, as GDP growth may have bottomed out
at 7% year-on-year in 2012. Chinese blue-chip stocks (mostly listed in Hong Kong) have largely beaten world market averages in late 2012,
but we believe that despite the latest rally Chinese stocks are still undervalued compared to broad emerging market averages, notably in the
key Banking sector which has long been under pressure amid investors’ disappointment over a too-slow monetary easing. Chinese consumer
stocks may also get steady support from a possible change in China’s growth model from investment-led to a consumer-led one.
Other major emerging markets had less room to grow amid fewer available economic policy tools. Throughout 2012, Brazil’s central bank has
cut its benchmark rates in half to a record low in an effort to revive GDP growth, but structural factors such as low labour productivity and
still-excessive regulations were a hindrance. A weaker real may benefit exporters, but most of them belong to resource-related sectors which
are likely to suffer from China’s change in growth model. Russia is another resource-driven economy, but it appeared to have some more room
for growth in domestic household spending to offset.
Indian stocks have been broadly supported, although fundamental reasons for concern still persist amid a narrow breathing space for economic
stimulus: on the monetary side, the central bank’s willingness to let interest rates fall further and relax the inflation target to revive a flagging
economy recently met with some criticism and provided more uncertainties than comfort.
However, we believe that emerging-market equities, as a whole, remain the best long-term investment opportunity.
Currencies: The search for competitive currencies becomes broad-based
Major currencies experienced relatively modest swings in 2012. In our view, volatility is unlikely to pick up again in 2013 as monetary
policies carried out in developed countries after the latest great recession tended to resemble each other.
Until late into 2012, the US dollar’s trade-weighted index declined and fell to historical lows despite the sovereign-debt crisis and the ensuing
recession in the euro area. The Federal Reserve’s stance has often had a lot of influence on financial markets, and policies (like QE) boosting
money supply could weaken the dollar, but when the ECB resorted to its own liquidity-enhancing tools to contain the damage of the debt
crisis. The ECB and the Fed were committed to doing whatever it took to fulfil their respective goals (saving the euro and moving the US
economy to a faster track). Both currencies did not appear to be supported by a strong commitment to fighting inflation. As a central bank
policy goal, consumer price stability looks like a legacy of the past and some investors may not appreciate such a radical change of priorities in
favour of economic growth. The US dollar’s cheap valuation as a hedge against tensions over the euro sovereign-debt crisis partially offset the
Fed’s overly loose stance.
8 Pioneer Funds - Annual Report

Pioneer Funds Annual Report 2012
Annual Commentary on the Financial Markets (continued)
Currencies: The search for competitive currencies becomes broad-based (continued)
Until August, a climate of global risk aversion prompted many investors to seek safety in the Japanese yen, for being the currency of a country
at risk of recession, but with full monetary sovereignty and plenty of domestic savings. The yen’s 10% depreciation in 2012 against the US
dollar largely originated from speculators exiting “risk-off” strategies.
Although most Western analysts paid a lot of attention to the yen/dollar rate, other Far Eastern countries such as South Korea, Taiwan and
China account for more than a quarter of overall trade, so they are as important as the US or the eurozone. In this respect, the yen’s effective
(trade-weighted) rate was down even more. A further 10% decline would get it back to pre-US banking crisis levels of that year, shedding what
is left of the yen’s safe-haven allure.
Looking ahead, global economic conditions may improve as some risk factors recede. To start with, a compromise agreement over tax policies
should be found in the US (averting the “fiscal cliff”); moreover, there is the growing perception of a soft-landing scenario for the Chinese
economy. Last but not least, with regard to the EU’s sovereign-debt crisis, key steps such as the creation of a single supervisory mechanism are
being envisaged and will be gradually implemented.
Pioneer Funds - Annual Report 9

Risk Disclosure
Risk Management
The Management Company uses a risk management process that allows monitoring the risks of the portfolio positions and their share of the
overall risk profile of the portfolios on the managed funds at any time. In accordance with the Law of 17 December 2010 and the applicable
regulatory requirements of the Commission de Surveillance du Secteur Financier (“CSSF”) the Management Company reports to the CSSF on
a regular basis on the risk management process. The Management Company assures, at the basis of appropriate and reasonable methods, that
overall risk, associated with derivatives, does not exceed the Net Asset Value of the Sub-Fund. In accordance with the requirements of the
Regulatory Authority, this risk management process measures the global exposure of each Sub-Fund with the Value at Risk (“VaR”) approach.
Value-at-Risk
In financial mathematics and risk management, the VaR approach is a widely used risk measurement of the maximum potential loss for a
specific portfolio of assets, due to market risk. More specifically, the VaR approach measures the maximum potential loss of such a portfolio at
a given confidence level (or probability) over a specific time period (so called holding period) under normal market conditions. Absolute VaR
or relative VaR are applied as disclosed in the table below.
Relative VaR approach:
Relative VaR links the VaR of the portfolio of a Sub-Fund with the VaR of a reference portfolio. The reference portfolio is a matching portfolio
in comparison to the Fund's investment policy. The relative VaR of the Sub-Fund shall not exceed twice the VaR of its reference portfolio. The
reference portfolio used by each Sub-Fund is set out in the table below. The lowest, the highest and the average utilisation of the VaR limit
calculated during the period from 01 January 2012 to 31 December 2012 are set out in the table below.
Absolute VaR approach:
Absolute VaR links the VaR of the portfolio of a Sub-Fund with its Net Asset Value. The absolute VaR of any Sub-Fund shall not exceed 20%
of the Sub-Fund’s Net Asset Value (determined on the basis of 99% confidence interval and a holding period of 20 business days).This is
equivalent to 14.14% for a 10-day holding period applied by the Management Company. The lowest, the highest and the average utilisation of
the VaR limit calculated during the period from 01 January 2012 to 31 December 2012 are set out in the table below.
The VaR has been calculated using the historical simulation with a confidence interval of 99%, a holding period of 10 days, an observation
period of 252 days (equally weighted).
Sub-Fund
Pioneer Funds -
Euro Liquidity
Pioneer Funds -
Euro Short-Term
Pioneer Funds -
Euro Cash Plus
Pioneer Funds -
Euro Corporate Short-Term
Pioneer Funds -
U.S. Dollar Short-Term
Pioneer Funds -
Euro Bond
Pioneer Funds -
Euro Aggregate Bond
Pioneer Funds -
Euro Corporate Bond
Pioneer Funds -
Euro Corporate Trend Bond
Pioneer Funds -
U.S. Dollar Aggregate Bond
Pioneer Funds -
Global Aggregate Bond
Pioneer Funds -
Euro Credit Recovery 2012
Starting
Period
Ending
Period
Market Risk
Calculation
Lowest
Fund VaR
Utilisation
Highest
Fund VaR
Utilisation
Average
Fund VaR
Utilisation
VaR
Utilisation
Limit
Reference
Portfolio/Index
01/01/2012 31/12/2012 Relative VaR 16.55% 160.68% 64.69% 200% 100% BofA Merrill Lynch
Euro Government Bill
01/01/2012 31/12/2012 Relative VaR 82.35% 187.57% 122.45% 200% 100% BofA Merrill Lynch
Italy Government Bill
01/01/2012 31/12/2012 Relative VaR 52.94% 94.06% 73.17% 200% 100% BofA Merrill Lynch EMU
Corporate, 1-3 Yrs
01/01/2012 31/12/2012 Relative VaR 79.44% 151.55% 117.02% 200% 100% BofA Merrill Lynch EMU
Corporate, 1-3 Yrs
01/01/2012 31/12/2012 Relative VaR 91.40% 111.60% 102.63% 200% 95% JP Morgan 6 Month
USD Cash
5% JP Morgan 6 Month
Euro Cash
01/01/2012 31/12/2012 Relative VaR 80.72% 107.85% 93.81% 200% 100% JP Morgan GBI EMU
01/01/2012 31/12/2012 Relative VaR 65.41% 109.02% 92.72% 200% 100% BarCap Euro
Aggregate
01/01/2012 31/12/2012 Relative VaR 85.43% 158.53% 114.09% 200% 95% BofA Merrill Lynch EMU
Corporate, Large Cap
5% JP Morgan 1 Month
Euro Cash
01/01/2012 31/12/2012 Relative VaR 68.50% 184.20% 151.43% 200% 100% BofA Merrill Lynch EMU
Corporate, Large Cap
01/01/2012 31/12/2012 Relative VaR 87.18% 99.06% 92.93% 200% 100% BarCap U.S.
Aggregate
01/01/2012 31/12/2012 Relative VaR 60.60% 96.12% 82.67% 200% 100% BarCap Global
Aggregate
01/01/2012 13/05/2012 Relative VaR 15.74% 34.78% 23.91% 200% 100% BofA Merrill Lynch EMU
Corporate, 0-1 Yrs
14/05/2012 31/12/2012 Relative VaR 2.22% 45.80% 20.51% 200% 100% BofA Merrill Lynch Euro
Government Bill
10 Pioneer Funds - Annual Report

Risk Disclosure (continued)
Sub-Fund
Pioneer Funds -
Obbligazionario Euro 09/2014
con cedola (Euro Bond 09/2014
distributing)
Pioneer Funds -
Obbligazionario Euro 10/2014
con cedola (Euro Bond 10/2014
distributing)
Pioneer Funds -
Obbligazionario Euro 11/2014
con cedola (Euro Bond 11/2014
distributing)
Pioneer Funds -
Obbligazionario Euro 12/2014
con cedola (Euro Bond 12/2014
distributing)
Pioneer Funds -
U.S. Credit Recovery 2014
Pioneer Funds -
High Yield & Emerging Markets
Bond Opportunities 2015
Pioneer Funds -
Emerging Markets
Corporate Bond 2016
Pioneer Funds -
Europe Recovery Income 2017
Starting
Period
Ending
Period
Market Risk
Calculation
Lowest
Fund VaR
Utilisation
Highest
Fund VaR
Utilisation
Average
Fund VaR
Utilisation
VaR
Utilisation
Limit
Reference
Portfolio/Index
01/01/2012 31/12/2012 Relative VaR 87.55% 124.29% 103.55% 200% 75% BofA Merrill Lynch EMU
Corporate, 2-4 Yrs
25% JP Morgan GBI Italy
2-4 Yrs
01/01/2012 31/12/2012 Relative VaR 95.51% 127.98% 113.69% 200% 75% BofA Merrill Lynch EMU
Corporate, 2-4 Yrs
25% JP Morgan GBI Italy
2-4 Yrs
01/01/2012 31/12/2012 Relative VaR 69.32% 113.66% 93.00% 200% 75% BofA Merrill Lynch EMU
Corporate, 2-4 Yrs
25% JP Morgan GBI Italy
2-4 Yrs
01/01/2012 31/12/2012 Relative VaR 81.08% 124.45% 106.18% 200% 75% BofA Merrill Lynch EMU
Corporate, 2-4 Yrs
25% JP Morgan GBI Italy
2-4 Yrs
01/01/2012 07/10/2012 Relative VaR 95.54% 103.30% 99.16% 200% 100% BofA Merrill Lynch US
Domestic Corporate
Master, 1-5 Yrs
08/10/2012 31/12/2012 Relative VaR 98.41% 103.20% 100.54% 200% 100% BofA Merrill Lynch US
Domestic Corporate
Master, 1-3 Yrs
01/01/2012 07/10/2012 Relative VaR 93.42% 175.86% 116.58% 200% 50% BofA Merrill Lynch Euro
High Yield, 0-5 Yrs
25% BofA Merrill Lynch
Global Emerging
Markets Credit, 0-5 Yrs
25% BofA Merrill Lynch US
High Yield Master II,
0-5 Yrs
08/10/2012 31/12/2012 Relative VaR 71.26% 95.06% 79.19% 200% 40% BofA Merrill Lynch Euro
High Yield, 2-4 Yrs
45% JP Morgan Corporate
Broad EMBI Diversified
High Yield, 2-4 Yrs
15% JP Morgan GBI-EM
Global Diversified 2-4Y
01/01/2012 07/10/2012 Relative VaR 100.85% 193.28% 127.25% 200% 100% BofA Merrill Lynch
Global High Yield &
Emerging markets
plus, 0-6 Yrs (hedged
to EUR)
08/10/2012 31/12/2012 Relative VaR 78.10% 104.62% 85.65% 200% 100% JP Morgan Corporate
Broad EMBI Diversified
High Yield, 2-5 Yrs
(hedged to EUR)
29/05/2012 07/10/2012 Relative VaR 0.00% 179.86% 159.77% 200% 75% BofA Merrill Lynch EMU
Corporate, 4-6 Yrs
25% JP Morgan GBI Italy
4-6 Yrs
08/10/2012 31/12/2012 Relative VaR 122.04% 131.21% 124.85% 200% 10% BofA Merrill Lynch
Euro Sub-Debt Lower
Tier 2, 4-6 Yrs
45% BofA Merrill Lynch
Senior Banking, 4-6 Yrs
10% BofA Merrill Lynch Euro
High Yield, 4-6 Yrs
35% JP Morgan GBI Italy
4-6 Yrs
Pioneer Funds - Annual Report 11

Risk Disclosure (continued)
Sub-Fund
Pioneer Funds -
Euro Strategic Bond
Pioneer Funds -
Strategic Income
Pioneer Funds -
U.S. High Yield
Pioneer Funds -
Global High Yield
Pioneer Funds -
Euro High Yield
Pioneer Funds -
Emerging Markets
Corporate High Yield Bond
Pioneer Funds -
Emerging Markets Bond
Local Currencies
Pioneer Funds -
Emerging Markets Bond
Pioneer Funds -
Emerging Markets
Corporate Bond
Pioneer Funds -
Absolute Return Bond
Pioneer Funds -
Absolute Return Currencies
Pioneer Funds -
Absolute Return Commodity
Pioneer Funds -
Absolute Return European Equity
Pioneer Funds -
Absolute Return Asian Equity
Pioneer Funds -
Absolute Return Multi-Strategy
Pioneer Funds -
Absolute Return
Multi-Strategy Growth
Pioneer Funds -
Global Multi-Asset
Pioneer Funds -
Multi Asset Real Return
Pioneer Funds -
Euroland Equity
Pioneer Funds -
Core European Equity
Pioneer Funds -
Top European Players
Pioneer Funds -
European Equity Value
Pioneer Funds -
European Research
Pioneer Funds -
European Potential
Pioneer Funds -
European Equity Target Income
Starting
Period
Ending
Period
Market Risk
Calculation
Lowest
Fund VaR
Utilisation
Highest
Fund VaR
Utilisation
Average
Fund VaR
Utilisation
VaR
Utilisation
Limit
01/01/2012 31/12/2012 Absolute VaR 1.69% 3.85% 2.64% 14.14% n/a
Reference
Portfolio/Index
01/01/2012 31/12/2012 Relative VaR 65.17% 87.80% 75.41% 200% 100% BarCap U.S. Universal
01/01/2012 31/12/2012 Relative VaR 87.11% 110.05% 93.26% 200% 100% BofA Merrill Lynch US
High Yield Master II
01/01/2012 31/12/2012 Relative VaR 95.54% 147.19% 117.00% 200% 100% BofA Merrill Lynch
Global High Yield &
Emerging Markets Plus
01/01/2012 31/12/2012 Relative VaR 81.90% 123.99% 97.42% 200% 100% BofA Merrill Lynch Euro
High Yield Constrained
11/07/2012 31/12/2012 Relative VaR 0.00% 116.69% 97.45% 200% 100% JP Morgan Corporate
Broad EMBI
Diversified High Yield
01/01/2012 31/12/2012 Relative VaR 84.84% 125.32% 104.45% 200% 100% JP Morgan GBI-EM
Broad Diversified
01/01/2012 31/12/2012 Relative VaR 97.63% 119.03% 106.69% 200% 95% JP Morgan EMBI
Global Diversified
5% JP Morgan 1 Month
Euro Cash
11/12/2012 31/12/2012 Relative VaR 0.00% 91.92% 83.65% 200% 100% JP Morgan
Corporate Broad EMBI
Diversified
01/01/2012 31/12/2012 Absolute VaR 0.77% 2.31% 1.40% 14.14% n/a
01/01/2012 31/12/2012 Absolute VaR 0.18% 0.96% 0.46% 14.14% n/a
11/01/2012 31/12/2012 Absolute VaR 0.00% 1.58% 1.12% 14.14% n/a
01/01/2012 31/12/2012 Absolute VaR 0.11% 3.52% 1.74% 14.14% n/a
01/01/2012 31/12/2012 Absolute VaR 0.95% 7.44% 2.84% 14.14% n/a
01/01/2012 31/12/2012 Absolute VaR 1.02% 3.00% 1.67% 14.14% n/a
01/01/2012 31/12/2012 Absolute VaR 1.33% 4.33% 2.07% 14.14% n/a
01/01/2012 31/12/2012 Relative VaR 85.23% 156.28% 119.06% 200% 60% MSCI World
01/01/2012 31/12/2012 Absolute VaR 1.95% 6.60% 4.86% 14.14% n/a
40% JP Morgan GBI Global
01/01/2012 31/12/2012 Relative VaR 93.00% 106.29% 99.16% 200% 100% MSCI EMU
01/01/2012 31/12/2012 Relative VaR 95.79% 108.85% 102.33% 200% 100% MSCI Europe
01/01/2012 31/12/2012 Relative VaR 97.28% 114.16% 105.93% 200% 100% MSCI Europe
01/01/2012 31/12/2012 Relative VaR 89.55% 100.21% 94.36% 200% 100% MSCI Europe Value
01/01/2012 31/12/2012 Relative VaR 88.01% 113.54% 101.52% 200% 100% MSCI Europe
01/01/2012 31/12/2012 Relative VaR 96.60% 118.18% 108.65% 200% 100% MSCI Europe Small
Cap
01/01/2012 31/12/2012 Relative VaR 69.63% 129.63% 101.10% 200% 100% MSCI Europe High
Dividend Yield
12 Pioneer Funds - Annual Report

Risk Disclosure (continued)
Sub-Fund
Pioneer Funds -
German Equity
Pioneer Funds -
Italian Equity
Pioneer Funds -
U.S. Pioneer Fund
Pioneer Funds -
U.S. Research
Pioneer Funds -
U.S. Fundamental Growth
Pioneer Funds -
U.S. Research Value
Pioneer Funds -
North American Basic Value
Pioneer Funds -
U.S. Mid Cap Value
Pioneer Funds -
U.S. Small Companies *
Pioneer Funds -
Global Equity Target Income
Pioneer Funds -
Global Select
Pioneer Funds -
Global Ecology
Pioneer Funds -
Gold and Mining
Pioneer Funds -
Japanese Equity
Pioneer Funds -
Emerging Markets Equity
Pioneer Funds -
Emerging Markets Equity
Unconstrained
Pioneer Funds -
Emerging Europe and
Mediterranean Equity
Pioneer Funds -
Asia (Ex. Japan) Equity
Pioneer Funds -
Latin American Equity
Pioneer Funds -
China Equity
Pioneer Funds -
Indian Equity
Pioneer Funds -
Russian Equity
Pioneer Funds -
Commodity Alpha
Starting
Period
Ending
Period
Market Risk
Calculation
Lowest
Fund VaR
Utilisation
Highest
Fund VaR
Utilisation
Average
Fund VaR
Utilisation
VaR
Utilisation
Limit
Reference
Portfolio/Index
16/05/2012 31/12/2012 Relative VaR 0.00% 107.18% 100.69% 200% 100% CDAX
01/01/2012 31/12/2012 Relative VaR 68.80% 101.53% 88.71% 200% 100% Italy Stock Market BCI
COMIT Globale+
R 10/40
01/01/2012 31/12/2012 Relative VaR 96.28% 110.04% 101.74% 200% 100% S&P 500
01/01/2012 31/12/2012 Relative VaR 98.77% 112.16% 103.95% 200% 100% S&P 500
01/01/2012 31/12/2012 Relative VaR 87.88% 102.29% 96.00% 200% 100% Russell 1000 Growth
01/01/2012 31/12/2012 Relative VaR 93.16% 111.57% 103.84% 200% 100% Russell 1000 Value
01/01/2012 01/07/2012 Relative VaR 88.36% 106.03% 97.18% 200% 100% S&P 500
02/07/2012 31/12/2012 Relative VaR 82.76% 113.14% 104.05% 200% 100% Russell 1000 Value
01/01/2012 31/12/2012 Relative VaR 86.40% 117.91% 101.56% 200% 100% Russell Mid Cap Value
01/01/2012 17/12/2012 Relative VaR 62.39% 157.23% 106.85% 200% 100% Russell 2000 Growth
01/01/2012 31/12/2012 Relative VaR 86.13% 150.48% 100.97% 200% 100% MSCI World
01/01/2012 31/12/2012 Relative VaR 96.29% 133.30% 106.55% 200% 100% MSCI World
01/01/2012 31/12/2012 Relative VaR 99.57% 166.51% 136.64% 200% 100% MSCI World
01/01/2012 31/12/2012 Relative VaR 75.08% 104.61% 89.80% 200% 100% MSCI World Metals &
Mining
01/01/2012 31/12/2012 Relative VaR 92.59% 103.68% 98.00% 200% 100% MSCI Japan
01/01/2012 31/12/2012 Relative VaR 89.04% 113.88% 99.23% 200% 100% MSCI Emerging
Markets
18/07/2012 07/10/2012 Absolute VaR 0.00% 5.61% 5.14% 14.14% n/a
08/10/2012 31/12/2012 Relative VaR 62.76% 79.16% 72.08% 200% 100% MSCI Emerging
Markets
01/01/2012 31/12/2012 Relative VaR 81.53% 101.87% 92.92% 200% 100% MSCI Emerging
Markets Europe &
Middle East 10/40
01/01/2012 31/12/2012 Relative VaR 87.82% 135.87% 114.37% 200% 100% MSCI AC Asia ex Japan
01/01/2012 31/12/2012 Relative VaR 94.99% 118.35% 106.72% 200% 100% MSCI Latin America
10/40
01/01/2012 31/12/2012 Relative VaR 82.21% 105.22% 94.83% 200% 100% MSCI China 10/40
01/01/2012 31/12/2012 Relative VaR 78.82% 105.25% 94.60% 200% 100% MSCI India
01/01/2012 31/12/2012 Relative VaR 78.47% 92.49% 84.80% 200% 100% MSCI Russia 10/40
01/01/2012 31/12/2012 Relative VaR 47.70% 108.14% 93.61% 200% 100% Dow Jones UBS
Commodity
* The last three business days (13 December 2012 until 17 December 2012) are not considered for the purpose of highest, lowest and average Fund VaR Utilisation as the Sub-Fund was in its
liquidiation process and the resulting VaR figures on those dates were not reasonable due to booking effects.
Pioneer Funds - Annual Report 13

Risk Disclosure (continued)
Leverage
The use of financial derivative instruments may result in a Sub-Fund being leveraged. Leverage is monitored on a regular basis and is
measured as a percentage of each Sub-Fund’s Net Asset Value.
Up to 05 December 2012 the leverage is measured as net leverage, which means that the leverage incurred through the use of derivatives will
take into account hedging or netting arrangements. This is also known as the commitment approach. As from 06 December 2012 leverage is
measured as the sum of notionals of the financial derivative instruments used.
The leverage for each Sub-Fund is not expected to exceed the levels set out in the table below. However, under certain circumstances (e.g. very
low market volatility) the leverage may exceed these levels.
The average leverage level observed during the period from 01 January 2012 to 05 December 2012 (as net leverage) and from 06 December
2012 to 31 December 2012 (as sum of notionals) using weekly observations is also specified in the table below. In addition, the average level
of leverage (as sum of notionals) observed from 01 January 2012 to 31 December 2012 is displayed.
Maximum
expected level
of leverage
Realized
average level
of leverage
Sub-Fund
Leverage
Methodology
Starting
Period
Ending
Period
Pioneer Funds - Euro Liquidity Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
Pioneer Funds - Euro Short-Term Net Leverage 01/01/2012 05/12/2012 100% 61%
Sum of Notionals 06/12/2012 31/12/2012 150% 85%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 150% 96%
Pioneer Funds - Euro Cash Plus Net Leverage 01/01/2012 05/12/2012 200% 47%
Sum of Notionals 06/12/2012 31/12/2012 150% 64%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 150% 89%
Pioneer Funds - Euro Corporate Short-Term Net Leverage 01/01/2012 05/12/2012 200% 62%
Sum of Notionals 06/12/2012 31/12/2012 150% 92%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 150% 107%
Pioneer Funds - U.S. Dollar Short-Term Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
Pioneer Funds - Euro Bond Net Leverage 01/01/2012 05/12/2012 200% 142%
Sum of Notionals 06/12/2012 31/12/2012 300% 196%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 300% 214%
Pioneer Funds - Euro Aggregate Bond Net Leverage 01/01/2012 05/12/2012 200% 149%
Sum of Notionals 06/12/2012 31/12/2012 300% 228%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 300% 224%
Pioneer Funds - Euro Corporate Bond Net Leverage 01/01/2012 05/12/2012 200% 99%
Sum of Notionals 06/12/2012 31/12/2012 250% 149%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 250% 169%
Pioneer Funds - Euro Corporate Trend Bond Net Leverage 01/01/2012 05/12/2012 100% 37%
Sum of Notionals 06/12/2012 31/12/2012 50% 26%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 36%
Pioneer Funds - U.S. Dollar Aggregate Bond Net Leverage 01/01/2012 05/12/2012 25% 24%
Sum of Notionals 06/12/2012 31/12/2012 50% 18%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 24%
Pioneer Funds - Global Aggregate Bond Net Leverage 01/01/2012 05/12/2012 200% 211%
Sum of Notionals 06/12/2012 31/12/2012 400% 455%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 400% 352%
Pioneer Funds - Euro Credit Recovery 2012 Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
14 Pioneer Funds - Annual Report

Risk Disclosure (continued)
Sub-Fund
Pioneer Funds - Obbligazionario Euro 09/2014 con cedola
(Euro Bond 09/2014 distributing)
Leverage
Methodology
Starting
Period
Ending
Period
Maximum
expected level
of leverage
Realized
average level
of leverage
Net Leverage 01/01/2012 05/12/2012 50% 37%
Sum of Notionals 06/12/2012 31/12/2012 50% 51%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 39%
Pioneer Funds - Obbligazionario Euro 10/2014 con cedola
(Euro Bond 10/2014 distributing)
Net Leverage 01/01/2012 05/12/2012 50% 37%
Sum of Notionals 06/12/2012 31/12/2012 50% 54%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 40%
Pioneer Funds - Obbligazionario Euro 11/2014 con cedola
(Euro Bond 11/2014 distributing)
Net Leverage 01/01/2012 05/12/2012 50% 25%
Sum of Notionals 06/12/2012 31/12/2012 50% 50%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 28%
Pioneer Funds - Obbligazionario Euro 12/2014 con cedola
(Euro Bond 12/2014 distributing)
Net Leverage 01/01/2012 05/12/2012 50% 28%
Sum of Notionals 06/12/2012 31/12/2012 50% 38%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 29%
Pioneer Funds - U.S. Credit Recovery 2014 Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
Pioneer Funds - High Yield & Emerging Markets Bond
Opportunities 2015
Net Leverage 01/01/2012 05/12/2012 50% 14%
Sum of Notionals 06/12/2012 31/12/2012 50% 53%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 50%
Pioneer Funds - Emerging Markets Corporate Bond 2016 Net Leverage 01/01/2012 05/12/2012 50% 6%
Sum of Notionals 06/12/2012 31/12/2012 100% 82%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 100% 79%
Pioneer Funds - Europe Recovery Income 2017 Net Leverage 29/05/2012 05/12/2012 200% 24%
Sum of Notionals 06/12/2012 31/12/2012 50% 20%
Sum of Notionals Year 2012 29/05/2012 31/12/2012 50% 23%
Pioneer Funds - Euro Strategic Bond Net Leverage 01/01/2012 05/12/2012 200% 74%
Sum of Notionals 06/12/2012 31/12/2012 200% 75%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 200% 93%
Pioneer Funds - Strategic Income Net Leverage 01/01/2012 05/12/2012 50% 25%
Sum of Notionals 06/12/2012 31/12/2012 50% 23%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 26%
Pioneer Funds - U.S. High Yield Net Leverage 01/01/2012 05/12/2012 10% 4%
Sum of Notionals 06/12/2012 31/12/2012 10% 4%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 4%
Pioneer Funds - Global High Yield Net Leverage 01/01/2012 05/12/2012 10% 3%
Sum of Notionals 06/12/2012 31/12/2012 10% 3%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 3%
Pioneer Funds - Euro High Yield Net Leverage 01/01/2012 05/12/2012 200% 19%
Sum of Notionals 06/12/2012 31/12/2012 75% 14%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 75% 32%
Pioneer Funds - Emerging Markets Corporate High Yield Bond Net Leverage 11/07/2012 05/12/2012 200% 14%
Sum of Notionals 06/12/2012 31/12/2012 75% 19%
Sum of Notionals Year 2012 11/07/2012 31/12/2012 75% 17%
Pioneer Funds - Emerging Markets Bond Local Currencies Net Leverage 01/01/2012 05/12/2012 200% 9%
Sum of Notionals 06/12/2012 31/12/2012 75% 17%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 75% 19%
Pioneer Funds - Annual Report 15

Risk Disclosure (continued)
Maximum
expected level
of leverage
Realized
average level
of leverage
Sub-Fund
Leverage
Methodology
Starting
Period
Ending
Period
Pioneer Funds - Emerging Markets Bond Net Leverage 01/01/2012 05/12/2012 200% 46%
Sum of Notionals 06/12/2012 31/12/2012 75% 34%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 75% 46%
Pioneer Funds - Emerging Markets Corporate Bond Net Leverage - - - -
Sum of Notionals 11/12/2012 31/12/2012 75% 0%
Sum of Notionals Year 2012 11/12/2012 31/12/2012 75% 0%
Pioneer Funds - Absolute Return Bond Net Leverage 01/01/2012 05/12/2012 300% 293%
Sum of Notionals 06/12/2012 31/12/2012 600% 504%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 600% 468%
Pioneer Funds - Absolute Return Currencies Net Leverage 01/01/2012 05/12/2012 150% 48%
Sum of Notionals 06/12/2012 31/12/2012 200% 164%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 200% 186%
Pioneer Funds - Absolute Return Commodity Net Leverage 11/01/2012 05/12/2012 150% 112%
Sum of Notionals 06/12/2012 31/12/2012 150% 121%
Sum of Notionals Year 2012 11/01/2012 31/12/2012 150% 114%
Pioneer Funds - Absolute Return European Equity Net Leverage 01/01/2012 05/12/2012 300% 90%
Sum of Notionals 06/12/2012 31/12/2012 200% 61%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 200% 91%
Pioneer Funds - Absolute Return Asian Equity Net Leverage 01/01/2012 05/12/2012 300% 91%
Sum of Notionals 06/12/2012 31/12/2012 150% 114%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 150% 100%
Pioneer Funds - Absolute Return Multi-Strategy Net Leverage 01/01/2012 05/12/2012 250% 68%
Sum of Notionals 06/12/2012 31/12/2012 500% 143%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 500% 99%
Pioneer Funds - Absolute Return Multi-Strategy Growth Net Leverage 01/01/2012 05/12/2012 250% 102%
Sum of Notionals 06/12/2012 31/12/2012 600% 222%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 600% 148%
Pioneer Funds - Global Multi-Asset Net Leverage 01/01/2012 05/12/2012 100% 20%
Sum of Notionals 06/12/2012 31/12/2012 150% 108%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 150% 116%
Pioneer Funds - Multi Asset Real Return Net Leverage 01/01/2012 05/12/2012 25% 16%
Sum of Notionals 06/12/2012 31/12/2012 50% 16%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 27%
Pioneer Funds - Euroland Equity Net Leverage 01/01/2012 05/12/2012 50% 1%
Sum of Notionals 06/12/2012 31/12/2012 50% 16%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 22%
Pioneer Funds - Core European Equity Net Leverage 01/01/2012 05/12/2012 100% 4%
Sum of Notionals 06/12/2012 31/12/2012 50% 10%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 16%
Pioneer Funds - Top European Players Net Leverage 01/01/2012 05/12/2012 50% 4%
Sum of Notionals 06/12/2012 31/12/2012 50% 7%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 9%
Pioneer Funds - European Equity Value Net Leverage 01/01/2012 05/12/2012 50% 1%
Sum of Notionals 06/12/2012 31/12/2012 50% 2%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 13%
16 Pioneer Funds - Annual Report

Risk Disclosure (continued)
Maximum
expected level
of leverage
Realized
average level
of leverage
Sub-Fund
Leverage
Methodology
Starting
Period
Ending
Period
Pioneer Funds - European Research Net Leverage 01/01/2012 05/12/2012 50% 13%
Sum of Notionals 06/12/2012 31/12/2012 75% 25%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 75% 37%
Pioneer Funds - European Potential Net Leverage 01/01/2012 05/12/2012 50% 0%
Sum of Notionals 06/12/2012 31/12/2012 50% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 0%
Pioneer Funds - European Equity Target Income Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 31/12/2012 75% 2%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 75% 5%
Pioneer Funds - German Equity Net Leverage 16/05/2012 05/12/2012 50% 0%
Sum of Notionals 06/12/2012 31/12/2012 50% 1%
Sum of Notionals Year 2012 16/05/2012 31/12/2012 50% 0%
Pioneer Funds - Italian Equity Net Leverage 01/01/2012 05/12/2012 50% 12%
Sum of Notionals 06/12/2012 31/12/2012 50% 27%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 24%
Pioneer Funds - U.S. Pioneer Fund Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
Pioneer Funds - U.S. Research Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
Pioneer Funds - U.S. Fundamental Growth Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
Pioneer Funds - U.S. Research Value Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
Pioneer Funds - North American Basic Value Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
Pioneer Funds - U.S. Mid Cap Value Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
Pioneer Funds - U.S. Small Companies Net Leverage 01/01/2012 05/12/2012 10% 0%
Sum of Notionals 06/12/2012 17/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 17/12/2012 10% 0%
Pioneer Funds - Global Equity Target Income Net Leverage 01/01/2012 05/12/2012 50% 8%
Sum of Notionals 06/12/2012 31/12/2012 75% 20%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 75% 13%
Pioneer Funds - Global Select Net Leverage 01/01/2012 05/12/2012 50% 20%
Sum of Notionals 06/12/2012 31/12/2012 75% 24%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 75% 43%
Pioneer Funds - Global Ecology Net Leverage 01/01/2012 05/12/2012 50% 4%
Sum of Notionals 06/12/2012 31/12/2012 50% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 15%
Pioneer Funds - Annual Report 17

Risk Disclosure (continued)
Maximum
expected level
of leverage
Realized
average level
of leverage
Sub-Fund
Leverage
Methodology
Starting
Period
Ending
Period
Pioneer Funds - Gold and Mining Net Leverage 01/01/2012 05/12/2012 50% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 3%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 1%
Pioneer Funds - Japanese Equity Net Leverage 01/01/2012 05/12/2012 50% 2%
Sum of Notionals 06/12/2012 31/12/2012 50% 4%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 6%
Pioneer Funds - Emerging Markets Equity Net Leverage 01/01/2012 05/12/2012 100% 2%
Sum of Notionals 06/12/2012 31/12/2012 10% 8%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 4%
Pioneer Funds - Emerging Markets Equity Unconstrained Net Leverage 18/07/2012 05/12/2012 300% 3%
Sum of Notionals 06/12/2012 31/12/2012 150% 9%
Sum of Notionals Year 2012 18/07/2012 31/12/2012 150% 7%
Pioneer Funds - Emerging Europe and Mediterranean Equity Net Leverage 01/01/2012 05/12/2012 100% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
Pioneer Funds - Asia (Ex. Japan) Equity Net Leverage 01/01/2012 05/12/2012 100% 4%
Sum of Notionals 06/12/2012 31/12/2012 10% 2%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 4%
Pioneer Funds - Latin American Equity Net Leverage 01/01/2012 05/12/2012 100% 1%
Sum of Notionals 06/12/2012 31/12/2012 10% 5%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 1%
Pioneer Funds - China Equity Net Leverage 01/01/2012 05/12/2012 100% 1%
Sum of Notionals 06/12/2012 31/12/2012 10% 7%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 8%
Pioneer Funds - Indian Equity Net Leverage 01/01/2012 05/12/2012 100% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%
Pioneer Funds - Russian Equity Net Leverage 01/01/2012 05/12/2012 100% 0%
Sum of Notionals 06/12/2012 31/12/2012 10% 0%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 1%
Pioneer Funds - Commodity Alpha Net Leverage 01/01/2012 05/12/2012 150% 97%
Sum of Notionals 06/12/2012 31/12/2012 150% 99%
Sum of Notionals Year 2012 01/01/2012 31/12/2012 150% 99%
The calculation of the leverage does not include the forward exchange transactions when these forward exchange transactions are concluded in
the purpose of share class hedging.
18 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Euro Liquidity
EUR
497,979,533
1,498,180
499,477,713
-
-
-
-
-
76,994,650
3,080,888
423
-
-
123,415
-
-
579,677,089
Pioneer Funds -
Euro Short-Term
EUR
1,250,322,510
12,160,930
1,262,483,440
40,305
-
3,776
29,225
-
271,987,055
6,673,731
5,228,605
7,362
50,447
8,012,138
-
-
1,554,516,084
Pioneer Funds -
Euro Cash Plus
EUR
687,521,002
3,110,060
690,631,062
30,567
-
570,328
64,891
10,917
249,925,000
18,674,215
4,256,345
-
39,569
1,404,212
-
-
965,607,106
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
-
-
-
-
1,317,501
39,002,250
452,130
-
40,771,881
538,905,208
44,317
-
-
-
22,677
359
5,440,995
136,989,175
1,527,744
129
144,025,396
1,410,490,688
7,768
-
-
-
-
-
2,237,875
124,950,000
554,272
383
127,750,298
837,856,808
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 19

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Euro Corporate
Short-Term
EUR
639,622,414
5,553,672
645,176,086
-
-
1,075,814
-
888,819
51,032,050
2,967,228
5,033,959
77,895
42,949
263,124
-
15
706,557,939
Pioneer Funds -
U.S. Dollar Short-Term
EUR
141,727,109
222,158
141,949,267
-
-
-
-
-
-
5,255,821
324,105
1,985
-
102,775
805
97,654
147,732,412
Pioneer Funds -
Euro Bond
EUR
1,068,999,354
64,644,207
1,133,643,561
293,094
-
237
1,186,158
3,353,169
56,983,000
6,307,007
18,436,228
-
156,311
1,520,668
-
-
1,221,879,433
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
268,335
-
-
16,130
-
-
2,195,654
25,037,250
834,666
-
28,352,035
678,205,904
-
-
-
-
-
1,990
426,360
847,788
164,631
1,463
1,442,232
146,290,180
267,847
407,758
-
-
-
1,253
4,334,720
27,988,800
1,459,998
16,708
34,477,084
1,187,402,349
The accompanying notes form an integral part of these financial statements.
20 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Euro Aggregate Bond
EUR
1,319,370,619
57,684,833
1,377,055,452
231,997
-
177,899
978,340
2,311,750
70,478,700
5,757,654
24,837,302
185
111,694
7,449,381
-
-
1,489,390,354
Pioneer Funds -
Euro Corporate Bond
EUR
1,200,584,291
37,313,680
1,237,897,971
-
-
1,422,082
1,032,461
1,013,957
126,962,000
15,751,514
26,990,504
-
61,736
1,761,985
-
1,803
1,412,896,013
Pioneer Funds -
Euro Corporate
Trend Bond
EUR
135,831,420
5,621,859
141,453,279
-
-
-
367,780
-
-
808,686
2,885,788
-
-
-
-
-
145,515,533
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
66,656
437,519
-
-
-
-
1,451,862
35,985,600
1,374,886
11,741
39,328,264
1,450,062,090
-
-
-
-
-
1,567
2,799,505
62,974,800
1,713,345
-
67,489,217
1,345,406,796
-
-
-
-
-
-
2,952
-
66,180
-
69,132
145,446,401
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 21

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
U.S. Dollar
Aggregate Bond
EUR
375,677,535
18,193,410
393,870,945
-
-
-
-
248,416
-
31,544,039
2,887,646
19,527
-
9,992,758
-
176
438,563,507
Pioneer Funds -
Global Aggregate
Bond
EUR
280,469,179
12,820,337
293,289,516
152,134
-
-
-
1,906,772
12,993,500
12,110,163
3,797,550
142
12,731
232,690
-
25,537
324,520,735
Pioneer Funds -
Euro Credit
Recovery 2012
EUR
9,899,585
(380)
9,899,205
-
-
-
-
-
3,997,350
1,077,481
22
-
-
-
-
-
14,974,058
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
475,281
-
-
39,164
-
52,927
1,867,876
441,953
609,229
112
3,486,542
435,076,965
-
235,473
2,606,064
305,915
-
5,863
575,830
9,995,000
333,087
9,614
14,066,846
310,453,889
-
-
-
-
-
-
-
1,999,050
14,860
-
2,013,910
12,960,148
The accompanying notes form an integral part of these financial statements.
22 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Obbligazionario Euro
09/2014 con cedola
(Euro Bond 09/2014
distributing)
EUR
218,059,319
4,865,294
222,924,613
-
-
-
-
1,452,781
-
721,165
5,257,597
-
-
-
-
-
230,356,156
Pioneer Funds -
Obbligazionario Euro
10/2014 con cedola
(Euro Bond 10/2014
distributing)
EUR
143,801,289
2,738,858
146,540,147
-
-
-
-
363,424
-
634,248
3,449,937
-
-
-
-
-
150,987,756
Pioneer Funds -
Obbligazionario Euro
11/2014 con cedola
(Euro Bond 11/2014
distributing)
EUR
108,895,236
1,143,122
110,038,358
-
-
-
-
265,640
-
523,848
2,489,060
-
-
-
-
-
113,316,906
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
-
-
-
-
-
-
1,203,384
-
1,203,384
229,152,772
8
-
-
-
-
-
-
-
730,243
-
730,251
150,257,505
-
-
-
-
-
-
-
-
613,433
-
613,433
112,703,473
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 23

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Obbligazionario Euro
12/2014 con cedola
(Euro Bond 12/2014
distributing)
EUR
50,972,258
687,818
51,660,076
-
-
-
-
103,326
-
308,540
1,043,385
-
-
-
-
-
53,115,327
Pioneer Funds -
U.S. Credit
Recovery 2014
EUR
90,975,312
11,553,269
102,528,581
-
-
-
-
-
-
5,875,636
1,251,246
-
-
-
-
-
109,655,463
Pioneer Funds -
High Yield & Emerging
Markets Bond
Opportunities 2015
EUR
254,127,722
(2,879,034)
251,248,688
-
-
2,036,978
-
4,826,845
-
1,462,463
4,641,844
-
-
-
-
-
264,216,818
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
-
-
-
-
-
-
256,647
-
256,647
52,858,680
-
-
646,729
-
-
-
-
-
1,092,357
-
1,739,086
107,916,377
-
-
-
-
-
-
-
-
1,316,690
-
1,316,690
262,900,128
The accompanying notes form an integral part of these financial statements.
24 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Emerging Markets
Corporate Bond 2016
EUR
89,330,121
1,520,319
90,850,440
-
-
1,651,302
-
296,124
3,998,800
3,569,256
1,649,809
-
-
-
-
14,862
102,030,593
Pioneer Funds -
Europe Recovery
Income 2017 (1)
EUR
54,692,084
4,393,431
59,085,515
-
-
-
-
181,089
-
334,490
1,192,788
-
-
-
536,982
-
61,330,864
Pioneer Funds -
Euro Strategic Bond
EUR
642,963,988
(51,056,243)
591,907,745
-
-
1,990,568
772,690
-
46,976,500
11,873,276
11,461,299
-
-
209,520
-
1,814,770
667,006,368
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
-
-
-
-
-
1,999,200
643,234
-
2,642,434
99,388,159
-
-
-
-
-
-
-
-
754,313
-
754,313
60,576,551
-
266,565
-
-
7,718,727
-
229,392
22,988,500
899,550
1,937,306
34,040,040
632,966,328
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 25

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Strategic Income
EUR
2,250,634,418
174,073,872
2,424,708,290
-
-
-
2,088,845
236,297
-
213,265,167
29,056,620
234,190
-
16,999,139
-
72,673
2,686,661,221
Pioneer Funds -
U.S. High Yield
EUR
827,887,629
37,042,703
864,930,332
-
-
-
-
421,257
-
38,914,953
13,324,543
128,415
-
2,336,404
-
58,696
920,114,600
Pioneer Funds -
Global High Yield
EUR
2,385,141,155
82,754,966
2,467,896,121
-
-
-
-
173,190
-
71,943,688
44,480,855
21,570
-
15,856,758
2,564
320,403
2,600,695,149
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
905,913
-
3,668,408
-
-
713,904
7,416,393
6,342,331
11,154,607
1,045
30,202,601
2,656,458,620
902,325
-
151,527
-
-
204,210
978,684
-
1,258,556
-
3,495,302
916,619,298
481,949
-
1,399,996
-
-
260,945
4,363,069
-
4,440,753
-
10,946,712
2,589,748,437
The accompanying notes form an integral part of these financial statements.
26 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Euro High Yield
EUR
619,847,459
19,052,841
638,900,300
-
-
923,628
227,314
-
253,011,025
2,726,971
12,238,458
-
-
4,992,081
-
543,290
913,563,067
Pioneer Funds -
Emerging Markets
Corporate High
Yield Bond (2)
EUR
19,970,117
182,289
20,152,406
-
-
-
-
-
-
2,088,765
352,670
-
-
61,844
77,818
-
22,733,503
Pioneer Funds -
Emerging Markets
Bond Local Currencies
EUR
373,376,602
11,280,697
384,657,299
-
-
129,152
-
7,279,078
-
23,613,282
7,619,011
-
-
302,744
-
-
423,600,566
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
-
-
496,362
-
1,176,282
125,036,625
914,701
851,420
128,475,390
785,087,677
-
-
73,774
-
-
-
15,255
-
40,210
-
129,239
22,604,264
-
218,099
-
-
-
-
503,405
-
729,171
2,256
1,452,931
422,147,635
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 27

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Emerging
Markets Bond
EUR
696,265,432
2,212,389
698,477,821
-
-
-
-
-
94,973,140
17,593,240
12,451,206
-
-
3,906,358
-
285,734
827,687,499
Pioneer Funds -
Emerging Markets
Corporate Bond (3)
EUR
9,483,687
(54,233)
9,429,454
-
-
-
-
-
-
398,982
143,498
-
-
-
-
-
9,971,934
Pioneer Funds -
Absolute Return Bond
EUR
154,163,381
1,199,314
155,362,695
128,631
-
-
-
1,097,337
4,998,500
2,591,597
1,098,927
-
13,919
27,706
-
5
165,319,317
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
290,004
-
1,589,031
970,343
283,509
89,894
1,692,566
46,481,400
1,598,157
129
52,995,033
774,692,466
-
-
-
-
-
-
-
-
9,950
-
9,950
9,961,984
48,281
176,302
6,723
48,109
-
-
505,684
2,499,000
523,768
12,176
3,820,043
161,499,274
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
28 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Absolute Return
Currencies
EUR
63,518,362
162,576
63,680,938
554,832
-
37,341
-
-
27,991,600
2,093,119
392
-
-
19,244
-
-
94,377,466
Pioneer Funds -
Absolute Return
Commodity (4)
EUR
2,298,348
(24,605)
2,273,743
-
-
-
-
-
-
543,692
59,609
-
-
-
-
-
2,877,044
Pioneer Funds -
Absolute Return
European Equity
EUR
36,753,674
70,375
36,824,049
-
22,521
7,238
-
-
-
4,781,146
-
24,955
-
22,463
10,791
60
41,693,223
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
-
-
-
-
342,090
13,994,400
155,576
-
14,492,066
79,885,400
-
-
-
-
7,676
-
40,352
417,962
3,431
1,004
470,425
2,406,619
2,370,532
-
-
-
-
-
50,675
131
94,591
-
2,515,929
39,177,294
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 29

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Absolute Return
Asian Equity
EUR
20,358,362
51,448
20,409,810
-
185,407
21,530
-
-
4,998,500
3,644,133
28
7,150
-
-
64,049
-
29,330,607
Pioneer Funds -
Absolute Return
Multi-Strategy
EUR
76,900,459
(824,462)
76,075,997
53,767
-
191,259
58,403
45,230
-
4,135,531
782,796
7,998
-
4,325
-
-
81,355,306
Pioneer Funds -
Absolute Return
Multi-Strategy Growth
EUR
61,628,473
(2,421,979)
59,206,494
58,924
-
225,454
48,317
27,989
-
1,924,116
565,821
21,156
-
20,782
-
751,871
62,850,924
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
1,516,875
-
-
20,602
-
-
3,105
2,527,757
49,639
-
4,117,978
25,212,629
9,992
6,716
-
-
-
-
849,027
-
115,529
98
981,362
80,373,944
7,307
6,699
-
-
-
-
396,285
-
98,798
2,403
511,492
62,339,432
The accompanying notes form an integral part of these financial statements.
30 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Global Multi-Asset (5)
EUR
99,328,090
4,825,367
104,153,457
-
-
-
127,565
-
-
10,800,794
249,128
56,472
-
29,783
1,039,695
151
116,457,045
Pioneer Funds -
Multi Asset
Real Return
EUR
22,293,340
1,696,553
23,989,893
25,154
-
-
38,763
-
-
5,305,634
100,543
14,093
-
5,466
26,779
-
29,506,325
Pioneer Funds -
Euroland Equity
EUR
891,632,688
91,206,180
982,838,868
-
-
-
-
-
-
14,463,235
187
987,750
-
8,620,524
-
2
1,006,910,566
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
23,330
-
49,318
-
-
-
372,921
-
241,154
773
687,496
115,769,549
2,774,354
-
11,946
-
-
-
1,269
278,087
217,409
-
3,283,065
26,223,260
-
-
233,629
-
-
-
985,656
-
1,349,281
6,188
2,574,754
1,004,335,812
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 31

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Core European Equity
EUR
429,456,434
107,211,029
536,667,463
-
-
-
-
-
-
5,377,856
86
893,596
-
159,039
750,843
-
543,848,883
Pioneer Funds -
Top European Players
EUR
731,833,809
113,143,307
844,977,116
-
-
-
-
-
-
3,503,509
51
1,686,006
-
741,796
-
-
850,908,478
Pioneer Funds -
European Equity Value
EUR
101,371,142
22,023,471
123,394,613
-
-
-
-
-
-
1,443,209
40,323
303,520
-
36,130
807,452
-
126,025,247
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
39,816
-
-
-
1,650,539
-
992,334
-
2,682,689
541,166,194
-
-
300,997
-
-
-
1,891,996
-
1,863,589
20
4,056,602
846,851,876
-
-
-
65,540
-
-
370,408
279,652
231,891
-
947,491
125,077,756
The accompanying notes form an integral part of these financial statements.
32 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
European Research
EUR
620,144,637
49,740,190
669,884,827
-
-
-
-
-
-
5,898,481
239
883,233
-
343,979
71,177
-
677,081,936
Pioneer Funds -
European Potential
EUR
226,392,913
33,461,972
259,854,885
-
-
-
-
-
-
18,172,954
8,018
269,232
-
240,844
-
-
278,545,933
Pioneer Funds -
European Equity
Target Income
EUR
30,091,551
1,415,056
31,506,607
-
-
-
-
-
-
3,814,469
6
31,999
-
70,234
-
-
35,423,315
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
164,769
-
549,424
57,912
-
-
2,162,865
-
1,158,976
63
4,094,009
672,987,927
15,306,435
-
-
-
-
-
843,324
511,476
519,095
-
17,180,330
261,365,603
-
-
-
-
-
-
-
-
47,253
-
47,253
35,376,062
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 33

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
German Equity (6)
EUR
4,924,966
689,183
5,614,149
-
-
-
-
-
-
228,145
-
-
-
-
113,797
-
5,956,091
Pioneer Funds -
Italian Equity
EUR
55,398,794
5,801,302
61,200,096
23,500
-
-
-
-
33,998,875
4,835,347
190
21,864
-
16,473
-
-
100,096,345
Pioneer Funds -
U.S. Pioneer Fund
EUR
913,215,828
189,939,272
1,103,155,100
-
-
-
-
-
-
15,149,281
-
766,931
-
6,567,981
-
609
1,125,639,902
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
-
-
-
-
-
99,724
10,219
-
109,943
5,846,148
-
-
-
25,043
-
-
239,311
17,007,375
151,429
4,691
17,427,849
82,668,496
134
-
746,183
-
-
-
3,305,402
-
1,925,243
-
5,976,962
1,119,662,940
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
34 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
U.S. Research
EUR
1,471,304,827
275,382,383
1,746,687,210
-
-
-
-
-
-
27,313,478
7
969,159
-
1,381,159
1,190,572
-
1,777,541,585
Pioneer Funds -
U.S. Fundamental
Growth
EUR
464,399,342
17,703,708
482,103,050
-
-
-
-
-
-
10,443,231
-
195,373
-
1,305,064
-
23
494,046,741
Pioneer Funds -
U.S. Research Value
EUR
123,520,042
11,316,355
134,836,397
-
-
-
-
-
-
4,089,778
-
143,226
-
67,474
-
-
139,136,875
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
1,196,442
-
-
-
4,143,362
2,653,805
2,506,119
-
10,499,728
1,767,041,857
-
-
106,742
-
-
-
1,780,700
5,477,789
759,984
1,121
8,126,336
485,920,405
-
-
-
-
-
-
285,626
1,535,749
237,100
-
2,058,475
137,078,400
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 35

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
North American
Basic Value
EUR
305,175,043
18,855,914
324,030,957
-
-
-
-
-
-
14,752,029
-
591,067
-
319,821
-
-
339,693,874
Pioneer Funds -
U.S. Mid Cap Value
EUR
175,562,624
15,103,075
190,665,699
-
-
-
-
-
-
6,153,958
-
176,265
-
279,793
94,276
-
197,369,991
Pioneer Funds -
Global Equity
Target Income (7)
EUR
59,927,707
15,697
59,943,404
-
-
-
-
-
-
1,663,736
297
129,950
-
5,940
1,989,912
-
63,733,239
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
30,903
-
-
-
119,469
6,698,075
587,911
-
7,436,358
332,257,516
-
-
12,066
-
-
-
483,795
401,159
390,986
-
1,288,006
196,081,985
-
8,624
13,319
9,922
-
-
3,542
666,381
130,405
24
832,217
62,901,022
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
36 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Global Select
EUR
487,366,589
51,982,211
539,348,800
453,000
-
-
293,626
-
-
1,930,256
2,937
439,598
-
128,099
-
337
542,596,653
Pioneer Funds -
Global Ecology
EUR
756,130,377
143,543,532
899,673,909
-
-
-
-
-
-
3,546,613
158
676,605
-
1,543,827
-
5
905,441,117
Pioneer Funds -
Gold and Mining
EUR
34,647,925
1,078,461
35,726,386
-
-
-
3,130
-
-
1,136,112
521
14,039
-
4,637
-
-
36,884,825
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
136,102
-
550,626
-
-
-
715,318
-
983,064
17,622
2,402,732
540,193,921
-
-
-
-
-
-
1,296,325
-
2,863,268
908
4,160,501
901,280,616
17,157
-
-
-
-
-
111,233
-
71,690
178
200,258
36,684,567
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 37

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Japanese Equity (8)
EUR
183,147,474
9,578,605
192,726,079
-
-
-
214,296
-
-
2,980,033
-
278,096
-
6,027,583
-
-
202,226,087
Pioneer Funds -
Emerging
Markets Equity
EUR
620,236,726
45,879,519
666,116,245
-
-
94,338
1,126,354
-
-
5,623,400
13,557
1,030,542
-
248,227
3,691,580
242,160
678,186,403
Pioneer Funds -
Emerging Markets
Equity Unconstrained (9)
EUR
7,015,387
(75,265)
6,940,122
-
19,598
-
-
-
-
2,117,817
-
401
-
-
-
-
9,077,938
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
1,981
-
-
-
1,091,910
-
310,430
57,091
1,461,412
200,764,675
239,654
106,625
-
-
-
-
2,487,829
-
1,222,295
-
4,056,403
674,130,000
16,592
-
-
-
-
-
-
-
16,115
-
32,707
9,045,231
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
38 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Emerging Europe and
Mediterranean Equity
EUR
453,814,916
48,602,986
502,417,902
-
-
-
-
-
-
9,176,947
2,551
224,760
-
547,773
-
-
512,369,933
Pioneer Funds -
Asia (Ex. Japan) Equity
EUR
104,281,898
6,308,401
110,590,299
-
-
-
-
-
-
1,615,767
27
5,144
-
148,660
2,149,862
66,121
114,575,880
Pioneer Funds -
Latin American Equity
EUR
74,290,229
(2,718,069)
71,572,160
-
-
-
-
-
-
222,397
16
315,191
-
28,384
327,616
-
72,465,764
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
-
-
-
-
-
-
1,167,333
-
947,589
556
2,115,478
510,254,455
4,193,360
-
-
-
-
-
1,455,827
-
231,160
5,069
5,885,416
108,690,464
48,381
-
50,006
-
-
-
95,896
-
155,295
323
349,901
72,115,863
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 39

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
China Equity
EUR
306,211,220
36,096,264
342,307,484
-
-
-
258,996
-
-
31,679,203
179
25,422
-
1,711,889
-
-
375,983,173
Pioneer Funds -
Indian Equity
EUR
120,070,049
2,641,728
122,711,777
-
-
-
-
-
-
4,667,789
1,649
-
-
21,677
1,639,833
941,613
129,984,338
Pioneer Funds -
Russian Equity
EUR
18,525,162
(891,064)
17,634,098
-
-
-
-
-
-
201,626
6
18,388
-
15,483
-
-
17,869,601
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
323,384
-
-
-
-
-
2,229,162
1,228,017
708,702
63
4,489,328
371,493,845
-
-
-
-
-
-
184,262
-
342,255
-
526,517
129,457,821
8,425
-
-
-
-
-
32,733
-
35,655
23
76,836
17,792,765
The accompanying notes form an integral part of these financial statements.
40 Pioneer Funds - Annual Report

Statement of Net Assets
as at 31 December 2012 (continued)
Assets
Securities at cost
Unrealised gains/(losses)
Investments in securities at market value
Options purchased at market value
Net unrealised gain on Contracts For Differences
Net unrealised gain on forward foreign exchange contracts
Net unrealised gain on financial futures contracts
Net unrealised gain on swaps
Receivables on purchase and reverse purchase agreements
Cash at bank
Interest accruals
Dividends accruals
Accrued securities lending income
Receivables resulting from subscriptions
Receivables resulting from sales of securities
Other receivables
Total Assets
Pioneer Funds -
Commodity Alpha
EUR
270,877,651
(5,426,908)
265,450,743
-
-
-
-
-
-
15,447,745
-
-
-
444,324
-
-
281,342,812
Combined
EUR
27,022,638,818
1,812,678,386
28,835,317,204
2,045,905
227,526
10,558,924
8,917,154
26,503,407
1,392,300,245
759,324,560
249,710,552
11,700,452
489,356
106,684,577
14,586,403
5,238,570
31,423,604,835
Liabilities
Bank overdraft
Options written at market value
Net unrealised loss on forward foreign exchange contracts
Net unrealised loss on financial futures contracts
Net unrealised loss on swaps
Dividends payable
Payables resulting from redemptions
Payables resulting from purchases of securities
Accrued expenses
Other payables
Total Liabilities
Net Assets
(1) The first NAV was calculated on 29 May 2012.
(2) The first NAV was calculated on 11 July 2012.
(3) The first NAV was calculated on 11 December 2012.
(4) The first NAV was calculated on 11 January 2012.
(5) Formerly known as Pioneer Funds - Global Balanced.
(6) The first NAV was calculated on 16 May 2012.
(7) Formerly known as Pioneer Funds - Global Diversified Equity.
(8) The NAV was calculated as of 28 December 2012.
(9) The first NAV was calculated on 18 July 2012.
459,773
-
716,647
-
-
-
425,378
-
400,197
6,848,376
8,850,371
272,492,441
31,375,240
1,870,380
14,752,297
1,558,680
8,528,951
1,332,912
71,146,785
725,336,261
59,410,409
9,791,076
925,102,991
30,498,501,844
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 41

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Euro Liquidity
EUR
-
1,053,956
76
-
-
327,971
1,382,003
Pioneer Funds -
Euro Short-Term
EUR
-
16,841,026
52,226
7,867,695
749,674
207,200
25,717,821
Pioneer Funds -
Euro Cash Plus
EUR
-
17,624,157
37,808
4,156,215
705,127
85,867
22,609,174
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(2,053,942)
(161)
(1,341,999)
(78,314)
(32,271)
(33,429)
-
-
(190,368)
(3,730,484)
(2,348,481)
(12,031,090)
(16,335)
(2,397,959)
(154,907)
(57,706)
(65,188)
-
(5,976,891)
(445,386)
(21,145,462)
4,572,359
(2,365,829)
-
(1,231,883)
(84,440)
(31,253)
(35,283)
-
(3,378,758)
(245,497)
(7,372,943)
15,236,231
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
1,060,286,847
(2,348,481)
1,963,094,490
4,572,359
967,274,713
15,236,231
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
4,218,589
379
-
-
-
-
-
4,218,968
19,453,398
(428,893)
186,571
(6,865,891)
(1,377,643)
-
(1,478,521)
9,489,021
(27,961,614)
(766,883)
(1,624,972)
(2,152,506)
(853,918)
-
(12,019)
(33,371,912)
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
(81,034)
-
-
-
-
-
(81,034)
1,789,453
16,161,733
(61,450)
1,212,735
40,305
-
7,945,690
25,299,013
39,360,393
61,894,760
2,046,034
750,425
30,567
-
4,600,900
69,322,686
51,187,005
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(523,171,092)
-
538,905,208
(591,954,489)
(9,706)
1,410,490,688
(180,604,910)
-
837,856,808
The accompanying notes form an integral part of these financial statements.
42 Pioneer Funds - Annual Report

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Euro Corporate
Short-Term
EUR
-
18,455,127
34,323
5,721,095
705,544
123,940
25,040,029
Pioneer Funds -
U.S. Dollar Short-Term
EUR
-
3,447,200
759
-
-
-
3,447,959
Pioneer Funds -
Euro Bond
EUR
-
45,940,030
65,496
7,759,487
2,201,952
38,897
56,005,862
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(6,569,654)
(6,412)
(1,173,259)
(387,201)
(29,821)
(33,692)
-
(3,192,774)
(247,363)
(11,640,176)
13,399,853
(1,172,520)
(32,215)
(191,792)
(14,483)
(5,209)
(5,875)
-
-
(39,776)
(1,461,870)
1,986,089
(11,114,233)
(25,178)
(1,801,223)
(586,822)
(45,487)
(51,358)
-
(5,442,779)
(392,347)
(19,459,427)
36,546,435
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
1,001,985,404
13,399,853
150,794,018
1,986,089
1,420,308,730
36,546,435
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
(10,731,469)
(66,304)
(2,734,293)
(2,132,687)
(769,389)
-
2,206,480
(14,227,662)
732,299
(93,391)
11,838
-
-
-
-
650,746
24,839,592
(269,023)
921,758
(17,066,573)
(4,352,382)
-
(17,450,960)
(13,377,588)
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
54,619,049
2,516,286
711,288
-
-
5,512,504
63,359,127
62,531,318
2,116,551
(12,164)
-
-
-
-
2,104,387
4,741,222
75,432,114
(1,123,455)
4,996,016
(214,961)
-
37,095,202
116,184,916
139,353,763
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(386,310,818)
-
678,205,904
(9,096,446)
(148,614)
146,290,180
(372,240,387)
(19,757)
1,187,402,349
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 43

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Euro Aggregate Bond
EUR
-
34,300,082
46,958
5,141,066
1,204,630
32,561
40,725,297
Pioneer Funds -
Euro Corporate Bond
EUR
-
48,932,408
62,549
9,982,083
755,624
154,575
59,887,239
Pioneer Funds -
Euro Corporate
Trend Bond
EUR
-
6,631,809
892
-
-
-
6,632,701
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(5,709,695)
(337,384)
(1,542,352)
(467,241)
(35,874)
(40,409)
-
(2,987,639)
(243,778)
(11,364,372)
29,360,925
(8,821,516)
(102,686)
(1,721,505)
(510,895)
(43,547)
(49,158)
(223,766)
(5,727,550)
(318,669)
(17,519,292)
42,367,947
(15,208)
(68)
(211,151)
(15,654)
(5,414)
(6,114)
(181)
-
(12,835)
(266,625)
6,366,076
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
689,185,615
29,360,925
1,191,854,539
42,367,947
159,899,872
6,366,076
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
13,586,482
(296,220)
(623,216)
(11,352,443)
(2,877,779)
-
9,451,177
7,888,001
4,446,784
(111,275)
(1,302,307)
(8,334,697)
(2,855,543)
-
8,475,075
318,037
3,396,727
2
-
(4,282,111)
-
-
-
(885,382)
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
58,509,430
307,327
2,180,438
(205,811)
-
7,400,810
68,192,194
105,441,120
114,564,065
2,534,819
2,268,777
-
-
10,576,009
129,943,670
172,629,654
11,754,925
-
1,719,760
-
-
-
13,474,685
18,955,379
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
659,248,984
(3,813,629)
1,450,062,090
(15,949,071)
(3,128,326)
1,345,406,796
(33,408,850)
-
145,446,401
The accompanying notes form an integral part of these financial statements.
44 Pioneer Funds - Annual Report

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
U.S. Dollar
Aggregate Bond
EUR
326,482
15,009,365
47
564,951
-
-
15,900,845
Pioneer Funds -
Global Aggregate
Bond
EUR
-
10,453,557
32,793
3,385,318
140,882
12,756
14,025,306
Pioneer Funds -
Euro Credit
Recovery 2012
EUR
-
1,389,278
1,128
4,861
-
5,859
1,401,126
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(2,736,559)
(1,257,485)
(473,457)
(142,042)
(12,865)
(14,492)
-
(104,222)
(29,371)
(4,770,493)
11,130,352
(1,903,728)
(106,708)
(496,534)
(105,296)
(14,414)
(12,932)
-
(1,497,972)
(98,844)
(4,236,428)
9,788,878
(594,435)
(18,416)
(86,913)
(21,772)
(2,028)
(1,306)
-
-
(17,301)
(742,171)
658,955
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
308,878,113
11,130,352
305,025,157
9,788,878
120,242,589
658,955
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
1,421,403
(421,754)
8,559
(1,065,742)
-
-
527,835
470,301
14,667,795
279,090
303,298
(6,023,932)
(1,449,128)
-
6,308,529
14,085,652
(2,947,370)
-
-
-
-
-
-
(2,947,370)
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
3,462,025
-
242,204
-
-
391,661
4,095,890
15,696,543
(8,868,419)
(4,120,482)
465,003
(83,541)
-
2,266,622
(10,340,817)
13,533,713
2,774,332
-
-
-
-
(1,915)
2,772,417
484,002
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
113,634,609
(3,132,300)
435,076,965
(7,949,221)
(155,760)
310,453,889
(106,410,270)
(1,356,173)
12,960,148
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 45

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Obbligazionario Euro
09/2014 con cedola
(Euro Bond 09/2014
distributing)
EUR
-
11,423,413
599
1,437,322
73,688
433,389
13,368,411
Pioneer Funds -
Obbligazionario Euro
10/2014 con cedola
(Euro Bond 10/2014
distributing)
EUR
-
7,641,215
2,139
548,583
41,506
319,096
8,552,539
Pioneer Funds -
Obbligazionario Euro
11/2014 con cedola
(Euro Bond 11/2014
distributing)
EUR
-
6,188,922
612
287,322
30,938
345,385
6,853,179
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(1,737,164)
-
(377,163)
(129,749)
(7,625)
(10,733)
(964,213)
-
(103,581)
(3,330,228)
10,038,183
(986,217)
-
(252,796)
(86,910)
(5,136)
(7,202)
(572,754)
-
(70,847)
(1,981,862)
6,570,677
(790,165)
-
(201,053)
(68,326)
(4,147)
(5,767)
(485,246)
(25,556)
(52,391)
(1,632,651)
5,220,528
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
299,926,025
10,038,183
202,680,981
6,570,677
173,115,352
5,220,528
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
(2,242,116)
-
-
-
-
-
53,559
(2,188,557)
(2,086,418)
-
-
-
-
-
(123,664)
(2,210,082)
(103,014)
-
-
-
-
-
(62,099)
(165,113)
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
14,151,312
-
-
-
-
1,163,065
15,314,377
23,164,003
9,688,504
-
-
-
-
1,561,489
11,249,993
15,610,588
5,680,742
-
-
-
-
379,456
6,060,198
11,115,613
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(86,677,776)
(7,259,480)
229,152,772
(63,819,179)
(4,214,885)
150,257,505
(69,076,914)
(2,450,578)
112,703,473
The accompanying notes form an integral part of these financial statements.
46 Pioneer Funds - Annual Report

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Obbligazionario Euro
12/2014 con cedola
(Euro Bond 12/2014
distributing)
EUR
-
2,805,079
202
162,458
9,545
134,576
3,111,860
Pioneer Funds -
U.S. Credit
Recovery 2014
EUR
-
6,627,222
25
-
-
474,570
7,101,817
Pioneer Funds -
High Yield & Emerging
Markets Bond
Opportunities 2015
EUR
-
19,991,426
23,381
2,028,432
-
778,027
22,821,266
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(354,118)
-
(90,321)
(31,005)
(1,846)
(2,585)
(204,695)
(18,417)
(23,532)
(726,519)
2,385,341
(1,160,435)
(13,192)
(233,390)
(61,642)
(4,570)
(5,162)
(121,733)
-
(48,347)
(1,648,471)
5,453,346
(3,011,562)
-
(476,927)
(139,275)
(12,488)
(9,318)
(926,772)
-
(110,494)
(4,686,836)
18,134,430
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
76,163,980
2,385,341
154,772,593
5,453,346
283,817,231
18,134,430
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
(644,033)
-
-
-
-
-
8,699
(635,334)
8,043,531
71,051
177,650
-
-
-
-
8,292,232
(372,030)
1,269,884
(3,841,678)
-
-
-
-
(2,943,824)
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
3,354,824
-
-
-
-
203,165
3,557,989
5,307,996
(8,978,834)
472,420
-
-
-
-
(8,506,414)
5,239,164
13,238,865
5,203,206
-
-
-
4,340,560
22,782,631
37,973,237
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(26,915,115)
(1,698,181)
52,858,680
(47,456,961)
(4,638,419)
107,916,377
(48,310,765)
(10,579,575)
262,900,128
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 47

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Emerging Markets
Corporate Bond 2016
EUR
-
7,137,813
305
278,819
-
182,990
7,599,927
Pioneer Funds -
Europe Recovery
Income 2017 (1)
EUR
-
1,587,017
80
389,250
-
31,797
2,008,144
Pioneer Funds -
Euro Strategic Bond
EUR
38,081
44,062,724
92,515
12,759,464
-
17,342
56,970,126
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(1,087,224)
-
(182,721)
(50,318)
(5,704)
(4,072)
(487,369)
-
(33,445)
(1,850,853)
5,749,074
(221,229)
-
(52,158)
(23,442)
(3,322)
(2,976)
(688,868)
(100,583)
(24,038)
(1,116,616)
891,528
(6,420,750)
(310,768)
(876,116)
(182,862)
(25,349)
(23,090)
(9,381)
(10,349,845)
(426,657)
(18,624,818)
38,345,308
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
101,111,972
5,749,074
-
891,528
523,958,007
38,345,308
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
3,330,328
(27,935)
(2,687,137)
-
-
-
-
615,256
428,954
-
-
-
-
-
922,950
1,351,904
(15,082,427)
551,315
(4,491,132)
(1,624,732)
804,166
-
(195,930)
(20,038,740)
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
2,584,811
4,015,598
-
-
-
675,999
7,276,408
13,640,738
4,393,431
-
-
-
-
181,089
4,574,520
6,817,952
64,627,678
5,810,942
882,999
(84,314)
-
(19,800,725)
51,436,580
69,743,148
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(10,957,870)
(4,406,681)
99,388,159
54,926,148
(1,167,549)
60,576,551
40,995,149
(1,729,976)
632,966,328
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
48 Pioneer Funds - Annual Report

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Strategic Income
EUR
2,803,325
127,825,360
159,280
1,328,984
-
1,003
132,117,952
Pioneer Funds -
U.S. High Yield
EUR
945,145
48,853,294
462
1,872,801
-
-
51,671,702
Pioneer Funds -
Global High Yield
EUR
1,479,451
190,330,193
82,847
1,175,543
-
-
193,068,034
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(22,452,267)
(15,524,839)
(3,495,095)
(1,000,016)
(103,309)
(71,830)
(6,390,273)
(439,439)
(196,215)
(49,673,283)
82,444,669
(6,773,952)
(2,781,794)
(1,119,636)
(246,427)
(38,145)
(32,233)
(3,449)
(114,035)
(53,472)
(11,163,143)
40,508,559
(24,596,618)
(14,602,481)
(3,412,420)
(996,307)
(88,226)
(89,488)
(10,049)
(37,857)
(106,201)
(43,939,647)
149,128,387
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
1,911,103,517
82,444,669
582,345,949
40,508,559
2,054,031,173
149,128,387
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
49,554,263
(1,933,647)
9,645,085
(15,419,249)
-
-
1,337,716
43,184,168
26,168,281
3,440,519
311,148
-
-
-
410,406
30,330,354
78,737,159
7,948
1,674,799
-
-
-
748,410
81,168,316
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
58,868,541
(2,555,424)
5,104,653
-
-
795,875
62,213,645
187,842,482
17,797,999
(6,331)
-
-
-
2,694,823
20,486,491
91,325,404
92,261,693
(1,743,656)
-
-
-
1,572,135
92,090,172
322,386,875
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
624,134,095
(66,621,474)
2,656,458,620
257,281,827
(14,333,882)
916,619,298
337,165,646
(123,835,257)
2,589,748,437
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 49

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Euro High Yield
EUR
-
31,893,898
15,547
2,187,390
-
62,341
34,159,176
Pioneer Funds -
Emerging Markets
Corporate High
Yield Bond (2)
EUR
-
447,385
2
-
-
-
447,387
Pioneer Funds -
Emerging Markets
Bond Local Currencies
EUR
-
24,593,113
31,715
136,815
-
-
24,761,643
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(4,602,065)
(98,116)
(697,005)
(190,114)
(16,117)
(18,187)
(2,182)
(2,228,884)
(151,891)
(8,004,561)
26,154,615
(106,664)
(35)
(12,966)
(4,065)
(681)
(272)
-
-
(4,276)
(128,959)
318,428
(5,561,014)
(46,737)
(1,157,058)
(184,768)
(17,963)
(14,858)
(5,090)
(5,187)
(153,364)
(7,146,039)
17,615,604
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
276,719,441
26,154,615
-
318,428
413,694,690
17,615,604
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
(6,058,356)
321,444
(2,424,639)
1,938,460
135,528
-
(1,342,468)
(7,430,031)
(54,720)
(101,646)
(94,071)
-
-
-
-
(250,437)
7,426,222
(481,626)
109,557
-
1,032,817
-
15
8,086,985
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
72,132,484
1,985,301
(456,802)
50,119
-
(3,718,499)
69,992,603
88,717,187
182,289
(73,774)
-
-
-
-
108,515
176,506
17,864,599
2,095,998
-
(116,157)
-
128,353
19,972,793
45,675,382
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
421,306,225
(1,655,176)
785,087,677
22,427,758
-
22,604,264
(33,451,111)
(3,771,326)
422,147,635
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
50 Pioneer Funds - Annual Report

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Emerging
Markets Bond
EUR
184,678
45,022,257
6,083
2,755,840
-
66,490
48,035,348
Pioneer Funds -
Emerging Markets
Corporate Bond (3)
EUR
-
25,738
-
-
-
-
25,738
Pioneer Funds -
Absolute Return Bond
EUR
-
2,245,818
19,224
1,972,850
74,431
8,681
4,321,004
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(5,648,369)
(313,436)
(1,079,518)
(217,374)
(23,434)
(26,422)
(726,182)
(2,032,888)
(151,759)
(10,219,382)
37,815,966
(7,595)
-
(757)
(1,245)
(136)
(54)
-
-
(163)
(9,950)
15,788
(1,658,490)
(1,718)
(294,190)
(85,302)
(9,598)
(7,526)
(299,720)
(1,019,337)
(99,280)
(3,475,161)
845,843
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
491,506,417
37,815,966
-
15,788
207,531,439
845,843
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
(3,273,851)
5,132,047
3,748,674
9,711,909
-
-
(3,935,304)
11,383,475
(1,699)
(8,630)
-
-
-
-
-
(10,329)
1,667,233
(79,233)
(307,958)
(6,322,620)
(1,201,294)
-
2,790,365
(3,453,507)
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
64,144,381
(3,708,710)
(3,058,305)
86,569
-
3,049,021
60,512,956
109,712,397
(54,233)
-
-
-
-
-
(54,233)
(48,774)
680,358
(6,209)
894,781
(47,917)
-
3,620,441
5,141,454
2,533,790
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
176,266,629
(2,792,977)
774,692,466
10,010,758
-
9,961,984
(48,565,955)
-
161,499,274
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 51

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Absolute Return
Currencies
EUR
-
1,289,222
38,227
-
-
28,384
1,355,833
Pioneer Funds -
Absolute Return
Commodity (4)
EUR
-
100,725
160
785
-
-
101,670
Pioneer Funds -
Absolute Return
European Equity
EUR
-
681,070
28,897
-
-
31,403
741,370
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(808,495)
(10,336)
(136,233)
(8,941)
(3,304)
(3,733)
(59,620)
-
(38,826)
(1,069,488)
286,345
(26,618)
(36)
(5,124)
(1,648)
(123)
(141)
-
(28,530)
(4,901)
(67,121)
34,549
(1,398,689)
(53)
(199,704)
(22,717)
(1,584)
(3,060)
-
-
(506,736)
(2,132,543)
(1,391,173)
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
109,903,113
286,345
-
34,549
215,178,014
(1,391,173)
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
(1,812,052)
2,156,563
96,393
-
(2,474,835)
-
-
(2,033,931)
(72,107)
(1,433)
-
-
-
-
(44,098)
(117,638)
562,383
(152,116)
(2,063)
(1,344,789)
-
2,930,576
-
1,993,991
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
1,847,026
494,854
-
436,865
-
-
2,778,745
1,031,159
(24,605)
-
-
-
-
(7,676)
(32,281)
(115,370)
(453,503)
(13,210)
-
-
(2,047,287)
-
(2,514,000)
(1,911,182)
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(31,048,862)
(10)
79,885,400
2,521,989
-
2,406,619
(174,089,538)
-
39,177,294
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
52 Pioneer Funds - Annual Report

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Absolute Return
Asian Equity
EUR
-
454,242
7,821
-
-
24,005
486,068
Pioneer Funds -
Absolute Return
Multi-Strategy
EUR
351,072
2,843,340
74,067
146,727
7,643
-
3,422,849
Pioneer Funds -
Absolute Return
Multi-Strategy Growth
EUR
351,171
1,775,428
8,417
178,426
5,531
-
2,318,973
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(330,554)
-
(69,874)
(2,979)
(1,159)
(1,312)
-
-
(370,176)
(776,054)
(289,986)
(1,011,322)
(3,016)
(148,531)
(46,980)
(8,488)
(4,118)
(6)
(97,699)
(36,194)
(1,356,354)
2,066,495
(812,484)
(61,482)
(107,345)
(34,060)
(4,656)
(2,906)
(26)
(103,420)
(16,181)
(1,142,560)
1,176,413
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
41,761,192
(289,986)
137,658,856
2,066,495
86,971,635
1,176,413
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
(424,304)
44,645
(40,469)
829,140
(514,319)
(1,015,281)
-
(1,120,588)
3,582,715
(71,399)
(732,257)
(1,912,377)
(364,483)
-
157,736
659,935
4,360,032
47,989
(951,841)
(1,818,609)
(353,918)
-
196,396
1,480,049
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
77,347
(5,252)
(27,320)
-
10,637
-
55,412
(1,355,162)
2,064,407
641,375
140,382
(27,356)
-
37,117
2,855,925
5,582,355
623,748
871,261
139,117
(17,116)
-
238,401
1,855,411
4,511,873
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(15,193,401)
-
25,212,629
(62,867,267)
-
80,373,944
(28,874,859)
(269,217)
62,339,432
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 53

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Global Multi-Asset (5)
EUR
1,408,354
1,480,014
45,616
1,128
48,362
-
2,983,474
Pioneer Funds -
Multi Asset
Real Return
EUR
226,648
221,497
222
-
-
114
448,481
Pioneer Funds -
Euroland Equity
EUR
22,014,471
-
7,292
-
2,843,717
-
24,865,480
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(2,209,738)
(14,546)
(211,850)
(62,444)
(9,345)
(5,226)
(34)
-
(62,605)
(2,575,788)
407,686
(250,035)
(4,297)
(29,085)
(9,685)
(1,052)
(675)
(167,145)
-
(19,001)
(480,975)
(32,494)
(7,222,733)
(20,474)
(1,190,841)
(206,902)
(35,755)
(24,078)
(205,664)
-
(100,869)
(9,007,316)
15,858,164
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
143,650,225
407,686
6,383,795
(32,494)
616,018,096
15,858,164
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
9,343,497
(113,823)
1,290,016
1,662,584
11,447
-
(153,513)
12,040,208
402,890
(11,366)
(81,899)
(288,882)
(19,800)
-
-
943
37,002,680
72,814
(4,939,141)
2,598,111
(85,684)
-
-
34,648,780
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
(4,652,763)
(859,903)
112,318
24,793
-
213,480
(5,162,075)
7,285,819
1,452,252
(5,569)
38,763
23,693
-
-
1,509,139
1,477,588
105,065,101
1,453,783
-
-
-
-
106,518,884
157,025,828
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(35,166,495)
-
115,769,549
18,361,877
-
26,223,260
231,309,511
(17,623)
1,004,335,812
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
54 Pioneer Funds - Annual Report

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Core European Equity
EUR
16,582,544
-
13,240
-
1,144,062
-
17,739,846
Pioneer Funds -
Top European Players
EUR
22,236,555
-
2,661
-
1,391,778
-
23,630,994
Pioneer Funds -
European Equity Value
EUR
4,799,299
296,348
11,792
-
407,362
-
5,514,801
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(7,629,597)
(290,188)
(878,060)
(274,228)
(27,488)
(23,152)
(67,117)
-
(153,911)
(9,343,741)
8,396,105
(12,471,016)
(71,114)
(1,274,536)
(406,028)
(39,838)
(33,692)
(386,812)
-
(239,576)
(14,922,612)
8,708,382
(2,053,476)
(266)
(216,635)
(60,644)
(6,839)
(5,726)
(5,394)
-
(49,279)
(2,398,259)
3,116,542
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
632,320,232
8,396,105
849,497,498
8,708,382
184,863,293
3,116,542
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
14,618,281
(128,294)
(2,563,090)
(646,460)
(61,929)
-
-
11,218,508
64,103,909
(13,369)
(1,099,061)
(237,715)
-
-
-
62,753,764
7,025,114
47,219
(307,924)
1,146,524
-
-
-
7,910,933
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
77,189,003
950,615
(311,271)
-
-
-
77,828,347
97,442,960
81,206,025
(635,913)
(472,276)
-
-
-
80,097,836
151,559,982
14,030,903
138,850
(341,503)
-
-
-
13,828,250
24,855,725
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(188,596,998)
-
541,166,194
(154,205,604)
-
846,851,876
(84,641,262)
-
125,077,756
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 55

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
European Research
EUR
18,422,202
43
32,442
-
1,496,644
-
19,951,331
Pioneer Funds -
European Potential
EUR
5,536,045
-
31,330
-
-
-
5,567,375
Pioneer Funds -
European Equity
Target Income
EUR
850,635
-
469
-
-
-
851,104
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(9,609,273)
(656)
(1,125,971)
(348,827)
(43,521)
(29,590)
(2,115)
-
(217,176)
(11,377,129)
8,574,202
(3,951,133)
(306,321)
(385,001)
(114,839)
(14,579)
(10,109)
(7,949)
-
(132,682)
(4,922,613)
644,762
(190,212)
-
(24,663)
(7,264)
(596)
(670)
-
-
(10,558)
(233,963)
617,141
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
823,704,334
8,574,202
241,223,938
644,762
5,002,505
617,141
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
40,554,707
544,957
958,532
10,179,117
787,785
-
-
53,025,098
12,334,042
(199,957)
-
-
-
-
-
12,134,085
(20,477)
543
-
(28,355)
333,474
-
-
285,185
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
66,493,238
(1,693,328)
(1,364,296)
-
-
-
63,435,614
125,034,914
43,459,076
-
-
-
-
-
43,459,076
56,237,923
1,069,028
-
-
38,987
-
-
1,108,015
2,010,341
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(275,751,321)
-
672,987,927
(36,096,258)
-
261,365,603
28,771,874
(408,658)
35,376,062
The accompanying notes form an integral part of these financial statements.
56 Pioneer Funds - Annual Report

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
German Equity (6)
EUR
34,484
-
7
-
-
-
34,491
Pioneer Funds -
Italian Equity
EUR
1,704,411
59
2,354
-
182,223
31,364
1,920,411
Pioneer Funds -
U.S. Pioneer Fund
EUR
20,475,584
-
886
-
-
-
20,476,470
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(50,138)
-
(4,817)
(2,040)
(291)
(134)
-
-
(1,389)
(58,809)
(24,318)
(1,198,875)
(2,829)
(125,331)
(42,066)
(3,224)
(3,340)
-
-
(27,298)
(1,402,963)
517,448
(15,996,671)
(1,865,768)
(1,941,665)
(576,873)
(44,555)
(50,304)
(2,068)
-
(249,653)
(20,727,557)
(251,087)
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
-
(24,318)
81,674,256
517,448
1,496,364,476
(251,087)
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
154,925
-
-
11,358
-
-
-
166,283
(6,149,735)
(3,661)
-
5,495,071
(130,759)
-
-
(789,084)
181,786,410
(32,369)
1,207,400
-
-
-
-
182,961,441
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
689,183
-
-
-
-
-
689,183
831,148
13,617,600
-
(271,625)
23,500
-
-
13,369,475
13,097,839
(73,816,241)
204,010
-
-
-
-
(73,612,231)
109,098,123
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
5,015,000
-
5,846,148
(12,103,599)
-
82,668,496
(485,799,659)
-
1,119,662,940
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 57

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
U.S. Research
EUR
24,338,060
-
17,509
-
-
-
24,355,569
Pioneer Funds -
U.S. Fundamental
Growth
EUR
3,996,013
-
2,938
-
-
-
3,998,951
Pioneer Funds -
U.S. Research Value
EUR
2,477,845
-
48
-
-
-
2,477,893
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(18,928,266)
(389,222)
(2,622,651)
(660,083)
(60,109)
(67,768)
(10,749)
-
(334,737)
(23,073,585)
1,281,984
(3,832,154)
(128,053)
(449,225)
(149,725)
(10,949)
(12,269)
(17)
-
(44,504)
(4,626,896)
(627,945)
(2,108,033)
(12,249)
(207,564)
(68,007)
(5,158)
(5,819)
(2,343)
-
(22,767)
(2,431,940)
45,953
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
1,418,356,983
1,281,984
132,895,861
(627,945)
137,708,950
45,953
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
113,000,680
(2,566,101)
826,440
-
-
-
-
111,261,019
4,925,571
138,309
290,678
-
-
-
-
5,354,558
14,322,716
16,111
-
(5)
-
-
-
14,338,822
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
56,382,851
318,520
-
-
-
-
56,701,371
169,244,374
(3,205,680)
(23,412)
-
-
-
-
(3,229,092)
1,497,521
629,222
-
-
-
-
-
629,222
15,013,997
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
179,440,500
-
1,767,041,857
351,527,023
-
485,920,405
(15,644,547)
-
137,078,400
The accompanying notes form an integral part of these financial statements.
58 Pioneer Funds - Annual Report

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
North American
Basic Value
EUR
8,580,286
-
34
-
-
-
8,580,320
Pioneer Funds -
U.S. Mid Cap Value
EUR
3,413,129
-
7,475
-
-
-
3,420,604
Pioneer Funds -
U.S. Small
Companies (7)
EUR
14,301
62
1
-
-
-
14,364
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(5,160,557)
(602,610)
(545,112)
(158,195)
(13,243)
(14,954)
-
-
(32,107)
(6,526,778)
2,053,542
(3,608,868)
(767,572)
(366,683)
(103,892)
(8,908)
(10,061)
(6,883)
-
(36,349)
(4,909,216)
(1,488,612)
(64,588)
(90)
(6,623)
(1,495)
(164)
(185)
(2)
-
(2,055)
(75,202)
(60,838)
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
413,724,832
2,053,542
304,360,043
(1,488,612)
7,271,001
(60,838)
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
68,790,481
389,802
(87,480)
-
-
-
-
69,092,803
26,302,362
37,242
(37,721)
-
-
-
-
26,301,883
1,163,033
(51,002)
416
-
4,807
-
-
1,117,254
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
(32,309,022)
49,822
-
-
-
-
(32,259,200)
38,887,145
(118,655)
57,657
-
-
-
-
(60,998)
24,752,273
(524,178)
-
-
1,051
-
-
(523,127)
533,289
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(120,354,461)
-
332,257,516
(133,030,331)
-
196,081,985
(7,804,290)
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 59

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Global Equity
Target Income (8)
EUR
2,423,196
-
13,137
-
-
13,896
2,450,229
Pioneer Funds -
Global Select
EUR
11,297,536
-
356,092
-
521,990
-
12,175,618
Pioneer Funds -
Global Ecology
EUR
16,173,000
-
225,843
-
1,690,839
-
18,089,682
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(1,400,160)
(1,100)
(148,840)
(44,582)
(6,152)
(938)
-
-
(36,873)
(1,638,645)
811,584
(7,768,977)
(457,707)
(834,248)
(258,608)
(29,655)
(20,903)
(1,143)
-
(98,896)
(9,470,137)
2,705,481
(13,143,274)
(2,160,232)
(1,475,951)
(417,683)
(46,482)
(36,438)
(1,179,818)
-
(105,544)
(18,565,422)
(475,740)
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
96,989,873
811,584
509,264,152
2,705,481
869,975,018
(475,740)
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
12,293,739
(120,961)
402,838
687,740
(383)
-
-
13,262,973
(1,636,760)
80,993
(1,498,110)
5,231,332
2,558,134
-
-
4,735,589
(15,962,776)
(249,142)
16,715,216
4,617,540
-
-
-
5,120,838
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
(4,651,398)
(241,935)
(51,232)
(8,624)
-
-
(4,953,189)
9,121,368
49,764,674
453,722
179,098
(1,819,955)
-
-
48,577,539
56,018,609
139,038,443
(4,058,459)
-
-
-
-
134,979,984
139,625,082
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(43,210,219)
-
62,901,022
(25,088,840)
-
540,193,921
(108,319,484)
-
901,280,616
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
60 Pioneer Funds - Annual Report

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Gold and Mining
EUR
710,000
-
4,685
-
-
-
714,685
Pioneer Funds -
Japanese Equity (9)
EUR
5,374,576
-
215
-
57,930
-
5,432,721
Pioneer Funds -
Emerging
Markets Equity
EUR
17,179,944
67,546
166,809
-
-
-
17,414,299
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(626,069)
(12,777)
(61,947)
(16,535)
(3,768)
(1,497)
-
-
(14,894)
(737,487)
(22,802)
(3,065,882)
(40,147)
(376,781)
(99,281)
(8,025)
(9,063)
-
-
(81,858)
(3,681,037)
1,751,684
(10,873,473)
(530,828)
(1,766,990)
(300,114)
(47,903)
(31,162)
-
-
(193,642)
(13,744,112)
3,670,187
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
38,854,857
(22,802)
254,129,623
1,751,684
787,465,023
3,670,187
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
(3,812,605)
23,664
-
81,716
-
-
-
(3,707,225)
(1,506,391)
(630,942)
69,560
645,448
(14,025)
-
-
(1,436,350)
34,067,635
(520,705)
44,084
(429,246)
121,254
-
-
33,283,022
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
2,426,712
-
3,130
-
-
-
2,429,842
(1,300,185)
11,245,640
5,177
292,753
-
-
-
11,543,570
11,858,904
11,381,966
94,338
1,127,357
(106,625)
-
-
12,497,036
49,450,245
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(870,105)
-
36,684,567
(65,223,852)
-
200,764,675
(162,785,268)
-
674,130,000
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 61

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Emerging Markets
Equity Unconstrained (10)
EUR
-
-
299
-
-
-
299
Pioneer Funds -
Emerging Europe and
Mediterranean Equity
EUR
12,851,550
-
233,385
-
69,798
12,024
13,166,757
Pioneer Funds -
Asia (Ex. Japan) Equity
EUR
2,089,578
-
750
-
-
-
2,090,328
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(63,585)
(22)
(7,284)
(2,292)
(424)
(170)
-
-
(4,870)
(78,647)
(78,348)
(7,599,366)
(782,301)
(1,376,047)
(191,910)
(18,750)
(21,168)
-
-
(114,579)
(10,104,121)
3,062,636
(1,862,051)
(113,938)
(277,946)
(51,751)
(19,974)
(3,821)
-
-
(60,420)
(2,389,901)
(299,573)
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
-
(78,348)
543,621,602
3,062,636
139,957,200
(299,573)
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
(488,721)
(111,643)
-
(363)
-
(39,763)
-
(640,490)
(14,840,552)
1,945,499
-
-
-
-
-
(12,895,053)
6,881,853
480,200
(14,219)
1,247,815
-
-
-
8,595,649
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
(75,265)
-
-
-
19,598
-
(55,667)
(774,505)
131,846,336
-
-
-
-
-
131,846,336
122,013,919
2,794,793
-
158,364
-
-
-
2,953,157
11,249,233
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
9,819,736
-
9,045,231
(155,381,066)
-
510,254,455
(42,515,969)
-
108,690,464
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
62 Pioneer Funds - Annual Report

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Latin American Equity
EUR
2,290,362
73,204
1,025
-
-
-
2,364,591
Pioneer Funds -
China Equity
EUR
8,373,623
-
23,891
-
-
-
8,397,514
Pioneer Funds -
Indian Equity
EUR
3,102,063
1,193
1,870
-
-
-
3,105,126
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(1,428,586)
(7,724)
(179,135)
(38,639)
(2,827)
(3,193)
-
-
(32,655)
(1,692,759)
671,832
(5,735,037)
(247,518)
(647,823)
(149,879)
(15,963)
(14,134)
-
-
(106,630)
(6,916,984)
1,480,530
(2,513,851)
(13,236)
(500,735)
(67,552)
(129,838)
(5,479)
-
-
(56,500)
(3,287,191)
(182,065)
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
82,090,708
671,832
341,133,314
1,480,530
135,766,949
(182,065)
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
1,615,122
13,942
11,100
-
-
-
-
1,640,164
9,710,365
(92,287)
-
3,547,950
-
-
-
13,166,028
(19,818,940)
(171,362)
(4,669)
-
-
-
-
(19,994,971)
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
1,357,181
(50,006)
-
-
-
-
1,307,175
3,619,171
47,150,483
-
(161,919)
-
-
-
46,988,564
61,635,122
38,231,796
-
-
-
-
-
38,231,796
18,054,760
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(13,594,016)
-
72,115,863
(31,274,591)
-
371,493,845
(24,363,888)
-
129,457,821
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 63

Statement of Operations and Changes in Net Assets
for the year ended 31 December 2012 (continued)
Income
Dividends, net
Interest on securities
Interest on bank accounts
Interest on swaps
Income from securities lending
Other income
Total Income
Pioneer Funds -
Russian Equity
EUR
512,090
-
2,092
-
-
-
514,182
Pioneer Funds -
Commodity Alpha
EUR
-
-
76
9,365
-
56
9,497
Combined
EUR
245,967,789
808,063,875
2,134,147
74,241,075
16,561,420
3,986,559
1,150,954,865
Expenses
Management fees
Distribution fees
Depositary & administration fees
Taxe d’abonnement
Professional fees
Printing & publishing fees
Performance fees
Interest on swaps
Other charges
Total Expenses
Net Operational Income/(Loss)
(320,241)
(2,329)
(50,112)
(9,573)
(689)
(778)
-
-
(7,643)
(391,365)
122,817
(3,122,419)
(480,348)
(511,546)
(104,972)
(10,698)
(12,069)
(2,025)
(1,289,572)
(37,918)
(5,571,567)
(5,562,070)
(302,710,803)
(44,997,549)
(47,169,826)
(11,392,147)
(1,369,761)
(1,154,846)
(14,228,853)
(46,199,834)
(7,753,940)
(476,977,559)
673,977,306
Statement of Changes In Net Assets
Net asset value at the beginning of the year
Net Operational Income/(Loss)
16,419,187
122,817
315,603,687
(5,562,070)
29,309,073,175
673,977,306
Net realised gain/(loss) on sales of securities
Net realised gain/(loss) on foreign exchange
Net realised gain/(loss) on forward foreign exchange contracts
Net realised gain/(loss) on financial futures contracts
Net realised gain/(loss) on options
Net realised gain/(loss) on Contracts For Differences
Net realised gain/(loss) on swaps
Net Realised Gain/(Loss)
(1,359,309)
644
-
23,156
-
-
-
(1,335,509)
12,136,668
385,994
2,142,543
-
-
-
9,657,770
24,322,975
803,697,004
7,172,417
8,662,806
(39,695,013)
(13,967,799)
1,875,532
18,454,542
786,199,489
Net change in unrealised gain/(loss) on securities
Net change in unrealised gain/(loss) on forward foreign exchange contracts
Net change in unrealised gain/(loss) on financial futures contracts
Net change in unrealised gain/(loss) on options
Net change in unrealised gain/(loss) on Contracts For Differences
Net change in unrealised gain/(loss) on swaps
Net Change in Unrealised Gain/(Loss) for the Year
Net Increase/(Decrease) in Net Assets as a Result of Operations
3,203,132
-
83,257
-
-
-
3,286,389
2,073,697
(16,249,802)
149,656
-
-
-
-
(16,100,146)
2,660,759
1,593,215,029
11,872,929
17,187,069
(1,975,928)
(2,017,052)
73,115,052
1,691,397,099
3,151,573,894
Net subscriptions/(redemptions)
Dividend declared
Net Asset Value at Year End
(1) The first NAV was calculated on 29 May 2012.
(2) The first NAV was calculated on 11 July 2012.
(3) The first NAV was calculated on 11 December 2012.
(4) The first NAV was calculated on 11 January 2012.
(5) Formerly known as Pioneer Funds - Global Balanced.
(6) The first NAV was calculated on 16 May 2012.
(7) The last NAV was calculated on 17 December 2012.
(8) Formerly known as Pioneer Funds - Global Diversified Equity.
(9) The NAV was calculated as of 28 December 2012.
(10) The first NAV was calculated on 18 July 2012.
The accompanying notes form an integral part of these financial statements.
(700,119)
-
17,792,765
(45,772,005)
-
272,492,441
(1,698,530,036)
(263,615,189)
30,498,501,844
64 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Liquidity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Short-Term
EUR
5.22
$ 7.01
5.24
$ 6.80
5.31
$ 7.00
135,494.80
Pioneer Funds -
Euro Cash Plus
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Corporate
Short-Term
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
50.01
-
50.27
-
50.36
-
14,283.78
-
-
-
-
-
-
-
53.33
-
52.67
-
55.74
-
3,249.65
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 65

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Liquidity
EUR
51.08
-
-
-
51.34
-
-
-
-
51.43
-
-
-
-
-
554,648.36
Pioneer Funds -
Euro Short-Term
EUR
6.09
-
-
$ 8.18
6.19
-
-
$ 8.03
-
6.35
-
-
$ 8.37
-
-
2,350,328.89
Pioneer Funds -
Euro Cash Plus
EUR
54.92
-
-
-
55.03
-
-
-
-
58.23
-
-
-
-
-
134,089.80
Pioneer Funds -
Euro Corporate
Short-Term
EUR
55.45
-
-
-
55.17
-
-
-
-
59.40
-
-
-
-
-
315,365.04
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
66 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Liquidity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Short-Term
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Cash Plus
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Corporate
Short-Term
EUR
-
-
-
-
50.76
CZK 1,273.94
34,651.19
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
5.10
$ 6.84
5.10
$ 6.62
5.15
$ 6.79
49,030.70
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
5.33
$ 7.16
5.33
$ 6.92
5.38
$ 7.09
3,389.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
5.16
$ 6.93
5.18
$ 6.73
5.25
$ 6.92
65,702.77
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 67

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Liquidity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Short-Term
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Cash Plus
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Corporate
Short-Term
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
50.86
-
50.61
-
-
50.23
-
-
97.94
5.63
$ 7.55
5.65
$ 7.34
-
5.74
$ 7.57
-
69,425.79
-
-
-
-
-
-
-
-
-
50.06
-
49.51
-
-
53.20
-
-
77,974.94
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
5.005
1,000.00
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
5.108
-
5.132
-
5.140
-
55,988,244.48
6.260
$ 8.398
6.338
$ 8.228
6.484
$ 8.549
108,378,745.48
60.973
$ 81.799
61.083
$ 79.295
64.617
$ 85.191
8,576,723.06
5.565
-
5.536
-
5.958
-
55,587,799.55
The accompanying notes form an integral part of these financial statements.
68 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Liquidity
EUR
-
-
-
-
Pioneer Funds -
Euro Short-Term
EUR
-
-
-
-
Pioneer Funds -
Euro Cash Plus
EUR
-
-
-
-
Pioneer Funds -
Euro Corporate
Short-Term
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
6.057
6.111
6.230
40,201,897.42
-
-
-
-
5.429
5.382
5.772
23,864,095.17
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
1,002.06
-
1,008.20
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 69

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Liquidity
EUR
1,024.33
1,030.47
1,033.43
171,711.67
Pioneer Funds -
Euro Short-Term
EUR
1,065.40
1,082.69
1,111.89
391,373.60
Pioneer Funds -
Euro Cash Plus
EUR
1,107.81
1,111.14
1,177.01
140,745.16
Pioneer Funds -
Euro Corporate
Short-Term
EUR
1,076.79
1,075.12
1,161.57
140,531.74
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
6,307.18
6,340.21
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
1,022.87
1,030.02
1,034.51
-
58.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
1,059.72
-
1,067.15
-
1,071.76
-
41,393.97
6,621.10
-
6,738.79
-
6,931.00
-
790.49
62.20
$ 83.44
62.41
$ 81.02
66.15
$ 87.21
1,663,001.85
1,136.90
-
1,136.12
-
1,228.56
-
17,413.04
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
70 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Liquidity
EUR
-
-
-
-
-
Pioneer Funds -
Euro Short-Term
EUR
-
-
-
-
-
Pioneer Funds -
Euro Cash Plus
EUR
-
-
-
-
-
Pioneer Funds -
Euro Corporate
Short-Term
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
1,954,814,734
1,060,286,847
538,905,208
3,439,515,785
1,963,094,490
1,410,490,688
1,501,798,033
967,274,713
837,856,808
1,513,110,206
1,001,985,404
678,205,904
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 71

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Dollar Short-Term
EUR
3.80
$ 5.10
3.84
$ 4.98
3.93
$ 5.18
597,565.81
Pioneer Funds -
Euro Bond
EUR
6.08
$ 8.16
6.16
$ 8.00
6.70
$ 8.84
51,597.07
Pioneer Funds -
Euro Aggregate Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Corporate Bond
EUR
5.44
$ 7.30
5.32
$ 6.91
5.92
$ 7.81
71,165.23
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
48.85
$ 65.54
49.67
$ 64.48
50.56
$ 66.66
116,191.71
7.32
-
7.44
-
8.32
-
34,936.04
39.48
-
39.85
-
43.03
-
3,114,846.50
50.11
-
49.09
-
54.72
-
39,188.67
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
72 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Dollar Short-Term
EUR
4.54
-
-
$ 6.09
4.68
-
-
$ 6.07
-
4.85
-
-
$ 6.39
-
-
2,321,662.54
Pioneer Funds -
Euro Bond
EUR
7.57
-
-
$ 10.15
7.88
-
-
$ 10.24
-
8.81
-
-
$ 11.62
-
-
5,881,983.84
Pioneer Funds -
Euro Aggregate Bond
EUR
59.40
-
-
-
61.90
-
-
-
-
68.85
-
-
-
-
-
4,448,772.69
Pioneer Funds -
Euro Corporate Bond
EUR
7.13
-
-
$ 9.56
7.18
-
-
$ 9.33
-
8.25
-
-
$ 10.88
-
-
14,333,605.89
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
56.17
$ 72.92
61.74
$ 81.40
58,225.46
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 73

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Dollar Short-Term
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Aggregate Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Corporate Bond
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
3.64
$ 4.88
3.67
$ 4.76
3.74
$ 4.93
28,796.78
5.96
$ 8.00
6.04
$ 7.84
6.57
$ 8.66
54,322.48
-
-
-
-
-
-
-
4.92
$ 6.60
4.81
$ 6.25
5.37
$ 7.09
10,341.67
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
4.01
$ 5.37
4.05
$ 5.26
4.14
$ 5.46
48,605.92
6.64
$ 8.91
6.82
$ 8.85
7.51
$ 9.90
49,597.63
-
-
-
-
-
-
-
6.37
$ 8.54
6.33
$ 8.21
7.16
$ 9.44
22,180.00
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
3.70
$ 4.96
3.74
$ 4.85
3.80
$ 5.01
66,761.55
6.01
$ 8.06
6.08
$ 7.90
6.62
$ 8.73
39,449.00
-
-
-
-
-
-
-
5.39
$ 7.23
5.27
$ 6.84
5.88
$ 7.75
90,565.89
The accompanying notes form an integral part of these financial statements.
74 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Dollar Short-Term
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Aggregate Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Corporate Bond
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
4.12
$ 5.53
4.20
$ 5.46
-
4.32
$ 5.69
-
433,762.88
6.99
$ 9.38
7.21
$ 9.36
-
7.98
$ 10.52
-
161,157.92
54.21
-
55.93
-
-
61.60
-
-
759,045.69
6.65
$ 8.92
6.64
$ 8.62
-
7.55
$ 9.95
-
205,492.96
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
4.825
5.026
5.429
10,844,465.18
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
5.051
1,000.00
5.064
5.516
14,278,204.49
5.045
5.666
13,800,857.15
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
4.622
-
4.762
-
4.942
-
10,561,901.48
7.691
-
7.986
-
8.894
-
67,842,892.49
5.937
-
6.185
-
6.878
-
37,130,396.69
7.234
-
7.311
-
8.412
-
56,167,796.73
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 75

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Dollar Short-Term
EUR
-
-
-
-
Pioneer Funds -
Euro Bond
EUR
-
-
-
-
Pioneer Funds -
Euro Aggregate Bond
EUR
-
-
-
-
Pioneer Funds -
Euro Corporate Bond
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
4.821
5.002
5.401
6,934,639.90
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
4.473
4.593
4.749
8,176,224.33
7.295
7.533
8.344
8,106,819.57
5.869
6.090
6.745
10,767,203.18
6.723
6.727
7.643
12,830,156.86
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
1,069.73
$ 1,435.10
1,106.57
$ 1,436.50
-
-
-
-
-
-
-
-
1,065.66
-
1,075.55
-
1,161.63
2,373.41
1,006.72
-
986.40
-
1,099.53
590.46
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
76 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Dollar Short-Term
EUR
1,146.79
1,185.86
1,235.29
915.32
Pioneer Funds -
Euro Bond
EUR
1,166.23
1,217.28
1,363.00
289,326.74
Pioneer Funds -
Euro Aggregate Bond
EUR
1,194.06
1,246.87
1,389.70
133,419.65
Pioneer Funds -
Euro Corporate Bond
EUR
1,143.18
1,158.94
1,338.01
249,299.70
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,006.45
985.97
1,099.21
-
67,966.02
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
1,249.64
$ 1,676.46
1,294.84
$ 1,680.90
1,351.53
$ 1,781.86
23,835.42
8.15
-
8.53
-
9.57
-
7,022,954.56
1,199.48
-
1,254.18
-
1,399.93
-
191,500.71
7.64
$ 10.26
7.76
$ 10.08
8.98
$ 11.83
18,342,400.58
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 77

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Dollar Short-Term
EUR
-
-
-
-
-
Pioneer Funds -
Euro Bond
EUR
-
-
-
-
-
Pioneer Funds -
Euro Aggregate Bond
EUR
-
-
-
-
-
Pioneer Funds -
Euro Corporate Bond
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
66.57
GBP 53.99
78.36
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
174,063,936
150,794,018
146,290,180
2,184,275,566
1,420,308,730
1,187,402,349
699,723,647
689,185,615
1,450,062,090
1,503,808,895
1,191,854,539
1,345,406,796
The accompanying notes form an integral part of these financial statements.
78 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Corporate
Trend Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Dollar
Aggregate Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Global Aggregate
Bond
EUR
55.21
$ 74.06
58.86
$ 76.41
59.73
$ 78.74
56,292.33
Pioneer Funds -
Euro Credit
Recovery 2012
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
55.14
$ 73.97
57.71
$ 74.91
58.90
$ 77.65
167,745.75
-
-
-
-
-
-
-
51.62
-
50.26
-
49.26
-
28,374.17
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
51.22
$ 68.71
53.07
$ 68.89
53.92
$ 71.09
257,210.52
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 79

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Corporate
Trend Bond
EUR
50.08
-
-
-
49.08
-
-
-
-
54.80
-
-
-
-
-
645.50
Pioneer Funds -
U.S. Dollar
Aggregate Bond
EUR
57.92
-
-
$ 77.70
62.99
-
-
$ 81.77
-
66.87
-
-
$ 88.16
-
-
1,442,101.89
Pioneer Funds -
Global Aggregate
Bond
EUR
64.32
-
-
$ 86.29
70.46
-
-
$ 91.46
-
73.09
-
-
$ 96.36
-
-
359,727.97
Pioneer Funds -
Euro Credit
Recovery 2012
EUR
52.48
-
-
-
52.91
-
-
-
-
52.98
-
-
-
-
-
16,619.34
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
80 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Corporate
Trend Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Dollar
Aggregate Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Global Aggregate
Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Credit
Recovery 2012
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
48.15
$ 64.60
50.22
$ 65.20
51.70
$ 68.16
84,554.89
55.19
$ 74.03
58.84
$ 76.38
59.70
$ 78.71
10,406.99
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
51.63
-
50.26
-
49.27
-
7,880.03
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
51.09
$ 68.54
52.16
$ 67.71
52.24
$ 68.87
946,694.36
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
51.29
$ 68.80
54.98
$ 71.38
57.53
$ 75.85
87,352.35
56.16
$ 75.34
60.60
$ 78.67
61.92
$ 81.64
3,949.21
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
47.62
$ 63.88
49.67
$ 64.48
51.13
$ 67.41
762,170.99
55.20
$ 74.06
58.86
$ 76.41
59.72
$ 78.74
18,581.91
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 81

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Corporate
Trend Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Dollar
Aggregate Bond
EUR
-
-
-
-
47.63
-
37,047.01
Pioneer Funds -
Global Aggregate
Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euro Credit
Recovery 2012
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
52.51
$ 69.23
-
388,123.72
56.71
$ 76.08
61.49
$ 79.83
-
63.15
$ 83.26
-
142,918.52
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
5.161
5.025
4.973
1,140,793.92
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
5.057
5.156
1,717,885.15
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
5.010
-
4.918
-
5.500
-
141,057.97
5.815
-
6.324
-
6.711
-
5,408,307.09
6.424
-
7.035
-
7.295
-
7,487,506.13
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
82 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Corporate
Trend Bond
EUR
-
-
-
-
Pioneer Funds -
U.S. Dollar
Aggregate Bond
EUR
-
-
-
-
Pioneer Funds -
Global Aggregate
Bond
EUR
-
-
-
-
Pioneer Funds -
Euro Credit
Recovery 2012
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
5.147
5.013
4.955
932,514.93
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
5.007
4.868
5.387
102,121.67
5.676
6.139
6.480
1,304,759.88
6.352
6.928
7.155
1,474,020.87
-
-
-
-
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 83

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Corporate
Trend Bond
EUR
1,002.29
987.16
1,107.62
5.00
Pioneer Funds -
U.S. Dollar
Aggregate Bond
EUR
1,369.69
1,497.27
1,597.53
23,123.49
Pioneer Funds -
Global Aggregate
Bond
EUR
1,297.93
1,426.58
1,485.01
44,266.94
Pioneer Funds -
Euro Credit
Recovery 2012
EUR
-
-
-
-
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
1,127.15
-
1,111.94
-
1,249.63
-
4.45
1,336.77
$ 1,793.34
1,464.07
$ 1,900.58
1,565.17
$ 2,063.52
72,347.23
1,303.22
$ 1,748.33
1,433.61
$ 1,861.05
1,493.62
$ 1,969.19
87,058.71
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
84 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Corporate
Trend Bond
EUR
-
-
-
-
-
Pioneer Funds -
U.S. Dollar
Aggregate Bond
EUR
-
-
-
-
-
Pioneer Funds -
Global Aggregate
Bond
EUR
-
-
-
-
-
Pioneer Funds -
Euro Credit
Recovery 2012
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
61.80
GBP 50.13
78.36
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
1,002.13
-
-
992.38
-
1,119.56
-
128,688.45
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
229,303,968
159,899,872
145,446,401
176,425,307
308,878,113
435,076,965
252,736,195
305,025,157
310,453,889
160,615,223
120,242,589
12,960,148
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 85

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Obbligazionario Euro
09/2014 con cedola
(Euro Bond 09/2014
distributing)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
10/2014 con cedola
(Euro Bond 10/2014
distributing)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
11/2014 con cedola
(Euro Bond 11/2014
distributing)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
12/2014 con cedola
(Euro Bond 12/2014
distributing)
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
86 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
Obbligazionario Euro
09/2014 con cedola
(Euro Bond 09/2014
distributing)
EUR
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
10/2014 con cedola
(Euro Bond 10/2014
distributing)
EUR
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
11/2014 con cedola
(Euro Bond 11/2014
distributing)
EUR
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
12/2014 con cedola
(Euro Bond 12/2014
distributing)
EUR
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 87

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
Obbligazionario Euro
09/2014 con cedola
(Euro Bond 09/2014
distributing)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
10/2014 con cedola
(Euro Bond 10/2014
distributing)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
11/2014 con cedola
(Euro Bond 11/2014
distributing)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
12/2014 con cedola
(Euro Bond 12/2014
distributing)
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
88 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Obbligazionario Euro
09/2014 con cedola
(Euro Bond 09/2014
distributing)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
10/2014 con cedola
(Euro Bond 10/2014
distributing)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
11/2014 con cedola
(Euro Bond 11/2014
distributing)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
12/2014 con cedola
(Euro Bond 12/2014
distributing)
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
5.058
4.920
5.199
44,078,461.89
5.030
4.904
5.201
28,889,396.69
5.013
4.962
5.239
21,510,583.78
5.077
5.017
5.315
9,946,078.72
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 89

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Obbligazionario Euro
09/2014 con cedola
(Euro Bond 09/2014
distributing)
EUR
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
10/2014 con cedola
(Euro Bond 10/2014
distributing)
EUR
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
11/2014 con cedola
(Euro Bond 11/2014
distributing)
EUR
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
12/2014 con cedola
(Euro Bond 12/2014
distributing)
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
90 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Obbligazionario Euro
09/2014 con cedola
(Euro Bond 09/2014
distributing)
EUR
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
10/2014 con cedola
(Euro Bond 10/2014
distributing)
EUR
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
11/2014 con cedola
(Euro Bond 11/2014
distributing)
EUR
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
12/2014 con cedola
(Euro Bond 12/2014
distributing)
EUR
-
-
-
-
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 91

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
Obbligazionario Euro
09/2014 con cedola
(Euro Bond 09/2014
distributing)
EUR
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
10/2014 con cedola
(Euro Bond 10/2014
distributing)
EUR
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
11/2014 con cedola
(Euro Bond 11/2014
distributing)
EUR
-
-
-
-
-
Pioneer Funds -
Obbligazionario Euro
12/2014 con cedola
(Euro Bond 12/2014
distributing)
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
372,688,343
299,926,025
229,152,772
253,492,331
202,680,981
150,257,505
220,049,949
173,115,352
112,703,473
95,443,587
76,163,980
52,858,680
The accompanying notes form an integral part of these financial statements.
92 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Credit
Recovery 2014
EUR
-
-
-
-
-
-
-
Pioneer Funds -
High Yield & Emerging
Markets Bond
Opportunities 2015
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate Bond 2016
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Europe Recovery
Income 2017 (1)
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
58.02
$ 77.84
59.78
$ 77.61
59.11
$ 77.94
98,059.00
50.34
-
47.47
-
52.19
-
394,645.97
-
-
48.07
-
52.64
-
408,918.79
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
54.68
-
25,393.90
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 93

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Credit
Recovery 2014
EUR
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Pioneer Funds -
High Yield & Emerging
Markets Bond
Opportunities 2015
EUR
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate Bond 2016
EUR
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Pioneer Funds -
Europe Recovery
Income 2017 (1)
EUR
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
54.35
54.20
54.26
124,985.00
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
94 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Credit
Recovery 2014
EUR
-
-
-
-
-
-
-
Pioneer Funds -
High Yield & Emerging
Markets Bond
Opportunities 2015
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate Bond 2016
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Europe Recovery
Income 2017 (1)
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 95

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Credit
Recovery 2014
EUR
-
-
-
-
-
-
-
Pioneer Funds -
High Yield & Emerging
Markets Bond
Opportunities 2015
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate Bond 2016
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Europe Recovery
Income 2017 (1)
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
5.034
4.749
5.223
39,442,519.90
-
4.807
5.266
12,094,174.24
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5.469
10,822,427.37
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
96 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Credit
Recovery 2014
EUR
5.457
5.467
5.510
12,631,403.03
Pioneer Funds -
High Yield & Emerging
Markets Bond
Opportunities 2015
EUR
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate Bond 2016
EUR
-
-
-
-
Pioneer Funds -
Europe Recovery
Income 2017 (1)
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
5.032
4.747
5.216
6,959,776.06
-
4.793
5.248
2,701,485.00
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
5.436
5.439
5.491
4,687,514.87
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 97

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Credit
Recovery 2014
EUR
-
-
-
-
Pioneer Funds -
High Yield & Emerging
Markets Bond
Opportunities 2015
EUR
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate Bond 2016
EUR
-
-
-
-
Pioneer Funds -
Europe Recovery
Income 2017 (1)
EUR
-
-
-
-
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
98 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Credit
Recovery 2014
EUR
-
-
-
-
-
Pioneer Funds -
High Yield & Emerging
Markets Bond
Opportunities 2015
EUR
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate Bond 2016
EUR
-
-
-
-
-
Pioneer Funds -
Europe Recovery
Income 2017 (1)
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
237,938,583
154,772,593
107,916,377
332,120,391
283,817,231
262,900,128
-
101,111,972
99,388,159
-
-
60,576,551
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 99

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Strategic Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Strategic Income
EUR
4.71
$ 6.32
4.72
$ 6.13
4.93
$ 6.50
34,124,205.38
Pioneer Funds -
U.S. High Yield
EUR
4.05
$ 5.44
3.99
$ 5.18
4.29
$ 5.65
5,528,194.05
Pioneer Funds -
Global High Yield
EUR
43.40
$ 58.22
41.52
$ 53.90
44.67
$ 58.89
812,464.91
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
52.73
-
52.43
-
55.63
-
215,055.57
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60.33
-
58.10
-
61.65
-
4,868.76
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
46.30
$ 62.12
45.63
$ 59.24
46.74
$ 61.62
7,160,792.33
45.59
$ 61.17
44.22
$ 57.40
46.77
$ 61.66
1,119,429.85
40.03
$ 53.71
37.72
$ 48.97
39.93
$ 52.64
15,111,888.86
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
100 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Strategic Bond
EUR
76.45
-
-
-
76.05
-
-
-
-
85.73
-
-
-
-
-
499,887.61
Pioneer Funds -
Strategic Income
EUR
6.82
-
-
$ 9.15
7.15
-
-
$ 9.29
-
7.77
-
-
$ 10.25
-
-
42,057,273.59
Pioneer Funds -
U.S. High Yield
EUR
6.97
-
-
$ 9.35
7.23
-
-
$ 9.39
-
8.16
-
-
$ 10.76
-
-
11,010,078.73
Pioneer Funds -
Global High Yield
EUR
69.53
-
-
$ 93.28
71.07
-
-
$ 92.26
-
81.51
-
-
$ 107.46
-
-
1,054,446.78
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
49.61
54.72
228,777.04
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
46.11
44.12
45.77
275,245.40
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
71.23
72.35
-
79.61
-
704,546.15
68.11
68.59
-
78.36
-
77,519.33
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 101

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Strategic Bond
EUR
-
-
-
-
52.01
CZK 1,305.10
144,682.53
Pioneer Funds -
Strategic Income
EUR
-
-
46.97
CZK 1,197.73
52.57
CZK 1,319.36
1,044,162.59
Pioneer Funds -
U.S. High Yield
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Global High Yield
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
4.71
$ 6.32
4.72
$ 6.13
4.96
$ 6.53
1,966,345.95
4.02
$ 5.40
3.96
$ 5.14
4.26
$ 5.61
1,596,837.72
43.54
$ 58.41
41.66
$ 54.08
44.83
$ 59.10
73,693.60
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
44.57
$ 59.80
43.49
$ 56.46
44.42
$ 58.56
16,730,254.67
43.31
$ 58.10
41.45
$ 53.81
43.26
$ 57.03
3,551,182.15
38.01
$ 50.99
35.34
$ 45.88
36.91
$ 48.66
24,074,674.85
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
6.28
$ 8.43
6.52
$ 8.47
7.06
$ 9.31
2,502,362.53
6.32
$ 8.48
6.47
$ 8.39
7.20
$ 9.50
382,155.00
64.26
$ 86.20
64.80
$ 84.12
73.35
$ 96.70
119,286.51
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
4.72
$ 6.33
4.73
$ 6.14
4.97
$ 6.55
14,396,362.84
4.03
$ 5.41
3.97
$ 5.15
4.26
$ 5.62
5,264,680.82
43.53
$ 58.40
41.65
$ 54.07
44.82
$ 59.09
337,566.99
The accompanying notes form an integral part of these financial statements.
102 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Strategic Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Strategic Income
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. High Yield
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Global High Yield
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
73.36
-
72.59
-
-
81.45
-
-
48,628.94
6.54
$ 8.77
6.83
$ 8.87
-
7.43
$ 9.80
-
10,579,758.89
6.53
$ 8.76
6.72
$ 8.73
-
7.52
$ 9.92
-
2,905,535.19
66.40
$ 89.08
67.30
$ 87.36
-
76.55
$ 100.93
-
287,840.98
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
4.742
5.362
750,423.24
5.008
5.269
5.523
554,684.71
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
5.027
5.506
8,427,876.47
5.028
5.340
7,570,309.37
-
-
-
5.045
5.560
8,654,548.36
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
8.196
-
8.172
-
9.241
-
8,509,756.85
7.273
-
7.652
-
8.391
-
2,833,263.12
7.222
-
7.504
-
8.482
-
1,775,182.09
7.081
-
7.247
-
8.324
-
1,733,607.17
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 103

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Strategic Bond
EUR
-
-
-
-
Pioneer Funds -
Strategic Income
EUR
5.365
5.352
5.668
1,400,063.86
Pioneer Funds -
U.S. High Yield
EUR
-
-
-
-
Pioneer Funds -
Global High Yield
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
7.792
7.958
-
8.837
-
9,701,040.07
5.940
5.972
-
6.842
-
1,122,929.07
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
4.725
5.310
337,359.67
4.989
5.216
5.643
205,630.92
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
5.199
577,236.44
5.187
354,655.74
-
-
5.275
741,728.19
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
7.160
7.097
7.976
16,316,360.69
6.875
7.191
7.764
2,059,807.79
6.793
7.016
7.882
1,094,188.58
6.357
6.468
7.385
1,321,270.24
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
4.953
5.417
488,156.72
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
7.542
7.649
8.366
6,781,130.36
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
1,058.99
-
1,060.91
-
1,125.65
893.86
-
-
-
-
-
-
-
-
-
-
-
-
1,017.46
-
1,006.98
-
1,076.80
4,291.00
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
104 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Strategic Bond
EUR
1,373.25
1,375.73
1,563.15
4,656.64
Pioneer Funds -
Strategic Income
EUR
1,392.27
1,473.32
1,625.09
2,562.79
Pioneer Funds -
U.S. High Yield
EUR
1,366.00
1,427.36
1,622.94
7,335.89
Pioneer Funds -
Global High Yield
EUR
1,274.47
1,311.76
1,515.53
74,304.07
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
1,205.59
1,235.30
1,421.50
4,152.93
1,137.27
1,134.03
1,326.59
8,396.59
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
80.67
-
80.84
-
91.89
-
3,203,511.70
72.78
$ 97.64
77.05
$ 100.02
85.01
$ 112.08
4,840,592.00
7.69
$ 10.31
8.05
$ 10.45
9.17
$ 12.09
53,199,859.71
1,182.89
$ 1,586.91
1,219.82
$ 1,583.51
1,412.05
$ 1,861.65
510,946.28
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
1,007.94
-
40,839.84
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 105

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro Strategic Bond
EUR
-
-
-
-
-
Pioneer Funds -
Strategic Income
EUR
1,021.12
GBP 852.94
1,176.41
GBP 954.19
62,439.57
Pioneer Funds -
U.S. High Yield
EUR
-
-
-
-
-
Pioneer Funds -
Global High Yield
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
61.89
GBP 50.20
78.61
-
-
-
63.73
GBP 51.69
78.36
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
64.17
GBP 52.05
4,701.60
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
709,090,120
523,958,007
632,966,328
1,653,930,349
1,911,103,517
2,656,458,620
467,560,532
582,345,949
916,619,298
1,787,974,746
2,054,031,173
2,589,748,437
The accompanying notes form an integral part of these financial statements.
106 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro High Yield
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate High
Yield Bond (2)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Bond Local Currencies
EUR
49.59
$ 66.53
46.72
$ 60.65
-
-
-
Pioneer Funds -
Emerging
Markets Bond
EUR
4.76
$ 6.38
4.64
$ 6.02
5.18
$ 6.83
1,996,012.93
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
64.28
-
58.25
-
67.75
-
145,444.29
-
-
-
-
50.39
-
270.00
62.04
$ 83.23
58.52
$ 75.97
62.80
$ 82.79
267,632.09
43.79
$ 58.74
43.41
$ 56.35
47.82
$ 63.04
222,202.02
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
52.77
$ 69.58
50,391.48
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 107

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro High Yield
EUR
69.13
-
-
-
66.51
-
-
-
-
82.53
-
-
-
-
-
1,064,418.25
Pioneer Funds -
Emerging Markets
Corporate High
Yield Bond (2)
EUR
-
-
-
-
-
-
-
-
-
50.40
-
-
$ 66.44
-
-
200,796.03
Pioneer Funds -
Emerging Markets
Bond Local Currencies
EUR
62.04
-
-
$ 83.23
60.82
-
-
$ 78.96
-
67.77
-
-
$ 89.35
-
-
227,794.27
Pioneer Funds -
Emerging
Markets Bond
EUR
9.33
-
-
$ 12.52
9.82
-
-
$ 12.75
-
11.62
-
-
$ 15.32
-
-
5,243,149.50
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
41.08
39.62
44.07
400,139.69
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
50.62
$ 66.74
210,535.80
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
108 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro High Yield
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate High
Yield Bond (2)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Bond Local Currencies
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging
Markets Bond
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4.73
$ 6.35
4.61
$ 5.99
5.18
$ 6.83
60,785.50
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60.88
$ 81.67
58.90
$ 76.46
64.74
$ 85.36
102.05
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
52.25
$ 68.89
132,559.78
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60.88
$ 81.67
58.93
$ 76.49
-
-
-
8.29
$ 11.12
8.60
$ 11.16
10.09
$ 13.30
61,139.45
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
49.59
$ 66.53
46.72
$ 60.65
-
-
-
4.75
$ 6.37
4.63
$ 6.01
5.20
$ 6.85
2,136,455.28
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 109

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro High Yield
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate High
Yield Bond (2)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Bond Local Currencies
EUR
61.21
$ 82.12
57.74
$ 74.96
63.78
$ 84.09
350.34
Pioneer Funds -
Emerging
Markets Bond
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
51.13
-
48.78
-
-
60.02
-
-
20,354.30
-
-
-
-
-
50.15
$ 66.12
-
402.05
61.53
$ 82.54
59.82
$ 77.65
-
66.07
$ 87.11
-
2,051.37
8.71
$ 11.68
9.08
$ 11.79
-
10.71
$ 14.12
-
761,646.36
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
5.144
5.050
5.420
3,798,831.49
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
5.050
6.019
10,819,554.84
-
5.109
1,436,899.28
-
5.058
780,158.93
-
5.139
653,964.74
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
7.388
-
7.118
-
8.844
-
16,589,634.39
-
-
-
-
5.038
-
588,350.60
6.214
-
6.100
-
6.803
-
18,827,526.80
9.625
-
10.137
-
12.071
-
6,297,225.16
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
110 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro High Yield
EUR
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate High
Yield Bond (2)
EUR
-
-
-
-
Pioneer Funds -
Emerging Markets
Bond Local Currencies
EUR
-
-
-
-
Pioneer Funds -
Emerging
Markets Bond
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9.093
9.297
-
11.202
-
2,798,007.63
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
5.128
5.003
5.366
2,215,731.89
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
5.448
669,900.19
5.102
416,742.34
5.049
73,643.20
5.123
140,508.73
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
6.828
6.539
8.076
9,336,282.09
-
-
-
-
6.169
6.020
6.674
22,360,706.04
8.803
9.217
10.840
5,709,647.48
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
1,010.73
5.00
1,251.36
-
1,180.24
-
1,267.05
970.00
1,144.74
-
1,144.25
-
1,268.20
325.60
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 111

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro High Yield
EUR
1,371.01
1,328.40
1,660.30
45,468.59
Pioneer Funds -
Emerging Markets
Corporate High
Yield Bond (2)
EUR
-
-
1,010.94
5.00
Pioneer Funds -
Emerging Markets
Bond Local Currencies
EUR
1,251.16
1,235.27
1,385.83
13,250.97
Pioneer Funds -
Emerging
Markets Bond
EUR
1,261.81
1,336.44
1,600.72
39,029.00
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
1,086.07
1,118.99
1,359.38
33,797.59
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
1,011.65
-
5.00
1,254.15
1,182.83
1,270.19
-
8,710.00
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
1,257.14
-
1,220.39
-
1,528.16
-
202,283.04
-
-
-
-
1,011.65
$ 1,333.76
5.00
1,254.17
-
1,240.53
-
1,394.37
-
32,254.12
10.34
$ 13.87
10.97
$ 14.24
13.16
$ 17.35
27,597,945.84
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
112 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
Euro High Yield
EUR
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Corporate High
Yield Bond (2)
EUR
-
-
-
-
-
Pioneer Funds -
Emerging Markets
Bond Local Currencies
EUR
-
-
-
-
-
Pioneer Funds -
Emerging
Markets Bond
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
69.48
GBP 56.36
78.36
-
-
-
-
-
-
64.41
GBP 52.24
78.36
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
217,569,704
276,719,441
785,087,677
-
-
22,604,264
519,028,768
413,694,690
422,147,635
685,373,137
491,506,417
774,692,466
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 113

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Corporate Bond (3)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Currencies
EUR
4.52
$ 6.06
4.44
$ 5.76
4.48
$ 5.91
6,202.46
Pioneer Funds -
Absolute Return
Commodity (4)
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
114 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Corporate Bond (3)
EUR
-
-
-
-
-
-
-
-
-
49.76
-
-
$ 65.60
-
-
200,000.00
Pioneer Funds -
Absolute Return Bond
EUR
52.66
-
-
$ 70.64
53.13
-
-
$ 68.98
-
53.89
-
-
$ 71.05
-
-
12,878.86
Pioneer Funds -
Absolute Return
Currencies
EUR
5.22
-
-
$ 7.00
5.12
-
-
$ 6.64
-
5.16
-
-
$ 6.81
-
-
552,672.54
Pioneer Funds -
Absolute Return
Commodity (4)
EUR
-
-
-
-
-
-
-
-
-
48.31
-
-
-
-
-
500.00
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 115

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Corporate Bond (3)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Currencies
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Commodity (4)
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4.42
$ 5.94
4.28
$ 5.55
4.26
$ 5.61
47,976.00
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4.48
$ 6.02
4.36
$ 5.66
4.36
$ 5.75
36,541.26
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
116 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Corporate Bond (3)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return Bond
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Currencies
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Commodity (4)
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
52.21
-
52.25
-
-
52.56
-
-
138.00
4.84
$ 6.49
4.70
$ 6.10
-
4.70
$ 6.19
-
14,081.18
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
5.128
-
5.184
-
5.260
-
26,158,713.34
5.308
-
5.209
-
5.256
-
9,388,195.23
-
-
-
-
4.839
-
1,000.00
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 117

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Corporate Bond (3)
EUR
-
-
-
-
Pioneer Funds -
Absolute Return Bond
EUR
-
-
-
-
Pioneer Funds -
Absolute Return
Currencies
EUR
-
-
-
-
Pioneer Funds -
Absolute Return
Commodity (4)
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
5.167
5.045
5.071
343,806.09
-
-
4.811
1,000.00
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
118 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Corporate Bond (3)
EUR
-
-
995.43
5.00
Pioneer Funds -
Absolute Return Bond
EUR
1,047.26
1,063.18
1,085.80
21,360.17
Pioneer Funds -
Absolute Return
Currencies
EUR
1,099.93
1,083.95
1,099.70
16,742.06
Pioneer Funds -
Absolute Return
Commodity (4)
EUR
-
-
972.22
2,435.61
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
995.65
-
5.00
-
-
1,007.69
-
1,028.34
-
5.00
1,056.37
-
1,042.06
-
1,058.16
-
6,685.00
-
-
-
-
974.86
-
5.00
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 119

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Corporate Bond (3)
EUR
-
-
-
-
-
Pioneer Funds -
Absolute Return Bond
EUR
-
-
-
-
-
Pioneer Funds -
Absolute Return
Currencies
EUR
-
-
-
-
-
Pioneer Funds -
Absolute Return
Commodity (4)
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
-
-
9,961,984
235,561,239
207,531,439
161,499,274
184,739,138
109,903,113
79,885,400
-
-
2,406,619
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
120 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Absolute Return
European Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Asian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Multi-Strategy
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Multi-Strategy Growth
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
42.16
-
38.59
-
40.77
-
727,422.08
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 121

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
Absolute Return
European Equity
EUR
-
-
-
-
47.44
-
-
$ 61.58
-
45.54
-
-
$ 60.04
-
-
1,149.00
Pioneer Funds -
Absolute Return
Asian Equity
EUR
-
-
-
-
51.88
-
-
-
-
50.46
-
-
-
-
-
100.00
Pioneer Funds -
Absolute Return
Multi-Strategy
EUR
55.18
-
-
-
51.86
-
-
-
-
54.51
-
-
-
-
-
29,080.30
Pioneer Funds -
Absolute Return
Multi-Strategy Growth
EUR
54.47
-
-
-
50.21
-
-
-
-
53.45
-
-
-
-
-
144,536.38
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
122 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
Absolute Return
European Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Asian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Multi-Strategy
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Multi-Strategy Growth
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 123

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Absolute Return
European Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Asian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Multi-Strategy
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Absolute Return
Multi-Strategy Growth
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
-
-
46.98
$ 60.99
-
44.64
$ 58.86
-
100.00
-
-
-
-
-
-
-
-
-
-
-
46.80
-
-
-
-
-
-
-
-
45.77
-
-
-
-
-
-
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
104.547
-
100.300
-
226,369.30
-
-
5.202
-
5.058
-
17,580.21
5.536
-
5.209
-
5.481
-
10,949,956.14
5.458
-
5.041
-
5.374
-
3,931,639.48
The accompanying notes form an integral part of these financial statements.
124 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Absolute Return
European Equity
EUR
-
-
-
-
Pioneer Funds -
Absolute Return
Asian Equity
EUR
-
-
-
-
Pioneer Funds -
Absolute Return
Multi-Strategy
EUR
-
-
-
-
Pioneer Funds -
Absolute Return
Multi-Strategy Growth
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
77.014
$ 99.975
72.816
$ 96.001
5,923.61
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
5.051
4.726
4.946
274,511.85
-
-
-
-
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,118.39
-
1,016.70
-
1,088.92
139.46
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 125

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Absolute Return
European Equity
EUR
-
955.54
924.09
97.00
Pioneer Funds -
Absolute Return
Asian Equity
EUR
-
1,051.43
1,031.18
5.00
Pioneer Funds -
Absolute Return
Multi-Strategy
EUR
1,143.95
1,080.96
1,142.47
15,234.76
Pioneer Funds -
Absolute Return
Multi-Strategy Growth
EUR
1,128.42
1,047.13
1,121.56
3,248.83
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,160.35
1,078.26
1,155.62
-
23.57
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
107.49
-
104.23
-
145,779.34
-
-
1,043.17
-
1,025.21
-
21,199.81
1,180.36
-
1,117.79
-
1,181.64
-
4.41
1,133.01
-
1,053.23
-
1,128.76
-
4.64
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
80.48
$ 104.48
76.86
$ 101.34
9,103.00
1,127.59
$ 1,463.78
1,092.80
$ 1,440.74
3,092.25
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
126 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
Absolute Return
European Equity
EUR
-
-
-
-
-
Pioneer Funds -
Absolute Return
Asian Equity
EUR
-
-
-
-
-
Pioneer Funds -
Absolute Return
Multi-Strategy
EUR
-
-
-
-
-
Pioneer Funds -
Absolute Return
Multi-Strategy Growth
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
-
215,178,014
39,177,294
-
41,761,192
25,212,629
171,235,258
137,658,856
80,373,944
132,981,916
86,971,635
62,339,432
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 127

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Multi-Asset (5)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Multi Asset
Real Return
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euroland Equity
EUR
4.20
$ 5.64
3.77
$ 4.89
4.53
$ 5.97
390,395.40
Pioneer Funds -
Core European Equity
EUR
6.32
$ 8.48
5.86
$ 7.61
6.89
$ 9.09
17,106.01
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
128 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Multi-Asset (5)
EUR
71.11
-
-
$ 95.39
70.06
-
-
$ 90.94
-
73.93
-
-
$ 97.47
-
-
45,047.50
Pioneer Funds -
Multi Asset
Real Return
EUR
-
-
-
-
51.64
-
-
$ 67.04
-
57.15
-
-
$ 75.35
-
-
397,534.75
Pioneer Funds -
Euroland Equity
EUR
4.39
-
-
$ 5.89
3.94
-
-
$ 5.11
-
4.80
-
-
$ 6.33
-
-
25,170,940.46
Pioneer Funds -
Core European Equity
EUR
6.67
-
-
$ 8.95
6.18
-
-
$ 8.03
-
7.27
-
-
$ 9.59
-
-
15,261,225.65
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
50.00
-
55.91
-
7,101.76
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 129

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Multi-Asset (5)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Multi Asset
Real Return
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euroland Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Core European Equity
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5.99
$ 8.04
5.48
$ 7.12
6.37
$ 8.40
6,638.31
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3.95
$ 5.30
3.49
$ 4.53
4.20
$ 5.54
263,439.31
6.26
$ 8.39
5.72
$ 7.43
6.65
$ 8.77
75,448.33
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
130 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Multi-Asset (5)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Multi Asset
Real Return
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Euroland Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Core European Equity
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
69.84
$ 93.69
68.20
$ 88.53
-
71.32
$ 94.03
-
12,442.53
-
-
50.93
$ 66.11
-
55.94
$ 73.75
-
37,188.39
3.99
$ 5.35
3.54
$ 4.59
-
4.28
$ 5.64
-
198,623.65
6.22
$ 8.34
5.72
$ 7.42
-
6.67
$ 8.80
-
41,762.95
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
49.96
55.42
6,000.00
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
7.109
-
7.003
-
7.387
-
13,075,180.73
-
-
5.185
-
5.788
-
1,000.00
4.514
-
4.048
-
4.944
-
17,496,229.23
6.787
-
6.287
-
7.395
-
42,759,819.73
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 131

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Multi-Asset (5)
EUR
-
-
-
-
Pioneer Funds -
Multi Asset
Real Return
EUR
-
-
-
-
Pioneer Funds -
Euroland Equity
EUR
-
-
-
-
Pioneer Funds -
Core European Equity
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
5.000
-
5.633
-
60,000.00
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
7.000
6.844
7.166
2,087,451.35
-
-
-
-
4.163
3.705
4.492
13,156,287.02
6.287
5.780
6.748
1,648,405.77
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
132 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Multi-Asset (5)
EUR
-
-
-
-
Pioneer Funds -
Multi Asset
Real Return
EUR
-
1,037.73
1,166.17
5.00
Pioneer Funds -
Euroland Equity
EUR
829.25
748.96
921.44
104,443.26
Pioneer Funds -
Core European Equity
EUR
932.11
869.73
1,030.61
80,358.59
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
1,038.26
$ 1,347.82
1,159.27
$ 1,528.38
5.00
4.87
$ 6.54
4.41
$ 5.73
5.44
$ 7.18
117,189,050.27
7.37
$ 9.89
6.90
$ 8.95
8.19
$ 10.80
2,329,022.74
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
1,000.79
-
1,129.11
-
300.00
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 133

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Multi-Asset (5)
EUR
-
-
-
-
-
Pioneer Funds -
Multi Asset
Real Return
EUR
-
-
-
-
-
Pioneer Funds -
Euroland Equity
EUR
-
-
-
-
-
Pioneer Funds -
Core European Equity
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
68.77
GBP 55.78
78.36
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
177,781,035
143,650,225
115,769,549
-
6,383,795
26,223,260
402,489,577
616,018,096
1,004,335,812
851,138,668
632,320,232
541,166,194
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
134 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Top European Players
EUR
4.77
$ 6.40
4.57
$ 5.93
5.47
$ 7.21
393,148.63
Pioneer Funds -
European Equity Value
EUR
-
-
-
-
-
-
-
Pioneer Funds -
European Research
EUR
-
-
-
-
-
-
-
Pioneer Funds -
European Potential
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 135

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
Top European Players
EUR
5.01
-
-
$ 6.72
4.80
-
-
$ 6.23
-
5.74
-
-
$ 7.57
-
-
21,324,266.53
Pioneer Funds -
European Equity Value
EUR
69.88
-
-
$ 93.75
63.68
-
-
$ 82.67
-
75.05
-
-
$ 98.94
-
-
39,598.29
Pioneer Funds -
European Research
EUR
3.95
-
-
$ 5.30
3.61
-
-
$ 4.69
-
4.25
-
-
$ 5.60
-
-
1,241,449.74
Pioneer Funds -
European Potential
EUR
86.08
-
-
$ 115.48
76.07
-
-
$ 98.75
-
95.53
-
-
$ 125.94
-
-
846,257.16
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
136 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
Top European Players
EUR
-
-
-
-
58.87
CZK 1,477.47
117,319.87
Pioneer Funds -
European Equity Value
EUR
-
-
-
-
-
-
-
Pioneer Funds -
European Research
EUR
-
-
-
-
-
-
-
Pioneer Funds -
European Potential
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
4.49
$ 6.02
4.25
$ 5.52
5.02
$ 6.62
103,040.34
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
4.58
$ 6.15
4.34
$ 5.64
5.13
$ 6.76
155,487.34
-
-
-
-
-
-
-
3.47
$ 4.66
3.13
$ 4.06
3.65
$ 4.81
1,880.34
51.50
$ 69.09
44.97
$ 58.38
55.81
$ 73.58
3,181.65
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 137

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Top European Players
EUR
-
-
-
-
-
-
-
Pioneer Funds -
European Equity Value
EUR
-
-
-
-
-
-
-
Pioneer Funds -
European Research
EUR
-
-
-
-
-
-
-
Pioneer Funds -
European Potential
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
4.77
$ 6.40
4.54
$ 5.89
-
5.39
$ 7.10
-
1,143,910.09
49.76
-
44.89
-
-
52.43
-
-
480.99
3.08
-
2.79
-
-
3.24
-
-
19,501.69
51.52
$ 69.11
45.22
$ 58.70
-
56.39
$ 74.34
-
110,162.01
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
5.266
-
5.060
-
6.068
-
60,925,658.42
4.435
-
4.041
-
4.765
-
19,630,945.43
4.059
-
3.713
-
4.366
-
105,539,854.51
4.084
-
3.620
-
4.558
-
16,131,815.34
The accompanying notes form an integral part of these financial statements.
138 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Top European Players
EUR
-
-
-
-
Pioneer Funds -
European Equity Value
EUR
-
-
-
-
Pioneer Funds -
European Research
EUR
-
-
-
-
Pioneer Funds -
European Potential
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
4.786
4.565
5.432
26,110,180.67
6.878
6.220
7.279
1,505,221.13
3.736
3.392
3.959
3,245,985.94
3.960
3.484
4.354
12,107,198.70
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 139

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Top European Players
EUR
806.47
780.54
942.81
158,010.47
Pioneer Funds -
European Equity Value
EUR
899.72
825.64
981.11
2,436.02
Pioneer Funds -
European Research
EUR
798.53
735.66
871.57
189,870.30
Pioneer Funds -
European Potential
EUR
835.94
746.20
946.62
13,677.44
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
5.66
$ 7.59
5.48
$ 7.12
6.63
$ 8.74
7,150,329.69
1,030.90
-
947.33
-
1,126.94
-
13,480.41
4.33
$ 5.81
4.00
$ 5.19
4.75
$ 6.26
5,999,369.34
762.92
$ 1,023.50
681.60
$ 884.82
865.43
$ 1,140.99
40,381.64
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
140 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
Top European Players
EUR
-
-
-
-
-
Pioneer Funds -
European Equity Value
EUR
-
-
-
-
-
Pioneer Funds -
European Research
EUR
-
-
-
-
-
Pioneer Funds -
European Potential
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
65.73
GBP 53.31
78.36
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
1,034,663,052
849,497,498
846,851,876
247,475,594
184,863,293
125,077,756
1,158,295,878
823,704,334
672,987,927
395,709,052
241,223,938
261,365,603
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 141

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
European Equity
Target Income
EUR
-
-
-
-
-
-
-
Pioneer Funds -
German Equity (6)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Italian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Pioneer Fund
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
58.29
-
100.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
53.89
-
58.38
-
176,407.11
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
142 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
European Equity
Target Income
EUR
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Pioneer Funds -
German Equity (6)
EUR
-
-
-
-
-
-
-
-
-
58.29
-
-
-
-
-
100,000.00
Pioneer Funds -
Italian Equity
EUR
6.00
-
-
$ 8.05
4.61
-
-
$ 5.99
-
5.38
-
-
$ 7.09
-
-
47,192.75
Pioneer Funds -
U.S. Pioneer Fund
EUR
4.31
-
-
$ 5.78
4.19
-
-
$ 5.44
-
4.50
-
-
$ 5.94
-
-
102,180,914.16
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 143

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
European Equity
Target Income
EUR
-
-
-
-
-
-
-
Pioneer Funds -
German Equity (6)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Italian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Pioneer Fund
EUR
59.86
CZK 1,501.95
54.24
CZK 1,383.25
59.51
CZK 1,493.53
165,774.71
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3.90
$ 5.23
3.75
$ 4.87
3.98
$ 5.25
218,898.04
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5.68
$ 7.62
4.32
$ 5.60
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
144 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
European Equity
Target Income
EUR
-
-
-
-
-
-
-
Pioneer Funds -
German Equity (6)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Italian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Pioneer Fund
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5.80
$ 7.77
4.38
$ 5.69
-
5.06
$ 6.67
-
10,774.02
4.08
$ 5.47
3.94
$ 5.11
-
4.20
$ 5.54
-
11,398,560.10
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
59.73
54.89
58.80
45,414.34
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
5.389
5.837
1,636,265.17
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
5.083
-
5.677
-
1,000.00
-
-
-
-
-
-
-
6.119
-
4.687
-
5.457
-
5,214,864.71
4.362
$ 5.852
4.246
$ 5.511
4.561
$ 6.014
70,064,771.73
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 145

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
European Equity
Target Income
EUR
-
-
-
-
Pioneer Funds -
German Equity (6)
EUR
-
-
-
-
Pioneer Funds -
Italian Equity
EUR
-
-
-
-
Pioneer Funds -
U.S. Pioneer Fund
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3.954
3.681
-
3.985
-
13,657,813.16
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
5.665
4.307
4.977
4,803,544.50
4.032
3.895
4.154
9,613,848.39
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
146 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
European Equity
Target Income
EUR
-
1,078.45
1,212.78
2,145.00
Pioneer Funds -
German Equity (6)
EUR
-
-
1,170.91
5.00
Pioneer Funds -
Italian Equity
EUR
609.25
470.06
551.31
54,408.47
Pioneer Funds -
U.S. Pioneer Fund
EUR
1,006.13
986.35
1,067.57
73,792.99
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
964.78
907.70
989.94
46,869.34
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
1,078.93
1,180.41
-
10,944.76
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
1,171.23
-
5.00
-
-
-
-
-
-
-
4.70
$ 6.30
4.61
$ 5.99
5.00
$ 6.59
9,588,347.69
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
900.46
-
982.88
-
11,230.00
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 147

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
European Equity
Target Income
EUR
-
-
-
-
-
Pioneer Funds -
German Equity (6)
EUR
-
-
-
-
-
Pioneer Funds -
Italian Equity
EUR
-
-
-
-
-
Pioneer Funds -
U.S. Pioneer Fund
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,188.69
-
-
1,175.10
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
-
5,002,505
35,376,062
-
-
5,846,148
125,743,698
81,674,256
82,668,496
1,752,926,458
1,496,364,476
1,119,662,940
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
148 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Research
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Fundamental
Growth
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Research Value
EUR
-
-
-
-
-
-
-
Pioneer Funds -
North American
Basic Value
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 149

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Research
EUR
4.54
-
-
$ 6.09
4.66
-
-
$ 6.06
-
5.19
-
-
$ 6.84
-
-
28,879,385.44
Pioneer Funds -
U.S. Fundamental
Growth
EUR
82.73
-
-
$ 110.99
89.66
-
-
$ 116.39
-
99.90
-
-
$ 131.71
-
-
1,947,886.57
Pioneer Funds -
U.S. Research Value
EUR
71.04
-
-
$ 95.30
70.95
-
-
$ 92.11
-
78.63
-
-
$ 103.67
-
-
1,219,661.23
Pioneer Funds -
North American
Basic Value
EUR
45.11
-
-
$ 60.51
43.65
-
-
$ 56.66
-
47.93
-
-
$ 63.19
-
-
5,401,589.47
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
50.01
-
6,000.00
-
-
-
52.67
-
151,461.16
-
-
-
-
-
-
44.59
41.09
-
45.43
-
74,494.91
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
150 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Research
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Fundamental
Growth
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Research Value
EUR
-
-
-
-
-
-
-
Pioneer Funds -
North American
Basic Value
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
80.23
$ 107.63
85.87
$ 111.47
94.27
$ 124.29
16,788.04
68.88
$ 92.41
67.77
$ 87.98
73.99
$ 97.55
2,164.80
42.59
$ 57.13
40.66
$ 52.78
44.04
$ 58.07
77,380.72
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 151

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Research
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Fundamental
Growth
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Research Value
EUR
-
-
-
-
-
-
-
Pioneer Funds -
North American
Basic Value
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
4.27
$ 5.73
4.36
$ 5.66
-
4.81
$ 6.34
-
1,975,023.59
81.05
$ 108.74
87.18
$ 113.17
-
96.18
$ 126.80
-
245,686.57
69.61
$ 93.38
68.82
$ 89.34
-
75.51
$ 99.56
-
14,933.52
43.54
$ 58.41
41.78
$ 54.23
-
45.48
$ 59.96
-
242,245.81
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
4.613
-
4.738
-
5.268
-
91,568,372.44
6.616
-
7.186
-
8.006
-
6,676,090.58
6.117
-
6.108
-
6.767
-
3,819,446.60
4.558
-
4.416
-
4.855
-
1,546,296.53
The accompanying notes form an integral part of these financial statements.
152 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Research
EUR
-
-
-
-
Pioneer Funds -
U.S. Fundamental
Growth
EUR
-
-
-
-
Pioneer Funds -
U.S. Research Value
EUR
-
-
-
-
Pioneer Funds -
North American
Basic Value
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
4.098
4.028
-
4.519
-
16,780,848.69
81.020
84.229
-
95.132
-
92,270.99
-
-
-
-
-
-
4.194
3.892
-
4.316
-
344,996.71
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
4.243
4.326
4.772
18,463,122.18
8.143
8.779
9.707
1,568,360.49
6.992
6.930
7.620
386,790.95
4.407
4.238
4.625
1,270,814.71
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 153

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Research
EUR
1,037.98
1,073.81
1,202.73
259,072.37
Pioneer Funds -
U.S. Fundamental
Growth
EUR
1,351.98
1,479.03
1,659.91
41,305.72
Pioneer Funds -
U.S. Research Value
EUR
1,247.60
1,255.15
1,410.81
0.07
Pioneer Funds -
North American
Basic Value
EUR
1,021.93
997.31
1,104.71
576.04
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
1,038.07
1,026.86
1,159.22
54,961.98
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
1,060.31
$ 1,397.91
5,257.34
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
4.93
$ 6.62
5.11
$ 6.64
5.74
$ 7.56
92,579,701.86
1,683.48
$ 2,258.48
1,844.31
$ 2,394.19
2,072.93
$ 2,732.95
54,083.31
1,445.56
$ 1,939.29
1,455.88
$ 1,889.95
1,627.19
$ 2,145.29
6,815.41
948.17
$ 1,272.02
926.61
$ 1,202.88
1,027.58
$ 1,354.75
38,976.83
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
982.18
-
1,112.50
-
44,213.48
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
154 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Research
EUR
-
-
-
-
-
Pioneer Funds -
U.S. Fundamental
Growth
EUR
-
-
-
-
-
Pioneer Funds -
U.S. Research Value
EUR
-
-
-
-
-
Pioneer Funds -
North American
Basic Value
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
59.10
GBP 47.93
78.36
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
1,378,500,620
1,418,356,983
1,767,041,857
101,080,457
132,895,861
485,920,405
148,071,625
137,708,950
137,078,400
630,220,471
413,724,832
332,257,516
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 155

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Mid Cap Value
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Small
Companies (7)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Global Equity
Target Income (8)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Global Select
EUR
38.10
$ 51.11
35.11
$ 45.58
39.07
$ 51.50
3,304.86
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
65.54
-
62.58
-
67.17
-
46,857.81
-
-
-
-
-
-
-
-
-
-
-
-
-
-
37.84
-
34.87
-
38.80
-
4,224.18
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
49.93
$ 65.82
100.00
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
156 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Mid Cap Value
EUR
5.97
-
-
$ 8.01
5.70
-
-
$ 7.40
-
6.12
-
-
$ 8.07
-
-
18,056,028.60
Pioneer Funds -
U.S. Small
Companies (7)
EUR
-
-
-
-
51.61
-
-
$ 67.00
-
-
-
-
-
-
-
-
Pioneer Funds -
Global Equity
Target Income (8)
EUR
51.63
-
-
-
47.78
-
-
$ 62.03
-
52.76
-
-
$ 69.56
-
-
3,633.92
Pioneer Funds -
Global Select
EUR
54.13
-
-
$ 72.61
49.88
-
-
$ 64.75
-
55.50
-
-
$ 73.17
-
-
5,329,037.35
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
52.68
48.11
-
52.07
-
36,599.86
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 157

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Mid Cap Value
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Small
Companies (7)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Global Equity
Target Income (8)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Global Select
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
38.07
$ 51.07
34.61
$ 44.93
37.99
$ 50.09
1,751.28
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
5.46
$ 7.32
5.16
$ 6.70
5.48
$ 7.23
168,865.61
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50.34
$ 67.53
45.75
$ 59.38
-
-
-
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
38.08
$ 51.09
34.79
$ 45.17
38.38
$ 50.61
2,937.31
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
158 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Mid Cap Value
EUR
-
-
-
-
-
-
-
Pioneer Funds -
U.S. Small
Companies (7)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Global Equity
Target Income (8)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Global Select
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
5.71
$ 7.66
5.43
$ 7.04
-
5.80
$ 7.64
-
407,782.55
-
-
56.42
$ 73.24
-
-
-
-
-
-
-
47.79
$ 62.03
-
52.36
$ 69.03
-
68.99
37.13
$ 49.81
33.92
$ 44.04
-
37.42
$ 49.34
-
14,096.18
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
6.247
$ 8.380
5.993
$ 7.780
6.463
$ 8.521
6,392,982.96
-
-
5.174
-
-
-
-
5.151
-
4.774
-
5.281
-
11,315,080.67
4.051
-
3.738
-
4.163
-
43,572,711.56
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 159

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Mid Cap Value
EUR
-
-
-
-
Pioneer Funds -
U.S. Small
Companies (7)
EUR
-
-
-
-
Pioneer Funds -
Global Equity
Target Income (8)
EUR
-
-
-
-
Pioneer Funds -
Global Select
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
5.773
5.498
5.884
1,459,163.94
-
-
-
-
5.072
4.666
5.122
550,856.33
3.937
3.605
3.986
6,387,131.69
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
998.97
5.00
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
160 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Mid Cap Value
EUR
1,067.11
1,029.09
1,116.11
2,963.55
Pioneer Funds -
U.S. Small
Companies (7)
EUR
-
1,037.68
-
-
Pioneer Funds -
Global Equity
Target Income (8)
EUR
1,057.65
987.26
1,100.09
108.34
Pioneer Funds -
Global Select
EUR
831.78
772.97
867.41
34,868.38
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
6.55
$ 8.79
6.32
$ 8.21
6.86
$ 9.04
3,502,446.68
-
-
-
-
-
-
-
1,063.21
-
994.26
-
1,109.49
-
5.00
837.88
$ 1,124.06
779.73
$ 1,012.20
876.25
$ 1,155.24
7,208.94
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 161

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
U.S. Mid Cap Value
EUR
-
-
-
-
-
Pioneer Funds -
U.S. Small
Companies (7)
EUR
-
-
-
-
-
Pioneer Funds -
Global Equity
Target Income (8)
EUR
-
-
-
-
-
Pioneer Funds -
Global Select
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,156.50
CAD 1,541.62
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
367,941,900
304,360,043
196,081,985
-
7,271,001
-
42,176,438
96,989,873
62,901,022
601,729,530
509,264,152
540,193,921
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
162 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Ecology
EUR
37.91
$ 50.86
33.19
$ 43.09
38.72
$ 51.05
375.93
Pioneer Funds -
Gold and Mining
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Japanese Equity (9)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging
Markets Equity
EUR
7.63
$ 10.23
6.01
$ 7.80
6.42
$ 8.47
133,636.68
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
38.24
-
33.49
-
39.04
-
42,219.06
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 163

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Ecology
EUR
158.91
CHF 198.71
-
$ 213.19
139.15
CHF 168.91
-
$ 180.64
-
162.23
CHF 195.78
-
$ 213.88
-
-
4,271,804.15
Pioneer Funds -
Gold and Mining
EUR
57.05
-
-
$ 76.53
45.69
-
-
$ 59.32
-
44.70
-
-
$ 58.93
-
-
94,425.69
Pioneer Funds -
Japanese Equity (9)
EUR
2.04
-
-
$ 2.72
1.73
-
-
$ 2.24
-
1.81
-
-
$ 2.39
JPY 205.86
-
9,649,897.34
Pioneer Funds -
Emerging
Markets Equity
EUR
8.62
-
-
$ 11.57
6.80
-
-
$ 8.82
-
7.26
-
-
$ 9.57
-
-
14,333,723.35
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
164 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Ecology
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Gold and Mining
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Japanese Equity (9)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging
Markets Equity
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
37.88
$ 50.82
32.78
$ 42.55
37.76
$ 49.78
267.75
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7.07
$ 9.48
5.50
$ 7.14
5.81
$ 7.66
3,065.08
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
36.30
$ 48.70
31.41
$ 40.77
36.24
$ 47.78
32,684.02
-
-
-
-
-
-
-
1.90
$ 2.53
1.59
$ 2.06
1.64
$ 2.17
225,302.87
7.84
$ 10.51
6.10
$ 7.92
6.44
$ 8.50
658,594.55
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.94
$ 2.58
1.62
$ 2.10
1.68
$ 2.22
5,633.80
7.27
$ 9.75
5.69
$ 7.38
6.03
$ 7.96
6,794.72
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 165

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Ecology
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Gold and Mining
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Japanese Equity (9)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging
Markets Equity
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
36.95
$ 49.57
32.13
$ 41.71
-
37.25
$ 49.12
-
130,353.09
-
-
-
-
-
-
-
-
-
1.95
$ 2.59
1.62
$ 2.11
-
1.68
$ 2.22
-
1,430,141.09
7.87
$ 10.56
6.16
$ 7.99
-
6.53
$ 8.61
-
1,790,756.55
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
4.095
-
3.596
-
4.210
-
17,692,027.29
5.790
-
4.651
-
4.562
-
3,382,958.05
2.162
-
1.820
-
1.906
-
64,246,437.92
8.942
-
7.066
-
7.571
-
30,024,680.97
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
166 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Ecology
EUR
-
-
-
-
Pioneer Funds -
Gold and Mining
EUR
-
-
-
-
Pioneer Funds -
Japanese Equity (9)
EUR
-
-
-
-
Pioneer Funds -
Emerging
Markets Equity
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
4.758
-
5.595
-
81,574.13
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
3.969
3.459
4.020
6,361,147.34
5.628
4.487
4.367
2,464,174.13
1.998
1.670
1.736
6,680,527.46
8.039
6.306
6.706
20,588,127.93
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 167

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Ecology
EUR
835.18
738.62
871.22
16,701.73
Pioneer Funds -
Gold and Mining
EUR
-
-
-
-
Pioneer Funds -
Japanese Equity (9)
EUR
871.66
739.31
779.95
34,943.71
Pioneer Funds -
Emerging
Markets Equity
EUR
869.21
690.44
743.85
36,655.12
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
781.73
$ 1,048.73
691.97
$ 898.28
816.94
$ 1,077.05
105,196.86
1,171.94
$ 1,572.22
949.74
$ 1,232.91
939.61
$ 1,238.79
6,673.25
2.34
$ 3.11
1.99
$ 2.59
2.10
$ 2.78
8,916,155.15
9.44
$ 12.66
7.50
$ 9.74
8.08
$ 10.66
11,544,378.14
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
168 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
Global Ecology
EUR
-
-
-
-
-
Pioneer Funds -
Gold and Mining
EUR
-
-
-
-
-
Pioneer Funds -
Japanese Equity (9)
EUR
-
-
-
-
-
Pioneer Funds -
Emerging
Markets Equity
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,037.76
-
GBP 1,746.05
1,635.51
GBP 1,366.15
1,780.28
GBP 1,443.99
37,763.61
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
1,139,904,153
869,975,018
901,280,616
57,095,449
38,854,857
36,684,567
387,550,871
254,129,623
200,764,675
1,255,096,951
787,465,023
674,130,000
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 169

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Equity Unconstrained (10)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Europe and
Mediterranean Equity
EUR
19.25
$ 25.83
14.05
$ 18.25
17.56
$ 23.15
57,958.43
Pioneer Funds -
Asia (Ex. Japan) Equity
EUR
6.98
$ 9.36
5.56
$ 7.22
6.01
$ 7.92
6,256.21
Pioneer Funds -
Latin American Equity
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
46.05
-
100.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
170 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Equity Unconstrained (10)
EUR
-
-
-
-
-
-
-
-
-
46.06
-
-
$ 60.72
-
-
195,694.72
Pioneer Funds -
Emerging Europe and
Mediterranean Equity
EUR
20.26
-
CZK 508.37
$ 27.18
14.79
-
CZK 377.18
$ 19.20
-
18.48
-
CZK 463.73
$ 24.36
-
-
7,397,115.78
Pioneer Funds -
Asia (Ex. Japan) Equity
EUR
7.03
-
-
$ 9.43
5.60
-
-
$ 7.27
-
6.06
-
-
$ 7.98
-
-
2,614,746.94
Pioneer Funds -
Latin American Equity
EUR
59.11
-
-
$ 79.30
46.78
-
-
$ 60.73
-
48.90
-
-
$ 64.46
-
-
39,668.06
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 171

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Equity Unconstrained (10)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Europe and
Mediterranean Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Asia (Ex. Japan) Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Latin American Equity
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
17.79
$ 23.87
12.83
$ 16.66
15.84
$ 20.88
2,785.02
6.30
$ 8.45
4.96
$ 6.44
5.29
$ 6.98
13,016.64
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
18.47
$ 24.78
13.32
$ 17.29
16.44
$ 21.68
845,595.87
6.38
$ 8.56
5.02
$ 6.52
5.36
$ 7.07
453,721.60
69.74
$ 93.56
54.54
$ 70.80
56.33
$ 74.26
175.92
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
18.45
$ 24.75
13.37
$ 17.36
16.59
$ 21.88
1,197.72
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
172 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Equity Unconstrained (10)
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Emerging Europe and
Mediterranean Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Asia (Ex. Japan) Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Latin American Equity
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
-
-
-
-
-
45.91
$ 60.52
-
100.00
19.11
$ 25.63
13.85
$ 17.98
-
17.18
$ 22.66
-
796,364.16
6.65
$ 8.92
5.26
$ 6.83
-
5.65
$ 7.44
-
467,337.58
70.52
$ 94.60
55.42
$ 71.94
-
57.52
$ 75.84
-
1,932.52
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
4.605
-
1,000.00
21.110
-
15.452
-
19.358
-
5,060,586.55
7.276
-
5.817
-
6.301
-
8,364,826.35
5.911
-
4.691
-
4.917
-
8,378,638.81
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 173

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Equity Unconstrained (10)
EUR
-
-
-
-
Pioneer Funds -
Emerging Europe and
Mediterranean Equity
EUR
-
-
-
-
Pioneer Funds -
Asia (Ex. Japan) Equity
EUR
-
-
-
-
Pioneer Funds -
Latin American Equity
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
18.525
13.459
16.734
4,301,523.94
6.712
5.326
5.725
3,425,043.50
5.845
4.604
4.789
5,901,753.81
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
923.11
5.00
-
-
-
-
-
-
1,272.04
-
1,024.35
-
1,117.70
34.00
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
174 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Equity Unconstrained (10)
EUR
-
-
923.77
5.00
Pioneer Funds -
Emerging Europe and
Mediterranean Equity
EUR
1,018.55
749.58
944.06
5,174.30
Pioneer Funds -
Asia (Ex. Japan) Equity
EUR
908.47
731.58
798.20
2,840.15
Pioneer Funds -
Latin American Equity
EUR
1,204.31
960.71
1,012.13
5.36
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
923.72
-
5.00
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
923.72
$ 1,217.83
5.00
22.30
$ 29.92
16.42
$ 21.31
20.68
$ 27.27
8,222,577.26
7.67
$ 10.30
6.17
$ 8.01
6.72
$ 8.85
1,944,555.61
1,206.67
$ 1,618.81
962.91
$ 1,250.00
1,015.02
$ 1,338.20
582.86
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 175

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
Emerging Markets
Equity Unconstrained (10)
EUR
-
-
-
-
-
Pioneer Funds -
Emerging Europe and
Mediterranean Equity
EUR
-
-
-
-
-
Pioneer Funds -
Asia (Ex. Japan) Equity
EUR
-
-
-
-
-
Pioneer Funds -
Latin American Equity
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
-
-
9,045,231
1,003,675,722
543,621,602
510,254,455
325,920,286
139,957,200
108,690,464
98,232,000
82,090,708
72,115,863
Footnotes available at the end of this section.
The accompanying notes form an integral part of these financial statements.
176 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
China Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Indian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Russian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Commodity Alpha
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Semi - Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Distributing Quarterly
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 177

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Non - Distributing
31 December 2010
31 December 2010 in CHF
31 December 2010 in CZK
31 December 2010 in USD
31 December 2011
31 December 2011 in CHF
31 December 2011 in CZK
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in CHF
31 December 2012 in CZK
31 December 2012 in USD
31 December 2012 in JPY
31 December 2012 in HUF
Units Outstanding at 31 December 2012
Pioneer Funds -
China Equity
EUR
9.48
-
-
$ 12.72
7.61
-
-
$ 9.88
-
9.06
-
-
$ 11.95
-
-
7,861,430.64
Pioneer Funds -
Indian Equity
EUR
77.05
-
-
$ 103.37
48.54
-
-
$ 63.01
-
55.48
-
-
$ 73.15
-
-
124,334.73
Pioneer Funds -
Russian Equity
EUR
-
-
-
-
35.83
-
-
$ 46.51
HUF 11,277.48
41.04
-
-
$ 54.10
-
HUF 11,950.17
12,931.45
Pioneer Funds -
Commodity Alpha
EUR
51.47
-
-
$ 69.05
44.31
-
-
$ 57.52
-
43.91
-
-
$ 57.90
-
-
1,685,863.65
Net Asset Value per Unit Class A Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Distributing Ex-Dividend
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class A Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
46.07
38.44
-
38.59
-
839,672.09
Net Asset Value per Unit Class A Hedge Non - Distributing (in CHF)
31 December 2010
31 December 2010 in CHF
31 December 2011
31 December 2011 in CHF
31 December 2012
31 December 2012 in CHF
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
61.20
CHF 76.53
52.10
CHF 63.24
52.48
CHF 63.33
25,039.68
The accompanying notes form an integral part of these financial statements.
178 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class A Hedge Non - Distributing (in CZK)
31 December 2010
31 December 2010 in CZK
31 December 2011
31 December 2011 in CZK
31 December 2012
31 December 2012 in CZK
Units Outstanding at 31 December 2012
Pioneer Funds -
China Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Indian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Russian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Commodity Alpha
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Distributing Ex-Dividend
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class B Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
8.62
$ 11.57
6.84
$ 8.88
8.05
$ 10.61
79,259.04
75.43
$ 101.19
46.96
$ 60.96
-
-
-
-
-
-
-
-
-
-
54.13
$ 72.61
46.08
$ 59.81
45.14
$ 59.51
1,727.05
Net Asset Value per Unit Class C Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 179

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class C Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
Pioneer Funds -
China Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Indian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Russian Equity
EUR
-
-
-
-
-
-
-
Pioneer Funds -
Commodity Alpha
EUR
-
-
-
-
-
-
-
Net Asset Value per Unit Class C Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2011 in HUF
31 December 2012
31 December 2012 in USD
31 December 2012 in HUF
Units Outstanding at 31 December 2012
9.03
$ 12.11
7.20
$ 9.34
-
8.51
$ 11.22
-
758,585.45
76.23
$ 102.27
47.69
$ 61.91
-
54.13
$ 71.36
-
3,383.68
-
-
43.23
-
HUF 13,608.68
49.17
-
HUF 14,320.05
2,712.04
62.78
$ 84.22
53.58
$ 69.55
-
52.62
$ 69.37
-
88,476.01
Net Asset Value per Unit Class C Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Distributing Quarterly
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class E Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
9.847
-
7.929
-
9.466
-
12,679,420.19
7.755
-
4.899
-
5.615
-
11,796,852.76
-
-
3.591
-
4.124
-
2,788,245.07
5.137
-
4.427
-
4.391
-
5,173,367.64
The accompanying notes form an integral part of these financial statements.
180 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class E Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
China Equity
EUR
-
-
-
-
Pioneer Funds -
Indian Equity
EUR
-
-
-
-
Pioneer Funds -
Russian Equity
EUR
-
-
-
-
Pioneer Funds -
Commodity Alpha
EUR
-
-
-
-
Net Asset Value per Unit Class E Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5.340
4.465
-
4.488
-
614,173.50
Net Asset Value per Unit Class F Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
9.006
7.198
8.528
11,223,464.05
7.612
4.773
5.429
10,236,642.56
-
3.568
4.067
1,096,278.45
5.030
4.303
4.235
2,867,483.14
Net Asset Value per Unit Class F Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class F Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Annually
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class H Distributing Quarterly
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 181

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class H Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
Pioneer Funds -
China Equity
EUR
1,101.67
891.74
1,070.30
3,258.38
Pioneer Funds -
Indian Equity
EUR
1,570.32
997.20
1,148.67
485.62
Pioneer Funds -
Russian Equity
EUR
-
721.32
832.93
1,172.11
Pioneer Funds -
Commodity Alpha
EUR
1,044.78
906.90
905.99
28,461.19
Net Asset Value per Unit Class H Hedge Non - Distributing
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing
31 December 2010
31 December 2011
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Distributing Semi - Annually
31 December 2010
31 December 2011
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class I Non - Distributing
31 December 2010
31 December 2010 in USD
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
10.35
$ 13.89
8.38
$ 10.88
10.06
$ 13.27
7,346,917.15
1,573.42
$ 2,110.82
999.61
$ 1,297.64
1,152.34
$ 1,519.25
5.00
-
-
721.58
-
833.52
-
234.96
1,055.61
$ 1,416.16
919.42
$ 1,193.54
921.62
$ 1,215.06
22,795.11
Net Asset Value per Unit Class I Hedge Distributing Annually
31 December 2010
31 December 2011
31 December 2012
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
906.95
767.40
779.31
83,005.43
Net Asset Value per Unit Class I Hedge Non - Distributing
31 December 2011
31 December 2011 in USD
31 December 2012
31 December 2012 in USD
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
946.43
-
11,527.00
The accompanying notes form an integral part of these financial statements.
182 Pioneer Funds - Annual Report

Statement of Unit Statistics
as at 31 December 2012 (continued)
Net Asset Value per Unit Class I Hedge Non - Distributing (in GBP)
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
Pioneer Funds -
China Equity
EUR
-
-
-
-
-
Pioneer Funds -
Indian Equity
EUR
-
-
-
-
-
Pioneer Funds -
Russian Equity
EUR
-
-
-
-
-
Pioneer Funds -
Commodity Alpha
EUR
-
-
-
-
-
Net Asset Value per Unit Class N Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class N Hedge Non - Distributing
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
Net Asset Value per Unit Class X Non - Distributing
31 December 2010
31 December 2010 in CAD
31 December 2010 in GBP
31 December 2011
31 December 2011 in GBP
31 December 2012
31 December 2012 in GBP
Units Outstanding at 31 December 2012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Net Assets
31 December 2010
31 December 2011
31 December 2012
550,387,400
341,133,314
371,493,845
236,376,843
135,766,949
129,457,821
-
16,419,187
17,792,765
583,953,181
315,603,687
272,492,441
(1) The first NAV was calculated on 29 May 2012.
(2) The first NAV was calculated on 11 July 2012.
(3) The first NAV was calculated on 11 December 2012.
(4) The first NAV was calculated on 11 January 2012.
(5) Formerly known as Pioneer Funds - Global Balanced.
(6) The first NAV was calculated on 16 May 2012.
(7) The last NAV was calculated on 17 December 2012.
(8) Formerly known as Pioneer Funds - Global Diversified Equity.
(9) In 2012, the NAV was calculated on 28 December 2012.
(10) The first NAV was calculated on 18 July 2012.
The accompanying notes form an integral part of these financial statements.
Pioneer Funds - Annual Report 183

Schedule of Investments
Pioneer Funds - Euro Liquidity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding
Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
63,000,000
30,000,000
50,000,000
40,000,000
100,000,000
50,000,000
53,000,000
50,000,000
65,000,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Governments
Belgium Treasury Bill 0% 15/Aug/2013
Dutch Treasury Certificate 0% 31/Jan/2013
France Treasury Bill BTF 0% 19/Sep/2013
German Treasury Bill 0% 24/Jul/2013
Italy Buoni Ordinari del Tesoro BOT 0% 12/Apr/2013
Italy Buoni Ordinari del Tesoro BOT 0% 14/Feb/2013
Italy Buoni Ordinari del Tesoro BOT 0% 14/Mar/2013
Spain Letras del Tesoro 0% 18/Jan/2013
Spain Letras del Tesoro 0% 19/Jul/2013
62,959,457
29,999,239
50,000,000
40,015,225
99,615,775
49,917,532
52,837,632
49,971,383
64,161,470
11.68%
5.57%
9.28%
7.43%
18.48%
9.26%
9.80%
9.27%
11.91%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
499,477,713
499,477,713
92.68%
92.68%
Total Securities
499,477,713
92.68%
Net Asset Value
538,905,208
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
184 Pioneer Funds - Annual Report

Pioneer Funds - Euro Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding
Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
7,500,000
74,267,200
10,000,000
EUR
DKK
EUR
Financials
Banks
Goldman Sachs Group Inc Euribor 3M 18/May/2015
Nykredit Realkredit A/S 3.5% 01/Oct/2044
SNS Bank NV Euribor 6M 28/Jan/2013
7,358,513
10,118,363
331,221
0.52%
0.72%
0.02%
10,000,000
20,000,000
EUR
EUR
Financial Services
Bear Stearns Cos LLC Euribor 3M 16/Feb/2014
Merrill Lynch & Co Inc Euribor 3M 30/May/2014
325,739
19,797,600
0.02%
1.41%
Total Bonds
37,931,436
2.69%
25,000,000
10,500,000
50,000,000
5,100,000
23,500,000
25,000,000
15,000,000
12,000,000
900,000
1,600,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Mortgages and Asset Backed securities
Fondi Immobili Pubblici Funding SRL - A1 - Euribor 6M 10/Jan/2023
Fondi Immobili Pubblici Funding SRL - A2 - Euribor 6M 10/Jan/2023
FTA Santander Financiacion - 1 A - Euribor 3M 20/Jul/2035
GC Pastor Hipotecario 5 FTA Euribor 3M 11/Sep/2033
IM Grupo Banco Popular Empresas FTA - 1 A2 - Euribor 3M 21/Mar/2033
Korea First Mortgage Ltd Euribor 3M 03/May/2038
Orio Finance PLC Floating 15/Aug/2040
Rams Mortgage Securities Pty Ltd - 1E 1A - Euribor 3M 21/Jul/2035
Rural Hipotecario I Fondo De Titulizacion Hipotec Euribor 3M 15/Mar/2038
Rural Hipotecario I Fondo De Titulizacion Hipotec Euribor 3M 17/Feb/2050
4,374,911
7,600,417
665,304
2,734,111
3,202,735
4,026,314
325,498
371,849
278,062
815,854
0.31%
0.53%
0.05%
0.19%
0.23%
0.29%
0.02%
0.03%
0.02%
0.06%
Total Mortgages and Asset Backed securities
24,395,055
1.73%
Supranationals, Governments and Local Public Authorities, Debt Instruments
236,370,000
100,000,000
150,000,000
90,000,000
50,000,000
100,000,000
50,000,000
90,000,000
25,000,000
55,000,000
92,000,000
127,000,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Governments
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond Floating 15/Apr/2013
Italy Buoni Ordinari del Tesoro BOT 0% 12/Apr/2013
Italy Buoni Ordinari del Tesoro BOT 0% 14/Jan/2013
Italy Buoni Ordinari del Tesoro BOT 0% 14/Mar/2013
Italy Buoni Ordinari del Tesoro BOT 0% 14/Oct/2013
Italy Buoni Ordinari del Tesoro BOT 0% 28/Mar/2013
Italy Buoni Ordinari del Tesoro BOT 0% 30/Apr/2013
Italy Buoni Ordinari del Tesoro BOT 0% 31/May/2013
Italy Buoni Poliennali Del Tesoro 2.5% 01/Mar/2015
Italy Buoni Poliennali Del Tesoro 4.25% 15/Apr/2013
Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/May/2014
Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/Sep/2013
267,348,482
99,870,000
149,994,000
89,966,250
49,548,750
99,917,500
49,907,500
89,721,000
25,190,625
55,548,625
89,872,500
125,968,125
18.96%
7.08%
10.63%
6.38%
3.51%
7.08%
3.54%
6.36%
1.79%
3.94%
6.37%
8.93%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
1,192,853,357
1,255,179,848
84.57%
88.99%
7,171
EUR
Investment funds
Pioneer Institutional Currency High Alpha - X ND
7,303,592
0.52%
Total Investment funds
7,303,592
0.52%
Total Securities
1,262,483,440
89.51%
Net Asset Value
1,410,490,688
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 185

Pioneer Funds - Euro Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 (161)
Euro Bobl
11-Mar-13 (113)
Euro Bund
11-Mar-13 60
Euro Buxl
11-Mar-13 (292)
Euro Schatz
28-Mar-13 16
Long Gilt
28-Mar-13 (29)
US Long Bond
31-Mar-13 204
US 2 Yr Note Future
31-Mar-13 (175)
US 5 Yr Note Future
16-Jun-14 79
90 Day Euro$
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
EUR
EUR
EUR
GBP
USD
USD
USD
USD
Commitment
(in Trade Ccy)
(20,579,020)
(16,457,320)
8,216,400
(32,369,660)
1,902,880
(4,282,938)
44,978,814
(21,768,360)
19,661,125
Market Price
(in Trade Ccy)
127.82
145.64
136.94
110.86
118.93
147.69
110.24
124.39
99.55
Unrealised Gain/(Loss)
(in Fund Ccy)
(133,476)
(160,460)
232,801
(37,960)
19,030
57,740
9,699
26,961
14,890
29,225
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 EUR
10,064,963
04-Mar-13 USD
509,204
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
DKK
EUR
Amount Sold
75,000,000
392,648
Unrealised Gain/(Loss)
10,337
(6,561)
3,776
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Long Positions
16-Jun-14 327
Put 90 Day Euro$
Total Net Unrealised Gain/(Loss) on Options Contracts
99.00
USD
40,305
40,305
(151,761)
(151,761)
(151,761)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
20-Dec-15 Credit Default Swap Seller
14-Feb-14 Interest Rate Swap
14-Nov-15 Interest Rate Swap
03-Oct-15 Interest Rate Swap
03-Oct-15 Interest Rate Swap
17-Oct-21 Interest Rate Swap
16-Oct-16 Interest Rate Swap
22-Jun-17 Interest Rate Swap
28-May-15 Interest Rate Swap
29-Oct-14 Interest Rate Swap
29-Oct-15 Interest Rate Swap
Total Net Unrealised Gain/(Loss) on Swaps
Underlying
iTraxx Europe Series 18
-
-
-
-
-
-
-
-
-
-
Received Rate
1.000%
BBSW 3M
3.210%
Euribor 6M
0.353%
2.360%
Euribor 6M
EUR-EXT-CPI
Libor 6M
2.650%
BKBM 3M
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 49,500,000 362,870
2.940% AUD 24,215,000 (34,513)
BBSW 3M AUD 25,375,000 (41,152)
0.680% EUR 219,000,000 (931,623)
Eonia 1D EUR 219,000,000 624,140
Euribor 6M EUR 30,300,000 396,149
1.000% EUR 73,000,000 (354,781)
1.579% EUR 6,800,000
80,500
0.390% JPY 7,000,000,000 (110,994)
BKBM 3M NZD 60,962,200 (21,300)
2.830% NZD 30,827,500
8,027
(22,677)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
186 Pioneer Funds - Annual Report

Pioneer Funds - Euro Cash Plus
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
6,000,000
6,000,000
15,000,000
5,000,000
3,750,000
3,000,000
1,000,000
7,500,000
3,333,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Consumer Goods
Automobiles and Parts
BMW Finance NV 2.125% 13/Jan/2015
BMW Finance NV 8.875% 19/Sep/2013
Daimler International Finance BV Euribor 3M 18/Nov/2013
Fiat Finance & Trade SA 6.625% 15/Feb/2013
Fiat Finance & Trade SA 7.625% 15/Sep/2014
Peugeot SA 4% 28/Oct/2013
Peugeot SA 8.375% 15/Jul/2014
Valeo SA 3.75% 24/Jun/2013
Volkswagen International Finance NV 2.125% 19/Jan/2015
6,178,710
6,361,230
15,012,675
5,025,000
3,980,250
3,033,960
1,079,500
7,602,375
3,422,468
0.74%
0.76%
1.79%
0.60%
0.48%
0.36%
0.13%
0.91%
0.41%
2,350,000
EUR
Consumer Services
Food and Drug Retailers
Casino Guichard Perrachon SA 6.375% 04/Apr/2013
2,391,642
0.29%
6,000,000
7,500,000
2,000,000
10,000,000
6,000,000
1,000,000
10,000,000
15,000,000
10,000,000
20,000,000
5,000,000
8,700,000
5,000,000
10,000,000
3,000,000
10,000,000
20,000,000
7,000,000
2,500,000
10,000,000
10,000,000
10,000,000
8,000,000
2,500,000
7,500,000
40,000,000
12,000,000
15,000,000
6,000,000
16,900,000
872,000
3,871,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financials
Banks
Abbey National Treasury Services PLC/London Euribor 3M 28/Aug/2013
ABN Amro Bank NV Euribor 3M 10/Jan/2014
ABN Amro Bank NV Euribor 3M 14/Sep/2016
ABN Amro Bank NV Euribor 3M 15/Jan/2013
ABN Amro Bank NV 2.75% 29/Oct/2013
Allied Irish Banks PLC 3.25% 04/Feb/2013
Banco Popolare SC 4% 06/Apr/2013
Banesto Financial Products PLC Euribor 3M 11/Jan/2013
Banque Federative du Credit Mutuel SA Euribor 3M 24/Jan/2013
Banque Federative du Credit Mutuel SA Euribor 3M 25/Mar/2013
Barclays Bank PLC Euribor 3M 28/Jan/2013
BBVA Senior Finance SAU 3% 22/Aug/2013
BNP Paribas SA Euribor 3M 03/Dec/2014
BNP Paribas SA Euribor 3M 05/Mar/2014
BNP Paribas SA Euribor 3M 12/Apr/2013
BPCE SA Euribor 3M 05/Dec/2014
BPCE SA Euribor 3M 29/Oct/2013
CaixaBank 3.75% 05/Nov/2013
Carrefour Banque SA 2.875% 25/Sep/2015
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands Euribor 3M 13/Mar/2013
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands Euribor 3M 19/May/2014
Credit Suisse AG/London Euribor 3M 07/Jan/2013
Credit Suisse AG/London Euribor 3M 17/Jun/2013
Deutsche Bank AG Euribor 3M 22/Sep/2015
Goldman Sachs Group Inc Euribor 3M 18/May/2015
HSBC Bank PLC Euribor 3M 08/Apr/2013
ING Bank NV Euribor 3M 18/Mar/2016
ING Bank NV Euribor 3M 28/Mar/2013
ING Bank NV 2.125% 10/Jul/2015
Intesa Sanpaolo Bank Ireland PLC 4% 08/Aug/2013
Intesa Sanpaolo SpA Floating 20/Feb/2018
Intesa Sanpaolo SpA 4% 09/Nov/2017
6,053,790
7,604,625
1,892,870
10,003,250
6,111,630
1,002,125
10,023,200
14,995,200
10,005,050
20,018,400
5,002,950
8,746,675
5,002,300
10,063,350
3,001,650
10,004,700
20,109,200
7,068,565
2,598,475
10,005,300
10,029,700
10,000,650
8,035,160
2,419,363
7,358,512
40,057,200
11,364,000
15,015,150
6,171,060
17,158,063
739,814
4,009,350
0.72%
0.91%
0.23%
1.19%
0.73%
0.12%
1.20%
1.79%
1.19%
2.39%
0.60%
1.04%
0.60%
1.20%
0.36%
1.19%
2.40%
0.84%
0.31%
1.19%
1.20%
1.19%
0.96%
0.29%
0.88%
4.79%
1.36%
1.79%
0.74%
2.05%
0.09%
0.48%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 187

Pioneer Funds - Euro Cash Plus
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,000,000 EUR
10,000,000 EUR
10,000,000 EUR
10,000,000 EUR
6,500,000 EUR
3,270,000 GBP
2,500,000 EUR
4,000,000 EUR
10,000,000 EUR
10,000,000 EUR
2,700,000 EUR
10,000,000 EUR
10,000,000 USD
10,000,000 EUR
23,500,000 EUR
13,000,000 EUR
10,000,000 EUR
3,600,000 EUR
4,000,000 EUR
5,000,000 EUR
3,000,000 EUR
10,000,000 EUR
5,000,000 EUR
Description of Securities
Intesa Sanpaolo SpA 4.875% 10/Jul/2015
JPMorgan Chase & Co Euribor 3M 02/Mar/2015
JPMorgan Chase & Co Euribor 3M 26/Sep/2013
KBC Internationale Financieringsmaatschappij NV Euribor 3M 19/Jul/2013
KBC Internationale Financieringsmaatschappij NV 3.625% 07/Mar/2014
Mediobanca SpA 5.375% 11/Oct/2013
Morgan Stanley Euribor 3M 01/Mar/2013
Nordea Bank AB Euribor 3M 10/Jan/2014
Nordea Bank AB Euribor 3M 17/Jun/2013
Royal Bank of Scotland NV Floating 08/Jun/2015
Santander International Debt SAU 4.375% 04/Sep/2014
Societe Generale SA Euribor 3M 22/Jul/2013
Societe Generale SA Libor 3M 11/Apr/2014
SpareBank 1 SMN Euribor 3M 28/Mar/2014
Standard Chartered Bank Euribor 3M 28/Mar/2018
Swedbank AB 1.75% 18/Jun/2015
UBS AG/London Euribor 3M 17/Jun/2013
UniCredit SpA Euribor 3M 09/Jan/2013
UniCredit SpA 4.375% 11/Sep/2015
Unione di Banche Italiane SCPA 3.875% 28/Feb/2013
Unione di Banche Italiane SCPA 4.125% 21/Oct/2013
Volkswagen Bank GmbH Euribor 3M 13/May/2013
Volkswagen Bank GmbH Euribor 3M 19/May/2014
Market Value
3,174,975
9,966,550
10,008,300
10,048,400
6,695,650
3,633,445
2,500,063
4,039,020
10,033,400
9,410,750
2,767,001
10,044,600
7,615,328
10,111,650
23,218,587
13,277,290
10,018,500
3,599,892
4,209,400
5,019,825
3,046,440
9,997,310
5,020,400
Net Assets %
0.38%
1.19%
1.19%
1.20%
0.80%
0.43%
0.30%
0.48%
1.20%
1.12%
0.33%
1.20%
0.91%
1.21%
2.77%
1.58%
1.20%
0.43%
0.50%
0.60%
0.36%
1.19%
0.60%
3,500,000
9,000,000
3,000,000
6,303,000
30,000,000
7,000,000
3,400,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financial Services
Banque PSA Finance SA 6% 16/Jul/2014
Credit Logement SA Euribor 3M 15/Jun/2017
GE Capital European Funding 1.25% 15/Oct/2015
LeasePlan Corp NV 3.75% 07/Aug/2013
Merrill Lynch & Co Inc Euribor 3M 30/May/2014
RCI Banque SA 3.75% 07/Jul/2014
Santander Consumer Finance SA 3.25% 20/Jun/2014
3,678,885
8,415,270
3,032,760
6,329,410
29,696,400
7,242,340
3,422,644
0.44%
1.00%
0.36%
0.76%
3.54%
0.86%
0.41%
2,000,000
EUR
Health Care
Pharmaceuticals and Biotechnology
Merck Financial Services GmbH 4.875% 27/Sep/2013
2,064,890
0.25%
2,000,000
2,000,000
25,000,000
4,400,000
EUR
EUR
EUR
EUR
Industrials
Industrial Engineering
MAN SE 1% 21/Sep/2015
MAN SE 5.375% 20/May/2013
Volvo Treasury AB Euribor 3M 09/May/2014
Volvo Treasury AB 9.875% 27/Feb/2014
2,014,780
1,972,530
25,092,000
4,857,556
0.24%
0.24%
2.99%
0.58%
6,000,000
10,000,000
6,000,000
2,500,000
USD
USD
USD
EUR
Telecommunications
Fixed Line Telecommunications
Telecom Italia Capital SA 6.175% 18/Jun/2014
Telefonica Emisiones SAU Libor 3M 04/Feb/2013
Telefonica Emisiones SAU 4.949% 15/Jan/2015
Telefonica Emisiones SAU 5.431% 03/Feb/2014
4,816,338
7,588,743
4,786,939
2,602,675
0.57%
0.91%
0.57%
0.31%
1,000,000
EUR
Utilities
Electricity
Edison SpA 3.25% 17/Mar/2015
1,041,255
0.12%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
188 Pioneer Funds - Annual Report

Pioneer Funds - Euro Cash Plus
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
4,500,000 EUR
Description of Securities
Edison SpA 4.25% 22/Jul/2014
Market Value
4,713,818
Net Assets %
0.56%
Total Bonds
656,585,146
78.37%
5,650,000
10,000,000
30,000,000
EUR
EUR
EUR
Mortgages and Asset Backed securities
Jump Srl - 06 A - Euribor 3M 27/Apr/2026
Leasimpresa Finance Srl - 2 A - Euribor 3M 22/Dec/2025
RMAC PLC - NS1X A2C - Euribor 3M 12/Jun/2037
680,337
1,339,582
3,820,126
0.08%
0.16%
0.46%
Total Mortgages and Asset Backed securities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
5,840,045
662,425,191
0.70%
79.07%
Other Transferable Securities
Bonds
15,000,000
EUR
Industrials
Industrial Engineering
Scania Euribor 3M 15/May/2014
14,946,150
1.78%
Total Bonds
Total Other Transferable Securities
14,946,150
14,946,150
1.78%
1.78%
13,019
EUR
Investment funds
Pioneer Institutional - Funds - Currency High Alpha - X ND
13,259,721
1.58%
Total Investment funds
13,259,721
1.58%
Total Securities
690,631,062
82.43%
Net Asset Value
837,856,808
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 (75)
Euro Bund
11-Mar-13 53
Euro Buxl
11-Mar-13 (349)
Euro Schatz
16-Jun-14 59
90 Day Euro$
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
EUR
EUR
USD
Commitment
(in Trade Ccy)
(10,923,000)
7,257,820
(38,688,395)
14,683,625
Market Price
(in Trade Ccy)
145.64
136.94
110.86
99.55
Unrealised Gain/(Loss)
(in Fund Ccy)
(106,500)
205,640
(45,370)
11,121
64,891
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 EUR
18,058,660
04-Mar-13 EUR
24,902,945
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
GBP
USD
Amount Sold
14,623,000
32,148,183
Unrealised Gain/(Loss)
42,667
527,661
570,328
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Long Positions
16-Jun-14 248
Put 90 Day Euro$
Total Net Unrealised Gain/(Loss) on Options Contracts
99.00
USD
30,567
30,567
(115,098)
(115,098)
(115,098)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 189

Pioneer Funds - Euro Cash Plus
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
Underlying
20-Jun-13 Credit Default Swap Seller Telecom Italia
03-Oct-15 Interest Rate Swap
-
27-Mar-13 Interest Rate Swap
-
27-Mar-13 Interest Rate Swap
-
03-Oct-15 Interest Rate Swap
-
22-Jun-17 Interest Rate Swap
-
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
1.000%
0.353%
EUR-EXT-CPI
EUR-EXT-CPI
Euribor 6M
EUR-EXT-CPI
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 15,000,000
44,858
Eonia 1D EUR 126,000,000 359,094
1.960% EUR 25,500,000
26,176
1.960% EUR 50,000,000
51,326
0.680% EUR 126,000,000 (536,003)
1.579% EUR 5,530,000
65,466
10,917
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
190 Pioneer Funds - Annual Report

Pioneer Funds - Euro Corporate Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
6,000,000
5,000,000
3,928,000
5,000,000
6,850,000
10,000,000
7,500,000
6,667,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Consumer Goods
Automobiles and Parts
BMW Finance NV 2.125% 13/Jan/2015
Daimler International Finance BV Euribor 3M 18/Nov/2013
Fiat Finance & Trade SA 6.125% 08/Jul/2014
Fiat Finance & Trade SA 6.625% 15/Feb/2013
Fiat Finance & Trade SA 7.625% 15/Sep/2014
Peugeot SA 4% 28/Oct/2013
Valeo SA 3.75% 24/Jun/2013
Volkswagen International Finance NV 2.125% 19/Jan/2015
6,178,710
5,004,225
4,050,279
5,025,000
7,270,590
10,113,200
7,602,375
6,845,962
0.91%
0.74%
0.60%
0.74%
1.07%
1.49%
1.12%
1.01%
2,418,000
EUR
Personal Goods
Adidas International Finance BV 4.75% 14/Jul/2014
2,557,422
0.38%
2,350,000
EUR
Consumer Services
Food and Drug Retailers
Casino Guichard Perrachon SA 6.375% 04/Apr/2013
2,391,642
0.35%
7,500,000
2,000,000
6,000,000
1,000,000
10,000,000
20,000,000
15,000,000
8,800,000
5,000,000
30,000,000
4,000,000
10,000,000
7,000,000
2,500,000
8,700,000
8,500,000
6,500,000
2,500,000
2,200,000
15,000,000
5,000,000
12,200,000
22,500,000
10,000,000
6,000,000
16,900,000
3,000,000
5,050,000
10,000,000
30,000,000
6,500,000
EUR
EUR
EUR
EUR
EUR
EUR
USD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
USD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financials
Banks
ABN Amro Bank NV Euribor 3M 10/Jan/2014
ABN Amro Bank NV Euribor 3M 14/Sep/2016
ABN Amro Bank NV 2.75% 29/Oct/2013
Allied Irish Banks PLC 3.25% 04/Feb/2013
Banco Popolare SC 4% 06/Apr/2013
Banque Federative du Credit Mutuel SA Euribor 3M 25/Mar/2013
Barclays Bank PLC 4.75% 23/Feb/2015
BBVA Senior Finance SAU 3% 22/Aug/2013
BNP Paribas SA Euribor 3M 03/Dec/2014
BNP Paribas SA Euribor 3M 05/Mar/2014
BNP Paribas SA Euribor 3M 12/Apr/2013
BPCE SA Euribor 3M 05/Dec/2014
CaixaBank 3.75% 05/Nov/2013
Carrefour Banque SA 2.875% 25/Sep/2015
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands Euribor 3M 13/Mar/2013
Credit Suisse AG/London Euribor 3M 17/Jun/2013
Deutsche Bank AG Euribor 3M 20/Sep/2016
Deutsche Bank AG Euribor 3M 22/Sep/2015
Deutsche Bank AG Floating 09/Mar/2017
Deutsche Postbank AG Euribor 3M 04/Nov/2015
Fortis Bank SA/NV Euribor 3M 14/Feb/2018
HSBC Bank PLC Euribor 3M 08/Apr/2013
ING Bank NV Euribor 3M 18/Mar/2016
ING Bank NV Floating 03/Jul/2017
ING Bank NV 2.125% 10/Jul/2015
Intesa Sanpaolo Bank Ireland PLC 4% 08/Aug/2013
Intesa Sanpaolo SpA 4.875% 10/Jul/2015
Intesa Sanpaolo SpA 5.375% 19/Dec/2013
JPMorgan Chase & Co Euribor 3M 02/Mar/2015
KBC Internationale Financieringsmaatschappij NV Floating 14/Dec/2015
KBC Internationale Financieringsmaatschappij NV 3.625% 07/Mar/2014
7,604,625
1,892,870
6,111,630
1,002,125
10,023,200
20,018,400
11,386,403
8,847,212
5,002,300
30,190,050
4,002,200
10,004,700
7,068,565
2,598,475
8,704,611
8,537,358
6,160,700
2,419,363
2,046,550
14,572,575
4,934,600
12,217,446
21,307,500
6,997,269
6,171,060
17,158,063
3,174,975
5,235,815
9,966,550
27,990,900
6,695,650
1.12%
0.28%
0.90%
0.15%
1.48%
2.95%
1.68%
1.30%
0.74%
4.45%
0.59%
1.48%
1.04%
0.38%
1.28%
1.26%
0.91%
0.36%
0.30%
2.15%
0.73%
1.80%
3.14%
1.03%
0.91%
2.53%
0.47%
0.77%
1.47%
4.13%
0.99%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 191

Pioneer Funds - Euro Corporate Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
4,000,000 GBP
5,000,000 EUR
5,000,000 EUR
4,000,000 EUR
10,000,000 EUR
13,000,000 USD
10,000,000 EUR
10,000,000 EUR
10,200,000 EUR
10,000,000 USD
30,000,000 EUR
10,000,000 EUR
34,000,000 EUR
2,200,000 USD
4,000,000 EUR
5,000,000 EUR
5,000,000 EUR
Description of Securities
Mediobanca SpA 5.375% 11/Oct/2013
Morgan Stanley Euribor 3M 01/Mar/2013
Morgan Stanley Euribor 3M 29/Nov/2013
Nordea Bank AB Euribor 3M 10/Jan/2014
Nordea Bank AB Euribor 3M 17/Jun/2013
Nordea Bank AB 3.7% 13/Nov/2014
Royal Bank of Scotland NV Floating 08/Jun/2015
Skandinaviska Enskilda Banken AB 5.5% 06/May/2014
Societe Generale SA Euribor 3M 22/Jul/2013
Societe Generale SA Libor 3M 11/Apr/2014
SpareBank 1 SMN Euribor 3M 22/Feb/2013
SpareBank 1 SMN Euribor 3M 28/Mar/2014
Standard Chartered Bank Euribor 3M 28/Mar/2018
Standard Chartered Bank Floating 28/Mar/2018
UniCredit SpA 4.375% 11/Sep/2015
Unione di Banche Italiane SCPA 3.875% 28/Feb/2013
Volkswagen Bank GmbH Euribor 3M 13/May/2013
Market Value
4,444,581
5,000,125
4,984,700
4,039,020
10,033,400
10,379,786
9,410,750
10,667,850
10,245,492
7,615,329
30,002,430
10,111,650
33,592,850
1,635,354
4,209,400
5,019,825
4,998,655
Net Assets %
0.66%
0.74%
0.73%
0.60%
1.48%
1.53%
1.39%
1.57%
1.51%
1.12%
4.42%
1.49%
4.96%
0.24%
0.62%
0.74%
0.74%
3,500,000
3,000,000
2,500,000
6,850,000
10,000,000
6,302,000
4,000,000
1,000,000
7,000,000
3,400,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financial Services
Banque PSA Finance SA 6% 16/Jul/2014
GE Capital European Funding 1.25% 15/Oct/2015
Irish Life & Permanent PLC 3.125% 22/Apr/2013
Irish Life & Permanent PLC 4% 10/Mar/2015
LeasePlan Corp NV Euribor 3M 13/Nov/2013
LeasePlan Corp NV 3.75% 07/Aug/2013
PACCAR Financial Europe BV 3% 19/May/2014
RCI Banque SA 2.125% 24/Nov/2014
RCI Banque SA 3.75% 07/Jul/2014
Santander Consumer Finance SA 3.25% 20/Jun/2014
3,678,885
3,032,760
2,510,063
7,010,119
10,133,900
6,328,405
4,119,080
1,014,095
7,242,340
3,422,644
0.54%
0.45%
0.37%
1.03%
1.49%
0.93%
0.61%
0.15%
1.07%
0.50%
2,000,000
EUR
Health Care
Pharmaceuticals and Biotechnology
Merck Financial Services GmbH 4.875% 27/Sep/2013
2,064,890
0.30%
1,000,000
2,000,000
25,000,000
4,400,000
EUR
EUR
EUR
EUR
Industrials
Industrial Engineering
MAN SE 1% 21/Sep/2015
MAN SE 5.375% 20/May/2013
Volvo Treasury AB Euribor 3M 09/May/2014
Volvo Treasury AB 9.875% 27/Feb/2014
1,007,390
1,972,530
25,092,000
4,857,556
0.15%
0.29%
3.70%
0.72%
6,000,000
6,000,000
2,500,000
USD
USD
EUR
Telecommunications
Fixed Line Telecommunications
Telecom Italia Capital SA 6.175% 18/Jun/2014
Telefonica Emisiones SAU 4.949% 15/Jan/2015
Telefonica Emisiones SAU 5.431% 03/Feb/2014
4,816,338
4,786,939
2,602,675
0.71%
0.71%
0.38%
4,500,000
5,727,000
EUR
EUR
Utilities
Electricity
Edison SpA 4.25% 22/Jul/2014
Enel SpA Euribor 3M 20/Jun/2014
4,713,818
5,641,782
0.70%
0.83%
Total Bonds
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
619,522,551
619,522,551
91.35%
91.35%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
192 Pioneer Funds - Annual Report

Pioneer Funds - Euro Corporate Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
Other Transferable Securities
Bonds
15,000,000
EUR
Industrials
Industrial Engineering
Scania Euribor 3M 15/May/2014
14,946,150
2.20%
Total Bonds
Total Other Transferable Securities
14,946,150
14,946,150
2.20%
2.20%
10,513
EUR
Investment funds
Pioneer Institutional - Funds - Currency High Alpha - X ND
10,707,385
1.58%
Total Investment funds
10,707,385
1.58%
Total Securities
645,176,086
95.13%
Net Asset Value
678,205,904
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 (61)
Euro Bund
11-Mar-13 44
Euro Buxl
11-Mar-13 (771)
Euro Schatz
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
EUR
EUR
Commitment
(in Trade Ccy)
(8,884,040)
6,025,360
(85,469,205)
Market Price
(in Trade Ccy)
145.64
136.94
110.86
Unrealised Gain/(Loss)
(in Fund Ccy)
(86,620)
170,720
(100,230)
(16,130)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 CZK
43,461,572
31-Jan-13 CZK
379,228
04-Mar-13 EUR
4,724,732
04-Mar-13 EUR
49,389,015
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
EUR
GBP
USD
Amount Sold
1,732,989
15,102
3,827,000
63,730,647
Unrealised Gain/(Loss)
(1,329)
8
9,749
1,067,386
1,075,814
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
20-Dec-15 Credit Default Swap Seller
20-Jun-13 Credit Default Swap Seller
27-Mar-13 Interest Rate Swap
27-Mar-13 Interest Rate Swap
03-Oct-15 Interest Rate Swap
03-Oct-15 Interest Rate Swap
22-Jun-17 Interest Rate Swap
Total Net Unrealised Gain/(Loss) on Swaps
Underlying
iTraxx Europe Series 18
Telecom Italia
-
-
-
-
-
Received Rate
1.000%
1.000%
EUR-EXT-CPI
EUR-EXT-CPI
0.353%
Euribor 6M
EUR-EXT-CPI
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 117,000,000 857,693
- EUR 15,000,000
44,858
1.960% EUR 26,500,000
27,203
1.960% EUR 50,000,000
51,326
Eonia 1D EUR 112,000,000 319,194
0.680% EUR 112,000,000 (476,447)
1.579% EUR 5,490,000
64,992
888,819
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 193

Pioneer Funds - U.S. Dollar Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
250,000
500,000
USD
USD
Consumer Goods
Automobiles and Parts
Nissan Motor Acceptance Corp 3.25% 30/Jan/2013
Volkswagen International Finance NV Libor 3M 21/Mar/2014
189,951
381,387
0.13%
0.26%
1,000,000
USD
Beverages
Anheuser-Busch InBev Worldwide Inc 2.5% 26/Mar/2013
762,257
0.52%
250,000
250,000
USD
USD
Food Producers
Campbell Soup Co Libor 3M 01/Aug/2014
Kraft Foods Inc 6% 11/Feb/2013
190,214
190,557
0.13%
0.13%
500,000
250,000
430,000
512,000
250,000
500,000
2,000,000
1,250,000
585,000
500,000
700,000
305,000
500,000
1,000,000
250,000
750,000
1,000,000
500,000
400,000
500,000
450,000
220,000
865,000
250,000
500,000
2,000,000
600,000
500,000
250,000
900,000
115,000
300,000
125,000
900,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Financials
Banks
Abbey National Treasury Services PLC/London Libor 3M 10/Jun/2013
Banco Santander Chile Libor 3M 14/Feb/2014
Bank One Corp 5.25% 30/Jan/2013
BB&T Corp Libor 3M 28/Apr/2014
Branch Banking & Trust Co Libor 3M 13/Sep/2016
Capital One Financial Corp 2.125% 15/Jul/2014
Chase Capital VI Libor 3M 01/Aug/2028
Citigroup Inc Libor 3M 13/Aug/2013
Citigroup Inc 5.5% 11/Apr/2013
Fifth Third Bancorp Libor 3M 20/Dec/2016
Fifth Third Bancorp 6.25% 01/May/2013
Fifth Third Bank/Ohio Libor 3M 17/May/2013
First Tennessee Bank NA 4.625% 15/May/2013
Goldman Sachs Group Inc Libor 3M 07/Feb/2014
Goldman Sachs Group Inc Libor 3M 21/Nov/2014
Goldman Sachs Group Inc Libor 3M 22/Mar/2016
HSBC Bank PLC Libor 3M 12/Aug/2013
HSBC Bank PLC Libor 3M 17/Jan/2014
Intesa Sanpaolo SpA Libor 3M 24/Feb/2014
Merrill Lynch & Co Inc 5% 03/Feb/2014
Merrill Lynch & Co Inc 5.45% 05/Feb/2013
Morgan Stanley Libor 3M 09/Nov/2018
Morgan Stanley Libor 3M 14/May/2013
Morgan Stanley Libor 3M 24/Jan/2014
Royal Bank of Scotland NV Floating 09/Mar/2015
Royal Bank of Scotland PLC Floating 14/Oct/2016
Royal Bank of Scotland PLC Libor 3M 29/Sep/2015
Santander US Debt SAU 2.485% 18/Jan/2013
State Street Bank and Trust Co Libor 3M 08/Dec/2015
Swedbank Hypotek AB Libor 3M 28/Mar/2014
US Bancorp 2% 14/Jun/2013
Wachovia Corp Libor 3M 01/May/2013
Wachovia Corp Libor 3M 28/Oct/2015
Westpac Banking Corp Libor 3M 09/Dec/2013
379,659
187,397
327,268
390,922
186,607
386,345
1,252,962
957,358
449,415
366,653
541,109
231,283
384,191
760,926
190,117
552,789
761,192
381,972
304,232
394,482
342,755
164,606
660,684
190,901
359,292
1,378,185
427,336
379,254
188,246
685,343
87,865
228,932
93,362
687,085
0.26%
0.13%
0.22%
0.27%
0.13%
0.26%
0.86%
0.65%
0.31%
0.25%
0.37%
0.16%
0.26%
0.52%
0.13%
0.38%
0.52%
0.26%
0.21%
0.27%
0.23%
0.11%
0.45%
0.13%
0.25%
0.95%
0.29%
0.26%
0.13%
0.47%
0.06%
0.16%
0.06%
0.47%
250,000
1,000,000
250,000
EUR
USD
USD
Financial Services
Atlas Reinsurance VII Ltd Floating 07/Jan/2016
Bear Stearns Cos LLC Floating 28/Oct/2014
Caelus Re II Ltd Floating 24/May/2013
250,000
760,582
191,425
0.17%
0.52%
0.13%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
194 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
250,000 USD
500,000 USD
500,000 USD
400,000 USD
700,000 USD
500,000 USD
350,000 USD
900,000 USD
500,000 USD
250,000 USD
1,500,000 USD
250,000 USD
500,000 USD
250,000 USD
1,000,000 USD
760,000 USD
250,000 USD
250,000 USD
250,000 USD
250,000 USD
250,000 USD
1,375,000 USD
500,000 USD
350,000 USD
Description of Securities
Combine Re Ltd Floating 07/Jan/2015
Ford Motor Credit Co LLC 3.875% 15/Jan/2015
General Electric Capital Corp Libor 3M 02/Jul/2015
General Electric Capital Corp Libor 3M 07/Apr/2014
General Electric Capital Corp Libor 3M 07/Jan/2014
General Electric Capital Corp Libor 3M 20/Dec/2013
General Electric Capital Corp Libor 3M 23/Sep/2013
General Electric Capital Corp Libor 3M 24/Apr/2014
Ibis Re Ltd Floating 03/May/2013
Johnston Re Ltd Floating 08/May/2013
Keycorp Student Loan Trust - A 2A2 - Libor 3M 28/Oct/2041
Lodestone Re Ltd - A-2 - Floating 08/Jan/2014
Lodestone Re Ltd - CLA - Floating 17/May/2013
Longpoint Re Ltd - 144A - Floating 12/Jun/2015
MassMutual Global Funding II Libor 3M 06/Dec/2013
Merrill Lynch & Co Inc 6.15% 25/Apr/2013
Mythen Ltd - 12-E - Libor 3M 07/May/2015
Queen Street II Capital Ltd Floating 09/Apr/2014
Residential Reinsurance 2010 Ltd - 144A - Floating 06/Jun/2013
Residential Reinsurance 2011 Ltd - 1 - Floating 06/Jun/2015
Shore Re Ltd Floating 08/Jul/2013
SLM Corp 4% 25/Jul/2014
Successor X Ltd Floating 25/Feb/2014
Vita Capital IV Ltd Libor 6M 15/Jan/2016
Market Value
194,118
395,608
383,131
305,105
534,172
381,100
265,649
687,185
383,419
192,696
491,704
190,705
381,826
189,264
759,658
585,976
198,290
190,610
192,279
197,512
194,042
1,054,871
381,296
267,225
Net Assets %
0.13%
0.27%
0.26%
0.21%
0.37%
0.26%
0.18%
0.47%
0.26%
0.13%
0.34%
0.13%
0.26%
0.13%
0.52%
0.40%
0.14%
0.13%
0.13%
0.14%
0.13%
0.72%
0.26%
0.18%
671,000
500,000
USD
USD
Life Insurance
Protective Life Corp 4.3% 01/Jun/2013
Sun Life Financial Global Funding III LP - 144A - Floating 06/Oct/2013
516,361
378,386
0.35%
0.26%
250,000
250,000
USD
USD
Nonlife Insurance
Foundation Re III Ltd Floating 03/Feb/2014
Foundation Re III Ltd Floating 25/Feb/2015
190,515
191,122
0.13%
0.13%
245,000
USD
Health Care
Health Care Equipment and Services
Covidien International Finance SA 1.875% 15/Jun/2013
186,983
0.13%
340,000
USD
Industrials
Construction and Materials
CRH America Inc 5.3% 15/Oct/2013
266,405
0.18%
750,000
USD
Electronic and Electrical Equipment
Agilent Technologies Inc 2.5% 15/Jul/2013
574,119
0.39%
250,000
USD
Industrial Transportation
CSX Corp 5.75% 15/Mar/2013
191,174
0.13%
635,000
250,000
USD
USD
Technology
Technology Hardware and Equipment
Maxim Integrated Products Inc 3.45% 14/Jun/2013
Xerox Corp Libor 3M 13/Sep/2013
487,914
190,905
0.33%
0.13%
500,000
500,000
500,000
USD
USD
USD
Telecommunications
Fixed Line Telecommunications
British Telecommunications PLC Libor 3M 20/Dec/2013
Telecom Italia Capital SA 5.25% 15/Nov/2013
Telefonica Emisiones SAU 2.582% 26/Apr/2013
382,183
390,026
380,638
0.26%
0.27%
0.26%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 195

Pioneer Funds - U.S. Dollar Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
1,000,000
340,000
USD
USD
Utilities
Electricity
Northeast Utilities Libor 3M 20/Sep/2013
Northeast Utilities 5.65% 01/Jun/2013
762,486
263,102
0.52%
0.18%
Total Bonds
32,526,858
22.23%
1,145,000
250,000
1,000,000
12,500,000
900,000
300,000
220,000
1,175,000
90,000
433,000
1,763,000
4,600,000
3,200,000
350,000
300,000
233,000
2,767,000
2,000,000
746,897
925,710
3,285,000
2,448,000
3,010,000
725,000
965,000
4,000,000
2,600,000
5,000,000
7,239,259
250,000
5,957,000
609,000
12,180,000
1,153,981
200,000
500,000
200,000
268,000
500,000
4,525,000
500,000
110,000
4,952,000
100,000
275,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
USD
USD
USD
EUR
USD
USD
USD
USD
Mortgages and Asset Backed securities
Accredited Mortgage Loan Trust - 4 A2C - Libor 1M 25/Dec/2035
ACE Securities Corp - ASP2 A2C - Libor 1M 25/Mar/2036
Aegis Asset Backed Securities Trust - 2004-4 A1 - Libor 1M 25/Oct/2034
Aegis Asset Backed Securities Trust - 3 A1 - Libor 1M 25/Sep/2034
Aegis Asset Backed Securities Trust - 5 1A3 - Libor 1M 25/Dec/2035
American Credit Acceptance Receivables Trust - 2013-3 A - 1.64% 15/Nov/2016
American Express Credit Account Master Trust - 2010-1 B - Libor 1M 16/Nov/2015
American Home Mortgage Investment Trust - 1 7A1 - Floating 25/Jun/2045
AmeriCredit Automobile Receivables Trust - 1 B - 9.79% 15/Apr/2014
AmeriCredit Automobile Receivables Trust - 2 D - 6.24% 08/Jun/2016
Ameriquest Mortgage Securities Inc - R10 A2B - Libor 1M 25/Dec/2035
Ameriquest Mortgage Securities Inc - R11 A1 - Libor 1M 25/Nov/2034
Ameriquest Mortgage Securities Inc - R6 A2 - Libor 1M 25/Aug/2035
ARL First LLC - 2012-1A A1 - Libor 1M 15/Dec/2042
Ascentium Equipment Receivables LLC - 2012-1A A - 1.83% 15/Sep/2019
Asset Backed Securities Corp Home Equity - HE3 M2 - Floating 25/Apr/2035
Asset Backed Securities Corp Home Equity - 2005-HE2 M1 - Libor 1M 25/Feb/2035
Banc of America Alternative Loan Trust - 10 2A2 - Libor 1M 25/Dec/2033
Banc of America Alternative Loan Trust - 2004-2 5A1 - 5.5% 25/Mar/2019
Banc of America Large Loan Inc - BMB1 A2 - Libor 1M 15/Aug/2029
Banc of America Mortgage Securities Inc - F 2A5 - Floating 25/Jul/2033
Banc of America Mortgage Securities Inc - H 3A1 - Floating 25/Sep/2033
Banc of America Mortgage Securities Inc - I 2A6 - Floating 25/Oct/2033
Banc of America Re-Remic Trust - 2012-CLRN A - Libor 1M 15/Aug/2029
Banc of America Re-Remic Trust - 2012-CLRN C - Libor 1M 15/Aug/2029
Bayview Commercial Asset Trust - 2A IO - Floating 25/Jul/2037
Bayview Commercial Asset Trust - 4A IO - Floating 25/Sep/2037
Bayview Financial Acquisition Trust - C A1 - Floating 28/May/2044
Bayview Financial Acquisition Trust - D A - Floating 28/Aug/2044
BCAP LLC Trust - RR11 3A1 - Floating 27/Jun/2036
Bear Stearns Adjustable Rate Mortgage Trust - 5 A1 - Floating 25/Aug/2035
Bear Stearns Adjustable Rate Mortgage Trust - 9 22A1 - Floating 25/Nov/2034
Bear Stearns Alt-A Trust - 13 A1 - Libor 1M 25/Nov/2034
Bear Stearns Asset Backed Securities Trust - HE6 M1 - Libor 1M 25/Jun/2035
Bear Stearns Asset Backed Securities Trust - M3 - Libor 1M 25/Oct/2034
Bumper 2 SA - 2011-2 A - Euribor 1M 23/Feb/2023
Bumper 2 SA - 4 A - Euribor 1M 20/May/2026
California Republic Auto Receivables Trust 2012-1 - A - 1.18% 15/Aug/2017
CarNow Auto Receivables Trust - 1A A - 2.09% 15/Jan/2015
Carrington Mortgage Loan Trust - 2006-OPT1 A3 - Libor 1M 25/Feb/2036
Cars Alliance Funding PLC - 2011-G1 A - Euribor 3M 18/May/2024
CD 2006-CD3 Mortgage Trust - 2006-CD3 AAB - 5.608% 15/Oct/2048
Cendant Mortgage Corp - 2 A6 - 6.25% 25/Mar/2032
Chase Issuance Trust - A12 - Libor 1M 15/Aug/2015
Citigroup Commercial Mortgage Trust - C1 A3 - Floating 15/Apr/2040
74,849
76,114
58,905
443,931
260,708
227,549
167,079
174,910
31,942
353,676
215,681
216,596
88,387
265,473
215,425
42,129
456,770
203,413
117,411
691,196
190,799
240,937
667,011
555,330
742,988
108,721
119,375
244,535
215,737
36,518
700,157
78,727
691,152
168,971
132,003
504,320
127,703
188,526
151,323
949,298
463,768
40,870
608,416
76,466
89,940
0.05%
0.05%
0.04%
0.30%
0.18%
0.16%
0.11%
0.12%
0.02%
0.24%
0.15%
0.15%
0.06%
0.18%
0.15%
0.03%
0.31%
0.14%
0.08%
0.47%
0.13%
0.16%
0.46%
0.38%
0.51%
0.07%
0.08%
0.17%
0.15%
0.02%
0.48%
0.05%
0.47%
0.12%
0.09%
0.34%
0.09%
0.13%
0.10%
0.65%
0.32%
0.03%
0.42%
0.05%
0.06%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
196 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
478,214 USD
1,998,000 USD
770,000 USD
25,847,000 USD
2,488,000 USD
100,000 USD
800,000 USD
9,951,228 USD
1,467,215 USD
400,000 USD
2,600,000 USD
8,000,000 USD
7,420,000 USD
20,000,000 USD
1,388,000 USD
271,612,900 USD
2,110,000 USD
1,920,000 USD
890,000 USD
260,000 USD
26,000,000 USD
550,000 USD
5,000,000 USD
1,000,000 USD
360,000 USD
800,000 USD
600,000 USD
100,000 USD
1,112,000 USD
550,000 USD
900,000 USD
462,855 USD
775,000 USD
1,000,000 EUR
800,000 EUR
300,000 USD
75,000 EUR
69,000,000 USD
20,000,000 USD
4,999,999 USD
2,500,000 USD
400,000 USD
1,500,000 USD
250,000 USD
2,312,996 USD
200,000 USD
2,000,000 USD
300,000 USD
1,060,000 USD
1,100,000 USD
600,000 USD
250,000 USD
209,000 USD
Description of Securities
Citigroup Commercial Mortgage Trust - 2007-FL3A C - Libor 1M 15/Apr/2022
Citigroup Mortgage Loan Trust Inc - OPT4 M1 - Libor 1M 25/Jul/2035
Citigroup Mortgage Loan Trust Inc - WF2 AV3 - Floating 25/Aug/2035
Citigroup Mortgage Loan Trust Inc - 1 2A1 - 6.5% 25/May/2016
Citigroup Mortgage Loan Trust 2007-WFH2 - A2 - Libor 1M 25/Mar/2037
COMM 2006-FL12 Mortgage Trust - 2006-FL12 AJ - Libor 1M 15/Dec/2020
Commercial Mortgage Pass Through Certificates - FL11 D - Libor 1M 15/Nov/2017
Commercial Mortgage Pass Through Certificates - FL12 A2 - Libor 1M 15/Dec/2020
Commercial Mortgage Pass Through Certificates - FL14 AJ - Libor 1M 15/Jun/2022
Commercial Mortgage Pass Through Certificates - 2012-MVP A - Libor 1M 17/Nov/2026
Countrywide Alternative Loan Trust - 14T1 A9 - Libor 1M 25/Aug/2018
Countrywide Alternative Loan Trust - 18CB 2A5 - Libor 1M 25/Sep/2034
Countrywide Alternative Loan Trust - 2003-9T1 A3 - Libor 1M 25/Jul/2033
Countrywide Asset-Backed Certificates - BC2 A - Libor 1M 25/Apr/2032
Countrywide Asset-Backed Certificates - MV2 - Libor 1M 25/Jul/2035
Countrywide Asset-Backed Certificates - 1 2A - Floating 25/Apr/2034
Countrywide Asset-Backed Certificates - 12 2A3 - 5.069% 25/Dec/2035
Countrywide Asset-Backed Certificates - 2A1 - Libor 1M 25/Aug/2047
Countrywide Asset-Backed Certificates - 23 2A2 - Libor 1M 25/May/2037
Countrywide Asset-Backed Certificates - 3 2A2 - Libor 1M 25/Jun/2036
Countrywide Home Equity Loan Trust - F A - Libor 1M 15/Nov/2028
Countrywide Home Loan Mortgage Pass Through Trust - J7 4A2 - Libor 1M 25/Aug/2018
Countrywide Home Loan Mortgage Pass Through Trust - J9 2A1 - 5.25% 25/Jan/2035
Countrywide Home Loan Mortgage Pass Through Trust - 19 A4 - 5.25% 25/Oct/2034
Credit Suisse First Boston Mortgage Securities Corp - AR22 4M1 - Floating 25/Aug/2033
Credit Suisse First Boston Mortgage Securities Corp - AR28 6M1 - Floating 25/Dec/2033
Credit Suisse First Boston Mortgage Securities Corp - CKN5 G - 6.448% 15/Sep/2034
Credit Suisse First Boston Mortgage Securities Corp - C5 A4 - 4.9% 15/Dec/2036
Credit Suisse Mortgage Capital Certificates - C1 A2 - 5.268% 15/Feb/2040
Credit Suisse Mortgage Capital Certificates - TFLA A2 - Libor 1M 15/Feb/2022
Credit Suisse Mortgage Capital Certificates - 2006-TF2A A2 - Libor 1M 15/Oct/2021
DBRR Trust - 2012-EZ1 A - 0.946% 25/Sep/2045
Deutsche Mortgage Securities Inc - RS2 A1 - Floating 28/Jun/2047
Driver One GmbH - 8 A - Euribor 1M 21/Feb/2017
Driver One GmbH - 9 A - Euribor 1M 21/Apr/2017
DT Auto Owner Trust - 1A C - 3.46% 15/Jan/2014
E-CARAT - 1 A - Euribor 1M 18/Oct/2018
EF Hutton Trust III Libor 3M 25/Oct/2017
Extended Stay America Trust - ESHA XB1 - Floating 05/Jan/2016
Fannie Mae Pool Floating 01/Oct/2034
FDIC Structured Sale Guaranteed Notes - S1 1A - Libor 1M 25/Feb/2048
First Franklin Mortgage Loan Asset Backed Certificates - FFH3 M1 - Libor 1M 25/Sep/2035
First Horizon Asset Securities Inc - AR1 1A1 - Floating 25/Feb/2034
First Horizon Asset Securities Inc - C5 AM - 6% 25/May/2036
First NLC Trust - 2 AV3 - Libor 1M 25/Sep/2035
First Union-Lehman Brothers-Bank of America - C2 D - 6.778% 18/Nov/2035
Flagstar Home Equity Loan Trust - 1A A - Libor 1M 25/Jun/2018
Ford Credit Floorplan Master Owner Trust - 2012-1 C - Libor 1M 15/Jan/2016
Fremont Home Loan Trust - 2 2A2 - Libor 1M 25/Feb/2036
GE Business Loan Trust - 1 A - Libor 1M 15/May/2032
GE Capital Commercial Mortgage Corp - 2003-C2 A4 - 5.145% 10/Jul/2037
GE Dealer Floorplan Master Note Trust - 1 A - Libor 1M 20/Jul/2016
GE Dealer Floorplan Master Note Trust - 2012-4 A - Libor 1M 20/Oct/2017
Market Value
348,409
306,700
84,539
49,217
499,590
70,902
151,563
1,040,641
631,731
308,789
156,073
193,451
74,876
180,082
559,126
656,867
307,304
151,555
123,688
64,585
3,004
26,690
74,768
217,511
74,862
128,072
228,104
69,097
189,754
206,950
264,542
348,958
88,976
482,194
465,509
17,553
25,729
16,592
152
200,349
761,191
265,215
48,279
44,048
1,601,813
18,709
166,678
228,817
5,495
217,779
320,014
190,716
158,724
Net Assets %
0.24%
0.21%
0.06%
0.03%
0.34%
0.05%
0.10%
0.72%
0.43%
0.21%
0.11%
0.13%
0.05%
0.12%
0.38%
0.45%
0.21%
0.10%
0.08%
0.04%
0.00%
0.02%
0.05%
0.15%
0.05%
0.09%
0.16%
0.05%
0.13%
0.14%
0.18%
0.24%
0.06%
0.33%
0.32%
0.01%
0.02%
0.01%
0.00%
0.14%
0.52%
0.18%
0.03%
0.03%
1.10%
0.01%
0.11%
0.16%
0.00%
0.15%
0.22%
0.13%
0.11%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 197

Pioneer Funds - U.S. Dollar Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
2,000,000 USD
13,340,166 USD
150,000 EUR
500,000 USD
1,000,000 USD
450,000 USD
3,000,000 USD
100,000 USD
7,730,998 USD
7,700,000 USD
1,000,000 USD
490,000 USD
1,447,000 USD
414,000 USD
825,000 USD
400,000 USD
200,000 USD
1,075,000 USD
385,292 USD
1,800,000 USD
1,825,000 USD
641,000 USD
29,250,000 USD
5,750,000 USD
4,975,000 USD
575,000 USD
1,500,000 USD
800,000 USD
1,020,000 USD
250,000 USD
450,000 USD
200,000 USD
250,668 USD
2,166,990 USD
400,000 USD
4,229,000 USD
2,600,000 USD
500,000 USD
625,000 USD
500,000 USD
188,000 USD
15,446,000 USD
1,000,000 USD
100,000 USD
200,000 USD
140,000 USD
500,000 USD
2,000,000 USD
175,000 USD
3,929,251 USD
2,220,000 USD
370,000 USD
Description of Securities
Global Mortgage Securitization Ltd - A A2 - Libor 1M 25/Nov/2032
Government National Mortgage Association - 11 FM - Libor 1M 17/Jan/2030
Gracechurch Card Funding PLC - 2 A - Euribor 1M 15/Jan/2016
Gracechurch Card Funding PLC - 3A A - Floating 15/May/2019
Gracechurch Card Funding PLC - 4A A - Libor 1M 15/Jun/2017
Greenwich Capital Commercial Funding Corp - 2003-C1 A4 - 4.111% 05/Jul/2035
GS Mortgage Securities Corp II - EOP A1 - Floating 06/Mar/2020
GS Mortgage Securities Corp II - EOP D - Floating 06/Mar/2020
GSAA Trust - 2004-6 A2 - Floating 25/Jun/2034
GSAA Trust - 8 A3A - Libor 1M 25/Sep/2034
GSAMP Trust - A2B - Libor 1M 25/Mar/2034
GSAMP Trust - HE2 M1 - Floating 25/Mar/2035
GSR Mortgage Loan Trust - AR6 2A1 - Floating 25/Sep/2035
HLSS Servicer Advance Receivables Backed Notes - 2012-T2 A1 - 1.34% 15/Oct/2043
Holmes Master Issuer PLC - 1A A2 - Libor 3M 15/Oct/2054
Home Equity Asset Trust - 2005-7 2A4 - Libor 1M 25/Jan/2036
Home Equity Asset Trust - 3 M2 - Floating 25/Aug/2035
Home Equity Asset Trust - 3 2A3 - Libor 1M 25/Jul/2036
Home Equity Asset Trust - 5 2A3 - Libor 1M 25/Nov/2035
Homestar Mortgage Acceptance Corp - 2004-2 AV1 - Libor 1M 25/Jun/2034
HSBC Home Equity Loan Trust - 2 A1 - Libor 1M 20/Mar/2036
Hyundai Capital Auto Funding Ltd - 2010-8A A - Libor 1M 20/Sep/2016
Impac CMB Trust - 4 1A1 - Libor 1M 25/Sep/2034
Impac CMB Trust - 4 1M1 - Floating 25/May/2035
Impac CMB Trust - 5 1A1 - Floating 25/Oct/2034
Impac Secured Assets CMN Owner Trust - 1 2A1 - Libor 1M 25/May/2036
Indymac Index Mortgage Loan Trust - FLX1 A1 - Libor 1M 25/Feb/2037
Irwin Home Equity Corp - 1 2A3 - 5.32% 25/Jun/2035
JP Morgan Chase Commercial Mortgage Securities Corp - A3 - 5.819% 12/Jun/2043
JP Morgan Chase Commercial Mortgage Securities Corp - CCHP D - Floating 15/Jul/2028
JP Morgan Chase Commercial Mortgage Securities Corp - FL2A G - Libor 1M 15/Nov/2018
JP Morgan Chase Commercial Mortgage Securities Corp - LDP9 A3SF - Libor 1M 15/May/2047
JP Morgan Chase Commercial Mortgage Securities Corp - 2003-ML1A A2 - 4.767% 12/Mar/2039
JP Morgan Chase Commercial Mortgage Securities Corp - 2006-FL2A A2 - Libor 1M 15/Nov/2018
JP Morgan Chase Commercial Mortgage Securities Corp - 2012-PHH A - Libor 1M 15/Oct/2025
JP Morgan Mortgage Trust - A1 1A1 - Floating 25/Oct/2033
JP Morgan Mortgage Trust - S1 2A1 - 6% 25/Aug/2034
JPMorgan Chase & Co Floating 25/Feb/2021
LB-UBS Commercial Mortgage Trust - AAB - 4.664% 15/Jul/2030
LB-UBS Commercial Mortgage Trust - C4 J - 5.616% 15/Oct/2035
LB-UBS Commercial Mortgage Trust - 2008-C1 AAB - Floating 15/Apr/2041
Lehman ABS Manufactured Housing Contract Trust - A A - Libor 1M 15/Jun/2033
Lehman Brothers Floating Rate Commercial Mortgage Trust - LLFA B - Libor 1M 15/Sep/2021
Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5 Libor 1M 15/Jun/2022
Lehman Brothers Small Balance Commercial - 2005-2A 1A - Libor 1M 25/Sep/2030
Lehman Brothers Small Balance Commercial Mortgage Trust 2007 - 3A 1A4 - Libor 1M
25/Oct/2037
Madison Avenue Manufactured Housing Contract - A M2 - Libor 1M 25/Mar/2032
MASTR Alternative Loans Trust - 13 5A1 - 4.5% 25/Jan/2015
Mastr Asset Backed Securities Trust - HE1 M1 - Libor 1M 25/May/2035
Mastr Asset Backed Securities Trust - 2006-AB1 A2 - Libor 1M 25/Feb/2036
MASTR Asset Securitization Trust 2003-6 - 3A2 - Floating 25/Jul/2018
MBNA Credit Card Master Note Trust - A5 A5 - Libor 1M 15/Oct/2015
Market Value
165,555
1,255,888
151,012
382,957
767,125
182,472
442,945
76,019
237,018
327,848
214,012
72,367
358,062
314,508
546,031
231,954
76,018
128,791
211,721
181,876
364,071
440,636
1,204,865
266,592
314,864
209,211
52,935
197,672
385,473
191,439
112,460
150,778
108,216
903,425
308,257
568,797
486,132
396,141
228,480
378,437
132,790
817,271
697,180
69,005
36,185
43,426
370,306
42,671
1,905
867,106
121,478
280,643
Net Assets %
0.11%
0.87%
0.10%
0.26%
0.52%
0.12%
0.30%
0.05%
0.16%
0.22%
0.15%
0.05%
0.24%
0.21%
0.37%
0.16%
0.05%
0.09%
0.14%
0.12%
0.25%
0.30%
0.83%
0.18%
0.22%
0.14%
0.04%
0.14%
0.26%
0.13%
0.08%
0.10%
0.07%
0.62%
0.21%
0.39%
0.33%
0.27%
0.16%
0.26%
0.09%
0.56%
0.48%
0.05%
0.02%
0.03%
0.25%
0.03%
0.00%
0.59%
0.08%
0.19%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
198 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,840,000 USD
80,000 USD
2,800,000 USD
6,220,000 USD
11,000,000 USD
21,057,000 USD
4,874,909 USD
400,000 USD
205,000 USD
1,000,000 USD
676,000 USD
948,000 USD
620,000 USD
2,000,000 USD
7,115,000 USD
870,000 USD
250,000 USD
2,000,000 USD
1,050,000 USD
250,000 USD
300,000 USD
296,000 USD
1,000,000 USD
1,600,000 USD
12,235,000 USD
2,975,000 USD
400,000 USD
11,725,000 USD
1,800,000 USD
3,356,000 USD
16,500,000 EUR
28,100,000 USD
2,900,000 USD
3,783,000 USD
1,500,000 USD
418,000 USD
250,000 USD
550,000 USD
1,000,000 USD
1,000,000 USD
600,000 EUR
700,000 EUR
3,711,615 USD
6,076,000 USD
3,000,000 USD
8,080,000 USD
2,600,000 USD
26,603,723 USD
2,000,000 USD
1,000,000 EUR
4,000,000 USD
1,000,000 USD
4,400,000 USD
Description of Securities
Merrill Lynch Mortgage Investors Inc - A2 A4 - Floating 25/Feb/2035
Merrill Lynch Mortgage Trust - 2003-KEY1 A4 - Floating 12/Nov/2035
MLCC Mortgage Investors Inc - A A1 - Floating 25/Apr/2029
MLCC Mortgage Investors Inc - A A1 - Floating 25/Mar/2030
MLCC Mortgage Investors Inc - D A2 - Floating 25/Aug/2029
MLCC Mortgage Investors Inc - E A1 - Libor 1M 25/Nov/2029
Morgan Stanley ABS Capital I - WMC1 A2B - Libor 1M 25/Dec/2035
Morgan Stanley Capital I Inc - HQ6 A2A - 4.882% 13/Aug/2042
Morgan Stanley Capital I Inc - XLF9 C - Libor 1M 15/Dec/2020
Morgan Stanley Capital I Inc - 1998-WF2 F - Floating 15/Jul/2030
Morgan Stanley Capital I Inc - 2007-XLFA B - Libor 1M 15/Oct/2020
MortgageIT Trust 2004-1 - A1 - Floating 25/Nov/2034
NCUA Guaranteed Notes - R3 1A - Floating 08/Dec/2020
NCUA Guaranteed Notes - R6 1A - Floating 07/May/2020
New Century Home Equity Loan Trust - A2C - Floating 25/Jun/2035
New Century Home Equity Loan Trust - 1 A2C - Libor 1M 25/Mar/2035
NorthStar 2012-1 Mortgage Trust - A - Libor 1M 25/Aug/2029
Option One Mortgage Loan Trust - HL1 2A1 - Libor 1M 25/Feb/2038
Option One Mortgage Loan Trust - 4 A3 - Libor 1M 25/Nov/2035
ORES NPL LLC - 2012-LV1 A - 4% 25/Sep/2044
Penarth Master Issuer PLC - 2011-1A A1 - Libor 1M 18/May/2015
PFS Financing Corp - 2012-AA A - Libor 1M 15/Feb/2016
RAAC Series - 2006-RP2A - Libor 1M 25/Feb/2037
RALI Trust - QR19 CB3 - 5.75% 25/Oct/2033
RALI Trust - QS1 A1 - 4.25% 25/Jan/2034
RALI Trust - QS1 A2 - Libor 1M 25/Jan/2034
RALI Trust - QS10 A3 - Libor 1M 25/Jul/2034
RALI Trust - QS16 A2 - Libor 1M 25/Oct/2017
RALI Trust - QS5 A5 - 4.75% 25/Apr/2034
RAMP Trust - RZ3 A2 - Libor 1M 25/Sep/2035
Rams Mortgage Securities Pty Ltd - 1E 1A - Euribor 3M 21/Jul/2035
Residential Asset Securitization Trust - A2 A2 - Libor 1M 25/May/2033
Residential Asset Securitization Trust - A8 A1 - 5.25% 25/Nov/2034
Residential Asset Securitization Trust - 2003-A6 A4 - Libor 1M 25/Jul/2033
Residential Funding Mortgage Securities II Home Loan Trust - HI1 M1 - Floating 25/Apr/2028
RFSC Series 2003-RP2 Trust - 2003-RP2 M1 - Libor 1M 25/Jul/2041
Santander Drive Auto Receivables Trust - S2A C - 2.86% 15/Jun/2017
Santander Drive Auto Receivables Trust - S2A D - 3.35% 15/Jun/2017
Santander Drive Auto Receivables Trust 2012-5 - A1 - 0.33599% 15/Aug/2013
Saxon Asset Securities Trust - 3 A2 - Libor 1M 25/Oct/2046
SC Germany Auto Euribor 1M 10/Jul/2019
SC Germany Auto Euribor 1M 12/Aug/2019
Sequoia Mortgage Trust - 1 A1 - Libor 1M 20/Feb/2035
Sequoia Mortgage Trust - 12 A1 - Libor 1M 20/Jan/2035
Sequoia Mortgage Trust - 12 A2 - Floating 20/Jan/2035
Sequoia Mortgage Trust - 2 A2 - Floating 20/Jun/2033
Sequoia Mortgage Trust - 4 2A1 - Libor 1M 20/Jul/2033
Sequoia Mortgage Trust - 5 A1 - Floating 20/Sep/2033
Sequoia Mortgage Trust - 9 A1 - Libor 1M 20/Oct/2034
Sherwood Castle Funding PLC - 1 A - Euribor 3M 15/Mar/2016
Sierra Receivables Funding Co LLC - 2A A2 - Libor 1M 20/Sep/2019
SLM Student Loan Trust - 10 A4A - Libor 3M 27/Jul/2020
SLM Student Loan Trust - 10 A6B - Libor 3M 27/Apr/2026
Market Value
229,285
62,275
180,318
417,716
660,380
1,364,723
204,658
77,425
145,108
54,035
483,773
139,483
397,938
682,878
630,186
102,014
183,670
48,311
122,405
140,948
228,068
225,707
120,069
36,249
624,563
160,376
11,785
343,058
151,159
220,873
511,293
1,074,374
130,195
31,330
129,198
304,424
73,674
172,103
205,553
189,558
44,665
201,723
377,017
558,257
177,174
342,187
343,672
1,216,430
186,777
997,351
405,396
149,908
3,322,092
Net Assets %
0.16%
0.04%
0.12%
0.29%
0.45%
0.94%
0.14%
0.05%
0.10%
0.04%
0.33%
0.10%
0.27%
0.47%
0.43%
0.07%
0.13%
0.03%
0.08%
0.10%
0.16%
0.15%
0.08%
0.02%
0.43%
0.11%
0.01%
0.23%
0.10%
0.15%
0.35%
0.74%
0.09%
0.02%
0.09%
0.21%
0.05%
0.12%
0.14%
0.13%
0.03%
0.14%
0.26%
0.38%
0.12%
0.23%
0.23%
0.84%
0.13%
0.69%
0.28%
0.10%
2.28%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 199

Pioneer Funds - U.S. Dollar Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,440,000 USD
500,000 USD
1,100,000 USD
622,840 USD
6,000,000 USD
500,000 USD
2,117,000 USD
725,000 USD
5,545,000 USD
5,262,794 USD
925,000 USD
7,400,000 USD
200,000 USD
6,800,000 USD
1,300,000 USD
2,864,000 USD
1,600,000 USD
1,000,000 USD
9,631,691 USD
800,000 USD
370,000 USD
500,000 EUR
300,000 EUR
200,000 EUR
175,000,000 USD
650,000 USD
955,000 USD
1,000,000 USD
1,410,000 USD
150,000 USD
2,618,000 USD
13,100,000 USD
500,000 USD
Description of Securities
SLM Student Loan Trust - 8 A4 - Libor 3M 25/Jan/2028
SMART Trust/Australia - 2012-4US A2B - Libor 1M 14/Jun/2015
SNAAC Auto Receivables Trust - 1A A - 1.78% 15/Jun/2016
Soundview Home Loan Trust 2005-OPT4 - 2A3 - Libor 1M 25/Dec/2035
Specialty Underwriting & Residential Finance - BC4 A2B - Libor 1M 25/Sep/2036
Stanwich Mortgage Loan Trust - 2012-NPL4 A - 2.9814% 15/Sep/2042
Structured Adjustable Rate Mortgage Loan Trust - 3XS A3 - Floating 25/Jan/2035
Structured Asset Investment Loan Trust 2006-1 - A3 - Libor 1M 25/Jan/2036
Structured Asset Mortgage Investments Inc - AR2 3A1 - Floating 25/May/2045
Structured Asset Mortgage Investments Inc - F1 FA - Libor 1M 26/Aug/2035
Structured Asset Securities Corp - BC1 A2 - Libor 1M 25/Feb/2037
Structured Asset Securities Corp - 2XS 1A2B - 4.44% 25/Feb/2035
Structured Asset Securities Corp - 2004-S4 M5 - Libor 1M 25/Dec/2034
Structured Asset Securities Corp - 24A 1A3 - Floating 25/Jul/2033
Structured Asset Securities Corp - 31A 3A - Floating 25/Oct/2033
Structured Asset Securities Corp - 35 3A1 - Libor 1M 25/Dec/2033
Thornburg Mortgage Securities Trust - II4A - Floating 25/Mar/2044
Thornburg Mortgage Securities Trust - 1 II2A - Floating 25/Mar/2044
Thornburg Mortgage Securities Trust - 3 A - Floating 25/Sep/2034
Triton Container Finance LLC - 2006-1A NOTE - Libor 1M 26/Nov/2021
United Auto Credit Securitization Trust - 2012-1 A2 - 1.1% 16/Mar/2015
Volkswagen Car Lease - 12A - Euribor 1M 21/Jun/2016
Volkswagen Car Lease - 13B - Euribor 1M 21/Feb/2017
Volkswagen Car Lease Euribor 1M 21/Nov/2016
Wachovia Bank Commercial Mortgage Trust - C26 XP - Floating 15/Jun/2045
Wachovia Mortgage Loan Trust LLC - WMC1 A4 - Libor 1M 25/Oct/2035
WaMu Mortgage Pass Through Certificates - AR10 1A1 - Floating 25/Sep/2035
Wells Fargo & Co Floating 26/Jun/2015
Wells Fargo Home Equity Trust - 2 A1 - Libor 1M 25/Apr/2037
Wells Fargo Home Equity Trust - 4 AI3 - Libor 1M 25/Dec/2035
Wells Fargo Mortgage Backed Securities Trust - AR6 A1 - Floating 25/Apr/2035
Wells Fargo Mortgage Backed Securities Trust - 19 A3 - 4.5% 25/Jan/2019
World Financial Network Credit Card Master Trust - A M - Libor 1M 15/Feb/2017
Market Value
1,085,306
379,248
532,765
211,090
77,702
337,606
52,396
211,752
419,552
435,955
32,239
51,918
114,035
817,408
189,412
259,099
159,877
165,007
991,894
232,594
280,758
69,354
156,161
68,815
20,039
214,340
3,524
766,156
82,556
69,169
298,209
342,181
378,212
Net Assets %
0.75%
0.26%
0.36%
0.14%
0.05%
0.23%
0.04%
0.14%
0.29%
0.30%
0.02%
0.04%
0.08%
0.56%
0.13%
0.18%
0.11%
0.11%
0.68%
0.16%
0.19%
0.05%
0.11%
0.05%
0.01%
0.15%
0.00%
0.52%
0.06%
0.05%
0.20%
0.23%
0.26%
Total Mortgages and Asset Backed securities
71,765,409
49.06%
Supranationals, Governments and Local Public Authorities, Debt Instruments
300,000
500,000
EUR
EUR
Governments
Ireland Government Bond 5% 18/Apr/2013
Netherlands Government Bond 4.25% 15/Jul/2013
303,030
511,150
0.21%
0.35%
1,300,000
800,000
600,000
6,008,108
800,000
13,138,831
13,008,723
1,982,652
4,410,000
16,418,356
17,000,000
10,970,000
5,102,738
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Local Public Authorities
Fannie Mae Pool Floating CV 01/Nov/2025
Fannie Mae Pool Floating 01/Apr/2028
Fannie Mae Pool Floating 01/Apr/2029
Fannie Mae Pool Floating 01/Feb/2027
Fannie Mae Pool Floating 01/Feb/2033
Fannie Mae Pool Floating 01/Jan/2025
Fannie Mae Pool Floating 01/Nov/2024
Fannie Mae Pool Floating 01/Nov/2034
Fannie Mae REMICS - 118 FD - Libor 1M 25/Dec/2033
Fannie Mae REMICS - 130 FD - Libor 1M 25/Jan/2034
Fannie Mae REMICS - 15 FN - Libor 1M 25/Mar/2018
Fannie Mae REMICS - 17 BF - Libor 1M 25/Jan/2034
Fannie Mae REMICS - 2003-42 HF - Libor 1M 25/Dec/2017
6,843
5,937
3,632
23,714
3,515
93,682
143,292
121,627
394,031
6,344,663
827,059
2,046,702
138,825
0.00%
0.00%
0.00%
0.02%
0.00%
0.06%
0.10%
0.08%
0.27%
4.33%
0.57%
1.40%
0.09%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
200 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,215,000 USD
1,825,000 USD
1,600,000 USD
50,000,000 USD
11,585,646 USD
3,000,000 USD
25,000,000 USD
60,000,000 USD
1,000,000 USD
158,000,000 USD
106,410,900 USD
171,721,193 USD
20,000,000 USD
1,200,000 USD
5,000,000 USD
9,736,397 USD
1,000,000 USD
1,615,000 USD
8,500,000 USD
25,980,901 USD
310,000 USD
1,600,000 USD
1,000,000 USD
1,000,000 USD
1,700,000 USD
200,000 USD
268,000 USD
250,000 USD
63,146,256 USD
200,000 USD
1,200,000 USD
462,855 USD
139,000 USD
2,800,000 USD
113,000 USD
17,530,000 USD
2,458,000 USD
395,000 USD
27,757,000 USD
1,000,000 USD
57,000,000 USD
2,500,000 USD
23,450,000 USD
1,020,182 USD
20,000,000 USD
17,200,000 USD
700,000 USD
555,000 USD
565,000 USD
27,000,000 USD
40,000,000 USD
50,000,000 USD
15,500,000 USD
Description of Securities
Fannie Mae REMICS - 2007-65 BE - 5.5% 25/Oct/2032
Fannie Mae REMICS - 2010-112 AB - 4% 25/Nov/2035
Fannie Mae REMICS - 2010-69 EA - 4% 25/Jul/2024
Fannie Mae REMICS - 28 FA - Floating 25/May/2027
Fannie Mae REMICS - 3 CF - Libor 1M 25/Mar/2036
Fannie Mae REMICS - 34 TN - 4.5% 25/Oct/2017
Fannie Mae REMICS - 35 FG - Libor 1M 25/May/2033
Fannie Mae REMICS - 47 FD - Libor 1M 25/Dec/2030
Fannie Mae REMICS - 59 NB - 3.5% 25/Sep/2017
Fannie Mae REMICS - 63 F - Floating 25/Nov/2022
Fannie Mae REMICS - 67 F - Floating 25/Dec/2022
Fannie Mae REMICS - 68 FC - Floating 18/Aug/2027
Fannie Mae REMICS - 82 FB - Libor 1M 25/Dec/2032
Fannie Mae REMICS - 85 BA - 6% 25/Mar/2035
Fannie Mae REMICS - 91 DC - 5% 25/May/2033
Fannie Mae Whole Loan - W2 1A4 - Floating 25/Jul/2042
Fannie Mae Whole Loan - W3 3A - Floating 25/Apr/2045
Fannie Mae Whole Loan - W4 3A - Floating 25/Jun/2035
FHLMC Structured Pass Through Securities - 31 A7 - Floating 25/May/2031
Freddie Mac Non Gold Pool Floating 01/Apr/2025
Freddie Mac Non Gold Pool Floating 01/Apr/2029
Freddie Mac Non Gold Pool Floating 01/Feb/2037
Freddie Mac Non Gold Pool Floating 01/Jan/2028
Freddie Mac Non Gold Pool Floating 01/May/2025
Freddie Mac Non Gold Pool Floating 01/Nov/2031
Freddie Mac REMICS - DA - 4% 15/Jan/2024
Freddie Mac REMICS - PD - 5.5% 15/Mar/2032
Freddie Mac REMICS - 2099 OG - 5% 15/Jun/2034
Freddie Mac REMICS - 2377 FE - Libor 1M 15/Nov/2031
Freddie Mac REMICS - 2575 YC - 5% 15/Feb/2018
Freddie Mac REMICS - 2629 CO - 3.5% 15/Nov/2022
Freddie Mac REMICS - 2644 BC - 5% 15/Oct/2031
Freddie Mac REMICS - 2734 PG - 5% 15/Jul/2032
Freddie Mac REMICS - 2828 NF - Libor 1M 15/Dec/2018
Freddie Mac REMICS - 3203 VN - 5% 15/Jun/2022
Freddie Mac REMICS - 3405 AB - 6% 15/Apr/2036
Freddie Mac REMICS - 3628 PA - 5% 15/Oct/2033
Freddie Mac REMICS - 3925 FL - Libor 1M 15/Jan/2041
Freddie Mac REMICS Floating 15/Oct/2023
Freddie Mac REMICS Libor 1M 15/Dec/2020
Freddie Mac REMICS Libor 1M 15/Dec/2031
Freddie Mac REMICS Libor 1M 15/Dec/2032
Freddie Mac REMICS Libor 1M 15/Feb/2033
Freddie Mac REMICS Libor 1M 15/Jul/2036
Freddie Mac REMICS Libor 1M 15/Jun/2023
Freddie Mac REMICS Libor 1M 15/May/2029
Freddie Mac REMICS 4.5% 15/Jul/2034
Government National Mortgage Association - 2004-103 CD - Floating 16/Dec/2031
Government National Mortgage Association - 2009-34 HA - 4.5% 16/Feb/2034
Government National Mortgage Association - 37 FJ - Libor 1M 16/Oct/2029
Government National Mortgage Association - 38 FW - Libor 1M 16/Oct/2029
Government National Mortgage Association - 38 FX - Libor 1M 16/Oct/2029
Government National Mortgage Association - 52 IO - Floating 16/Nov/2051
Market Value
233,361
185,020
256,693
119,083
1,947,215
37,723
1,856,772
342,490
6,195
315,180
250,934
900,812
601,090
359,650
74,231
746,394
186,675
253,930
154,349
45,946
3,104
255,220
6,074
10,603
8,031
36,616
45,049
194,203
896,752
83,379
62,464
81,954
43,416
130,572
61,262
284,449
191,228
276,205
859,826
244,815
445,415
59,736
428,296
772,243
1,041,375
190,515
109,813
95,481
76,001
378,448
185,356
231,695
382,801
Net Assets %
0.16%
0.13%
0.18%
0.08%
1.33%
0.03%
1.27%
0.23%
0.00%
0.22%
0.17%
0.62%
0.41%
0.25%
0.05%
0.51%
0.13%
0.17%
0.11%
0.03%
0.00%
0.17%
0.00%
0.01%
0.01%
0.03%
0.03%
0.13%
0.61%
0.06%
0.04%
0.06%
0.03%
0.09%
0.04%
0.19%
0.13%
0.19%
0.59%
0.17%
0.30%
0.04%
0.29%
0.53%
0.71%
0.13%
0.08%
0.07%
0.05%
0.26%
0.13%
0.16%
0.26%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 201

Pioneer Funds - U.S. Dollar Short-Term
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
1,200,000
650,000
250,000
Currency
USD
USD
USD
Description of Securities
New Jersey Economic Development Authority Libor 3M 15/Jun/2013
Texas Municipal Gas Acquisition & Supply Corp III 5% 15/Dec/2014
University of California Libor 1M 01/Jul/2041
Market Value
912,069
523,382
189,931
Net Assets %
0.62%
0.36%
0.13%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
29,639,224
133,931,491
20.26%
91.55%
Other Transferable Securities
Bonds
500,000
USD
Consumer Goods
Automobiles and Parts
Daimler Finance North America LLC Libor 3M 28/Mar/2014
380,256
0.26%
500,000
USD
Financials
Banks
Glitnir Banki HF 0% 02/Mar/2015 Defaulted
38
0.00%
500,000
300,000
500,000
500,000
250,000
250,000
250,000
250,000
250,000
300,000
300,000
750,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Financial Services
American Honda Finance Corp Libor 3M 08/Apr/2014
Compass Re Ltd - 2 - Floating 08/Jan/2015
Lodestone Re Ltd - A-1 - Floating 08/Jan/2014
Lodestone Re Ltd - CLB - Floating 17/May/2013
Mythen Re Ltd Series 2012-2 Class A Floating 05/Jan/2017
Queen Street III Capital Ltd Floating 28/Jul/2014
Queen Street VII Re Ltd Floating 08/Apr/2016
Residential Reinsurance 2010 Ltd - CL1 - Floating 06/Jun/2013
Residential Reinsurance 2012 Ltd - 144A - Floating 06/Jun/2016
Residential Reinsurance 2012 Ltd Floating 06/Dec/2016
Successor X Ltd Libor 3M 07/Jan/2014
Vita Capital V Ltd Floating 15/Jan/2017
379,340
231,076
379,665
383,912
189,396
190,724
189,624
191,918
194,819
227,549
230,370
570,976
0.26%
0.16%
0.26%
0.26%
0.13%
0.13%
0.13%
0.13%
0.13%
0.16%
0.16%
0.39%
2,000,000
USD
Life Insurance
Jackson National Life Global Funding Libor 3M 08/Aug/2013
1,516,264
1.03%
Total Bonds
5,255,927
3.59%
375,000
500,000
2,300,000
100,000
8,700,000
360,000
200,000
150,000
100,000
16,000,000
3,000,000
750,000
500,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Mortgages and Asset Backed securities
ACE Securities Corp - 2003-MH1 B1 - Floating 15/Aug/2030
Ally Master Owner Trust - 2011-1 A1 - Libor 1M 15/Jan/2016
Bear Stearns Asset Backed Securities Trust - HE10 1A1 - Libor 1M 25/Dec/2036
BMW Vehicle Owner Trust 0.76% 25/Aug/2015
Countrywide Alternative Loan Trust - J9 3A4 - Libor 1M 25/Oct/2034
Countrywide Asset-Backed Certificates - BC5 3A3 - Libor 1M 25/Jan/2036
Countrywide Home Loan Mortgage Pass Through Trust 5.25% 25/Jun/2034
Credit Suisse First Boston Mortgage Securities Corp - CKP1 G - 7.165% 15/Dec/2035
GMAC Commercial Mortgage Securities Inc Series 2003-C3 Trust - A4 - 5.023% 10/Apr/2040
Government National Mortgage Association - 72 IO - Floating 16/Feb/2052
Lehman Brothers Small Balance Commercial - 1A 1A - Libor 1M 25/Mar/2037
Lehman Brothers Small Balance Commercial - 2A M2 - Libor 1M 25/Sep/2030
Soundview Home Equity Loan Trust - 3 M2 - Floating 25/Jun/2035
97,518
381,618
40,442
76,087
64,008
119,787
154,093
62,822
76,753
540,111
921,410
92,030
135,170
0.07%
0.26%
0.03%
0.05%
0.04%
0.08%
0.11%
0.04%
0.05%
0.37%
0.64%
0.06%
0.09%
Total Mortgages and Asset Backed securities
Total Other Transferable Securities
2,761,849
8,017,776
1.89%
5.48%
Total Securities
141,949,267
97.03%
Net Asset Value
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
146,290,180
100.00%
202 Pioneer Funds - Annual Report

Pioneer Funds - Euro Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
2,500,000
EUR
Consumer Goods
Beverages
Carlsberg Breweries A/S 3.375% 13/Oct/2017
2,729,088
0.23%
1,000,000
12,500,000
112,886,143
12,350,000
EUR
EUR
DKK
EUR
Financials
Banks
Banque Federative du Credit Mutuel SA 4.125% 20/Jul/2020
Intesa Sanpaolo SpA 4% 08/Nov/2018
Nykredit Realkredit A/S 3.5% 01/Oct/2044
SpareBank 1 SR Bank ASA 3.5% 21/Apr/2016
1,150,285
12,823,938
15,379,912
13,254,144
0.10%
1.08%
1.29%
1.11%
8,100,000
EUR
Industrials
Construction and Materials
Cie de St-Gobain 4% 08/Oct/2018
8,890,074
0.75%
1,000,000
EUR
Telecommunications
Fixed Line Telecommunications
TeliaSonera AB 3.875% 01/Oct/2025
1,143,255
0.10%
9,750,000
EUR
Utilities
Gas, Water and Multiutilities
Gas Natural Capital Markets SA 4.375% 02/Nov/2016
10,465,406
0.88%
Total Bonds
65,836,102
5.54%
23,000,000
12,050,000
EUR
EUR
Mortgages and Asset Backed securities
Diamond Mortgage Financing NV - 0.0417 - Euribor 3M 16/Sep/2033
LTR Finance Euribor 3M 26/Nov/2018
5,466,939
272,979
0.46%
0.02%
Total Mortgages and Asset Backed securities
5,739,918
0.48%
Supranationals, Governments and Local Public Authorities, Debt Instruments
5,400,000
1,600,000
4,000,000
8,800,000
5,000,000
7,000,000
4,000,000
19,771,000
8,000,000
11,000,000
10,100,000
13,098,000
80,650,000
5,900,000
12,159,000
11,912,000
2,000,000
7,800,000
3,800,000
10,500,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Governments
Austria Government Bond 3.5% 15/Sep/2021
Austria Government Bond 3.65% 20/Apr/2022
Austria Government Bond 4.15% 15/Mar/2037
Austria Government Bond 4.35% 15/Mar/2019
Austria Government Bond 4.65% 15/Jan/2018
Austria Government Bond 6.25% 15/Jul/2027
Belgium Government Bond 3.25% 28/Sep/2016
Belgium Government Bond 3.5% 28/Mar/2015
Belgium Government Bond 4% 28/Mar/2017
Belgium Government Bond 4% 28/Mar/2019
Belgium Government Bond 4% 28/Mar/2022
Belgium Government Bond 5% 28/Mar/2035
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond Floating 15/Apr/2013
Bundesrepublik Deutschland 3.25% 04/Jul/2015
Bundesrepublik Deutschland 4% 04/Jan/2018
Bundesrepublik Deutschland 4% 04/Jan/2037
Bundesrepublik Deutschland 4.75% 04/Jul/2040
Bundesrepublik Deutschland 5.5% 04/Jan/2031
Bundesrepublik Deutschland 5.625% 04/Jan/2028
Finland Government Bond 3.375% 15/Apr/2020
6,262,515
1,875,120
5,194,000
10,576,940
5,982,875
10,565,975
4,409,100
21,247,894
9,120,600
12,870,000
11,883,155
17,491,724
91,219,930
6,380,998
14,371,938
16,135,400
3,095,150
11,908,650
5,687,840
12,188,138
0.53%
0.16%
0.44%
0.89%
0.50%
0.89%
0.37%
1.79%
0.77%
1.08%
1.00%
1.47%
7.67%
0.54%
1.21%
1.36%
0.26%
1.00%
0.48%
1.03%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 203

Pioneer Funds - Euro Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,000,000 EUR
2,500,000 EUR
15,817,000 EUR
10,380,000 EUR
18,881,000 EUR
19,672,000 EUR
14,532,000 EUR
1,000,000 EUR
10,000,000 EUR
11,000,000 EUR
13,050,000 EUR
16,212,000 EUR
21,254,000 EUR
25,208,000 EUR
6,000,000 EUR
5,133,496 EUR
5,650,000 EUR
9,886,000 EUR
10,000,000 EUR
7,000,000 EUR
38,962,000 EUR
3,650,000 EUR
9,000,000 EUR
18,783,000 EUR
27,680,000 EUR
14,828,000 EUR
10,000,000 EUR
13,200,000 EUR
5,000,000 EUR
29,771,000 EUR
7,100,000 EUR
19,771,000 EUR
6,500,000 EUR
7,000,000 EUR
27,128,000 EUR
15,783,000 EUR
14,200,000 EUR
10,700,000 EUR
3,000,000 EUR
2,000,000 EUR
3,900,000 EUR
9,680,000 EUR
3,000,000 EUR
9,500,000 EUR
12,000,000 EUR
4,000,000 EUR
2,700,000 EUR
3,000,000 EUR
123,767,000 NOK
8,500,000 EUR
2,000,000 EUR
3,500,000 EUR
7,300,000 EUR
Description of Securities
Finland Government Bond 3.875% 15/Sep/2017
France Government Bond OAT 2.25% 25/Oct/2022
France Government Bond OAT 2.5% 25/Oct/2020
France Government Bond OAT 3.25% 25/Apr/2016
France Government Bond OAT 3.5% 25/Apr/2015
France Government Bond OAT 3.5% 25/Apr/2020
France Government Bond OAT 3.5% 25/Apr/2026
France Government Bond OAT 3.75% 25/Apr/2021
France Government Bond OAT 3.75% 25/Oct/2019
France Government Bond OAT 4% 25/Apr/2014
France Government Bond OAT 4% 25/Apr/2055
France Government Bond OAT 4% 25/Oct/2038
France Government Bond OAT 4.25% 25/Oct/2017
France Government Bond OAT 4.25% 25/Oct/2018
France Government Bond OAT 4.5% 25/Apr/2041
France Government Bond OAT 5% 25/Oct/2016
France Government Bond OAT 6% 25/Oct/2025
France Government Bond OAT 8.5% 25/Oct/2019
French Treasury Note BTAN 3% 12/Jul/2014
Ireland Government Bond 4.5% 18/Feb/2015
Ireland Government Bond 5% 18/Oct/2020
Ireland Government Bond 5.4% 13/Mar/2025
Italy Buoni Poliennali Del Tesoro 3% 01/Apr/2014
Italy Buoni Poliennali Del Tesoro 3% 15/Jun/2015
Italy Buoni Poliennali Del Tesoro 3.5% 01/Jun/2014
Italy Buoni Poliennali Del Tesoro 3.75% 01/Aug/2015
Italy Buoni Poliennali Del Tesoro 4% 01/Sep/2020
Italy Buoni Poliennali Del Tesoro 4.25% 01/Mar/2020
Italy Buoni Poliennali Del Tesoro 4.5% 01/Aug/2018
Italy Buoni Poliennali Del Tesoro 4.5% 01/Mar/2019
Italy Buoni Poliennali Del Tesoro 4.5% 01/Mar/2026
Italy Buoni Poliennali Del Tesoro 4.75% 01/May/2017
Italy Buoni Poliennali Del Tesoro 5% 01/Aug/2034
Italy Buoni Poliennali Del Tesoro 5% 01/Aug/2039
Italy Buoni Poliennali Del Tesoro 5% 01/Mar/2022
Italy Buoni Poliennali Del Tesoro 5% 01/Sep/2040
Italy Buoni Poliennali Del Tesoro 6.5% 01/Nov/2027
Italy Buoni Poliennali Del Tesoro 7.25% 01/Nov/2026
Netherlands Government Bond 3.5% 15/Jul/2020
Netherlands Government Bond 3.75% 15/Jan/2023
Netherlands Government Bond 3.75% 15/Jul/2014
Netherlands Government Bond 4% 15/Jan/2037
Netherlands Government Bond 4% 15/Jul/2016
Netherlands Government Bond 4% 15/Jul/2018
Netherlands Government Bond 4% 15/Jul/2019
Netherlands Government Bond 4.5% 15/Jul/2017
Netherlands Government Bond 5.5% 15/Jan/2028
Netherlands Government Bond 7.5% 15/Jan/2023
Norway Government Bond 4.5% 22/May/2019
Portugal Obrigacoes do Tesouro OT 3.35% 15/Oct/2015
Portugal Obrigacoes do Tesouro OT 4.1% 15/Apr/2037
Portugal Obrigacoes do Tesouro OT 4.45% 15/Jun/2018
Portugal Obrigacoes do Tesouro OT 4.95% 25/Oct/2023
Market Value
5,799,625
2,557,688
16,962,546
11,393,348
20,350,414
22,572,145
16,369,208
1,164,350
11,634,250
11,567,050
15,626,070
19,340,105
24,841,675
29,872,739
7,751,700
6,023,773
7,973,845
14,596,185
10,448,000
7,423,150
40,350,994
3,737,418
9,153,450
19,090,572
28,344,320
15,336,230
10,064,750
13,501,290
5,255,750
31,161,305
7,024,030
21,078,357
6,515,275
7,018,025
28,576,634
15,796,810
16,543,355
13,291,808
3,513,300
2,406,250
4,121,130
12,871,738
3,397,950
11,209,763
14,347,500
4,729,900
3,932,820
4,664,700
19,688,403
8,311,300
1,322,000
3,269,000
6,247,705
Net Assets %
0.49%
0.22%
1.43%
0.96%
1.71%
1.90%
1.38%
0.10%
0.98%
0.97%
1.32%
1.63%
2.09%
2.52%
0.65%
0.51%
0.67%
1.23%
0.88%
0.63%
3.39%
0.31%
0.77%
1.61%
2.39%
1.29%
0.85%
1.14%
0.44%
2.62%
0.59%
1.78%
0.55%
0.59%
2.41%
1.33%
1.39%
1.12%
0.30%
0.20%
0.35%
1.08%
0.29%
0.94%
1.21%
0.40%
0.33%
0.39%
1.66%
0.70%
0.11%
0.28%
0.53%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
204 Pioneer Funds - Annual Report

Pioneer Funds - Euro Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
497,910
4,850,000
18,000,000
2,700,000
11,000,000
15,000,000
13,700,000
15,421,000
19,771,000
Currency
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Description of Securities
Slovakia Government Bond 4.9% 11/Feb/2014
Spain Government Bond 3% 30/Apr/2015
Spain Government Bond 3.75% 31/Oct/2015
Spain Government Bond 4.1% 30/Jul/2018
Spain Government Bond 4.6% 30/Jul/2019
Spain Government Bond 4.65% 30/Jul/2025
Spain Government Bond 4.7% 30/Jul/2041
Spain Government Bond 5.5% 30/Apr/2021
Spain Government Bond 5.5% 30/Jul/2017
Market Value
522,641
4,845,635
18,219,600
2,673,743
11,040,425
13,716,750
11,743,983
15,791,875
20,981,974
Net Assets %
0.04%
0.41%
1.53%
0.23%
0.93%
1.16%
0.99%
1.33%
1.77%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
1,038,146,266
1,109,722,286
87.44%
93.46%
23,487
EUR
Investment funds
Pioneer Institutional Currency High Alpha - X ND
23,921,275
2.01%
Total Investment funds
23,921,275
2.01%
Total Securities
1,133,643,561
95.47%
Net Asset Value
1,187,402,349
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 102
Euro Bobl
11-Mar-13 112
Euro Bund
11-Mar-13 200
Euro Buxl
11-Mar-13 882
Euro Schatz
11-Mar-13 (72)
Euro-Oat Futures
21-Mar-13 (10)
Japanese 10y Bond
28-Mar-13 28
Long Gilt
28-Mar-13 (47)
US Long Bond
28-Mar-13 (3)
US 10 Yr Note Future
31-Mar-13 334
US 2 Yr Note Future
31-Mar-13 (288)
US 5 Yr Note Future
16-Jun-14 120
90 Day Euro$
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
EUR
EUR
EUR
EUR
JPY
GBP
USD
USD
USD
USD
USD
Commitment
(in Trade Ccy)
13,037,640
16,311,680
27,388,000
97,774,110
(9,803,520)
(1,436,500,000)
3,330,040
(6,941,313)
(398,297)
73,641,783
(35,824,501)
29,865,000
Market Price
(in Trade Ccy)
127.82
145.64
136.94
110.86
136.16
143.65
118.93
147.69
132.77
110.24
124.39
99.55
Unrealised Gain/(Loss)
(in Fund Ccy)
90,780
42,997
776,001
114,660
(129,599)
82,459
33,302
93,579
(889)
15,879
44,371
22,618
1,186,158
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 EUR
15,030,345
04-Mar-13 EUR
422,682
04-Mar-13 EUR
19,019,000
04-Mar-13 EUR
2,148,751
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
DKK
JPY
NOK
USD
Amount Sold
112,000,000
45,000,000
140,595,830
2,773,906
Unrealised Gain/(Loss)
15,436
27,940
(88,668)
45,529
237
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 205

Pioneer Funds - Euro Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
02-Aug-22 (11,030,000)
02-Aug-22 (11,030,000)
16-Oct-13 (39,500,000)
Call Swaption IRS 2.76% / Euribor 6M 2/Aug/2022
Put Swaption IRS 2.76% / Euribor 6M 2/Aug/2022
Call Swaption IRS 2.10% / Euribor 6M 16/Oct/2013
2.76
2.76
2.10
30,442,800 EUR (612,202) 194,593
30,442,800 EUR (766,495)
40,300
82,950,000 EUR (409,966) 601,234
(1,788,663) 836,127
Long Positions
02-Aug-22 49,200,000 Call Swaption IRS 3.03% / Euribor 3M 2/Aug/2022
02-Aug-22 2,310,000 Call Swaption IRS 2.60% / Euribor 6M 2/Aug/2022
02-Aug-22 49,200,000 Put Swaption IRS 3.03% / Euribor 3M 2/Aug/2022
02-Aug-22 2,310,000 Put Swaption IRS 2.60% / Euribor 6M 2/Aug/2022
16-Oct-13 79,000,000 Call Swaption IRS 2.50% / Euribor 6M 16/Oct/2013
16-Jun-14 499
Put 90 Day Euro$
Total Net Unrealised Gain/(Loss) on Options Contracts
3.03
2.60
3.03
2.60
2.50
99.00
EUR
EUR
EUR
EUR
EUR
USD
402,627
266,937
300,879
327,174
314,878
61,504
1,673,999
11,513
(86,503)
(90,235)
(26,267)
(672,623)
(231,588)
(1,095,703)
(259,576)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
Underlying
20-Mar-22 Credit Default Swap Buyer Ireland Republic
20-Dec-17 Credit Default Swap Buyer iTraxx Europe Series 18
20-Dec-17 Credit Default Swap Seller iTraxx Europe Series 18
04-Aug-21 Cross Currency Swap Seller -
16-Apr-20 Cross Currency Swap Seller -
14-Nov-15 Interest Rate Swap
-
14-Feb-14 Interest Rate Swap
-
11-Jul-17 Interest Rate Swap
-
03-Sep-14 Interest Rate Swap
-
11-Jul-14 Interest Rate Swap
-
03-Sep-17 Interest Rate Swap
-
18-Oct-20 Interest Rate Swap
-
22-Jun-17 Interest Rate Swap
-
03-Oct-15 Interest Rate Swap
-
16-Oct-16 Interest Rate Swap
-
17-Oct-21 Interest Rate Swap
-
03-Oct-15 Interest Rate Swap
-
18-Oct-20 Interest Rate Swap
-
04-Jun-42 Interest Rate Swap
-
04-Jun-42 Interest Rate Swap
-
31-Jul-13 Interest Rate Swap
-
28-May-15 Interest Rate Swap
-
28-Nov-42 Interest Rate Swap
-
28-Nov-32 Interest Rate Swap
-
30-Jul-17 Interest Rate Swap
-
26-Nov-17 Interest Rate Swap
-
26-Nov-22 Interest Rate Swap
-
26-Nov-22 Interest Rate Swap
-
26-Nov-17 Interest Rate Swap
-
26-Nov-22 Interest Rate Swap
-
26-Nov-17 Interest Rate Swap
-
29-Oct-15 Interest Rate Swap
-
29-Oct-14 Interest Rate Swap
-
Total Net Unrealised Gain/(Loss) on Swaps
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Received Rate
-
-
1.000%
Euribor 3M
Stibor 3M +0.36%
3.210%
BBSW 3M
China IRS 1W
2.860%
2.370%
China IRS 1W
Euribor 6M
EUR-EXT-CPI
0.353%
Euribor 6M
2.360%
Euribor 6M
Euribor 6M
Euribor 6M
3.473%
Indian OIS 1D
Libor 6M
Libor 6M
2.505%
KRW3MCD
3.350%
Klibor 3M
Klibor 3M
3.340%
Klibor 3M
3.345%
BKBM 3M
2.650%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
1.000% USD 35,250,000 2,985,514
1.000% EUR 36,000,000 281,230
- EUR 22,500,000 (175,769)
Libor 3M -0.36% EUR 53,846,154
34,244
Euribor 3M EUR 36,000,000 297,548
BBSW 3M AUD 40,595,000 (65,834)
2.940% AUD 38,740,000 (55,215)
2.600% CNY 85,700,000 453,587
China IRS 1W CNY 208,600,000 (214,825)
China IRS 1W CNY 205,900,000 (378,010)
2.850% CNY 86,800,000 367,081
1.582% EUR 9,700,000 (235,517)
1.579% EUR 10,535,000 124,716
Eonia 1D EUR 180,000,000 512,991
1.000% EUR 119,000,000 (578,341)
Euribor 6M EUR 49,300,000 644,560
0.680% EUR 180,000,000 (765,718)
1.575% EUR 15,000,000 (355,602)
1.800% EUR 11,100,000 801,241
Libor 6M GBP 9,800,000 (440,515)
7.650% INR 3,700,000,000 151,545
0.390% JPY 11,000,000,000 (174,419)
2.343% JPY 1,418,000,000 202,343
Libor 6M JPY 1,132,000,000 (195,350)
2.788% KRW 15,000,000,000
41,147
Klibor 3M MYR 19,400,000 (20,379)
3.680% MYR 10,761,000
47,939
3.685% MYR 10,339,000
44,821
Klibor 3M MYR 49,400,000 (57,580)
3.675% MYR 26,300,000 119,748
Klibor 3M MYR 20,200,000 (22,579)
2.830% NZD 49,780,550
12,962
BKBM 3M NZD 98,442,400 (34,395)
3,353,169
206 Pioneer Funds - Annual Report

Pioneer Funds - Euro Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
4,000,000
EUR
Consumer Goods
Automobiles and Parts
BMW Finance NV 1.5% 05/Jun/2018
4,051,640
0.28%
1,000,000
EUR
Beverages
Carlsberg Breweries A/S 3.375% 13/Oct/2017
1,091,635
0.08%
4,359,000
EUR
Tobacco
Imperial Tobacco Finance PLC 8.375% 17/Feb/2016
5,293,590
0.37%
2,000,000
1,400,000
6,000,000
EUR
EUR
EUR
Consumer Services
Food and Drug Retailers
Casino Guichard Perrachon SA 5.5% 30/Jan/2015
Delhaize Group SA 3.125% 27/Feb/2020
Groupe Auchan SA 4.75% 15/Apr/2015
2,177,030
1,445,388
6,551,910
0.15%
0.10%
0.45%
1,300,000
3,000,000
EUR
EUR
Travel, Leisure and Catering
Lottomatica Group SpA 3.5% 05/Mar/2020
Lottomatica Group SpA 5.375% 05/Dec/2016
1,334,782
3,294,780
0.09%
0.23%
4,600,000
3,000,000
10,250,000
3,500,000
800,000
4,600,000
3,500,000
3,500,000
3,500,000
5,000,000
200,000
3,350,000
3,000,000
5,100,000
2,500,000
2,500,000
1,500,000
1,700,000
656,000
6,750,000
500,000
1,000,000
2,067,000
1,417,000
5,000,000
5,000,000
5,000,000
6,500,000
1,929,000
3,000,000
9,000,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
USD
EUR
EUR
Financials
Banks
ABN Amro Bank NV 3.5% 12/Jan/2018
ABN Amro Bank NV 3.625% 22/Jun/2020
ABN Amro Bank NV 6.375% 27/Apr/2021
Banco Bilbao Vizcaya Argentaria SA 3.5% 26/Jul/2013
Banco Bilbao Vizcaya Argentaria SA 4.25% 18/Jan/2017
Banco Bilbao Vizcaya Argentaria SA 4.25% 30/Mar/2015
Banco Espanol de Credito SA 3.5% 27/Jan/2015
Banco Santander SA 3.125% 28/Jan/2015
Banco Santander SA 3.125% 28/Sep/2015
Banco Santander SA 4.125% 09/Jan/2017
Bank of America Corp Floating 06/May/2019
Bank of America Corp 4.75% 03/Apr/2017
Banque Federative du Credit Mutuel SA 4.125% 20/Jul/2020
Barclays Bank PLC 2.25% 22/Feb/2017
Barclays Bank PLC 4% 12/Jan/2021
Barclays Bank PLC 6% 23/Jan/2018
BBVA Senior Finance SAU 3.25% 23/Apr/2015
Belfius Bank SA/NV 1.25% 27/Nov/2017
BNP Paribas Capital Trust VI - Pfd - Floating Perpetual
BNP Paribas SA 2.5% 23/Aug/2019
BPCE SA Floating Perpetual
BPCE SA Floating Perpetual
BPCE SA 9.25% Perpetual
Cie de Financement Foncier SA 2.25% 21/Aug/2015
Cie de Financement Foncier SA 4.375% 25/Apr/2019
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 4.375% 22/Jan/2014
Credit Mutuel - CIC Home Loan SFH - SFH - 4.375% 17/Mar/2021
Credit Mutuel - CIC Home Loan SFH 3.375% 18/Jul/2016
Danske Bank A/S Floating 21/Sep/2037
Danske Bank Oyj 1.625% 27/Sep/2019
Deutsche Bank AG 2.125% 01/Mar/2019
5,160,280
3,445,005
11,734,968
3,530,422
832,786
4,769,188
3,564,400
3,547,600
3,555,650
5,206,625
194,500
3,775,986
3,450,855
5,404,827
2,963,535
2,841,025
1,501,455
1,720,692
658,385
7,020,472
415,500
700,000
2,184,561
1,474,849
5,860,930
5,207,350
6,017,025
7,097,090
1,530,807
3,056,190
9,626,130
0.36%
0.24%
0.80%
0.24%
0.06%
0.33%
0.25%
0.24%
0.25%
0.36%
0.01%
0.26%
0.24%
0.37%
0.20%
0.20%
0.10%
0.12%
0.05%
0.48%
0.03%
0.05%
0.15%
0.10%
0.40%
0.36%
0.41%
0.49%
0.11%
0.21%
0.65%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 207

Pioneer Funds - Euro Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
6,000,000 EUR
4,750,000 EUR
6,000,000 EUR
6,000,000 EUR
2,500,000 USD
3,500,000 EUR
7,937,000 EUR
4,000,000 EUR
3,500,000 EUR
4,600,000 EUR
6,000,000 EUR
3,500,000 EUR
3,500,000 EUR
4,000,000 EUR
3,000,000 EUR
2,500,000 EUR
5,000,000 EUR
2,600,000 EUR
6,000,000 EUR
3,000,000 EUR
4,600,000 EUR
3,300,000 USD
3,500,000 EUR
2,000,000 EUR
3,500,000 EUR
8,000,000 EUR
2,083,000 EUR
57,433,302 DKK
34,701,409 DKK
4,700,000 EUR
3,300,000 EUR
800,000 EUR
3,500,000 EUR
4,500,000 EUR
3,500,000 EUR
1,000,000 EUR
100,000 EUR
2,000,000 EUR
5,000,000 EUR
5,000,000 EUR
3,000,000 EUR
3,500,000 EUR
2,545,000 EUR
2,000,000 EUR
3,750,000 USD
8,500,000 EUR
8,000,000 EUR
500,000 EUR
4,000,000 EUR
2,700,000 EUR
3,000,000 EUR
11,000,000 EUR
3,500,000 EUR
Description of Securities
Deutsche Postbank AG 3.375% 31/Mar/2020
Deutsche Postbank AG 3.625% 15/Feb/2021
Erste Group Bank AG 3% 06/Sep/2018
Eurohypo AG 2.875% 19/Jan/2016
Export-Import Bank of Korea 5.125% 29/Jun/2020
GCE Covered Bonds SA 2.75% 14/Jan/2015
HSBC Capital Funding LP/Jersey Floating Perpetual
HSBC Covered Bonds France 3.375% 20/Jan/2017
ING Bank NV 2.25% 31/Aug/2015
ING Bank NV 3.375% 11/Jan/2018
ING-DiBa AG 2% 13/Mar/2019
Intesa Sanpaolo SpA 3% 04/Nov/2015
Intesa Sanpaolo SpA 3.25% 28/Apr/2017
Intesa Sanpaolo SpA 4% 08/Nov/2018
Intesa Sanpaolo SpA 4.125% 19/Sep/2016
KBC Bank NV 1.125% 11/Dec/2017
KBC Internationale Financieringsmaatschappij NV Euribor 3M 19/Jul/2013
KBC Internationale Financieringsmaatschappij NV 3% 29/Aug/2016
KFW 2.5% 17/Jan/2022
Lansforsakringar Hypotek AB 2.875% 23/Mar/2015
Lloyds TSB Bank PLC 4.125% 06/Apr/2016
Lloyds TSB Bank PLC 6.5% 14/Sep/2020
Morgan Stanley 4% 17/Nov/2015
Morgan Stanley 4.5% 23/Feb/2016
National Australia Bank Ltd 3.5% 23/Jan/2015
Nordea Bank AB 4.5% 26/Mar/2020
Nordea Bank Finland PLC 2.375% 17/Jul/2017
Nykredit Realkredit A/S 3.5% 01/Oct/2044
Realkredit Danmark A/S 3.5% 01/Oct/2044
Santander International Debt SAU 4.375% 04/Sep/2014
Santander International Debt SAU 4.625% 21/Mar/2016
SG Capital Trust III Floating Perpetual
Skandinaviska Enskilda Banken AB 3% 20/Jan/2016
Skandinaviska Enskilda Banken AB 4% 12/Sep/2022
Societe Generale SA Euribor 3M 22/Jul/2013
Societe Generale SA 5.25% 28/Mar/2013
Societe Generale SA 6.625% 27/Apr/2015
Societe Generale SCF SA 4.75% 06/Jun/2013
Societe Generale SCF SA 5% 27/Mar/2019
Societe Generale SFH 4% 18/Jan/2022
Sparebank 1 Boligkreditt AS 3.25% 17/Mar/2017
SpareBank 1 SR Bank ASA 3.5% 21/Apr/2016
Stadshypotek AB 1.875% 21/Mar/2017
Standard Chartered Bank Euribor 3M 28/Mar/2018
Standard Chartered Bank Hong Kong Ltd 5.875% 24/Jun/2020
Standard Chartered PLC 3.625% 15/Dec/2015
Svenska Handelsbanken AB 2.625% 23/Aug/2022
Swedish Covered Bond Corp 3.25% 30/Mar/2017
Terra Boligkreditt AS 1.25% 06/Nov/2017
UBS AG/London 3.5% 15/Jul/2015
UBS AG/London 4% 08/Apr/2022
UniCredit Bank AG 2.875% 07/Jun/2016
UniCredit SpA 2.625% 31/Oct/2015
Market Value
6,932,100
5,575,075
6,616,920
6,405,492
2,188,875
3,657,623
7,921,126
4,417,200
3,664,623
5,134,520
6,372,150
3,639,125
3,667,353
4,103,660
3,135,210
2,515,665
5,024,200
2,732,210
6,571,200
3,160,020
5,106,385
2,769,209
3,716,528
2,153,160
3,702,738
8,866,960
2,231,258
7,824,867
4,727,813
4,816,630
3,444,936
764,464
3,765,720
4,739,805
3,515,610
1,011,365
109,784
2,038,750
6,098,500
5,884,225
3,306,615
3,756,235
2,670,138
1,976,050
3,208,122
9,172,095
8,248,080
552,418
4,048,260
2,880,671
3,596,100
11,853,435
3,602,900
Net Assets %
0.48%
0.38%
0.46%
0.44%
0.15%
0.25%
0.55%
0.30%
0.25%
0.35%
0.44%
0.25%
0.25%
0.28%
0.22%
0.17%
0.35%
0.19%
0.45%
0.22%
0.35%
0.19%
0.26%
0.15%
0.26%
0.61%
0.15%
0.54%
0.33%
0.33%
0.24%
0.05%
0.26%
0.33%
0.24%
0.07%
0.01%
0.14%
0.42%
0.41%
0.23%
0.26%
0.18%
0.14%
0.22%
0.62%
0.57%
0.04%
0.28%
0.20%
0.25%
0.81%
0.25%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
208 Pioneer Funds - Annual Report

Pioneer Funds - Euro Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,500,000 EUR
5,520,000 EUR
3,500,000 EUR
Description of Securities
UniCredit SpA 5.25% 14/Jan/2014
UniCredit SpA 6.95% 31/Oct/2022
Unione di Banche Italiane SCPA 3.625% 23/Sep/2016
Market Value
5,711,200
5,760,919
3,635,975
Net Assets %
0.39%
0.40%
0.25%
2,000,000
3,000,000
4,500,000
7,000,000
4,000,000
7,000,000
3,000,000
3,500,000
3,000,000
2,200,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financial Services
Banque PSA Finance SA 3.625% 17/Sep/2013
BNP Paribas Home Loan SFH 3.375% 12/Jan/2017
BNP Paribas Home Loan SFH 3.75% 11/Jan/2021
BNP Paribas Home Loan SFH 4.5% 30/May/2014
BPCE SFH SA 3.75% 13/Sep/2021
Caisse de Refinancement de l’Habitat SA 4% 25/Apr/2018
Credit Agricole Home Loan SFH 3.25% 23/Mar/2017
Credit Suisse AG/Guernsey 2.625% 01/Dec/2015
LeasePlan Corp NV 3.875% 16/Sep/2015
OP Mortgage Bank 1.625% 23/May/2017
2,025,610
3,315,600
5,210,145
7,409,500
4,595,620
8,076,950
3,298,140
3,719,590
3,188,610
2,284,018
0.14%
0.23%
0.36%
0.51%
0.32%
0.56%
0.23%
0.26%
0.22%
0.16%
1,500,000
2,000,000
200,000
EUR
EUR
EUR
Nonlife Insurance
AXA SA - Em.Jun 06 - Floating Perpetual
Muenchener Rueckversicherungs AG Floating 26/May/2041
Muenchener Rueckversicherungs AG Floating 26/May/2042
1,473,390
2,391,756
242,105
0.10%
0.16%
0.02%
6,000,000
EUR
Health Care
Health Care Equipment and Services
Luxottica Group SpA 3.625% 19/Mar/2019
6,617,040
0.46%
2,500,000
EUR
Pharmaceuticals and Biotechnology
Merck Financial Services GmbH 3.375% 24/Mar/2015
2,645,413
0.18%
2,300,000
300,000
EUR
EUR
Industrials
Construction and Materials
Cie de St-Gobain 4% 08/Oct/2018
Holcim Finance Luxembourg SA 9% 26/Mar/2014
2,524,342
329,445
0.17%
0.02%
2,000,000
EUR
Industrial Transportation
Atlantia SpA 3.375% 18/Sep/2017
2,077,440
0.14%
500,000
3,000,000
3,000,000
100,000
500,000
1,500,000
5,000,000
1,917,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Telecommunications
Fixed Line Telecommunications
AT&T Inc 6.125% 02/Apr/2015
Deutsche Telekom International Finance BV 4.25% 16/Mar/2020
France Telecom SA 5% 22/Jan/2014
France Telecom SA 8.125% 28/Jan/2033
Koninklijke KPN NV 6.5% 15/Jan/2016
Telefonica Emisiones SAU 3.406% 24/Mar/2015
Telefonica Emisiones SAU 5.496% 01/Apr/2016
Telenor ASA 4.125% 26/Mar/2020
562,140
3,468,765
3,138,810
158,048
571,070
1,553,018
5,508,200
2,221,899
0.04%
0.24%
0.22%
0.01%
0.04%
0.11%
0.38%
0.15%
985,000
EUR
Mobile Telecommunications
Vodafone Group PLC 6.25% 15/Jan/2016
1,146,294
0.08%
2,000,000
1,500,000
4,100,000
2,800,000
5,000,000
200,000
2,280,000
7,472,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Utilities
Electricity
Alliander NV Floating Perpetual
Eandis CVBA 2.75% 30/Nov/2022
Electricite de France SA 2.75% 10/Mar/2023
Electricite de France SA 3.875% 18/Jan/2022
Elia System Operator SA/NV 4.5% 22/Apr/2013
E.ON International Finance BV 6.375% 29/May/2017
ESB Finance Ltd 4.375% 21/Nov/2019
ESB Finance Ltd 6.25% 11/Sep/2017
2,125,400
1,544,025
4,157,646
3,152,590
4,937,475
245,225
2,421,166
8,586,560
0.15%
0.11%
0.29%
0.22%
0.34%
0.02%
0.17%
0.59%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 209

Pioneer Funds - Euro Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
2,000,000 EUR
1,500,000 EUR
100,000 EUR
2,000,000 EUR
Description of Securities
Eurogrid GmbH 3.875% 22/Oct/2020
Iberdrola International BV 4.5% 21/Sep/2017
RWE AG 5.75% 14/Feb/2033
Statkraft AS 2.5% 28/Nov/2022
Market Value
2,255,120
1,637,738
135,215
2,018,500
Net Assets %
0.16%
0.11%
0.01%
0.14%
200,000
1,150,000
1,150,000
300,000
653,000
200,000
EUR
EUR
GBP
EUR
EUR
EUR
Gas, Water and Multiutilities
Anglian Water Services Financing PLC 4.625% 07/Oct/2013
Gas Natural Capital Markets SA 4.375% 02/Nov/2016
National Grid Gas PLC 6.375% 03/Mar/2020
National Grid PLC 5% 02/Jul/2018
Veolia Environnement SA 5.25% 24/Apr/2014
Veolia Environnement SA 5.375% 28/May/2018
207,957
1,234,381
1,760,120
356,729
691,627
236,175
0.01%
0.09%
0.12%
0.02%
0.05%
0.02%
Total Bonds
505,448,717
34.86%
Supranationals, Governments and Local Public Authorities, Debt Instruments
10,000,000
10,000,000
13,000,000
EUR
EUR
EUR
Supranationals
European Financial Stability Facility 3.5% 04/Feb/2022
European Investment Bank 2.25% 14/Oct/2022
European Union 2.75% 21/Sep/2021
11,532,000
10,465,800
14,360,385
0.80%
0.72%
0.99%
3,100,000
8,150,000
300,000
2,560,000
7,300,000
1,900,000
900,000
10,600,000
6,300,000
10,000,000
4,300,000
800,000
3,625,000
1,720,000
15,500,000
55,625,000
2,900,000
7,500,000
11,500,000
6,430,000
4,000,000
2,400,000
3,350,000
3,100,000
15,900,000
1,550,000
600,000
3,300,000
1,300,000
16,800,000
10,000,000
1,950,000
8,700,000
12,000,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Governments
Austria Government Bond 3.5% 15/Jul/2015
Austria Government Bond 3.5% 15/Sep/2021
Austria Government Bond 3.8% 26/Jan/2062
Austria Government Bond 4.15% 15/Mar/2037
Austria Government Bond 4.3% 15/Sep/2017
Austria Government Bond 4.85% 15/Mar/2026
Austria Government Bond 6.25% 15/Jul/2027
Belgium Government Bond 2.75% 28/Mar/2016
Belgium Government Bond 3.5% 28/Mar/2015
Belgium Government Bond 4% 28/Mar/2022
Belgium Government Bond 4% 28/Mar/2032
Belgium Government Bond 4.25% 28/Mar/2041
Belgium Government Bond 4.5% 28/Mar/2026
Belgium Government Bond 5% 28/Mar/2035
Bundesobligation 2.5% 27/Feb/2015
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond Floating 15/Apr/2013
Bundesrepublik Deutschland 4% 04/Jan/2037
Bundesrepublik Deutschland 4.25% 04/Jan/2014
Bundesrepublik Deutschland 4.25% 04/Jul/2014
Bundesrepublik Deutschland 4.75% 04/Jul/2034
Bundesrepublik Deutschland 4.75% 04/Jul/2040
Bundesrepublik Deutschland 5.5% 04/Jan/2031
Bundesrepublik Deutschland 5.625% 04/Jan/2028
Bundesrepublik Deutschland 6.25% 04/Jan/2030
Deutsche Bundesrepublik Inflation Linked Bond Floating 15/Apr/2023
Finland Government Bond 2.75% 04/Jul/2028
Finland Government Bond 4% 04/Jul/2025
Finland Government Bond 4.375% 04/Jul/2019
France Government Bond OAT 2.5% 25/Oct/2020
France Government Bond OAT 3% 25/Apr/2022
France Government Bond OAT 3.5% 25/Apr/2015
France Government Bond OAT 3.5% 25/Apr/2020
France Government Bond OAT 3.5% 25/Apr/2026
France Government Bond OAT 3.75% 25/Apr/2017
3,364,508
9,451,758
391,845
3,324,160
8,562,717
2,508,428
1,358,483
11,417,525
6,770,610
11,765,500
5,050,780
982,180
4,474,156
2,296,974
16,348,625
62,915,171
3,928,195
7,820,438
12,230,825
9,401,624
6,190,300
3,664,200
5,014,280
5,027,425
17,147,093
1,708,836
748,605
4,029,218
1,394,153
18,396,420
10,778,250
2,237,479
9,799,897
13,640,400
0.23%
0.65%
0.03%
0.23%
0.59%
0.17%
0.09%
0.79%
0.47%
0.81%
0.35%
0.07%
0.31%
0.16%
1.13%
4.35%
0.27%
0.54%
0.84%
0.65%
0.43%
0.25%
0.35%
0.35%
1.18%
0.12%
0.05%
0.28%
0.10%
1.27%
0.74%
0.15%
0.68%
0.94%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
210 Pioneer Funds - Annual Report

Pioneer Funds - Euro Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,000,000 EUR
5,300,000 EUR
16,915,818 EUR
12,640,000 EUR
10,800,000 EUR
7,800,000 EUR
6,700,000 EUR
2,070,000 EUR
4,700,000 EUR
900,000 EUR
2,800,000 EUR
9,420,000 EUR
3,840,000 EUR
24,000,000 EUR
26,620,000 EUR
1,750,000 EUR
26,000,000 EUR
10,000,000 EUR
4,500,000 EUR
5,300,000 EUR
1,000,000 EUR
7,550,000 EUR
1,740,000 EUR
11,730,000 EUR
1,300,000 EUR
23,400,000 EUR
6,000,000 EUR
2,870,000 EUR
5,150,000 EUR
7,430,000 EUR
8,200,000 EUR
3,045,000 EUR
2,300,000 EUR
5,900,000 EUR
6,150,000 EUR
300,000 EUR
4,500,000 EUR
5,080,000 EUR
3,400,000 EUR
7,100,000 EUR
4,640,000 EUR
1,000,000 EUR
9,800,000 EUR
4,410,000 EUR
24,200,000 EUR
2,100,000 EUR
500,000 EUR
94,350,000 NOK
5,000,000 EUR
8,000,000 EUR
8,500,000 EUR
5,400,000 EUR
4,500,000 EUR
Description of Securities
France Government Bond OAT 3.75% 25/Apr/2021
France Government Bond OAT 4% 25/Apr/2014
France Government Bond OAT 4% 25/Apr/2018
France Government Bond OAT 4% 25/Apr/2055
France Government Bond OAT 4% 25/Oct/2014
France Government Bond OAT 4% 25/Oct/2038
France Government Bond OAT 4.25% 25/Oct/2023
France Government Bond OAT 4.5% 25/Apr/2041
France Government Bond OAT 4.75% 25/Apr/2035
France Government Bond OAT 5.5% 25/Apr/2029
France Government Bond OAT 5.75% 25/Oct/2032
France Government Bond OAT 6% 25/Oct/2025
France Government Bond OAT 8.5% 25/Apr/2023
French Treasury Note BTAN 2.5% 25/Jul/2016
Ireland Government Bond 5% 18/Oct/2020
Ireland Government Bond 5.5% 18/Oct/2017
Italy Buoni Poliennali Del Tesoro 3% 01/Apr/2014
Italy Buoni Poliennali Del Tesoro 3% 15/Apr/2015
Italy Buoni Poliennali Del Tesoro 3.5% 01/Jun/2014
Italy Buoni Poliennali Del Tesoro 3.75% 01/Aug/2021
Italy Buoni Poliennali Del Tesoro 3.75% 15/Dec/2013
Italy Buoni Poliennali Del Tesoro 4% 01/Feb/2017
Italy Buoni Poliennali Del Tesoro 4% 01/Feb/2037
Italy Buoni Poliennali Del Tesoro 4% 01/Sep/2020
Italy Buoni Poliennali Del Tesoro 4.25% 01/Mar/2020
Italy Buoni Poliennali Del Tesoro 4.5% 01/Mar/2019
Italy Buoni Poliennali Del Tesoro 4.75% 01/Aug/2023
Italy Buoni Poliennali Del Tesoro 4.75% 01/Sep/2021
Italy Buoni Poliennali Del Tesoro 5% 01/Aug/2034
Italy Buoni Poliennali Del Tesoro 5% 01/Aug/2039
Italy Buoni Poliennali Del Tesoro 5% 01/Mar/2025
Italy Buoni Poliennali Del Tesoro 5% 01/Sep/2040
Italy Buoni Poliennali Del Tesoro 5.25% 01/Nov/2029
Italy Buoni Poliennali Del Tesoro 5.5% 01/Sep/2022
Italy Buoni Poliennali Del Tesoro 5.75% 01/Feb/2033
Italy Buoni Poliennali Del Tesoro 6% 01/May/2031
Italy Buoni Poliennali Del Tesoro 6.5% 01/Nov/2027
Italy Buoni Poliennali Del Tesoro 7.25% 01/Nov/2026
Italy Buoni Poliennali Del Tesoro 9% 01/Nov/2023
Netherlands Government Bond 3.5% 15/Jul/2020
Netherlands Government Bond 3.75% 15/Jan/2023
Netherlands Government Bond 3.75% 15/Jan/2042
Netherlands Government Bond 3.75% 15/Jul/2014
Netherlands Government Bond 4% 15/Jan/2037
Netherlands Government Bond 4.5% 15/Jul/2017
Netherlands Government Bond 5.5% 15/Jan/2028
Netherlands Government Bond 7.5% 15/Jan/2023
Norway Government Bond 4.5% 22/May/2019
Spain Government Bond 4% 30/Apr/2020
Spain Government Bond 4.1% 30/Jul/2018
Spain Government Bond 4.6% 30/Jul/2019
Spain Government Bond 4.7% 30/Jul/2041
Spain Government Bond 4.8% 31/Jan/2024
Market Value
5,821,750
5,573,215
19,696,777
15,135,136
11,569,770
9,305,010
8,068,643
2,674,337
6,174,860
1,250,168
4,103,540
13,294,446
6,153,504
25,823,400
27,569,003
1,923,513
26,443,300
10,153,500
4,608,000
5,181,943
1,021,850
7,859,173
1,515,149
11,805,951
1,329,673
24,492,780
6,146,400
2,992,477
5,162,103
7,449,132
8,498,070
3,047,664
2,380,213
6,402,385
6,703,500
334,493
5,242,613
6,310,503
4,643,635
8,314,810
5,582,500
1,321,550
10,355,660
5,864,087
28,615,895
3,058,860
777,450
15,008,853
4,765,750
7,922,200
8,531,237
4,629,015
4,261,613
Net Assets %
0.40%
0.38%
1.36%
1.04%
0.80%
0.64%
0.56%
0.18%
0.43%
0.09%
0.28%
0.92%
0.42%
1.78%
1.90%
0.13%
1.82%
0.70%
0.32%
0.36%
0.07%
0.54%
0.10%
0.81%
0.09%
1.69%
0.42%
0.21%
0.36%
0.51%
0.59%
0.21%
0.16%
0.44%
0.46%
0.02%
0.36%
0.44%
0.32%
0.57%
0.38%
0.09%
0.71%
0.40%
1.98%
0.21%
0.05%
1.04%
0.33%
0.55%
0.59%
0.32%
0.29%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 211

Pioneer Funds - Euro Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
16,600,000
3,700,000
2,100,000
2,500,000
2,650,000
Currency
EUR
EUR
EUR
EUR
EUR
Description of Securities
Spain Government Bond 4.85% 31/Oct/2020
Spain Government Bond 4.9% 30/Jul/2040
Spain Government Bond 5.75% 30/Jul/2032
Spain Government Bond 5.9% 30/Jul/2026
Spain Government Bond 6% 31/Jan/2029
Market Value
16,469,690
3,252,670
2,113,230
2,561,563
2,758,385
Net Assets %
1.14%
0.22%
0.15%
0.18%
0.19%
4,300,000
2,600,000
12,100,000
12,000,000
4,200,000
12,100,000
EUR
EUR
EUR
EUR
EUR
EUR
Local Public Authorities
Caisse d’Amortissement de la Dette Sociale 4% 25/Oct/2014
Cassa Depositi e Prestiti SpA 3% 31/Jan/2013
Fondo de Reestructuracion Ordenada Bancaria 3% 19/Nov/2014
Instituto de Credito Oficial 3.25% 10/Feb/2015
Instituto de Credito Oficial 4.875% 30/Jul/2017
Instituto de Credito Oficial 5% 05/Jul/2016
4,592,615
2,603,489
12,043,432
12,018,600
4,271,232
12,505,047
0.32%
0.18%
0.83%
0.83%
0.29%
0.86%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
828,560,255
1,334,008,972
57.14%
92.00%
42,265
EUR
Investment funds
Pioneer Institutional Currency High Alpha - X ND
43,046,480
2.97%
Total Investment funds
43,046,480
2.97%
Total Securities
1,377,055,452
94.97%
Net Asset Value
1,450,062,090
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 205
Euro Bobl
11-Mar-13 (372)
Euro Bund
11-Mar-13 284
Euro Buxl
11-Mar-13 1,478
Euro Schatz
11-Mar-13 (168)
Euro-Oat Futures
21-Mar-13 (14)
Japanese 10y Bond
28-Mar-13 50
Long Gilt
28-Mar-13 (70)
US Long Bond
28-Mar-13 (99)
US 10 Yr Note Future
31-Mar-13 495
US 2 Yr Note Future
31-Mar-13 (425)
US 5 Yr Note Future
16-Jun-14 95
90 Day Euro$
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
EUR
EUR
EUR
EUR
JPY
GBP
USD
USD
USD
USD
USD
Commitment
(in Trade Ccy)
26,203,100
(54,178,080)
38,890,960
163,843,690
(22,874,880)
(2,011,100,000)
5,946,500
(10,338,125)
(13,143,797)
109,139,768
(52,866,018)
23,643,125
Market Price
(in Trade Ccy)
127.82
145.64
136.94
110.86
136.16
143.65
118.93
147.69
132.77
110.24
124.39
99.55
Unrealised Gain/(Loss)
(in Fund Ccy)
182,450
(528,240)
1,101,920
132,740
(302,400)
115,443
59,469
139,373
(29,333)
23,534
65,478
17,906
978,340
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 USD
4,684,233
04-Mar-13 EUR
12,346,355
04-Mar-13 EUR
1,833,349
04-Mar-13 EUR
14,339,057
04-Mar-13 EUR
9,872,571
04-Mar-13 EUR
1,512,465
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
DKK
GBP
NOK
USD
USD
Amount Sold
3,529,471
92,000,000
1,485,000
105,999,873
12,744,887
2,000,000
Unrealised Gain/(Loss)
23,069
12,680
3,783
(66,851)
209,186
(3,968)
177,899
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
212 Pioneer Funds - Annual Report

Pioneer Funds - Euro Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
02-Aug-22 (13,720,000)
02-Aug-22 (13,720,000)
16-Oct-13 (63,350,000)
Call Swaption IRS 2.76% / Euribor 6M 2/Aug/2022
Put Swaption IRS 2.76% / Euribor 6M 2/Aug/2022
Call Swaption IRS 2.10% / Euribor 6M 16/Oct/2013
2.76
2.76
2.10
37,867,200 EUR (761,507) 242,050
37,867,200 EUR (953,428)
50,128
133,035,000 EUR (657,503) 964,258
(2,372,438) 1,256,436
Long Positions
02-Aug-22 61,200,000 Call Swaption IRS 3.03% / Euribor 3M 2/Aug/2022
02-Aug-22 2,870,000 Call Swaption IRS 2.60% / Euribor 6M 2/Aug/2022
02-Aug-22 61,200,000 Put Swaption IRS 3.03% / Euribor 3M 2/Aug/2022
02-Aug-22 2,870,000 Put Swaption IRS 2.60% / Euribor 6M 2/Aug/2022
16-Oct-13 126,700,000 Call Swaption IRS 2.50% / Euribor 6M 16/Oct/2013
16-Jun-14 395
Put 90 Day Euro$
Total Net Unrealised Gain/(Loss) on Options Contracts
3.03
2.60
3.03
2.60
2.50
99.00
EUR
EUR
EUR
EUR
EUR
USD
500,828
331,649
374,264
406,488
505,001
48,686
2,166,916
14,321
(107,474)
(112,244)
(32,634)
(1,078,750)
(183,311)
(1,500,092)
(243,656)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date
20-Mar-22
20-Dec-17
20-Dec-17
20-Dec-17
04-Aug-21
04-Aug-21
16-Apr-20
14-Feb-14
14-Nov-15
11-Jul-14
03-Sep-14
03-Sep-17
11-Jul-17
18-Oct-20
18-Oct-20
03-Oct-15
16-Oct-16
04-Jun-42
17-Oct-21
03-Oct-15
17-Apr-23
22-Jun-17
04-Jun-42
31-Jul-13
28-Nov-32
28-May-15
29-Nov-14
28-Nov-42
30-Jul-17
26-Nov-22
26-Nov-22
Contract
Credit Default Swap Buyer
Credit Default Swap Seller
Credit Default Swap Seller
Credit Default Swap Seller
Cross Currency Swap Seller
Cross Currency Swap Seller
Cross Currency Swap Seller
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Underlying
Ireland Republic
iTraxx Europe Series 18
iTraxx Europe Series 18
iTraxx Europe Series 18
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Received Rate
-
1.000%
1.000%
1.000%
Euribor 3M
Euribor 3M
Stibor 3M +0.36%
BBSW 3M
3.210%
2.370%
2.860%
China IRS 1W
China IRS 1W
Euribor 6M
Euribor 6M
0.353%
Euribor 6M
Euribor 6M
2.360%
Euribor 6M
2.060%
EUR-EXT-CPI
3.473%
Indian OIS 1D
2.505%
Libor 6M
Libor 6M
Libor 6M
Kikrw 3M
Klibor 3M
Klibor 3M
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
1.000% USD 25,750,000 2,180,907
- EUR 17,500,000 (136,709)
- EUR 12,500,000 (97,649)
- EUR 43,000,000 (335,914)
Libor 3M -0.36% EUR 57,692,308
36,720
Libor 3M -0.303% EUR 23,076,923 297,709
Euribor 3M EUR 37,000,000 305,813
2.940% AUD 66,740,000 (95,122)
BBSW 3M AUD 69,935,000 (113,416)
China IRS 1W CNY 255,300,000 (468,703)
China IRS 1W CNY 277,400,000 (285,679)
2.850% CNY 115,500,000 488,454
2.600% CNY 106,200,000 562,088
1.575% EUR 8,500,000 (201,508)
1.582% EUR 9,500,000 (230,661)
Eonia 1D EUR 300,000,000 854,985
1.000% EUR 200,000,000 (972,002)
1.800% EUR 14,200,000 1,025,012
Euribor 6M EUR 82,600,000 1,079,931
0.680% EUR 300,000,000 (1,276,197)
EUR-EXT-CPI EUR 16,954,500 (95,018)
1.579% EUR 11,210,000 132,707
Libor 6M GBP 12,600,000 (566,376)
7.650% INR 4,800,000,000 196,599
Libor 6M JPY 1,970,000,000 (339,965)
0.390% JPY 11,000,000,000 (174,419)
0.230% JPY 7,300,000,000 (25,773)
2.343% JPY 2,467,000,000 352,031
2.788% KRW 19,400,000,000
53,217
3.685% MYR 17,705,000
76,753
3.680% MYR 18,625,000
82,972
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 213

Pioneer Funds - Euro Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Swaps as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date Contract
Underlying
26-Nov-17 Interest Rate Swap
-
26-Nov-17 Interest Rate Swap
-
26-Nov-17 Interest Rate Swap
-
26-Nov-22 Interest Rate Swap
-
29-Oct-15 Interest Rate Swap
-
29-Oct-14 Interest Rate Swap
-
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
3.345%
3.350%
3.340%
Klibor 3M
BKBM 3M
2.650%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
Klibor 3M MYR 35,340,000 (39,502)
Klibor 3M MYR 33,805,000 (35,511)
Klibor 3M MYR 86,855,000 (101,236)
3.675% MYR 46,670,000 212,495
2.830% NZD 81,950,700
21,339
BKBM 3M NZD 162,059,800 (56,622)
2,311,750
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
214 Pioneer Funds - Annual Report

Pioneer Funds - Euro Corporate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
3,641,000
4,840,000
5,000,000
USD
USD
EUR
Basic Materials
Chemicals
Alpek SA de CV 4.5% 20/Nov/2022
EuroChem Mineral & Chemical Co OJSC via EuroChem GI Ltd 5.125% 12/Dec/2017
Linde Finance BV Floating 14/Jul/2066
2,887,296
3,756,140
5,850,000
0.21%
0.28%
0.43%
4,000,000
6,500,000
2,500,000
3,600,000
2,500,000
4,000,000
5,000,000
3,000,000
EUR
EUR
EUR
EUR
EUR
GBP
EUR
EUR
Consumer Goods
Automobiles and Parts
BMW Finance NV 1.5% 05/Jun/2018
BMW Finance NV 3.625% 29/Jan/2018
Fiat Finance & Trade SA 7.625% 15/Sep/2014
Fiat Finance & Trade SA 7.75% 17/Oct/2016
Fiat Industrial Finance Europe SA 5.25% 11/Mar/2015
Jaguar Land Rover PLC 8.25% 15/Mar/2020
Pirelli & C. SpA 5.125% 22/Feb/2016
Valeo SA 5.75% 19/Jan/2017
4,051,640
7,258,810
2,653,500
3,811,500
2,642,500
5,460,782
5,261,150
3,385,878
0.30%
0.54%
0.20%
0.28%
0.20%
0.41%
0.39%
0.25%
4,440,000
6,000,000
11,750,000
EUR
EUR
EUR
Beverages
Coca-Cola HBC Finance BV 4.25% 16/Nov/2016
Davide Campari-Milano SpA 4.5% 25/Oct/2019
Pernod-Ricard SA 4.875% 18/Mar/2016
4,779,926
6,274,440
13,041,795
0.36%
0.47%
0.97%
3,750,000
USD
Food Producers
MHP SA - Regs - 10.25% 29/Apr/2015
2,989,021
0.22%
3,550,000
5,000,000
EUR
EUR
Tobacco
British American Tobacco Holdings The Netherlands BV 4% 07/Jul/2020
Imperial Tobacco Finance PLC 8.375% 17/Feb/2016
4,070,412
6,072,025
0.30%
0.45%
2,900,000
2,400,000
3,400,000
3,300,000
EUR
EUR
EUR
EUR
Consumer Services
Food and Drug Retailers
Casino Guichard Perrachon SA 3.157% 06/Aug/2019
Casino Guichard Perrachon SA 3.994% 09/Mar/2020
Delhaize Group SA 3.125% 27/Feb/2020
Groupe Auchan SA 3.625% 19/Oct/2018
3,028,267
2,621,244
3,510,228
3,711,527
0.23%
0.19%
0.26%
0.28%
5,000,000
941,000
EUR
EUR
General Retailers
PPR 3.75% 08/Apr/2015
PPR 8.625% 03/Apr/2014
5,310,300
1,031,576
0.39%
0.08%
2,000,000
1,400,000
10,000,000
EUR
EUR
EUR
Travel, Leisure and Catering
Lottomatica Group SpA - Regs - Floating 31/Mar/2066
Lottomatica Group SpA 3.5% 05/Mar/2020
Lottomatica Group SpA 5.375% 05/Dec/2016
2,100,000
1,437,457
10,982,600
0.16%
0.11%
0.82%
4,800,000
8,500,000
5,000,000
9,000,000
2,350,000
3,000,000
4,000,000
8,000,000
5,000,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
USD
EUR
Financials
Banks
Abbey National Treasury Services PLC/London 3.375% 20/Oct/2015
ABN Amro Bank NV Floating Perpetual
ABN Amro Bank NV 6.375% 27/Apr/2021
Australia & New Zealand Banking Group Ltd 3.75% 10/Mar/2017
Bank of America Corp 4.75% 03/Apr/2017
Banque Federative du Credit Mutuel SA 3% 29/Oct/2015
Banque Federative du Credit Mutuel SA 4.375% 31/May/2016
Barclays Bank PLC 5.015% 12/Nov/2013
Barclays Bank PLC 6% 23/Jan/2018
5,098,800
7,034,090
5,724,375
10,019,880
2,648,826
3,172,500
4,435,180
6,217,385
5,682,050
0.38%
0.52%
0.43%
0.74%
0.20%
0.24%
0.33%
0.46%
0.42%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 215

Pioneer Funds - Euro Corporate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,000,000 USD
1,197,000 EUR
3,650,000 EUR
6,750,000 EUR
10,500,000 EUR
2,000,000 EUR
3,000,000 EUR
9,000,000 EUR
2,000,000 USD
2,500,000 EUR
7,000,000 EUR
2,450,000 USD
10,667,000 EUR
3,500,000 EUR
9,000,000 EUR
3,750,000 EUR
8,000,000 EUR
3,700,000 EUR
10,000,000 USD
5,000,000 EUR
3,000,000 EUR
8,000,000 EUR
7,500,000 EUR
5,727,000 EUR
7,600,000 EUR
15,000,000 EUR
13,000,000 EUR
8,000,000 EUR
3,300,000 EUR
4,000,000 EUR
10,000,000 EUR
7,500,000 EUR
4,200,000 EUR
2,100,000 EUR
3,200,000 EUR
1,625,000 EUR
6,000,000 EUR
5,625,000 EUR
4,500,000 EUR
9,000,000 EUR
10,000,000 EUR
7,500,000 EUR
3,000,000 EUR
11,000,000 EUR
8,600,000 EUR
5,435,000 GBP
8,000,000 EUR
10,000,000 EUR
5,000,000 EUR
5,000,000 EUR
5,000,000 EUR
7,500,000 GBP
5,760,000 EUR
Description of Securities
BNP Paribas / BNP Paribas US Medium-Term Note Program LLC 5.125% 15/Jan/2015
BNP Paribas Capital Trust VI - Pfd - Floating Perpetual
BNP Paribas SA Floating Perpetual
BNP Paribas SA 2.5% 23/Aug/2019
BNZ International Funding Ltd 4% 08/Mar/2017
BPCE SA Floating Perpetual
BPCE SA Floating Perpetual
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 4% 11/Jan/2022
Danske Bank A/S Floating 21/Sep/2037
Deutsche Postbank AG Euribor 3M 04/Nov/2015
DNB Bank ASA 4.375% 24/Feb/2021
Erste Group Bank AG 6.375% 28/Mar/2023
HSBC Bank PLC 3.75% 30/Nov/2016
HSBC Capital Funding LP/Jersey Floating Perpetual
HSBC Holdings PLC Floating 29/Jun/2020
ING Bank NV 4% 23/Dec/2016
ING Bank NV 4.5% 21/Feb/2022
Intesa Sanpaolo Bank Ireland PLC 4% 08/Aug/2013
Intesa Sanpaolo SpA 3.625% 12/Aug/2015
Intesa Sanpaolo SpA 4% 09/Nov/2017
Intesa Sanpaolo SpA 4.125% 19/Sep/2016
Intesa Sanpaolo SpA 4.375% 15/Oct/2019
Intesa Sanpaolo SpA 5% 28/Feb/2017
JPMorgan Chase & Co 2.75% 24/Aug/2022
KBC Internationale Financieringsmaatschappij NV 3% 29/Aug/2016
Lloyds TSB Bank PLC 6.375% 17/Jun/2016
Lloyds TSB Bank PLC 6.5% 24/Mar/2020
Morgan Stanley 4.5% 29/Oct/2014
Morgan Stanley 5.375% 10/Aug/2020
National Australia Bank Ltd 3.5% 23/Jan/2015
Natixis 4.375% 20/Jun/2013
Nordea Bank AB 2.75% 11/Aug/2015
Nordea Bank AB 4.5% 26/Mar/2020
Santander International Debt SAU 4.375% 04/Sep/2014
Santander International Debt SAU 4.625% 21/Mar/2016
SG Capital Trust III Floating Perpetual
Skandinaviska Enskilda Banken AB 3.875% 12/Apr/2017
Skandinaviska Enskilda Banken AB 4% 12/Sep/2022
Societe Generale SA Floating Perpetual
Societe Generale SA 2.375% 28/Feb/2018
Societe Generale SA 6.125% 20/Aug/2018
SpareBank 1 SR Bank ASA 3.5% 27/Mar/2017
Standard Chartered Bank 5.875% 26/Sep/2017
Standard Chartered PLC 3.625% 15/Dec/2015
Standard Chartered PLC 5.75% 30/Apr/2014
Svenska Handelsbanken AB Floating Perpetual
Svenska Handelsbanken AB 2.625% 23/Aug/2022
Svenska Handelsbanken AB 3.75% 24/Feb/2017
Swedbank AB 3.375% 09/Feb/2017
UBS AG/Jersey Floating Perpetual
UBS AG/Jersey Floating 25/Sep/2018
UniCredit SpA Floating 16/Oct/2018
UniCredit SpA 6.95% 31/Oct/2022
Market Value
3,989,722
1,201,351
3,463,631
7,020,473
11,607,120
1,662,000
3,172,500
10,321,875
1,587,151
2,428,763
8,230,425
1,937,449
11,809,328
3,493,000
9,274,572
4,137,263
9,324,840
3,756,499
7,588,964
5,178,700
3,135,210
8,222,320
8,093,550
5,932,485
7,986,460
17,592,000
14,890,161
8,448,680
3,760,664
4,231,700
10,084,500
7,887,938
4,655,154
2,152,112
3,340,544
1,552,818
6,683,310
5,924,756
3,926,250
9,349,290
11,475,700
8,119,800
3,503,640
11,869,770
9,174,265
6,767,784
8,248,080
11,106,600
5,432,550
4,775,100
5,012,425
8,619,776
6,011,395
Net Assets %
0.30%
0.09%
0.26%
0.52%
0.86%
0.12%
0.24%
0.77%
0.12%
0.18%
0.61%
0.14%
0.88%
0.26%
0.69%
0.31%
0.69%
0.28%
0.56%
0.38%
0.23%
0.61%
0.60%
0.44%
0.59%
1.31%
1.11%
0.63%
0.28%
0.31%
0.75%
0.59%
0.35%
0.16%
0.25%
0.12%
0.50%
0.44%
0.29%
0.69%
0.85%
0.60%
0.26%
0.88%
0.68%
0.50%
0.61%
0.83%
0.40%
0.35%
0.37%
0.64%
0.45%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
216 Pioneer Funds - Annual Report

Pioneer Funds - Euro Corporate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
4,500,000 EUR
Description of Securities
UniCredit SpA 6.95% 31/Oct/2022
Market Value
4,660,110
Net Assets %
0.35%
4,400,000
3,500,000
20,000,000
3,684,000
4,000,000
16,500,000
2,000,000
EUR
EUR
EUR
EUR
USD
EUR
EUR
Financial Services
Banque PSA Finance SA 3.625% 29/Apr/2014
Fiat Industrial Finance Europe SA 6.25% 09/Mar/2018
GE Capital European Funding 5.375% 23/Jan/2020
LeasePlan Corp NV 2.5% 19/Sep/2016
Marfrig Holding Europe BV 8.375% 09/May/2018
Merrill Lynch & Co Inc 6.75% 21/May/2013
RCI Banque SA 2.125% 24/Nov/2014
4,458,344
3,931,130
24,533,700
3,790,357
2,583,101
16,859,254
2,028,190
0.33%
0.29%
1.83%
0.28%
0.19%
1.25%
0.15%
7,100,000
12,000,000
3,000,000
5,500,000
6,000,000
4,800,000
8,000,000
1,800,000
4,000,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Nonlife Insurance
Allianz Finance II BV Floating 08/Jul/2041
Allianz Finance II BV 4.75% 22/Jul/2019
Assicurazioni Generali SpA Floating 12/Dec/2042
AXA SA - Em.Jun 06 - Floating Perpetual
Delta Lloyd NV 4.25% 17/Nov/2017
Muenchener Rueckversicherungs AG Floating 26/May/2042
Sampo OYJ 4.25% 27/Feb/2017
Zurich Finance USA Inc Floating 02/Oct/2023
Zurich Finance USA Inc 4.5% 17/Sep/2014
8,123,934
14,381,940
3,180,000
5,402,430
6,483,900
5,810,515
8,810,960
1,854,000
4,260,100
0.60%
1.07%
0.24%
0.40%
0.48%
0.43%
0.65%
0.14%
0.32%
9,500,000
10,000,000
EUR
EUR
Health Care
Health Care Equipment and Services
Luxottica Group SpA 4% 10/Nov/2015
Roche Holdings Inc 6.5% 04/Mar/2021
10,210,695
13,672,950
0.76%
1.02%
6,000,000
EUR
Pharmaceuticals and Biotechnology
Millipore Corp 5.875% 30/Jun/2016
6,986,790
0.52%
4,063,000
5,200,000
5,000,000
7,500,000
EUR
EUR
EUR
EUR
Industrials
Construction and Materials
Buzzi Unicem SpA 6.25% 28/Sep/2018
Cie de St-Gobain 4% 08/Oct/2018
CRH Finance BV 5% 25/Jan/2019
HeidelbergCement Finance BV 9.5% 15/Dec/2018
4,320,310
5,707,208
5,788,225
9,662,738
0.32%
0.42%
0.43%
0.72%
4,000,000
EUR
Electronic and Electrical Equipment
Rexel SA 7% 17/Dec/2018
4,420,820
0.33%
3,000,000
4,300,000
7,000,000
EUR
EUR
EUR
General Industrials
Ardagh Packaging Finance PLC - Regs - 7.375% 15/Oct/2017
Nordenia International AG - Regs - 9.75% 15/Jul/2017
Siemens Financieringsmaatschappij NV Floating 14/Sep/2066
3,285,000
4,966,500
7,770,000
0.24%
0.37%
0.58%
21,250,000
5,000,000
EUR
USD
Industrial Engineering
Urenco Finance NV 5.375% 22/May/2015
Volvo Treasury AB - Regs - 5.95% 01/Apr/2015
23,231,775
4,141,080
1.74%
0.31%
6,000,000
1,000,000
857,000
2,000,000
3,000,000
6,000,000
EUR
EUR
EUR
EUR
EUR
EUR
Industrial Transportation
Atlantia SpA 3.375% 18/Sep/2017
Atlantia SpA 4.375% 16/Mar/2020
Atlantia SpA 4.5% 08/Feb/2019
HIT Finance BV 5.75% 09/Mar/2018
Societe Des Autoroutes Paris-Rhin-Rhone 4.875% 21/Jan/2019
Societe Des Autoroutes Paris-Rhin-Rhone 5% 12/Jan/2017
6,232,320
1,073,330
934,053
2,213,880
3,428,190
6,735,690
0.46%
0.08%
0.07%
0.16%
0.25%
0.50%
10,000,000
3,000,000
EUR
EUR
Oil and Gas
Alternative Energy
Areva SA 4.375% 06/Nov/2019
Areva SA 4.625% 05/Oct/2017
10,883,700
3,274,200
0.81%
0.24%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 217

Pioneer Funds - Euro Corporate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
450,000 EUR
Description of Securities
Areva SA 4.875% 23/Sep/2024
Market Value
492,840
Net Assets %
0.04%
6,000,000
EUR
Technology
Software and Computer Services
Global Switch Holdings Ltd 5.5% 18/Apr/2018
6,837,060
0.51%
13,000,000
1,600,000
2,000,000
5,029,000
11,000,000
2,000,000
5,100,000
5,000,000
2,000,000
5,000,000
2,500,000
9,950,000
3,000,000
1,200,000
1,000,000
2,500,000
7,978,000
1,600,000
11,500,000
7,500,000
GBP
GBP
USD
EUR
EUR
GBP
USD
EUR
EUR
USD
EUR
GBP
GBP
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Telecommunications
Fixed Line Telecommunications
Deutsche Telekom International Finance BV 6.5% 08/Apr/2022
Deutsche Telekom International Finance BV 7.375% 04/Dec/2019
Deutsche Telekom International Finance BV 8.75% 15/Jun/2030
TDC A/S 3.75% 02/Mar/2022
TDC A/S 4.375% 23/Feb/2018
TDC A/S 5.625% 23/Feb/2023
Telefonica Emisiones SAU 3.729% 27/Apr/2015
Telefonica Emisiones SAU 4.375% 02/Feb/2016
Telefonica Emisiones SAU 4.674% 07/Feb/2014
Telefonica Emisiones SAU 4.949% 15/Jan/2015
Telefonica Emisiones SAU 4.967% 03/Feb/2016
Telefonica Emisiones SAU 5.375% 02/Feb/2018
Telefonica Emisiones SAU 5.597% 12/Mar/2020
Telefonica Emisiones SAU 5.811% 05/Sep/2017
Telenet Finance III Luxembourg SCA 6.625% 15/Feb/2021
Telenet Finance Luxembourg SCA - Regs - 6.375% 15/Nov/2020
Telenor ASA 2.75% 27/Jun/2022
TeliaSonera AB 4.25% 18/Feb/2020
Ziggo Bond Co BV - Regs - 8% 15/May/2018
Ziggo Finance BV 6.125% 15/Nov/2017
20,122,031
2,548,795
2,279,073
5,530,165
12,519,045
2,890,309
3,982,441
5,328,175
2,066,440
3,989,116
2,702,038
13,014,859
3,872,482
1,364,022
1,060,750
2,662,500
8,284,993
1,880,768
12,659,545
8,067,188
1.50%
0.19%
0.17%
0.41%
0.93%
0.21%
0.30%
0.40%
0.15%
0.30%
0.20%
0.97%
0.29%
0.10%
0.08%
0.20%
0.62%
0.14%
0.94%
0.60%
2,750,000
GBP
Mobile Telecommunications
Everything Everywhere Finance PLC 4.375% 28/Mar/2019
3,525,432
0.26%
8,200,000
1,500,000
17,000,000
6,000,000
7,200,000
1,400,000
8,600,000
7,500,000
9,000,000
999,000
2,281,000
13,027,000
4,500,000
1,500,000
2,500,000
2,000,000
3,000,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
GBP
EUR
EUR
EUR
EUR
EUR
GBP
EUR
EUR
Utilities
Electricity
Alliander NV Floating Perpetual
Eandis CVBA 2.75% 30/Nov/2022
Edison SpA 3.875% 10/Nov/2017
Edison SpA 4.25% 22/Jul/2014
Electricite de France SA 3.875% 18/Jan/2022
Electricite de France SA 4.625% 11/Sep/2024
Electricite de France SA 6.25% 23/Jan/2021
Enexis Holding NV 3.375% 26/Jan/2022
E.ON International Finance BV 6% 30/Oct/2019
E.ON International Finance BV 6.375% 29/May/2017
ESB Finance Ltd 4.375% 21/Nov/2019
ESB Finance Ltd 6.25% 11/Sep/2017
Eurogrid GmbH 3.875% 22/Oct/2020
Iberdrola International BV 4.5% 21/Sep/2017
Scottish Power UK PLC 8.375% 20/Feb/2017
Statkraft AS 2.5% 28/Nov/2022
Terna Rete Elettrica Nazionale SpA 4.125% 17/Feb/2017
8,714,140
1,544,025
18,565,615
6,285,090
8,106,660
1,650,803
11,197,630
8,183,775
13,591,708
1,224,899
2,422,228
14,970,171
5,074,020
1,637,738
3,756,858
2,018,500
3,274,605
0.65%
0.11%
1.38%
0.47%
0.60%
0.12%
0.83%
0.61%
1.01%
0.09%
0.18%
1.11%
0.38%
0.12%
0.28%
0.15%
0.24%
11,000,000
2,350,000
4,000,000
1,350,000
EUR
EUR
EUR
GBP
Gas, Water and Multiutilities
Gas Natural Capital Markets SA 4.125% 26/Jan/2018
Gas Natural Capital Markets SA 4.375% 02/Nov/2016
Gas Natural Capital Markets SA 6.375% 09/Jul/2019
National Grid Gas PLC 6.375% 03/Mar/2020
11,686,400
2,522,431
4,665,220
2,066,227
0.87%
0.19%
0.35%
0.15%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
218 Pioneer Funds - Annual Report

Pioneer Funds - Euro Corporate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
2,110,000 EUR
Description of Securities
Snam SpA 4.375% 11/Jul/2016
Market Value
2,292,251
Net Assets %
0.17%
Total Bonds
1,040,387,993
77.33%
Supranationals, Governments and Local Public Authorities, Debt Instruments
3,720,000
34,000,000
28,000,000
12,000,000
8,100,000
37,000,000
EUR
EUR
EUR
EUR
EUR
EUR
Governments
Bundesrepublik Deutschland 3.75% 04/Jan/2017
Bundesrepublik Deutschland 4% 04/Jan/2018
Bundesrepublik Deutschland 4.25% 04/Jul/2017
France Government Bond OAT 4% 25/Apr/2018
France Government Bond OAT 4% 25/Apr/2055
Ireland Government Bond 5% 18/Oct/2020
4,254,378
40,188,000
33,037,900
13,972,800
9,698,940
38,319,050
0.32%
2.98%
2.46%
1.04%
0.72%
2.85%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
139,471,068
1,179,859,061
10.37%
87.70%
Other Transferable Securities
Bonds
25,000,000
EUR
Financials
Financial Services
Lehman Brothers Holdings Inc 0% 26/Sep/2016 Defaulted
2,500
0.00%
Total Bonds
2,500
0.00%
10,000,000
USD
Mortgages and Asset Backed securities
Millennium Park CDO Ltd - 1X SUB - 0% 21/Mar/2014
759
0.00%
Total Mortgages and Asset Backed securities
Total Other Transferable Securities
759
3,259
0.00%
0.00%
39,841
17,040
EUR
EUR
Investment funds
Pioneer Institutional - Funds - Currency High Alpha - X ND
Pioneer Institutional 17 - I ND
40,577,660
17,457,991
3.01%
1.30%
Total Investment funds
58,035,651
4.31%
Total Securities
1,237,897,971
92.01%
Net Asset Value
1,345,406,796
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 109
Euro Bobl
11-Mar-13 (101)
Euro Bund
11-Mar-13 281
Euro Buxl
11-Mar-13 1,902
Euro Schatz
11-Mar-13 (121)
Euro-Oat Futures
28-Mar-13 (205)
Long Gilt
28-Mar-13 (72)
US 10 Yr Note Future
31-Mar-13 (97)
US 2 Yr Note Future
31-Mar-13 (133)
US 5 Yr Note Future
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
EUR
EUR
EUR
EUR
GBP
USD
USD
USD
Commitment
(in Trade Ccy)
13,932,380
(14,709,640)
38,480,140
210,846,210
(16,475,360)
(24,380,650)
(9,559,125)
(21,386,985)
(16,543,954)
Market Price
(in Trade Ccy)
127.82
145.64
136.94
110.86
136.16
118.93
132.77
110.24
124.39
Unrealised Gain/(Loss)
(in Fund Ccy)
97,010
(142,570)
1,090,279
247,260
(217,800)
(98,570)
40,959
(4,598)
20,491
1,032,461
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 219

Pioneer Funds - Euro Corporate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 EUR
70,351,343
04-Mar-13 EUR
14,247,358
04-Mar-13 EUR
10,335,270
04-Mar-13 EUR
48,145,404
04-Mar-13 EUR
4,172,052
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
GBP
GBP
GBP
USD
USD
Amount Sold
56,967,000
11,514,173
8,330,000
62,121,052
5,400,000
Unrealised Gain/(Loss)
166,218
61,536
72,449
1,044,196
77,683
1,422,082
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
20-Sep-17 Credit Default Swap Buyer
20-Mar-22 Credit Default Swap Buyer
20-Dec-17 Credit Default Swap Seller
20-Jun-16 Credit Default Swap Seller
20-Jun-17 Credit Default Swap Seller
20-Dec-17 Credit Default Swap Seller
20-Dec-17 Credit Default Swap Seller
20-Dec-17 Credit Default Swap Seller
20-Dec-17 Credit Default Swap Seller
20-Dec-17 Credit Default Swap Seller
20-Dec-17 Credit Default Swap Seller
20-Dec-17 Credit Default Swap Seller
20-Sep-17 Credit Default Swap Seller
20-Dec-17 Credit Default Swap Seller
20-Jun-15 Credit Default Swap Seller
20-Jun-13 Credit Default Swap Seller
04-Jun-42 Interest Rate Swap
22-Jun-17 Interest Rate Swap
18-Oct-20 Interest Rate Swap
17-Oct-21 Interest Rate Swap
03-Oct-15 Interest Rate Swap
07-Feb-22 Interest Rate Swap
16-Oct-16 Interest Rate Swap
18-Oct-20 Interest Rate Swap
03-Oct-15 Interest Rate Swap
04-Jun-42 Interest Rate Swap
07-Feb-22 Interest Rate Swap
Total Net Unrealised Gain/(Loss) on Swaps
Underlying
Bayer
Ireland Republic
Carrefour
Enel Spa
E.ON Int. Finance
HSBC Bank
iTraxx Europe Series 18
iTraxx Europe Series 18
iTraxx Europe Series 18
iTraxx Europe Series 18
iTraxx Europe Series 18
iTraxx Europe Series 18
Linde AG
Metro AG
Rallye
Telecom Italia
-
-
-
-
-
-
-
-
-
-
-
Received Rate
-
-
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
1.000%
5.000%
1.000%
Euribor 6M
EUR-EXT-CPI
Euribor 6M
2.360%
Euribor 6M
Euribor 6M
Euribor 6M
Euribor 6M
0.353%
3.473%
4.170%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
1.000% EUR 4,000,000 (94,293)
1.000% USD 45,000,000 3,811,296
- EUR 5,500,000 (94,282)
- EUR 12,000,000 (217,463)
- EUR 6,000,000
64,376
- EUR 20,000,000 285,261
- EUR 148,500,000 (1,160,075)
- EUR 17,500,000 (136,709)
- EUR 18,100,000 (141,396)
- EUR 20,000,000 (156,239)
- EUR 33,000,000 (257,794)
- EUR 45,000,000 (351,538)
- EUR 4,000,000
92,397
- EUR 3,000,000 (108,138)
- EUR 5,000,000 330,270
- EUR 10,000,000
29,905
1.800% EUR 15,800,000 1,140,507
1.579% EUR 14,902,500 138,241
1.575% EUR 19,000,000 (450,429)
Euribor 6M EUR 76,700,000 1,002,793
0.680% EUR 268,000,000 (1,140,069)
3.072% EUR 24,300,000 (1,001,543)
1.000% EUR 185,000,000 (899,102)
1.582% EUR 12,800,000 (310,786)
Eonia 1D EUR 268,000,000 763,787
Libor 6M GBP 14,000,000 (629,307)
Nibor 6M NOK 186,100,000 504,287
1,013,957
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
220 Pioneer Funds - Annual Report

Pioneer Funds - Euro Corporate Trend Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
2,000,000
600,000
EUR
EUR
Basic Materials
Chemicals
Bayer AG Floating 29/Jul/2015
Linde Finance BV Floating 14/Jul/2066
2,112,500
702,000
1.45%
0.48%
750,000
EUR
Mining
Glencore Finance Europe SA 5.25% 22/Mar/2017
843,836
0.58%
1,000,000
800,000
1,400,000
1,500,000
700,000
2,250,000
EUR
EUR
EUR
EUR
EUR
EUR
Consumer Goods
Beverages
Coca-Cola HBC Finance BV 4.25% 16/Nov/2016
Coca-Cola HBC Finance BV 7.875% 15/Jan/2014
Pernod-Ricard SA 4.875% 18/Mar/2016
Pernod-Ricard SA 5% 15/Mar/2017
Pernod-Ricard SA 7% 15/Jan/2015
SABMiller Holdings Inc 1.875% 20/Jan/2020
1,076,560
851,928
1,553,916
1,715,625
782,397
2,252,453
0.74%
0.59%
1.07%
1.18%
0.54%
1.55%
1,000,000
EUR
Food Producers
Kraft Foods Inc 6.25% 20/Mar/2015
1,113,600
0.77%
1,000,000
EUR
Personal Goods
Henkel AG & Co KGaA Floating 25/Nov/2104
1,075,000
0.74%
4,100,000
3,000,000
EUR
EUR
Consumer Services
Media
Elsevier Finance SA Via ELM BV 6.5% 02/Apr/2013
SES SA 4.625% 09/Mar/2020
4,158,199
3,512,685
2.85%
2.42%
1,900,000
EUR
Travel, Leisure and Catering
McDonald’s Corp 2.375% 27/Nov/2024
1,897,378
1.30%
1,200,000
900,000
1,400,000
1,000,000
1,400,000
2,000,000
1,400,000
700,000
1,300,000
800,000
2,000,000
1,530,000
2,000,000
1,320,000
700,000
700,000
1,200,000
1,200,000
4,000,000
1,600,000
700,000
3,055,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financials
Banks
Australia & New Zealand Banking Group Ltd 5.125% 10/Sep/2019
Bank of America Corp Floating 06/May/2019
Bank of America Corp 4.625% 07/Aug/2017
Bank of America Corp 4.75% 03/Apr/2017
BBVA Senior Finance SAU 4.375% 21/Sep/2015
BBVA Senior Finance SAU 4.875% 23/Jan/2014
BNP Paribas SA 2.5% 23/Aug/2019
BRE Finance France SA 2.75% 12/Oct/2015
Citigroup Inc Floating 10/Feb/2019
Citigroup Inc 4.25% 25/Feb/2030
Citigroup Inc 5% 02/Aug/2019
Commonwealth Bank of Australia 5.5% 06/Aug/2019
Erste Group Bank AG 7.125% 10/Oct/2022
Goldman Sachs Group Inc 4.5% 09/May/2016
Goldman Sachs Group Inc 4.75% 12/Oct/2021
Goldman Sachs Group Inc 6.375% 02/May/2018
HSBC Holdings PLC 6% 10/Jun/2019
HSBC Holdings PLC 6.25% 19/Mar/2018
Intesa Sanpaolo SpA 4.125% 19/Sep/2016
Intesa Sanpaolo SpA 4.375% 15/Oct/2019
JPMorgan Chase & Co Floating 12/Nov/2019
JPMorgan Chase & Co 2.75% 24/Aug/2022
1,399,734
875,250
1,580,635
1,127,160
1,433,194
2,054,650
1,456,098
704,064
1,257,677
735,800
2,352,110
1,814,213
2,275,110
1,434,437
749,361
845,425
1,453,050
1,440,690
4,180,280
1,644,464
701,750
3,164,612
0.96%
0.60%
1.09%
0.77%
0.99%
1.41%
1.00%
0.48%
0.86%
0.51%
1.62%
1.25%
1.56%
0.99%
0.52%
0.58%
1.00%
0.99%
2.86%
1.13%
0.48%
2.18%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 221

Pioneer Funds - Euro Corporate Trend Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
700,000 EUR
1,400,000 EUR
650,000 EUR
1,400,000 EUR
600,000 EUR
700,000 EUR
1,300,000 EUR
5,000,000 EUR
3,375,000 EUR
1,350,000 EUR
1,250,000 EUR
2,000,000 EUR
1,200,000 EUR
800,000 EUR
Description of Securities
JPMorgan Chase Bank NA Floating 30/Nov/2021
Morgan Stanley 3.75% 21/Sep/2017
Morgan Stanley 5% 02/May/2019
Morgan Stanley 5.375% 10/Aug/2020
Morgan Stanley 6.5% 28/Dec/2018
National Australia Bank Ltd Floating 26/Jun/2023
National Australia Bank Ltd 4.625% 10/Feb/2020
Santander International Debt SAU 4.375% 04/Sep/2014
Skandinaviska Enskilda Banken AB 1.875% 14/Nov/2019
Skandinaviska Enskilda Banken AB 4% 12/Sep/2022
Standard Chartered PLC 4.125% 18/Jan/2019
Swedbank AB Floating 05/Dec/2022
Unione di Banche Italiane SCPA 3.875% 28/Feb/2013
Wachovia Corp 4.375% 27/Nov/2018
Market Value
740,250
1,490,370
726,261
1,595,433
721,326
825,602
1,471,652
5,124,075
3,410,572
1,421,942
1,431,675
2,023,720
1,204,758
891,412
Net Assets %
0.51%
1.02%
0.50%
1.10%
0.50%
0.57%
1.01%
3.51%
2.34%
0.98%
0.98%
1.39%
0.83%
0.61%
700,000
1,400,000
800,000
1,000,000
650,000
2,200,000
800,000
2,200,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financial Services
GE Capital European Funding 4.625% 22/Feb/2027
GE Capital European Funding 5.375% 23/Jan/2020
GE Capital Trust IV Floating 15/Sep/2066
General Electric Capital Corp 5.5% 15/Sep/2067
Merrill Lynch & Co Inc 4.45% 31/Jan/2014
Nomura Europe Finance NV 5.125% 09/Dec/2014
PGNIG Finance AB 4% 14/Feb/2017
Santander Consumer Finance SA 3.25% 20/Jun/2014
843,080
1,717,359
788,632
997,485
673,065
2,340,800
837,632
2,214,652
0.58%
1.18%
0.54%
0.69%
0.46%
1.61%
0.58%
1.52%
1,100,000
1,450,000
1,500,000
500,000
2,100,000
1,200,000
1,200,000
1,400,000
1,600,000
700,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Nonlife Insurance
AON Financial Services Luxembourg SA 6.25% 01/Jul/2014
Cloverie PLC for Zurich Insurance Co Ltd Floating 24/Jul/2039
Hannover Finance Luxembourg SA Floating 26/Feb/2024
Hannover Finance Luxembourg SA Floating 30/Jun/2043
Mapfre SA 5.125% 16/Nov/2015
Muenchener Rueckversicherungs AG Floating 26/May/2041
Muenchener Rueckversicherungs AG Floating 26/May/2042
Sampo OYJ 4.25% 27/Feb/2017
Zurich Finance USA Inc Floating 02/Oct/2023
Zurich Finance USA Inc Floating 15/Jun/2025
1,182,396
1,769,203
1,565,100
546,430
2,198,364
1,435,054
1,452,629
1,541,918
1,648,000
735,000
0.81%
1.22%
1.08%
0.38%
1.51%
0.99%
1.00%
1.06%
1.13%
0.51%
1,029,000
1,200,000
1,500,000
EUR
EUR
EUR
Real Estate Investment Trusts
Hammerson PLC 2.75% 26/Sep/2019
Societe Fonciere Lyonnaise SA 4.625% 25/May/2016
Unibail-Rodamco SE 1.625% 26/Jun/2017
1,056,896
1,286,892
1,516,283
0.73%
0.88%
1.04%
700,000
EUR
Health Care
Health Care Equipment and Services
Luxottica Group SpA 4% 10/Nov/2015
752,367
0.52%
750,000
EUR
Pharmaceuticals and Biotechnology
Teva Pharmaceutical Finance IV BV 2.875% 15/Apr/2019
796,598
0.55%
1,000,000
EUR
Industrials
Construction and Materials
CRH Finance BV 5% 25/Jan/2019
1,157,645
0.80%
1,200,000
EUR
General Industrials
ICAP Group Holdings PLC 7.5% 28/Jul/2014
1,287,240
0.89%
1,500,000
EUR
Industrial Engineering
SKF AB 3.875% 25/May/2018
1,688,205
1.16%
900,000
EUR
Industrial Transportation
Abertis Infraestructuras SA 4.75% 25/Oct/2019
951,759
0.65%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
222 Pioneer Funds - Annual Report

Pioneer Funds - Euro Corporate Trend Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
650,000
750,000
1,500,000
1,400,000
Currency
EUR
EUR
EUR
EUR
Description of Securities
Support Services
Adecco International Financial Services BV 4.75% 13/Apr/2018
Edenred 3.625% 06/Oct/2017
G4S International Finance PLC Floating 06/Dec/2018
G4S International Finance PLC 2.875% 02/May/2017
Market Value
724,181
813,473
1,498,455
1,444,030
Net Assets %
0.50%
0.56%
1.03%
0.99%
700,000
700,000
1,300,000
600,000
600,000
1,400,000
2,700,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Oil and Gas
Oil and Gas Producers
Eni SpA 3.5% 29/Jan/2018
Eni SpA 4.75% 14/Nov/2017
Gazprom OAO Via Gaz Capital SA - Regs - 5.875% 01/Jun/2015
Gazprom OAO Via Gaz Capital SA 5.44% 02/Nov/2017
Gazprom OAO Via Gaz Capital SA 6.605% 13/Feb/2018
Repsol International Finance BV 4.25% 12/Feb/2016
Repsol International Finance BV 4.375% 20/Feb/2018
765,583
807,188
1,424,046
681,240
716,067
1,494,318
2,898,990
0.53%
0.55%
0.98%
0.47%
0.49%
1.03%
1.99%
1,000,000
EUR
Technology
Software and Computer Services
Cap Gemini SA 5.25% 29/Nov/2016
1,113,280
0.77%
900,000
EUR
Technology Hardware and Equipment
ASML Holding NV 5.75% 13/Jun/2017
1,050,962
0.72%
3,000,000
EUR
Telecommunications
Fixed Line Telecommunications
AT&T Inc 1.875% 04/Dec/2020
3,007,050
2.07%
2,867,000
1,071,000
EUR
EUR
Utilities
Gas, Water and Multiutilities
Snam SpA 3.875% 19/Mar/2018
Snam SpA 5.25% 19/Sep/2022
3,067,488
1,222,118
2.11%
0.84%
Total Bonds
139,116,042
95.64%
Supranationals, Governments and Local Public Authorities, Debt Instruments
2,100,000
EUR
Supranationals
Eutelsat SA 4.125% 27/Mar/2017
2,337,237
1.61%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
2,337,237
141,453,279
1.61%
97.25%
Total Securities
141,453,279
97.25%
Net Asset Value
145,446,401
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 259
Euro Bund
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
Commitment
(in Trade Ccy)
37,720,760
Market Price
(in Trade Ccy)
145.64
Unrealised Gain/(Loss)
(in Fund Ccy)
367,780
367,780
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 223

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
280,000
1,500,000
USD
USD
Basic Materials
Chemicals
Cytec Industries Inc 8.95% 01/Jul/2017
Eastman Chemical Co 4.8% 01/Sep/2042
266,597
1,224,319
0.06%
0.28%
725,000
USD
Forestry and Paper
Buckeye Partners LP 6.05% 15/Jan/2018
619,812
0.14%
1,205,000
850,000
875,000
595,000
500,000
USD
USD
USD
USD
USD
Industrial Metals and Mining
Alcoa Inc 6.15% 15/Aug/2020
ArcelorMittal 5.75% 01/Mar/2021
ArcelorMittal 6.125% 01/Jun/2018
Commercial Metals Co 7.35% 15/Aug/2018
Valmont Industries Inc 6.625% 20/Apr/2020
998,636
640,962
675,109
491,922
448,129
0.23%
0.15%
0.16%
0.11%
0.10%
195,000
325,000
1,415,000
1,290,000
USD
USD
USD
USD
Mining
Alpha Appalachia Holdings Inc 3.25% CV 01/Aug/2015
AngloGold Ashanti Holdings PLC 5.125% 01/Aug/2022
AngloGold Ashanti Holdings PLC 5.375% 15/Apr/2020
Gold Fields Orogen Holding BVI Ltd 4.875% 07/Oct/2020
142,083
253,477
1,106,993
961,947
0.03%
0.06%
0.25%
0.22%
175,000
500,000
USD
USD
Consumer Goods
Automobiles and Parts
Harley-Davidson Financial Services Inc 3.875% 15/Mar/2016
Hyundai Motor Manufacturing Czech sro 4.5% 15/Apr/2015
143,704
404,989
0.03%
0.09%
340,000
800,000
USD
USD
Beverages
Anheuser-Busch InBev Worldwide Inc 7.75% 15/Jan/2019
Beam Inc 3.25% 15/May/2022
344,759
630,886
0.08%
0.15%
965,000
535,000
USD
USD
Food Producers
Kraft Foods Group Inc - 144A - 3.5% 06/Jun/2022
Kraft Foods Inc 6.5% 09/Feb/2040
781,841
548,777
0.18%
0.13%
430,000
USD
Household Goods and Home Construction
Whirlpool Corp 5.5% 01/Mar/2013
328,456
0.08%
550,000
725,000
120,000
USD
USD
USD
Leisure Goods
British Sky Broadcasting Group PLC 6.1% 15/Feb/2018
CCO Holdings LLC / CCO Holdings Capital Corp 7.375% 01/Jun/2020
Time Warner Cable Inc 8.25% 01/Apr/2019
499,100
613,149
121,509
0.11%
0.14%
0.03%
500,000
500,000
USD
USD
Personal Goods
Reynolds Group Issuer Inc 5.75% 15/Oct/2020
Reynolds Group Issuer Inc 6.875% 15/Feb/2021
392,521
407,691
0.09%
0.09%
250,000
600,000
USD
USD
Consumer Services
Food and Drug Retailers
CVS Pass-Through Trust 5.298% 22/Jan/2027
CVS Pass-Through Trust 6.036% 10/Dec/2028
129,954
450,972
0.03%
0.10%
300,000
500,000
2,675,000
350,000
250,000
800,000
925,000
USD
USD
USD
USD
USD
USD
USD
General Retailers
Board of Trustees of The Leland Stanford Junior University 4.75% 01/May/2019
Bowdoin College 4.693% 01/Jul/2112
eBay Inc 4% 15/Jul/2042
Expedia Inc 5.95% 15/Aug/2020
Massachusetts Institute of Technology 5.6% 01/Jul/2111
President and Fellows of Harvard College 6.3% 01/Oct/2037
Tufts University 5.017% 15/Apr/2112
269,405
361,157
1,974,161
296,475
272,448
706,561
792,453
0.06%
0.08%
0.46%
0.07%
0.06%
0.16%
0.18%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
224 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
175,000 USD
Description of Securities
University of Southern California 5.25% 01/Oct/2111
Market Value
172,130
Net Assets %
0.04%
1,000,000
800,000
USD
USD
Media
CC Holdings GS V LLC 3.849% 15/Apr/2023
Grupo Televisa SAB 6% 15/May/2018
775,087
720,105
0.18%
0.17%
1,350,000
225,000
USD
USD
Travel, Leisure and Catering
Continental Airlines 2012-2 Class A Pass Thru Certificates 4% 29/Oct/2024
Delta Air Lines 2010-2 Class A Pass Through Trust 4.95% 23/Nov/2019
1,075,167
161,714
0.25%
0.04%
550,000
700,000
560,000
960,000
250,000
590,000
700,000
1,000,000
500,000
320,000
230,000
1,800,000
150,000
900,000
1,325,000
1,515,000
500,000
275,000
325,000
60,000
275,000
1,050,000
350,000
850,000
300,000
800,000
1,000,000
1,075,000
1,005,000
300,000
1,000,000
300,000
900,000
1,100,000
1,000,000
375,000
500,000
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Financials
Banks
American Express Bank FSB 5.5% 16/Apr/2013
Astoria Financial Corp 5% 19/Jun/2017
Barclays Bank PLC 6.05% 04/Dec/2017
BBVA Bancomer SA/Texas 6.5% 10/Mar/2021
Capital One Bank USA NA 8.8% 15/Jul/2019
Capital One Capital VI 8.875% 15/May/2040
Citigroup Inc Floating Perpetual
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 3.875% 08/Feb/2022
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 6.875% 19/Mar/2020
Credit Agricole SA - 144A - Floating Perpetual
Export-Import Bank of Korea 5.875% 14/Jan/2015
Goldman Sachs Capital II Floating Perpetual
HSBC Bank PLC 7.65% 01/May/2025
HSBC Bank USA NA/New York NY 6% 09/Aug/2017
Intesa Sanpaolo SpA 6.5% 24/Feb/2021
JPMorgan Chase & Co Floating Perpetual
KeyBank NA/Cleveland OH 5.45% 03/Mar/2016
KeyBank NA/Cleveland OH 5.8% 01/Jul/2014
KeyCorp 6.5% 14/May/2013
Merrill Lynch & Co Inc 5% 03/Feb/2014
Merrill Lynch & Co Inc 5.45% 05/Feb/2013
Morgan Stanley 4.875% 01/Nov/2022
Morgan Stanley 5.5% 26/Jan/2020
Morgan Stanley 6.625% 01/Apr/2018
Nordea Bank AB Floating Perpetual
Nordea Bank AB 4.25% 21/Sep/2022
Northgroup Preferred Capital Corp Floating Perpetual
PNC Financial Services Group Inc Floating Perpetual
PNC Financial Services Group Inc Floating Perpetual
PNC Preferred Funding Trust III Floating Perpetual
Santander Holdings USA Inc/PA 3% 24/Sep/2015
SBP DPR Finance Co Libor 3M 15/Mar/2017
Scotiabank Peru SA Floating 13/Dec/2027
Sovereign Bank/Wilmington DE 8.75% 30/May/2018
Standard Chartered Bank 6.4% 26/Sep/2017
SunTrust Banks Inc 3.5% 20/Jan/2017
UBS AG/Stamford CT 7.625% 17/Aug/2022
423,291
564,473
472,010
808,813
256,836
447,512
537,583
820,309
556,875
257,282
191,427
1,067,562
147,443
798,525
1,070,553
1,318,321
423,948
223,528
251,842
47,338
209,461
828,483
297,720
759,887
247,459
624,748
769,554
835,313
871,738
229,412
774,408
202,860
680,939
986,706
884,838
305,747
416,858
0.10%
0.13%
0.11%
0.19%
0.06%
0.10%
0.12%
0.19%
0.13%
0.06%
0.04%
0.25%
0.03%
0.18%
0.25%
0.30%
0.10%
0.05%
0.06%
0.01%
0.05%
0.19%
0.07%
0.17%
0.06%
0.14%
0.18%
0.19%
0.20%
0.05%
0.18%
0.05%
0.16%
0.23%
0.20%
0.07%
0.10%
650,000
585,000
250,000
675,000
1,050,000
USD
USD
USD
USD
USD
Financial Services
Alterra Finance LLC 6.25% 30/Sep/2020
Ameriprise Financial Inc Floating 01/Jun/2066
Atlas Reinsurance VII Ltd Libor 3M 07/Jan/2016
Banque PSA Finance SA 5.75% 04/Apr/2021
Blackstone Holdings Finance Co LLC 6.25% 15/Aug/2042
571,825
490,310
189,624
514,544
918,443
0.13%
0.11%
0.04%
0.12%
0.21%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 225

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
250,000 USD
250,000 USD
500,000 USD
750,000 USD
1,550,000 USD
300,000 USD
250,000 USD
950,000 USD
250,000 USD
250,000 USD
250,000 USD
580,000 USD
250,000 USD
1,500,000 USD
1,700,000 USD
1,600,000 USD
775,000 USD
200,000 USD
240,000 USD
600,000 USD
1,000,000 USD
250,000 USD
325,000 USD
1,250,000 USD
225,000 USD
500,000 USD
400,000 USD
600,000 USD
885,000 USD
500,000 USD
250,000 USD
250,000 USD
250,000 USD
550,000 USD
1,000,000 USD
250,000 USD
250,000 USD
500,000 USD
500,000 USD
250,000 USD
969,000 USD
600,000 USD
995,000 USD
250,000 USD
500,000 USD
400,000 USD
600,000 USD
Description of Securities
Blue Danube Ltd Floating 10/Apr/2015
Blue Fin Ltd Floating 28/May/2013
BM&FBovespa SA 5.5% 16/Jul/2020
Caelus Re II Ltd Floating 24/May/2013
Cantor Fitzgerald LP 7.875% 15/Oct/2019
Caterpillar Financial Services Corp 7.05% 01/Oct/2018
Combine Re Ltd Floating 07/Jan/2015
Commercial Mortgage Pass Through Certificates 4.063% 10/Dec/2044
Compass Re Ltd - 1 - Floating 08/Jan/2015
East Lane Re Ltd Floating 14/Mar/2014
East Lane Re V Ltd Floating 16/Mar/2016
Eaton Vance Corp 6.5% 02/Oct/2017
Embarcadero Reinsurance Ltd Floating 04/Aug/2014
Ford Motor Credit Co LLC 3.875% 15/Jan/2015
General Electric Capital Corp - A - Floating Perpetual
General Electric Capital Corp 4.625% 07/Jan/2021
GTP Acquisition Partners I LLC 4.347% 15/Jun/2016
Hyundai Capital America 4% 08/Jun/2017
Hyundai Capital Services Inc 3.5% 13/Sep/2017
Hyundai Capital Services Inc 6% 05/May/2015
Ibis Re Ltd Floating 03/May/2013
Ibis Re Ltd Floating 03/May/2013
Jefferies Group Inc 5.125% 13/Apr/2018
Jefferies Group Inc 6.875% 15/Apr/2021
Jefferies Group Inc 8.5% 15/Jul/2019
Lodestone Re Ltd - A-2 - Floating 08/Jan/2014
Lodestone Re Ltd - CLA - Floating 17/May/2013
Longpoint Re Ltd - 144A - Floating 12/Jun/2015
Macquarie Group Ltd 6% 14/Jan/2020
Macquarie Group Ltd 6.25% 14/Jan/2021
Mystic Re Ltd Floating 12/Mar/2015
Mythen Ltd - 12-E - Libor 3M 07/May/2015
Mythen Ltd Libor 6M 07/May/2015
National Rural Utilities Cooperative Finance Corp 5.45% 01/Feb/2018
Nomura Holdings Inc 6.7% 04/Mar/2020
Queen Street II Capital Ltd Floating 09/Apr/2014
Queen Street IV Capital Ltd Floating 09/Apr/2015
Raymond James Financial Inc 4.25% 15/Apr/2016
Residential Reinsurance 2010 Ltd - 144A - Floating 06/Jun/2013
Residential Reinsurance 2011 Ltd - 1 - Floating 06/Jun/2015
Scottrade Financial Services Inc 6.125% 11/Jul/2021
Shore Re Ltd Floating 08/Jul/2013
Springleaf Finance Corp 6.9% 15/Dec/2017
Successor X Ltd Floating 10/Nov/2015
Successor X Ltd Floating 25/Feb/2014
TD Ameritrade Holding Corp 4.15% 01/Dec/2014
TD Ameritrade Holding Corp 5.6% 01/Dec/2019
Market Value
194,971
190,284
428,550
574,276
1,222,459
293,208
194,118
795,349
192,696
188,960
203,428
531,410
191,353
1,186,825
1,461,568
1,377,845
624,749
163,905
192,198
500,032
766,839
193,739
260,287
1,069,004
204,990
381,409
305,461
454,232
730,531
420,064
193,246
198,290
201,798
502,245
888,340
190,610
189,036
399,710
384,557
197,512
757,779
465,701
670,282
187,955
381,296
323,508
542,052
Net Assets %
0.04%
0.04%
0.10%
0.13%
0.28%
0.07%
0.04%
0.18%
0.04%
0.04%
0.05%
0.12%
0.04%
0.27%
0.35%
0.32%
0.14%
0.04%
0.04%
0.11%
0.18%
0.04%
0.06%
0.25%
0.05%
0.09%
0.07%
0.10%
0.17%
0.10%
0.04%
0.05%
0.05%
0.12%
0.20%
0.04%
0.04%
0.09%
0.09%
0.05%
0.17%
0.11%
0.15%
0.04%
0.09%
0.07%
0.12%
570,000
1,000,000
190,000
540,000
1,000,000
USD
USD
USD
USD
USD
Life Insurance
Lincoln National Corp Floating 20/Apr/2067
Lincoln National Corp 4.85% 24/Jun/2021
Lincoln National Corp 8.75% 01/Jul/2019
Protective Life Corp 7.375% 15/Oct/2019
Prudential Financial Inc Floating 15/Jun/2038
432,883
854,615
193,426
498,857
921,572
0.10%
0.20%
0.04%
0.11%
0.21%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
226 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,000,000 USD
385,000 USD
500,000 USD
230,000 USD
400,000 USD
Description of Securities
Prudential Financial Inc Floating 15/Sep/2042
Prudential Financial Inc 2.75% 14/Jan/2013
Prudential Financial Inc 4.5% 16/Nov/2021
Unum Group 5.625% 15/Sep/2020
Unum Group 5.75% 15/Aug/2042
Market Value
794,524
292,208
426,868
200,707
329,571
Net Assets %
0.18%
0.07%
0.10%
0.05%
0.08%
1,465,000
825,000
250,000
500,000
805,000
605,000
275,000
440,000
300,000
675,000
994,000
1,030,000
965,000
1,050,000
1,070,000
1,520,000
455,000
1,020,000
1,000,000
760,000
1,625,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Nonlife Insurance
Allstate Corp Floating 15/May/2057
Fidelity National Financial Inc 5.5% 01/Sep/2022
Foundation Re III Ltd Floating 03/Feb/2014
Foundation Re III Ltd Floating 25/Feb/2015
Genworth Financial Inc 7.2% 15/Feb/2021
Genworth Financial Inc 7.625% 24/Sep/2021
Hanover Insurance Group Inc 7.5% 01/Mar/2020
Hanover Insurance Group Inc 7.625% 15/Oct/2025
Liberty Mutual Group Inc Floating 15/Jun/2058
Liberty Mutual Group Inc 7% 15/Mar/2037
Liberty Mutual Group Inc 7.3% 15/Jun/2014
MetLife Inc 10.75% 01/Aug/2039
Montpelier Re Holdings Ltd 4.7% 15/Oct/2022
OneBeacon US Holdings Inc 4.6% 09/Nov/2022
Platinum Underwriters Finance Inc 7.5% 01/Jun/2017
Reinsurance Group of America Inc Floating 15/Dec/2065
Sirius International Group Ltd Floating Perpetual
Sirius International Group Ltd 6.375% 20/Mar/2017
Swiss Re Treasury US Corp 2.875% 06/Dec/2022
Validus Holdings Ltd 8.875% 26/Jan/2040
XL Group PLC Floating Perpetual
1,182,034
695,781
190,515
382,244
662,452
508,094
248,130
389,839
339,047
508,784
809,864
1,190,129
743,264
815,701
910,101
1,155,795
356,159
845,826
762,819
780,155
1,146,276
0.27%
0.16%
0.04%
0.09%
0.15%
0.12%
0.06%
0.09%
0.08%
0.12%
0.19%
0.27%
0.17%
0.19%
0.21%
0.27%
0.08%
0.19%
0.18%
0.18%
0.26%
15,000
USD
Real Estate Investment and Services
Forest City Enterprises Inc 7.625% 01/Jun/2015
11,377
0.00%
735,000
300,000
235,000
285,000
615,000
325,000
400,000
95,000
760,000
775,000
525,000
400,000
100,000
700,000
350,000
315,000
725,000
1,095,000
400,000
310,000
200,000
965,000
1,000,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Real Estate Investment Trusts
Alexandria Real Estate Equities Inc 4.6% 01/Apr/2022
BioMed Realty LP 4.25% 15/Jul/2022
CubeSmart LP 4.8% 15/Jul/2022
DDR Corp 4.625% 15/Jul/2022
DDR Corp 7.5% 01/Apr/2017
Digital Realty Trust LP 4.5% 15/Jul/2015
Digital Realty Trust LP 5.25% 15/Mar/2021
Digital Realty Trust LP 5.875% 01/Feb/2020
Goodman Funding Pty Ltd 6% 22/Mar/2022
Goodman Funding Pty Ltd 6.375% 15/Apr/2021
Health Care REIT Inc 3.75% 15/Mar/2023
Health Care REIT Inc 5.25% 15/Jan/2022
Health Care REIT Inc 6% 15/Nov/2013
Health Care REIT Inc 6.2% 01/Jun/2016
Healthcare Realty Trust Inc 5.75% 15/Jan/2021
Healthcare Realty Trust Inc 6.5% 17/Jan/2017
Highwoods Realty LP 3.625% 15/Jan/2023
Hospitality Properties Trust 5% 15/Aug/2022
Hospitality Properties Trust 7.875% 15/Aug/2014
Mack-Cali Realty LP 4.5% 18/Apr/2022
Mack-Cali Realty LP 5.125% 15/Feb/2014
Senior Housing Properties Trust 6.75% 15/Apr/2020
Ventas Realty LP / Ventas Capital Corp 4.75% 01/Jun/2021
601,076
237,188
193,980
235,670
559,608
262,274
338,633
82,627
651,116
654,923
401,187
340,407
79,171
606,139
295,865
272,494
542,153
885,410
324,012
251,935
157,174
836,884
832,894
0.14%
0.05%
0.04%
0.05%
0.13%
0.06%
0.08%
0.02%
0.15%
0.15%
0.09%
0.08%
0.02%
0.14%
0.07%
0.06%
0.12%
0.20%
0.07%
0.06%
0.04%
0.19%
0.19%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 227

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
510,000 USD
Description of Securities
WEA Finance LLC 7.125% 15/Apr/2018
Market Value
477,263
Net Assets %
0.11%
224,000
425,000
900,000
200,000
50,000
850,000
1,350,000
USD
USD
USD
EUR
USD
USD
USD
Health Care
Health Care Equipment and Services
Accellent Inc 8.375% 01/Feb/2017
Amerigroup Corp 7.5% 15/Nov/2019
Catholic Health Initiatives 4.35% 01/Nov/2042
ConvaTec Healthcare E SA - 144A - 7.375% 15/Dec/2017
HCA Inc 8.5% 15/Apr/2019
NYU Hospitals Center 4.428% 01/Jul/2042
WellPoint Inc 2.75% CV 15/Oct/2042
178,398
388,444
697,718
216,000
42,239
615,148
1,092,446
0.04%
0.09%
0.16%
0.05%
0.01%
0.14%
0.25%
975,000
575,000
500,000
USD
USD
USD
Pharmaceuticals and Biotechnology
Biogen Idec Inc 6% 01/Mar/2013
Genzyme Corp 3.625% 15/Jun/2015
Warner Chilcott Co LLC / Warner Chilcott Finance LLC 7.75% 15/Sep/2018
746,034
467,534
405,795
0.17%
0.11%
0.09%
115,000
USD
Industrials
Aerospace and Defense
Esterline Technologies Corp 6.625% 01/Mar/2017
89,626
0.02%
1,051,000
550,000
1,050,000
150,000
1,225,000
USD
USD
USD
USD
USD
Construction and Materials
Cemex Espana Luxembourg - Regs - 9.875% 30/Apr/2019
Cemex SAB de CV Libor 3M 30/Sep/2015
Holcim US Finance Sarl & Cie SCS 6% 30/Dec/2019
Masco Corp 5.95% 15/Mar/2022
Masco Corp 7.125% 15/Mar/2020
896,244
424,473
906,505
124,583
1,085,524
0.21%
0.10%
0.21%
0.03%
0.25%
1,014,000
580,000
USD
USD
Electronic and Electrical Equipment
Agilent Technologies Inc 6.5% 01/Nov/2017
Anixter Inc 5.95% 01/Mar/2015
930,853
467,973
0.21%
0.11%
250,000
290,000
USD
USD
General Industrials
Boart Longyear Management Pty Ltd 7% 01/Apr/2021
Ingersoll-Rand Global Holding Co Ltd 9.5% 15/Apr/2014
191,994
242,459
0.04%
0.06%
120,000
100,000
500,000
USD
USD
USD
Industrial Engineering
Cummins Inc 6.75% 15/Feb/2027
Ormat Funding Corp 8.25% 30/Dec/2020
Volvo Treasury AB - 144A - 5.95% 01/Apr/2015
113,913
42,825
414,108
0.03%
0.01%
0.10%
390,000
1,000,000
825,000
850,000
680,000
1,743,000
910,000
USD
USD
USD
USD
USD
USD
USD
Industrial Transportation
Asciano Finance Ltd - 144A - 4.625% 23/Sep/2020
Asciano Finance Ltd 5% 07/Apr/2018
Aviation Capital Group Corp 6.75% 06/Apr/2021
Aviation Capital Group Corp 7.125% 15/Oct/2020
Burlington Northern Santa Fe LLC 5.75% 15/Mar/2018
GATX Corp 6% 15/Feb/2018
Viterra Inc 5.95% 01/Aug/2020
306,149
816,854
649,510
680,625
624,793
1,477,652
748,855
0.07%
0.19%
0.15%
0.16%
0.14%
0.35%
0.17%
445,000
350,000
450,000
225,000
250,000
895,000
273,000
750,000
USD
USD
USD
USD
USD
USD
USD
USD
Oil and Gas
Oil and Gas Producers
Canadian Natural Resources Ltd 5.9% 01/Feb/2018
Denbury Resources Inc 8.25% 15/Feb/2020
EP Energy LLC / EP Energy Finance Inc 9.375% 01/May/2020
EP Energy LLC / Everest Acquisition Finance Inc 6.875% 01/May/2019
Frontier Oil Corp 6.875% 15/Nov/2018
Gazprom OAO Via Gazprom International SA - Regs - 7.201% 01/Feb/2020
Marathon Oil Corp 5.9% 15/Mar/2018
Motiva Enterprises LLC 5.75% 15/Jan/2020
406,977
298,657
383,988
185,168
203,846
243,076
250,623
694,652
0.09%
0.07%
0.09%
0.04%
0.05%
0.06%
0.06%
0.16%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
228 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,150,000 USD
1,850,000 USD
1,355,000 USD
375,000 USD
250,000 USD
975,000 USD
500,000 USD
145,000 USD
500,000 USD
250,000 USD
1,300,000 USD
460,000 USD
Description of Securities
Newfield Exploration Co 5.625% 01/Jul/2024
Petrohawk Energy Corp 7.25% 15/Aug/2018
Plains Exploration & Production Co 6.75% 01/Feb/2022
Precision Drilling Corp 6.625% 15/Nov/2020
Pride International Inc 6.875% 15/Aug/2020
QEP Resources Inc 5.25% 01/May/2023
Ras Laffan Liquefied Natural Gas Co Ltd III - 144A - 5.5% 30/Sep/2014
Ras Laffan Liquefied Natural Gas Co Ltd III - 144A - 5.832% 30/Sep/2016
TNK-BP Finance SA - Regs - 7.5% 18/Jul/2016
TNK-BP Finance SA - 144A - 7.5% 18/Jul/2016
Transocean Inc 6.375% 15/Dec/2021
Valero Energy Corp 9.375% 15/Mar/2019
Market Value
937,690
1,579,908
1,158,800
305,768
241,022
780,207
408,321
76,874
440,022
220,201
1,197,161
479,483
Net Assets %
0.22%
0.37%
0.27%
0.07%
0.06%
0.18%
0.09%
0.02%
0.10%
0.05%
0.28%
0.11%
800,000
750,000
1,000,000
500,000
1,400,000
500,000
1,100,000
650,000
400,000
510,000
935,000
600,000
590,000
900,000
250,000
455,000
847,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Oil Equipment, Services and Distribution
Boardwalk Pipelines LP 5.2% 01/Jun/2018
DCP Midstream LLC 5.35% 15/Mar/2020
DCP Midstream Operating LP 4.95% 01/Apr/2022
Enterprise Products Operating LLC Floating 01/Jun/2067
Kinder Morgan Energy Partners LP 4.15% 01/Mar/2022
Kinder Morgan Energy Partners LP 5.95% 15/Feb/2018
ONEOK Partners LP 2% 01/Oct/2017
Plains All American Pipeline LP / PAA Finance Corp 6.125% 15/Jul/2017
Questar Pipeline Co 5.83% 01/Feb/2018
Rockies Express Pipeline LLC 5.625% 15/Apr/2020
SESI LLC 7.125% 15/Dec/2021
Spectra Energy Capital LLC 6.2% 15/Apr/2018
Sunoco Logistics Partners Operations LP 6.1% 15/Feb/2042
Weatherford International Ltd/Bermuda 5.125% 15/Sep/2020
Weatherford International Ltd/Bermuda 5.95% 15/Apr/2042
Weatherford International Ltd/Bermuda 9.625% 01/Mar/2019
Williams Cos Inc 7.75% 15/Jun/2031
672,552
630,139
810,737
408,402
1,147,811
453,398
845,667
581,997
357,025
381,997
792,523
554,851
513,256
751,255
207,347
449,354
815,890
0.15%
0.14%
0.19%
0.09%
0.26%
0.10%
0.19%
0.13%
0.08%
0.09%
0.18%
0.13%
0.12%
0.17%
0.05%
0.10%
0.19%
450,000
USD
Technology
Software and Computer Services
First Data Corp 8.875% 15/Aug/2020
372,042
0.09%
1,825,000
500,000
615,000
900,000
USD
USD
USD
USD
Technology Hardware and Equipment
Intel Corp 2.95% CV 15/Dec/2035
KLA-Tencor Corp 6.9% 01/May/2018
Maxim Integrated Products Inc 3.45% 14/Jun/2013
NCR Corp 4.625% 15/Feb/2021
1,425,780
456,145
472,547
681,792
0.33%
0.10%
0.11%
0.16%
65,000
959,000
1,300,000
125,000
115,000
200,000
980,000
750,000
525,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
Telecommunications
Fixed Line Telecommunications
Cincinnati Bell Inc 8.25% 15/Oct/2017
Cincinnati Bell Inc 8.375% 15/Oct/2020
Frontier Communications Corp 7.125% 15/Jan/2023
Frontier Communications Corp 8.5% 15/Apr/2020
Frontier Communications Corp 8.75% 15/Apr/2022
GTP Cellular Sites LLC 3.721% 15/Mar/2017
GTP Towers Issuer LLC 4.436% 15/Feb/2015
Telefonica Emisiones SAU 6.221% 03/Jul/2017
Windstream Corp 7.875% 01/Nov/2017
53,246
787,407
1,051,369
109,034
101,183
155,327
775,443
631,447
443,610
0.01%
0.18%
0.24%
0.03%
0.02%
0.04%
0.18%
0.15%
0.10%
530,000
215,000
USD
USD
Mobile Telecommunications
Crown Castle Towers LLC 4.883% 15/Aug/2020
Crown Castle Towers LLC 6.113% 15/Jan/2020
455,381
197,127
0.10%
0.05%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 229

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
150,000 USD
300,000 USD
250,000 USD
Description of Securities
MetroPCS Wireless Inc 6.625% 15/Nov/2020
Telesat Canada / Telesat LLC 12.5% 01/Nov/2017
WCP Wireless Site Funding / WCP Wireless Site RE Funding 6.829% 15/Nov/2015
Market Value
120,885
249,735
205,317
Net Assets %
0.03%
0.06%
0.05%
450,000
940,000
470,000
685,000
550,000
120,000
870,000
350,000
625,000
453,000
900,000
650,000
405,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Utilities
Electricity
Commonwealth Edison Co 6.15% 15/Sep/2017
Enel Finance International NV 5.125% 07/Oct/2019
FPL Energy Wind Funding LLC 6.876% 27/Jun/2017
Intergen NV 9% 30/Jun/2017
Israel Electric Corp Ltd 7.25% 15/Jan/2019
Kiowa Power Partners LLC 5.737% 30/Mar/2021
New York State Electric & Gas Corp 6.15% 15/Dec/2017
NRG Energy Inc 8.5% 15/Jun/2019
NSG Holdings LLC / NSG Holdings Inc 7.75% 15/Dec/2025
PNM Resources Inc 9.25% 15/May/2015
Public Service Co of New Mexico 7.95% 15/May/2018
Southern California Edison Co Floating Perpetual
West Penn Power Co 5.95% 15/Dec/2017
413,456
753,611
80,693
465,014
452,594
96,052
743,878
290,786
488,281
389,070
829,572
537,771
365,090
0.10%
0.17%
0.02%
0.11%
0.10%
0.02%
0.17%
0.07%
0.11%
0.09%
0.19%
0.12%
0.08%
900,000
310,000
400,000
USD
USD
USD
Gas, Water and Multiutilities
Nakilat Inc 6.067% 31/Dec/2033
Nakilat Inc 6.267% 31/Dec/2033
Southern Union Co Libor 3M 01/Nov/2066
826,001
275,262
259,785
0.19%
0.06%
0.06%
Total Bonds
149,333,514
34.33%
Equities
55,000
18,000
1,280
USD
USD
USD
Financials
Banks
US Bancorp - Pfd
US Bancorp - Pfd
Wells Fargo & Co - Pfd
1,144,929
388,835
1,189,928
0.26%
0.09%
0.27%
51,025
USD
Financial Services
Citigroup Capital XIII - Pfd
1,076,657
0.25%
53,400
USD
Life Insurance
Delphi Financial Group Inc - Pfd
1,009,553
0.23%
27,260
USD
Real Estate Investment and Services
Forest City Enterprises Inc - Pfd
1,157,243
0.27%
Total Equities
5,967,145
1.37%
650,000
927,000
860,000
1,000,000
2,500,000
1,000,000
800,000
100,000
250,000
103,000
2,150,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Mortgages and Asset Backed securities
ACE Securities Corp - ASP2 A2C - Libor 1M 25/Mar/2036
ACE Securities Corp - MH1 M2 - 6.5% 15/Aug/2030
ACE Securities Corp - SD3 A - Libor 1M 25/Aug/2045
Aegis Asset Backed Securities Trust - 5 1A3 - Libor 1M 25/Dec/2035
Ally Auto Receivables Trust 2010-5 - A3 - 1.11% 15/Jan/2015
Ally Master Owner Trust - 2010-1 A - Libor 1M 15/Jan/2015
American Credit Acceptance Receivables Trust - 2013-3 A - 1.64% 15/Nov/2016
AmeriCredit Automobile Receivables Trust - 3 D - 4.04% 10/Jul/2017
AmeriCredit Automobile Receivables Trust - 4 D - 4.2% 08/Nov/2016
Asset Backed Securities Corp Home Equity - HE3 M2 - Floating 25/Apr/2035
Banc of America Alternative Loan Trust - 10 2A2 - Libor 1M 25/Dec/2033
197,896
481,961
35,661
289,676
784,448
759,127
606,796
80,638
199,105
18,624
218,669
0.05%
0.11%
0.01%
0.07%
0.18%
0.17%
0.14%
0.02%
0.05%
0.00%
0.05%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
230 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,600,000 USD
1,300,000 USD
1,350,000 USD
1,000,000 USD
2,136,971 USD
1,850,000 USD
2,650,000 USD
475,000 USD
1,380,550 USD
577,035 USD
609,000 USD
300,000 USD
2,466,000 USD
3,500,000 USD
345,000 USD
2,300,000 USD
2,215,000 USD
400,000 USD
450,000 USD
3,750,000 USD
5,000,000 USD
5,300,000 USD
513,858 USD
1,215,000 USD
200,000 USD
685,000 USD
15,000,000 USD
700,000 USD
1,350,000 USD
200,000 USD
345,000 USD
2,500,000 USD
748,000 USD
600,000 USD
1,110,000 USD
100,000 USD
3,800,000 USD
1,000,000 USD
475,000 USD
1,000,000 USD
300,000 USD
200,000 USD
850,000 USD
350,000 USD
655,000 USD
812,000 USD
1,000,000 USD
1,400,000 USD
400,000 USD
510,000 USD
7,000,000 USD
1,000,000 USD
2,795,000 USD
Description of Securities
Banc of America Alternative Loan Trust - 10 3A1 - 5.5% 25/Nov/2019
Banc of America Alternative Loan Trust - 12 4A1 - 5.5% 01/Jan/2020
Banc of America Alternative Loan Trust - 2 CB1 - 5.75% 25/Apr/2033
Banc of America Alternative Loan Trust - 2 1A1 - 6% 25/Mar/2034
Banc of America Alternative Loan Trust - 2004-2 5A1 - 5.5% 25/Mar/2019
Banc of America Alternative Loan Trust - 3 A5 - 5.75% 25/May/2033
Banc of America Alternative Loan Trust - 7 1CB1 - 5.5% 25/Sep/2033
Banc of America Funding Corp - R4 7A1 - Floating 26/Aug/2036
Banc of America Funding Corp - 2003-3 1A7 - 5.5% 25/Oct/2033
Banc of America Funding Corp - 2010-R4 3A1 - Libor 1M 26/Sep/2046
Banc of America Funding Corp - 8 1A1 - 5.5% 25/Jan/2036
Banc of America Large Loan Inc - BMB1 A2 - Libor 1M 15/Aug/2029
Banc of America Mortgage Securities Inc - E 1A1 - Floating 25/Jun/2034
Banc of America Mortgage Securities Inc - F 2A5 - Floating 25/Jul/2033
Banc of America Mortgage Securities Inc - H 4A2 - Floating 25/Sep/2035
Banc of America Mortgage Securities Inc - I 2A6 - Floating 25/Oct/2033
Banc of America Mortgage Securities Inc - 11 2A1 - 5.75% 25/Jan/2035
Banc of America Mortgage Securities Inc - 9 1A1 - 5.5% 25/Nov/2034
Banc of America Mortgage Trust 2004-7 - 6A1 - 4.5% 25/Aug/2019
Banc of America Mortgage 2003-H Trust - 2A3 - Floating 25/Sep/2033
Bayview Commercial Asset Trust - 2A IO - Floating 25/Jul/2037
Bayview Commercial Asset Trust - 4A IO - Floating 25/Sep/2037
Bayview Financial Acquisition Trust - 2005-B M1 - Libor 1M 28/Apr/2039
Bayview Opportunity Master Fund Trust IIB LP - 2012-4NPL A - Floating 28/Jul/2032
BCAP LLC Trust - 2010-RR10 2A5 - Floating 27/Dec/2034
Bear Stearns Adjustable Rate Mortgage Trust - 5 1A3 - Floating 25/Aug/2033
Bear Stearns Alt-A Trust - 3 3A - Floating 25/Oct/2033
Bear Stearns Alt-A Trust - 6A - Floating 25/Oct/2033
Bear Stearns Asset Backed Securities Trust - HE6 M1 - Libor 1M 25/Jun/2035
Bear Stearns Asset Backed Securities Trust - 2006-EC1 M1 - Libor 1M 25/Dec/2035
Bear Stearns Commercial Mortgage Securities - TOP6 E - Floating 15/Oct/2036
Bombardier Capital Mortgage Securitization Corp - A A4 - 6.65% 15/Apr/2028
California Republic Auto Receivables Trust 2012-1 - A - 1.18% 15/Aug/2017
CarNow Auto Receivables Trust - 1A A - 2.09% 15/Jan/2015
Carrington Mortgage Loan Trust - NC1 M1 - Floating 25/Feb/2035
Carrington Mortgage Loan Trust - NC4 A3 - Libor 1M 25/Sep/2035
Centex Home Equity - A AF6 - Floating 25/Mar/2033
Chase Issuance Trust - A12 - Libor 1M 15/Aug/2015
Chase Mortgage Finance Corp - S11 1A1 - 5% 25/Oct/2033
Chesapeake Funding LLC - 2A A - Libor 1M 07/Apr/2024
Chesapeake Funding LLC - 2012-2A A - Libor 1M 07/May/2024
Chesapeake Funding LLC - 2012-2A B - Libor 1M 07/May/2024
Citicorp Mortgage Securities Inc - 1 3A1 - 5% 25/Feb/2036
Citicorp Residential Mortgage Securities Inc - 1 A4 - 5.892% 25/Mar/2037
Citicorp Residential Mortgage Securities Inc - 1 A4 - 5.939% 25/Jul/2036
Citicorp Residential Mortgage Securities Inc - 1 A6 - Floating 25/Jul/2036
Citicorp Residential Mortgage Securities Inc - 2 A4 - 5.775% 25/Sep/2036
Citicorp Residential Mortgage Securities Inc - 2006-3 A4 - 5.703% 25/Nov/2036
Citigroup Commercial Mortgage Trust Libor 1M 15/Apr/2022
Citigroup Mortgage Loan Trust Inc - HE1 A4 - Libor 1M 25/Jan/2036
Citigroup Mortgage Loan Trust Inc - WFH1 A2 - Libor 1M 25/Jan/2037
Citigroup Mortgage Loan Trust Inc - 7 2A1A - Floating 25/Sep/2035
COMM 2006-FL12 Mortgage Trust - 2006-FL12 AJ - Libor 1M 15/Dec/2020
Market Value
286,840
217,060
173,232
262,562
335,928
976,670
547,927
163,997
419,411
118,508
175,181
224,000
69,980
203,287
84,561
509,676
307,732
207,468
56,875
222,745
135,902
243,341
376,617
810,468
109,400
72,689
540,991
142,606
197,673
142,707
260,867
222,295
526,186
181,587
314,812
23,417
1,109,976
764,658
37,968
768,422
227,549
151,814
173,832
262,975
487,628
449,293
587,197
804,104
294,346
123,446
131,571
128,276
1,981,716
Net Assets %
0.07%
0.05%
0.04%
0.06%
0.08%
0.22%
0.13%
0.04%
0.10%
0.03%
0.04%
0.05%
0.02%
0.05%
0.02%
0.12%
0.07%
0.05%
0.01%
0.05%
0.03%
0.06%
0.09%
0.19%
0.03%
0.02%
0.12%
0.03%
0.05%
0.03%
0.06%
0.05%
0.12%
0.04%
0.07%
0.01%
0.26%
0.18%
0.01%
0.18%
0.05%
0.03%
0.04%
0.06%
0.11%
0.10%
0.13%
0.18%
0.07%
0.03%
0.03%
0.03%
0.45%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 231

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
175,000 USD
300,000 USD
550,000 USD
1,152,000 USD
7,094,265 USD
944,000 USD
200,000 USD
324,000 USD
1,400,000 USD
577,000 USD
1,276,000 USD
1,410,000 USD
1,910,000 USD
500,000 USD
2,900,000 USD
600,000 USD
7,500,000 USD
1,000,000 USD
750,000 USD
3,000,000 USD
2,800,000 USD
2,186,000 USD
1,200,000 USD
250,000 USD
13,173,000 USD
650,000 USD
650,000 USD
140,000 USD
300,000 USD
3,200,000 USD
1,000,000 USD
3,800,000 USD
400,000 USD
125,000 USD
250,000 USD
150,000 USD
850,000 USD
900,000 USD
300,000 USD
250,000 USD
300,000 USD
275,000 USD
3,350,000 USD
1,000,000 USD
23,000,000 USD
200,000 USD
4,414,000 USD
3,600,000 USD
490,000 USD
500,000 USD
2,500,000 USD
370,000 USD
200,000 USD
Description of Securities
COMM 2012-CCRE2 Mortgage Trust - AM - 3.791% 15/Aug/2045
COMM 2012-CCRE2 Mortgage Trust - 2012-CR2 A4 - 3.147% 15/Aug/2045
Commercial Mortgage Pass Through Certificates - FL11 C - Libor 1M 15/Nov/2017
Commercial Mortgage Pass Through Certificates - FL11 D - Libor 1M 15/Nov/2017
Commercial Mortgage Pass Through Certificates - FL12 A2 - Libor 1M 15/Dec/2020
Commercial Mortgage Pass Through Certificates - FL14 AJ - Libor 1M 15/Jun/2022
Commercial Mortgage Pass Through Certificates - 2012-CR3 A3 - 2.822% 15/Nov/2045
Commercial Mortgage Pass Through Certificates - 2012-CR4 ASB - 2.436% 15/Oct/2045
Commercial Mortgage Pass Through Certificates - 2012-MVP A - Libor 1M 17/Nov/2026
Conn Funding II LP - AA A - Floating 15/Apr/2016
Conseco Financial Corp - 2 A7 - 7.62% 15/Jun/2028
Conseco Financial Corp - 6 A10 - 6.87% 15/Jan/2029
Conseco Financial Corp - 6 A8 - 7.07% 15/Jan/2029
Countrywide Alternative Loan Trust - 12CB 1A3 - 5% 25/Jul/2019
Countrywide Alternative Loan Trust - 14T1 A9 - Libor 1M 25/Aug/2018
Countrywide Alternative Loan Trust - 16T1 A5 - 5.25% 25/Sep/2033
Countrywide Alternative Loan Trust - 18CB 2A5 - Libor 1M 25/Sep/2034
Countrywide Alternative Loan Trust - 2CB 1A2 - 5.125% 25/Mar/2034
Countrywide Alternative Loan Trust - 21T1 A8 - 5.75% 25/Dec/2033
Countrywide Alternative Loan Trust - 28CB 1A1 - 5.5% 25/Jan/2035
Countrywide Alternative Loan Trust - 4CB 1A1 - 4.25% 25/Apr/2034
Countrywide Asset-Backed Certificates - 12 2A3 - 5.069% 25/Dec/2035
Countrywide Asset-Backed Certificates - 2004-7 MV3 - Libor 1M 25/Dec/2034
Countrywide Home Loan Mortgage Pass Through Trust - J2 A8 - 5.5% 25/Mar/2034
Countrywide Home Loan Mortgage Pass Through Trust - J9 2A1 - 5.25% 25/Jan/2035
Credit Suisse First Boston Mortgage Securities Corp - AR28 6M1 - Floating 25/Dec/2033
Credit Suisse First Boston Mortgage Securities Corp - CKN5 G - 6.448% 15/Sep/2034
Credit Suisse First Boston Mortgage Securities Corp - C5 A4 - 4.9% 15/Dec/2036
Credit Suisse First Boston Mortgage Securities Corp - 11 1B1 - 5.5% 25/Jun/2033
Credit Suisse First Boston Mortgage Securities Corp - 2003-AR26 2A1 - Floating 25/Nov/2033
Credit Suisse Mortgage Capital Certificates - TFLA A2 - Libor 1M 15/Feb/2022
Credit Suisse Mortgage Capital Certificates - 2006-TF2A A2 - Libor 1M 15/Oct/2021
Credit-Based Asset Servicing and Securitization LLC - CB4 AF3 - 5.334% 25/Aug/2035
Credit-Based Asset Servicing and Securitization LLC - MH1 M1 - Floating 25/Oct/2036
Cronos Containers Program Ltd - 2012-2A A - 3.81% 18/Sep/2027
CW Capital Cobalt Ltd - C1 A2 - 5.174% 15/Aug/2048
DBUBS Mortgage Trust - LC3A B - Floating 10/Aug/2044
Deutsche Mortgage Securities Inc - RS2 A1 - Floating 28/Jun/2047
Drug Royalty II LP 1 2012-1 - A2 - 4.474% 15/Jan/2025
DT Auto Owner Trust - 1A B - 2.26% 16/Oct/2017
DT Auto Owner Trust - 1A C - 3.46% 15/Jan/2014
DT Auto Owner Trust - 1A D - 4.89% 17/Jan/2017
Ellington Loan Acquisition Trust - 1 A2A1 - Libor 1M 26/May/2037
Ellington Loan Acquisition Trust - 2 A2A - Libor 1M 25/May/2037
Extended Stay America Trust - ESHA XB1 - Floating 05/Jan/2016
Fannie Mae Pool - 825905 - 5% 01/Oct/2020
Fannie Mae Pool 4% 01/Jul/2018
Fannie Mae Pool 5% 01/Sep/2020
First Franklin Mortgage Loan Asset Backed Certificates - FF10 A3 - Libor 1M 25/Sep/2034
First Investors Auto Owner Trust 2012-2 - A A2 - 1.47% 15/May/2018
First NLC Trust - 2 AV3 - Libor 1M 25/Sep/2035
FREMF Mortgage Trust - K10 B - Floating 25/Nov/2044
FREMF Mortgage Trust - K11 B - Floating 25/Dec/2048
Market Value
144,148
242,219
106,350
218,251
741,877
406,453
157,210
253,432
1,080,763
162,124
137,707
128,851
60,354
397,743
174,082
289,301
181,360
390,267
357,209
447,717
276,962
318,372
899,699
119,647
196,985
104,058
247,112
96,736
82,781
194,179
376,274
1,116,955
229,559
92,789
191,354
5,194
760,868
103,327
227,547
190,018
17,553
210,802
344,758
154,085
174
27,630
455,387
483,982
63,317
380,066
1,731,319
303,253
161,854
Net Assets %
0.03%
0.06%
0.02%
0.05%
0.17%
0.09%
0.04%
0.06%
0.25%
0.04%
0.03%
0.03%
0.01%
0.09%
0.04%
0.07%
0.04%
0.09%
0.08%
0.10%
0.06%
0.07%
0.21%
0.03%
0.05%
0.02%
0.06%
0.02%
0.02%
0.04%
0.09%
0.26%
0.05%
0.02%
0.04%
0.00%
0.17%
0.02%
0.05%
0.04%
0.00%
0.05%
0.08%
0.04%
0.00%
0.01%
0.10%
0.11%
0.01%
0.09%
0.39%
0.07%
0.04%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
232 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
200,000 USD
175,000 USD
260,000 USD
1,000,000 USD
400,000 USD
450,000 USD
140,000 USD
385,000 USD
490,000 USD
197,000 USD
4,300,000 USD
248,000 USD
600,000 USD
1,700,000 USD
583,000 USD
6,420,110 USD
1,000,000 USD
4,100,000 USD
450,000 USD
250,000 USD
150,000 USD
2,576,000 USD
190,000 USD
650,000 USD
3,800,000 USD
432,000 USD
300,000 USD
1,400,000 USD
1,000,000 USD
350,000 USD
350,000 USD
568,000 USD
4,000,000 USD
1,400,000 USD
4,000,000 USD
1,400,000 USD
250,000 USD
91,007 USD
3,725,632 USD
2,000,000 USD
491,000 USD
3,600,000 USD
9,324,000 USD
500,000 USD
125,000 USD
1,180,000 USD
280,000 USD
5,200,000 USD
400,000 USD
450,000 USD
100,000 USD
550,000 USD
350,000 USD
Description of Securities
FREMF Mortgage Trust - K14 B - Floating 25/Apr/2021
FREMF Mortgage Trust - K501 B - Floating 25/Nov/2016
FREMF Mortgage Trust - K7 B - Floating 25/Apr/2020
FREMF Mortgage Trust - K701 B - Floating 25/Jul/2048
FREMF Mortgage Trust - K702 B - Floating 25/Mar/2018
FREMF Mortgage Trust - K703 B - Floating 25/Jul/2044
FREMF Mortgage Trust - K8 B - Floating 25/Jun/2020
FREMF Mortgage Trust - K9 B - Floating 25/Sep/2045
FREMF Mortgage Trust - 2012-K708 C - Floating 25/Feb/2045
FREMF Mortgage Trust - 2012-K710 B - Floating 25/May/2019
Fremont Home Loan Trust - 2 M1 - Libor 1M 25/Jun/2035
Fremont Home Loan Trust - 2 2A2 - Libor 1M 25/Feb/2036
GE Business Loan Trust 2007-1 - A A - Libor 1M 16/Apr/2035
GE Capital Commercial Mortgage Corp - 2003-C2 A4 - 5.145% 10/Jul/2037
GE Dealer Floorplan Master Note Trust - 2012-4 A - Libor 1M 20/Oct/2017
Ginnie Mae I pool 6% 15/Sep/2034
Ginnie Mae II pool 5.5% 20/Oct/2037
Global Mortgage Securitization Ltd - A A2 - Libor 1M 25/Nov/2032
Global SC Finance SRL - 2012-1A A - 4.11% 19/Jul/2027
GMAC Commercial Mortgage Securities Inc - C1 H - 5.31% 10/May/2036
GMAC Commercial Mortgage Securities Inc - C3 E - Floating 10/Apr/2040
GMAC Mortgage Corp Loan Trust - 2003-AR1 A5 - Floating 19/Oct/2033
Government National Mortgage Association - 2005-61 UZ - 5.25% 16/Aug/2035
Government National Mortgage Association - 83 EB - 4.5% 01/Sep/2039
Government National Mortgage Association Floating 16/Aug/2052
Greenwich Capital Commercial Funding Corp - 2003-C1 A4 - 4.111% 05/Jul/2035
GS Mortgage Securities Corp II - ALF D - 4.209% 10/Feb/2021
GS Mortgage Securities Corp II - EOP A2 - Floating 06/Mar/2020
GS Mortgage Securities Corp II - EOP D - Floating 06/Mar/2020
GS Mortgage Securities Corp II - GCJ7 A4 - 3.377% 10/May/2045
GS Mortgage Securities Corp II - GG8 A4 - 5.56% 10/Nov/2039
GSAMP Trust - HE2 M1 - Floating 25/Mar/2035
GSAMP Trust - SEA1 A - Libor 1M 25/May/2036
GSR Mortgage Loan Trust - AR4 6A1 - Floating 25/Jul/2035
GSR Mortgage Loan Trust - 9 A3 - Floating 25/Aug/2033
Home Equity Asset Trust - 2005-7 2A4 - Libor 1M 25/Jan/2036
Home Equity Asset Trust - 3 M2 - Floating 25/Aug/2035
Home Equity Asset Trust - 5 2A3 - Libor 1M 25/Nov/2035
Homestar Mortgage Acceptance Corp - 2004-2 AV1 - Libor 1M 25/Jun/2034
HSBC Home Equity Loan Trust USA 2007-3 - APT - Libor 1M 20/Nov/2036
Icon Brands Holdings LLC 2012-1 - A A - 4.229% 25/Jan/2043
Impac CMB Trust - 9 1A1 - Floating 25/Jan/2035
Impac CMB Trust Series 2004-7 - 1A1 - Floating 25/Nov/2034
Impac Secured Assets CMN Owner Trust - 1 2A1 - Libor 1M 25/May/2036
Irwin Home Equity Corp - C 2M2 - Floating 25/Apr/2030
Irwin Home Equity Corp - 1 2A3 - 5.32% 25/Jun/2035
Jefferies & Co Inc - R2 4A - Floating 26/May/2037
JP Morgan Alternative Loan Trust - 2006-A4 A1 - 5.95% 25/Sep/2036
JP Morgan Chase Commercial Mortgage Securities Corp - CCHP D - Floating 15/Jul/2028
JP Morgan Chase Commercial Mortgage Securities Corp - C2 A2 - 3.6159% 15/Nov/2043
JP Morgan Chase Commercial Mortgage Securities Corp - C2 C - Floating 15/Nov/2043
JP Morgan Chase Commercial Mortgage Securities Corp - C3 B - 5.146% 12/Jul/2035
JP Morgan Chase Commercial Mortgage Securities Corp - C5 A3 - 4.1712% 15/Aug/2046
Market Value
169,716
138,205
224,331
817,386
333,393
377,154
118,814
327,120
359,420
156,386
707,760
1,286
242,180
906,708
442,755
1,340,454
400,908
339,387
342,223
189,719
116,373
434,927
251,757
565,535
221,754
175,174
230,097
1,063,472
760,187
289,557
307,053
83,886
536,099
253,731
309,581
811,840
95,023
50,009
376,446
605,435
372,421
217,584
601,142
181,922
71,315
291,565
90,320
125,948
306,303
380,241
86,841
61,019
305,633
Net Assets %
0.04%
0.03%
0.05%
0.19%
0.08%
0.09%
0.03%
0.08%
0.08%
0.04%
0.16%
0.00%
0.06%
0.21%
0.10%
0.30%
0.09%
0.08%
0.08%
0.04%
0.03%
0.10%
0.06%
0.13%
0.05%
0.04%
0.05%
0.24%
0.17%
0.07%
0.07%
0.02%
0.12%
0.06%
0.07%
0.19%
0.02%
0.01%
0.09%
0.14%
0.09%
0.05%
0.14%
0.04%
0.02%
0.07%
0.02%
0.03%
0.07%
0.09%
0.02%
0.01%
0.07%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 233

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
550,000 USD
250,000 USD
717,061 USD
350,000 USD
1,000,000 USD
600,000 USD
8,040,000 USD
2,104,000 USD
1,100,000 USD
1,000,000 USD
2,013,000 USD
6,346,000 USD
2,200,000 USD
1,250,000 USD
650,000 USD
625,000 USD
479,000 USD
797,000 USD
300,000 USD
200,000 USD
3,300,073 USD
500,000 USD
185,000 USD
300,000 USD
384,000 USD
321,000 USD
550,000 USD
2,500,000 USD
911,190 USD
1,660,000 USD
2,900,000 USD
150,000 USD
4,200,000 USD
2,000,000 USD
1,571,000 USD
4,980,000 USD
13,500,000 USD
371,325 USD
214,000 USD
450,000 USD
2,990,000 USD
8,430,000 USD
675,000 USD
200,000 USD
3,000,000 USD
800,000 USD
1,830,000 USD
600,000 USD
615,000 USD
6,666,000 USD
346,000 USD
Description of Securities
JP Morgan Chase Commercial Mortgage Securities Corp - FL2A G - Libor 1M 15/Nov/2018
JP Morgan Chase Commercial Mortgage Securities Corp - LDP9 A3SF - Libor 1M 15/May/2047
JP Morgan Chase Commercial Mortgage Securities Corp - 2003-ML1A A2 - 4.767% 12/Mar/2039
JP Morgan Chase Commercial Mortgage Securities Corp - 2012-C8 B - 3.9767% 15/Oct/2045
JP Morgan Chase Commercial Mortgage Securities Corp - 2012-PHH C - Libor GB 1M
15/Oct/2025
JP Morgan Chase Commercial Mortgage Securities Corp Libor 1M 15/Jul/2019
JP Morgan Mortgage Trust - A1 1A1 - Floating 25/Oct/2033
JP Morgan Mortgage Trust - A1 3A1 - Floating 25/Feb/2034
JP Morgan Mortgage Trust - A2 1A1 - Floating 25/May/2034
JP Morgan Mortgage Trust - A3 1A1 - Floating 25/Jun/2035
JP Morgan Mortgage Trust - S1 2A1 - 6% 25/Aug/2034
JP Morgan Mortgage Trust - 2A1 - Floating 25/Feb/2034
JP Morgan Mortgage Trust - 3A1 - Floating 25/Oct/2033
LB-UBS Commercial Mortgage Trust - AAB - 4.664% 15/Jul/2030
LB-UBS Commercial Mortgage Trust - C4 J - 5.616% 15/Oct/2035
LB-UBS Commercial Mortgage Trust - 2004-C1 A4 - 4.568% 15/Jan/2031
Leaf II Receivables Funding LLC - 2012-1 A4 - 1.55% 15/Nov/2017
Leaf II Receivables Funding LLC - 2012-1 B - 1.92% 15/Sep/2020
Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5 Libor 1M 15/Jun/2022
Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5 Libor 1M 15/Jun/2022
Lehman Brothers Small Balance Commercial - 1A A - Libor 1M 25/Feb/2030
Lehman Brothers Small Balance Commercial - 2005-2A 1A - Libor 1M 25/Sep/2030
Lehman Brothers Small Balance Commercial - 3A 1A2 - Libor 1M 25/Oct/2037
Lehman Brothers Small Balance Commercial - 3A 2A2 - 5.41% 25/Dec/2036
Lehman Brothers Small Balance Commercial Mortgage Trust 2007 - 3A 1A4 - Libor 1M
25/Oct/2037
LSTAR Commercial Mortgage Trust - 1 C - Floating 25/Jun/2043
Madison Avenue Manufactured Housing Contract - A M2 - Libor 1M 25/Mar/2032
MASTR Adjustable Rate Mortgages Trust 2003-3 - 3A4 - Floating 25/Sep/2033
MASTR Alternative Loans Trust - 1 1A1 - 5.5% 25/Feb/2035
MASTR Alternative Loans Trust - 10 2A1 - 5.5% 25/Oct/2019
MASTR Alternative Loans Trust - 6 7A1 - 6% 25/Jul/2034
Mastr Asset Backed Securities Trust - HE1 M1 - Libor 1M 25/May/2035
Mastr Seasoned Securities Trust - 1 1A1 - Floating 25/Sep/2032
MBNA Credit Card Master Note Trust - A5 A5 - Libor 1M 15/Oct/2015
Merrill Lynch Mortgage Investors Inc - A2 A2 - Floating 25/Feb/2035
Merrill Lynch Mortgage Investors Inc - A2 A4 - Floating 25/Feb/2035
Merrill Lynch Mortgage Investors Trust Series MLCC 2004-D - A3 - Floating 25/Sep/2029
Merrill Lynch Mortgage Investors Trust Series MLCC 2005-2 - 2A3 - Floating 25/Oct/2035
Merrill Lynch Mortgage Trust - 2003-KEY1 A4 - Floating 12/Nov/2035
Mid-State Trust - 1 M - 5.25% Perpetual
MLCC Mortgage Investors Inc - A A1 - Floating 25/Apr/2029
MLCC Mortgage Investors Inc - A A1 - Floating 25/Mar/2030
Morgan Stanley ABS Capital I - HE3 A2A - Libor 1M 25/Dec/2036
Morgan Stanley Capital I Inc - XLF9 C - Libor 1M 15/Dec/2020
Morgan Stanley Capital I Inc - 1998-WF2 F - Floating 15/Jul/2030
Morgan Stanley Capital I Inc - 2007-XLFA A2 - Libor 1M 15/Oct/2020
Morgan Stanley Capital I Inc - 2007-XLFA B - Libor 1M 15/Oct/2020
Morgan Stanley Capital I Trust 2007-HQ13 - A3 - 5.569% 15/Dec/2044
Morgan Stanley Reremic Trust - R9 3B - 5% 26/Nov/2036
MortgageIT Trust 2004-1 - A1 - Floating 25/Nov/2034
MortgageIT Trust 2005-3 - A1 - Libor 1M 25/Aug/2035
Market Value
137,451
188,472
309,563
277,280
768,913
32,822
1,081,374
195,631
95,223
201,585
376,378
633,156
237,955
456,959
491,968
491,908
361,739
595,835
207,014
146,119
505,318
90,463
28,404
34,070
119,111
265,311
407,337
694,991
260,701
173,380
584,172
1,633
313,349
1,516,989
373,909
297,354
841,998
88,040
166,587
314,186
192,554
566,132
19,545
141,568
162,106
275,984
1,309,621
536,650
474,638
980,795
77,671
Net Assets %
0.03%
0.04%
0.07%
0.06%
0.18%
0.01%
0.25%
0.04%
0.02%
0.05%
0.09%
0.15%
0.05%
0.11%
0.11%
0.11%
0.08%
0.14%
0.05%
0.03%
0.12%
0.02%
0.01%
0.01%
0.03%
0.06%
0.09%
0.16%
0.06%
0.04%
0.13%
0.00%
0.07%
0.34%
0.09%
0.07%
0.19%
0.02%
0.04%
0.07%
0.04%
0.13%
0.00%
0.03%
0.04%
0.06%
0.30%
0.12%
0.11%
0.23%
0.02%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
234 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
200,000 USD
1,050,000 USD
600,000 USD
450,000 USD
800,000 USD
319,000 USD
175,000 USD
500,000 USD
189,367 USD
279,067 USD
900,000 USD
200,000 USD
3,200,000 USD
1,174,330 USD
2,505,000 USD
800,000 USD
5,300,000 USD
1,600,000 USD
2,935,000 USD
3,930,000 USD
2,350,000 USD
10,600,000 USD
3,450,000 USD
10,000,000 USD
11,800,000 USD
650,000 USD
950,000 USD
9,258,571 USD
6,800,000 USD
886,994 USD
450,000 USD
700,000 USD
4,000,000 USD
5,000,000 USD
2,200,000 USD
3,100,000 USD
800,000 USD
10,235,285 USD
1,050,000 USD
1,250,000 USD
200,000 USD
640,000 USD
310,000 USD
325,000 USD
2,800,000 USD
27,346,000 USD
2,000,000 USD
5,000,000 USD
5,000,000 USD
1,160,000 USD
250,000 USD
306,000 USD
500,000 USD
Description of Securities
Nationstar Home Equity Loan Trust - 2007-A AV3 - Libor 1M 25/Mar/2037
New Century Home Equity Loan Trust - 1 A2C - Libor 1M 25/Mar/2035
NorthStar 2012-1 Mortgage Trust - A - Libor 1M 25/Aug/2029
Option One Mortgage Loan Trust - HL1 2A1 - Libor 1M 25/Feb/2038
ORES NPL LLC - 2012-LV1 A - 4% 25/Sep/2044
Origen Manufactured Housing - A M1 - 5.91% 15/Jan/2035
Origen Manufactured Housing Contract Trust 2004-B - A4 - Floating 15/Nov/2035
Penarth Master Issuer PLC - 2011-1A A1 - Libor 1M 18/May/2015
PFS Financing Corp - 2012-BA A - Libor 1M 17/Oct/2016
PFS Financing Corp - 2012-BA B - Libor 1M 17/Oct/2016
PHH Mortgage Capital LLC - 1SLW A1 - 6.6% 25/Dec/2027
Prestige Auto Receivables Trust - 1A C - 3.9% 16/Jul/2018
RAAC Series - 2006-RP2A - Libor 1M 25/Feb/2037
RAAC Series - 2006-SP1 A2 - Libor 1M 25/Sep/2045
RALI Trust - QR1 A - 6% 25/Oct/2034
RALI Trust - QR24 A3 - 4% 25/Jul/2033
RALI Trust - QS1 A1 - 4.25% 25/Jan/2034
RALI Trust - QS1 A1 - 5% 25/Jan/2033
RALI Trust - QS1 A2 - Libor 1M 25/Jan/2034
RALI Trust - QS13 CB - 5% 25/Sep/2019
RALI Trust - QS14 A1 - 5% 25/Jul/2018
RALI Trust - QS16 A2 - Libor 1M 25/Oct/2017
RALI Trust - QS16 1A1 - 5.5% 25/Dec/2034
RALI Trust - QS4 A7 - 4% 25/Mar/2034
RALI Trust - QS5 A5 - 4.75% 25/Apr/2034
RALI Trust - 2003-QS15 A6 - 5.5% 25/Aug/2033
RALI Trust - 2003-QS17 CB5 - 5.5% 25/Sep/2033
RALI Trust - 2003-QS22 A6 - Libor 1M 26/Dec/2033
RALI Trust - 2004-QS13 NB - 5% 25/Sep/2019
RAMP Trust - 2006-NC1 A2 - Libor 1M 25/Jan/2036
RASC Trust - KS7 M1 - Libor 1M 25/Aug/2035
RESI Finance LP - 2003-C B3 - Libor 1M 10/Sep/2035
Residential Asset Securitization Trust - A10 A1 - 5.5% 25/Feb/2035
Residential Asset Securitization Trust - A2 1A1 - 4% 25/May/2034
Residential Asset Securitization Trust - A7 A3 - Libor 1M 25/Oct/2034
Residential Asset Securitization Trust - A8 A1 - 5.25% 25/Nov/2034
Residential Asset Securitization Trust - A9 A9 - 5.75% 25/Dec/2034
Residential Asset Securitization Trust - 2003-A6 A4 - Libor 1M 25/Jul/2033
RFMSI Trust - S6 A2 - 5.25% 25/Aug/2035
RFSC Series 2003-RP2 Trust - 2003-RP2 M1 - Libor 1M 25/Jul/2041
Santander Drive Auto Receivables Trust - S1A C - 1.89% 15/May/2017
Santander Drive Auto Receivables Trust - S2A D - 3.35% 15/Jun/2017
Santander Drive Auto Receivables Trust - 2 B - 2.66% 15/Jan/2016
Santander Drive Auto Receivables Trust 2012-5 - C - 2.7% 15/Aug/2018
Sequoia Mortgage Trust - 2 A1 - Libor 1M 20/Mar/2035
Sequoia Mortgage Trust - 5 A1 - Floating 20/Sep/2033
Sequoia Mortgage Trust - 9 A1 - Libor 1M 20/Oct/2034
Sequoia Mortgage Trust 2003-2 - A1 - Floating 20/Jun/2033
Sierra Receivables Funding Co LLC - 2A A2 - Libor 1M 20/Sep/2019
Sierra Receivables Funding Co LLC - 2012-2A A - 2.38% 20/Mar/2029
SLM Student Loan Trust - 10 A6B - Libor 3M 27/Apr/2026
SMA Issuer I LLC - 2012-LV1 A - 3.5% 20/Aug/2025
SNAAC Auto Receivables Trust - 1A B - 3.11% 15/Jun/2017
Market Value
140,796
123,120
440,808
10,870
451,035
142,018
140,264
380,113
143,591
211,482
146,848
156,569
384,221
168,232
496,349
604,281
270,550
30,744
158,220
584,742
214,720
310,142
331,034
722,275
990,931
517,441
774,721
845,613
532,974
103,803
236,447
164,094
244,091
336,044
155,358
139,174
377,007
84,765
601,977
910,358
50,347
200,265
239,322
252,828
249,914
1,250,370
186,777
336,757
506,746
695,018
188,755
233,260
381,025
Net Assets %
0.03%
0.03%
0.10%
0.00%
0.10%
0.03%
0.03%
0.09%
0.03%
0.05%
0.03%
0.04%
0.09%
0.04%
0.11%
0.14%
0.06%
0.01%
0.04%
0.13%
0.05%
0.07%
0.08%
0.17%
0.23%
0.12%
0.18%
0.19%
0.12%
0.02%
0.05%
0.04%
0.06%
0.08%
0.04%
0.03%
0.09%
0.02%
0.14%
0.21%
0.01%
0.05%
0.06%
0.06%
0.06%
0.29%
0.04%
0.08%
0.12%
0.16%
0.04%
0.05%
0.09%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 235

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,150,000 USD
3,000,000 USD
1,900,000 USD
6,000,000 USD
1,405,000 USD
2,000,000 USD
600,000 USD
750,000 USD
2,200,000 USD
1,000,000 USD
3,725,000 USD
2,000,000 USD
325,000 USD
4,600,000 USD
300,000 USD
3,650,000 USD
4,610,000 USD
500,000 USD
225,000 USD
1,460,000 USD
650,000 USD
350,000 USD
2,163,000 USD
650,000 USD
133,000,000 USD
562,000 USD
602,000 USD
650,000 USD
5,530,239 USD
3,305,460 USD
361,674 USD
7,590,000 USD
265,000 USD
800,000 USD
698,000 USD
906,000 USD
3,352,000 USD
775,000 USD
6,750,000 USD
700,000 USD
560,000 USD
2,505,000 USD
1,995,000 USD
350,000 USD
200,000 USD
350,000 USD
100,000 USD
Description of Securities
Springleaf Mortgage Loan Trust - 2012-2A A - Floating 25/Oct/2057
Structured Adjustable Rate Mortgage Loan Trust - 3AC A1 - Floating 25/Mar/2034
Structured Asset Investment Loan Trust 2006-1 - A3 - Libor 1M 25/Jan/2036
Structured Asset Mortgage Investments Inc - F1 FA - Libor 1M 26/Aug/2035
Structured Asset Mortgage Investments Inc - 2003-AR2 A1 - Libor 1M 19/Dec/2033
Structured Asset Securities Corp - BHC1 A1 - Floating 18/Dec/2049
Structured Asset Securities Corp - 2004-S4 M5 - Libor 1M 25/Dec/2034
Structured Asset Securities Corp - 2004-19XS A6B - Floating 25/Oct/2034
Structured Asset Securities Corp - 2005-14 1A1 - Libor 1M 25/Jul/2035
Structured Asset Securities Corp - 2006-GEL4 A2 - Libor 1M 25/Oct/2036
Structured Asset Securities Corp - 22A 3A - Floating 25/Jun/2033
Structured Asset Securities Corp - 31A 3A - Floating 25/Oct/2033
TAL Advantage LLC - 2A A - 4.31% 20/May/2026
Terwin Mortgage Trust - 16HE AF2 - Floating 25/Sep/2036
Textainer Marine Containers Ltd - 1A A - 4.21% 15/Apr/2027
Thornburg Mortgage Securities Trust - II4A - Floating 25/Mar/2044
Thornburg Mortgage Securities Trust - 3 A - Floating 25/Sep/2034
Timberstar Trust - 1A A - 5.668% 15/Oct/2036
Timberstar Trust - 1A B - 5.7467% 15/Oct/2036
Timberstar Trust - 1A F - 7.5296% 15/Oct/2036
Trinity Rail Leasing LP - 2012-1A A1 - 2.266% 15/Jan/2043
Triton Container Finance LLC - 1A A - 4.21% 14/May/2027
Triton Container Finance LLC - 2006-1A NOTE - Libor 1M 26/Nov/2021
Vericrest Opportunity Loan Transferee - NL1A A1 - Floating 25/Mar/2049
Wachovia Bank Commercial Mortgage Trust - C26 XP - Floating 15/Jun/2045
Wachovia Bank Commercial Mortgage Trust - C4 F - 5.606% 15/Apr/2035
WAMU Commercial Mortgage Securities Trust - C1A F - 5.3% 25/May/2036
WaMu Mortgage Pass Through Certificates - AR10 1A1 - Floating 25/Sep/2035
WaMu Mortgage Pass Through Certificates - AR14 A1 - Floating 25/Jan/2035
WaMu Mortgage Pass Through Certificates - AR3 A2 - Floating 25/Jun/2034
WaMu Mortgage Pass Through Certificates - 2002-AR2 B1 - Cost of Funds 11th District San Fransisco
27/Feb/2034
WaMu Mortgage Pass Through Certificates - 2003-AR6 A1 - Floating 25/Jun/2033
WaMu Mortgage Pass Through Certificates - 2004-AR9 A1 - Floating 25/Aug/2034
Wells Fargo Commercial Mortgage Trust - C1 A1 - 3.349% 15/Oct/2057
Wells Fargo Commercial Mortgage Trust - 2012-LC5 AS - 3.539% 15/Oct/2045
Wells Fargo Home Equity Trust - 3 M1 - Libor 1M 25/Nov/2035
Wells Fargo Mortgage Backed Securities Trust - AR6 A1 - Floating 25/Apr/2035
Wells Fargo Mortgage Backed Securities Trust - AR6 5A1 - Floating 25/Mar/2036
Wells Fargo Mortgage Backed Securities Trust - B A1 - Floating 25/Feb/2033
Wells Fargo Mortgage Backed Securities Trust - H A1 - Floating 25/Jun/2034
Wells Fargo Mortgage Backed Securities Trust - V 1A2 - Floating 25/Oct/2034
Wells Fargo Mortgage Backed Securities Trust - 1A1 - 4.75% 25/Dec/2018
Wells Fargo Mortgage Backed Securities Trust - 2 3A1 - 5.75% 25/Mar/2036
Wells Fargo Mortgage Backed Securities Trust - 2003-L 1A4 - Floating 25/Nov/2033
Wells Fargo Mortgage Backed Securities Trust - 9 1A14 - 5.5% 25/Oct/2035
WFDB Commercial Mortgage Trust - BXR D - 5.914% 05/Jul/2016
WF-RBS Commercial Mortgage Trust - C2 C - 5.392% 15/Jan/2021
Market Value
819,310
442,475
554,936
497,023
82,171
260,012
342,104
196,399
371,146
549,732
342,586
291,403
210,289
794,640
221,338
364,719
474,749
437,505
188,477
1,148,841
490,249
260,245
628,877
75,329
15,230
426,250
471,361
2,398
1,293,893
554,284
48,286
410,091
46,348
567,874
562,671
675,860
381,817
149,235
226,381
96,289
98,211
191,930
526,047
253,570
114,259
280,286
85,763
Net Assets %
0.19%
0.10%
0.13%
0.11%
0.02%
0.06%
0.08%
0.05%
0.09%
0.13%
0.08%
0.07%
0.05%
0.18%
0.05%
0.08%
0.11%
0.10%
0.04%
0.26%
0.11%
0.06%
0.14%
0.02%
0.00%
0.10%
0.11%
0.00%
0.30%
0.13%
0.01%
0.09%
0.01%
0.13%
0.13%
0.16%
0.09%
0.03%
0.05%
0.02%
0.02%
0.04%
0.12%
0.06%
0.03%
0.06%
0.02%
Total Mortgages and Asset Backed securities
112,004,086
25.74%
Supranationals, Governments and Local Public Authorities, Debt Instruments
600,000
USD
Governments
George Washington University 1.827% 15/Sep/2017
465,177
0.11%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
236 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,200,000 USD
5,000,000 USD
22,000,000 USD
5,500,000 USD
5,000,000 USD
4,250,000 USD
2,500,000 USD
3,380,000 USD
2,000,000 USD
2,000,000 USD
1,000,000 USD
2,780,000 USD
1,500,000 USD
Description of Securities
Russian Foreign Bond - Eurobond - 144A - 4.5% 04/Apr/2022
United States Treasury Note/Bond 0.375% 15/Jun/2015
United States Treasury Note/Bond 0.875% 30/Apr/2017
United States Treasury Note/Bond 1% 30/Sep/2016
United States Treasury Note/Bond 1.75% 15/May/2022
United States Treasury Note/Bond 2.125% 29/Feb/2016
United States Treasury Note/Bond 3.125% 15/Nov/2041
United States Treasury Note/Bond 4.25% 15/May/2039
United States Treasury Note/Bond 4.375% 15/May/2040
United States Treasury Note/Bond 4.375% 15/May/2041
United States Treasury Note/Bond 4.375% 15/Nov/2039
United States Treasury Note/Bond 4.5% 15/May/2038
United States Treasury Note/Bond 4.625% 15/Feb/2040
Market Value
1,044,448
3,799,290
16,894,826
4,251,899
3,828,919
3,400,147
1,990,013
3,277,948
1,979,317
1,981,332
989,007
2,791,446
1,540,664
Net Assets %
0.24%
0.87%
3.89%
0.98%
0.88%
0.78%
0.46%
0.75%
0.45%
0.46%
0.23%
0.64%
0.35%
400,000
550,000
600,000
500,000
600,000
250,000
940,000
700,000
750,000
3,100,000
200,000
485,000
190,000
900,000
374,679
645,065
900,000
490,400
7,075,434
3,000,000
2,747,656
11,172,481
2,700,000
3,332,000
2,034,607
460,000
160,000
2,515,586
1,621,634
2,687,168
400,000
1,900,000
8,010,660
1,001,494
1,001,378
1,002,862
2,923,214
3,148,242
300,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Local Public Authorities
Baylor University 4.313% 01/Mar/2042
California State University - A - 5% 01/Nov/2039
California Statewide Communities Development Authority - A - 6% 15/Aug/2042
City of Charleston SC 5% 01/Jan/2035
City of Charleston SC 5% 01/Jan/2041
City of Charlotte NC Water & Sewer System Revenue - B - 5% 01/Jul/2038
City of San Francisco CA Public Utilities Commission Water Revenue 5% 01/Nov/2037
Connecticut State Health & Educational Facility Authority - A2 - 5% 01/Jul/2040
Connecticut State Health & Educational Facility Authority - Z-1 - 5% 01/Jul/2042
Countrywide Home Loan Mortgage Pass Through Trust - 56 4A2 - Floating 25/Dec/2033
County of King WA Sewer Revenue 5.125% 01/Jan/2041
County of Sweetwater WY 5.6% 01/Dec/2035
Courtland Industrial Development Board - A - 5% 01/Aug/2027
Fannie Mae Pool - AD7136 - 5% 01/Jul/2040
Fannie Mae Pool - AJ3076 - 4.5% 01/Nov/2041
Fannie Mae Pool - AJ3087 - 4% 01/Nov/2041
Fannie Mae Pool - AJ3088 - 4.5% 01/Nov/2041
Fannie Mae Pool - AJ7288 - 4% 01/Jan/2042
Fannie Mae Pool - AO4205 - 3% 01/Jun/2027
Fannie Mae Pool 3.5% 01/Jan/2042
Fannie Mae Pool 4% 01/Jan/2041
Fannie Mae Pool 4% 01/Oct/2040
Fannie Mae Pool 4.5% 01/Sep/2039
Fannie Mae Pool 4.53% 01/Jun/2019
Fannie Mae Pool 5.5% 04/Jan/2036
Fannie Mae Pool 6% 01/Apr/2038
Fannie Mae Pool 6% 01/Jul/2038
Fannie Mae Pool 6% 01/May/2037
Fannie Mae Pool 6% 01/Oct/2037
Fannie Mae Pool 6% 01/Sep/2038
Fannie Mae REMICS - 2009-36 HX - 4.5% 25/Jun/2029
Fannie Mae REMICS - 85 BA - 6% 25/Mar/2035
Freddie Mac Gold Pool - QO9339 - 3.5% 01/Jul/2042
Freddie Mac Gold Pool - Q04284 - 3.5% 01/Nov/2041
Freddie Mac Gold Pool - Q04867 - 3.5% 01/Nov/2041
Freddie Mac Gold Pool 3.5% 01/Oct/2041
Freddie Mac Gold Pool 4% 01/Dec/2020
Freddie Mac Gold Pool 4% 01/Jul/2040
Freddie Mac Gold Pool 5% 01/Dec/2039
320,185
469,102
540,273
442,480
525,664
224,255
824,461
614,634
632,505
286,034
174,113
395,931
144,359
376,863
303,215
313,515
486,000
279,551
4,975,310
1,500,571
1,449,501
4,583,724
1,490,652
2,881,051
167,961
85,768
30,382
483,288
85,607
415,567
339,923
569,446
5,848,172
787,210
662,927
792,078
403,765
1,365,916
172,459
0.07%
0.11%
0.12%
0.10%
0.12%
0.05%
0.19%
0.14%
0.15%
0.07%
0.04%
0.09%
0.03%
0.09%
0.07%
0.07%
0.11%
0.06%
1.15%
0.34%
0.33%
1.06%
0.34%
0.66%
0.04%
0.02%
0.01%
0.11%
0.02%
0.10%
0.08%
0.13%
1.35%
0.18%
0.15%
0.18%
0.09%
0.31%
0.04%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 237

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
9,119,613 USD
11,400,000 USD
500,000 USD
3,501,032 USD
140,000 USD
494,764 USD
1,277,478 USD
735,000 USD
5,000,000 USD
300,000 USD
657,000 USD
1,849,746 USD
1,450,000 USD
2,001,834 USD
150,000 USD
2,164,941 USD
700,000 USD
4,750,000 USD
14,000,000 USD
3,500,000 USD
2,900,000 USD
150,000 USD
450,000 USD
600,000 USD
300,000 USD
400,000 USD
200,000 USD
455,000 USD
Description of Securities
Freddie Mac Gold Pool 5% 01/Oct/2038
Freddie Mac Gold Pool 5% 01/Sep/2038
Freddie Mac Gold Pool 5.5% 01/Dec/2038
Freddie Mac Gold Pool 6% 01/Aug/2036
Freddie Mac Gold Pool 6% 01/Dec/2036
Freddie Mac Gold Pool 7% 01/Aug/2022
Freddie Mac Gold Pool 7% 01/Sep/2022
Freddie Mac REMICS - 2099 OG - 5% 15/Jun/2034
Freddie Mac REMICS Libor 1M 15/Jun/2023
Freddie Mac REMICS 5% 15/Aug/2035
Freddie Mac REMICS 5.5% 15/Feb/2033
Ginnie Mae I pool - 654938 - 6% 15/Aug/2036
Ginnie Mae I pool - 770525 - 4.5% 15/Aug/2041
Ginnie Mae I pool 6% 15/Jul/2036
Government National Mortgage Association - 2009-37 CB - 4.973% 16/Apr/2042
Government National Mortgage Association - 2010-39 FA - Libor 1M 20/Aug/2035
Government National Mortgage Association - 2012-130 PA - 3% 20/Apr/2041
Government National Mortgage Association - 2012-85 IO - Floating 16/Sep/2052
Government National Mortgage Association - 52 IO - Floating 16/Nov/2051
Government National Mortgage Association - 58 IO - Floating 16/Jan/2055
Government National Mortgage Association Floating 16/Mar/2053
Hampton Roads Sanitation District 5% 01/Apr/2038
Harris County Metropolitan Transit Authority - A - 5% 01/Nov/2041
Houston Higher Education Finance Corp 4.5% 15/Nov/2037
Houston Higher Education Finance Corp 5% 15/May/2040
Illinois Finance Authority 5% 01/Oct/2051
Indianapolis Airport Authority - RF - 5.1% 15/Jan/2017
Louisiana Local Government Environmental Facilities & Community Development Auth 6.5%
01/Aug/2029
Market Value
1,691,698
2,030,773
266,917
383,987
19,415
92,137
258,207
570,958
260,344
1,770
159,349
690,810
939,274
212,140
130,972
767,109
553,833
311,766
345,756
224,621
182,326
127,968
390,774
490,485
262,457
336,927
172,103
404,717
Net Assets %
0.39%
0.47%
0.06%
0.09%
0.00%
0.02%
0.06%
0.13%
0.06%
0.00%
0.04%
0.16%
0.22%
0.05%
0.03%
0.18%
0.13%
0.07%
0.08%
0.05%
0.04%
0.03%
0.09%
0.11%
0.06%
0.08%
0.04%
0.09%
100,000
850,000
200,000
400,000
125,000
300,000
1,300,000
200,000
300,000
575,000
250,000
1,600,000
600,000
475,000
450,000
500,000
300,000
750,000
505,000
785,000
500,000
300,000
150,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Louisiana Local Government Environmental Facilities & Community Development Auth 6.75%
01/Nov/2032
Maryland Health & Higher Educational Facilities Authority 5% 01/Jul/2041
Massachusetts Development Finance Agency - B1 - 5% 15/Oct/2040
Massachusetts Development Finance Agency 5.25% 01/Apr/2037
Massachusetts Development Finance Agency 5.375% 01/Apr/2041
Massachusetts Health & Educational Facilities Authority - A M2 - 5.5% 01/Jul/2032
Massachusetts Health & Educational Facilities Authority - Harvard - 5.5% 15/Nov/2036
Massachusetts Health & Educational Facilities Authority 6% 01/Jul/2036
Metropolitan Water Reclamation District of Greater Chicago - B - 5% 01/Dec/2030
Missouri State Health & Educational Facilities Authority 5% 15/Nov/2039
New Hampshire Health & Education Facilities Authority 6.5% 01/Jan/2041
New Jersey Economic Development Authority 0% 15/Feb/2018
New Jersey Transportation Trust Fund Authority - A - 5.5% 15/Jun/2041
New York City Transitional Finance Authority Future Tax Secured Revenue 5% 01/Nov/2033
New York State Dormitory Authority - A - 5% 01/Jul/2035
New York State Dormitory Authority - A - 5% 01/Jul/2040
New York State Dormitory Authority 5% 01/Jul/2037
New York State Dormitory Authority 5% 01/Jul/2038
New York State Dormitory Authority 5% 01/Jul/2040
New York State Dormitory Authority 5% 01/Oct/2041
Parish of St John the Baptist LA - A - 5.125% 01/Jun/2037
Pennsylvania State University 5% 01/Mar/2040
Permanent University Fund 5% 01/Jul/2030
85,203
756,973
177,081
340,889
106,935
329,279
1,180,994
188,752
273,338
515,079
221,646
1,030,425
525,492
425,072
399,310
434,747
262,266
644,582
434,953
699,373
403,584
253,566
142,607
0.02%
0.17%
0.04%
0.08%
0.02%
0.08%
0.27%
0.04%
0.06%
0.12%
0.05%
0.24%
0.12%
0.10%
0.09%
0.10%
0.06%
0.15%
0.10%
0.16%
0.09%
0.06%
0.03%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
238 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
250,000 USD
780,000 USD
455,000 USD
1,310,000 USD
298,000 USD
760,000 USD
200,000 USD
400,000 USD
340,000 USD
300,000 USD
550,000 USD
390,000 USD
750,000 USD
150,000 USD
430,000 USD
Description of Securities
Port Authority of New York & New Jersey 4.458% 01/Oct/2062
Port Freeport TX - A4-DOW - 5.95% 15/May/2033
Selma Industrial Development Board 5.8% 01/May/2034
South Carolina State Public Service Authority 5% 01/Dec/2043
State of California 2.5% 20/Jun/2013
State of Florida 4% 01/Jun/2027
State of Maryland 4% 15/Mar/2025
State of Washington - B1 - 5% 01/Aug/2039
State of Washington - C - 5% 01/Jul/2018
State of Washington 3% 01/Jul/2028
Tarrant Regional Water District 5% 01/Mar/2052
Texas Municipal Gas Acquisition & Supply Corp III 5% 15/Dec/2030
Texas Municipal Gas Acquisition & Supply Corp III 5% 15/Dec/2031
University of Texas System 5% 15/Aug/2043
Windstream Corp 8.125% 01/Sep/2018
Market Value
188,617
677,743
387,944
1,111,384
228,400
642,414
172,241
347,009
310,913
224,213
471,071
316,881
603,211
132,968
354,691
Net Assets %
0.04%
0.16%
0.09%
0.26%
0.05%
0.15%
0.04%
0.08%
0.07%
0.05%
0.11%
0.07%
0.14%
0.03%
0.08%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
112,960,290
380,265,035
25.96%
87.40%
Other Transferable Securities
Bonds
1,350,000
USD
Consumer Goods
Automobiles and Parts
Lear Corp. Escrow Bankruptcy 0% 01/Dec/2016 Defaulted
0
0.00%
470,000
USD
Consumer Services
Food and Drug Retailers
CVS Pass-Through Trust 5.773% 31/Jan/2033
403,688
0.09%
350,000
USD
Financials
Banks
CoBank ACB 7.875% 16/Apr/2018
337,734
0.08%
125,000
795,000
500,000
250,000
250,000
625,000
500,000
1,350,000
250,000
500,000
250,000
250,000
900,000
400,000
2,000,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Financial Services
Alta Wind Holdings LLC 7% 30/Jun/2035
American Honda Finance Corp 6.7% 01/Oct/2013
Blue Fin Ltd - 144A - Floating 28/May/2013
Compass Re Ltd - 2 - Floating 08/Jan/2015
Embarcadero Reinsurance Ltd Floating 07/Aug/2015
Johnston Re Ltd Floating 08/May/2013
Lodestone Re Ltd - A-1 - Floating 08/Jan/2014
Lodestone Re Ltd - CLB - Floating 17/May/2013
Mythen Re Ltd Series 2012-2 Class A Floating 05/Jan/2017
Queen Street III Capital Ltd Floating 28/Jul/2014
Queen Street VII Re Ltd Floating 08/Apr/2016
Residential Reinsurance 2010 Ltd - CL1 - Floating 06/Jun/2013
Residential Reinsurance 2012 Ltd Floating 06/Dec/2016
Tiers Trust/United States Floating 15/Oct/2097
Vita Capital V Ltd Floating 15/Jan/2017
93,185
630,533
369,691
192,563
193,265
480,886
379,665
1,036,563
189,396
381,447
189,624
191,918
682,646
170,570
1,522,602
0.02%
0.14%
0.08%
0.04%
0.04%
0.11%
0.09%
0.25%
0.04%
0.09%
0.04%
0.04%
0.17%
0.04%
0.36%
750,000
USD
Life Insurance
Vitality Re Ltd Libor 3M 07/Jan/2014
578,087
0.13%
Total Bonds
8,024,063
1.85%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 239

Pioneer Funds - U.S. Dollar Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
Equities
40,000
10,000
USD
USD
Financials
Banks
BB&T Corp
CoBank ACB
772,755
791,917
0.18%
0.18%
Total Equities
1,564,672
0.36%
1,025,000
1,100,000
149,000
600,000
1,325,000
200,000
1,000,000
100,000
24,213,062
250,000
250,000
550,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Mortgages and Asset Backed securities
ACE Securities Corp - 2003-MH1 B1 - Floating 15/Aug/2030
Ally Master Owner Trust - 2011-1 A1 - Libor 1M 15/Jan/2016
American Credit Acceptance Receivables Trust 2012-2 - C - 4.05% 15/Feb/2018
Countrywide Home Loan Mortgage Pass Through Trust 5.25% 25/Jun/2034
Dominos Pizza Master Issuer LLC 5.216% 25/Jan/2042
FREMF Mortgage Trust - K17 B - Floating 25/Dec/2044
Ginnie Mae I pool - 654940 - 6% 15/Aug/2036
GMAC Commercial Mortgage Securities Inc Series 2003-C3 Trust - A4 - 5.023% 10/Apr/2040
Impac Secured Assets CMN Owner Trust - 3 1A4 - Floating 25/Nov/2034
Sierra Receivables Funding Co LLC - 2012-3A A - 1.87% 20/Aug/2029
S2 Hospitality LLC - LV1 A - 4.5% 15/Apr/2025
Wells Fargo Mortgage Backed Securities Trust - 16 A3 - 5% 25/Nov/2036
266,550
839,559
113,274
462,278
1,118,742
161,806
119,737
76,753
517,565
174,589
103,368
62,954
0.06%
0.19%
0.03%
0.11%
0.25%
0.04%
0.03%
0.02%
0.12%
0.04%
0.02%
0.01%
Total Mortgages and Asset Backed securities
Total Other Transferable Securities
4,017,175
13,605,910
0.92%
3.13%
Total Securities
393,870,945
90.53%
Net Asset Value
435,076,965
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
28-Mar-13 94
US Long Bond
28-Mar-13 4
US Ultra Bond Cbt
28-Mar-13 (252)
US 10 Yr Note Future
31-Mar-13 (104)
US 2 Yr Note Future
31-Mar-13 26
US 5 Yr Note Future
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
USD
USD
USD
USD
USD
Commitment
(in Trade Ccy)
13,882,625
652,125
(33,456,939)
(22,930,376)
3,234,156
Market Price
(in Trade Ccy)
147.69
163.03
132.77
110.24
124.39
Unrealised Gain/(Loss)
(in Fund Ccy)
(133,685)
(7,656)
111,566
(4,921)
(4,468)
(39,164)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
20-Dec-16 Credit Default Swap Seller
20-Jun-17 Credit Default Swap Seller
20-Jun-17 Credit Default Swap Seller
20-Jun-17 Credit Default Swap Seller
Total Net Unrealised Gain/(Loss) on Swaps
Underlying
CDX NA HY 17
CDX NA HY 18
CDX NA IG 18
CDX NA IG 18
Received Rate
5.000%
5.000%
1.000%
1.000%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- USD 5,820,000 104,546
- USD 4,400,000
43,737
- USD 9,000,000
42,914
- USD 12,000,000
57,219
248,416
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
240 Pioneer Funds - Annual Report

Pioneer Funds - Global Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
2,000,000
USD
Basic Materials
Chemicals
Eastman Chemical Co 3.6% 15/Aug/2022
1,590,140
0.51%
2,000,000
USD
Industrial Metals and Mining
Alcoa Inc 6.15% 15/Aug/2020
1,657,486
0.53%
1,000,000
1,000,000
USD
USD
Mining
AngloGold Ashanti Holdings PLC 5.375% 15/Apr/2020
Teck Resources Ltd 3% 01/Mar/2019
782,327
782,827
0.25%
0.25%
500,000
1,500,000
USD
EUR
Consumer Goods
Automobiles and Parts
Nissan Motor Acceptance Corp 4.5% 30/Jan/2015
Valeo SA 4.875% 11/May/2018
405,211
1,676,048
0.13%
0.54%
500,000
EUR
Beverages
Carlsberg Breweries A/S 3.375% 13/Oct/2017
545,818
0.18%
2,000,000
USD
Food Producers
Kraft Foods Group Inc - 144A - 3.5% 06/Jun/2022
1,620,396
0.52%
200,000
USD
Leisure Goods
British Sky Broadcasting Group PLC 6.1% 15/Feb/2018
181,491
0.06%
600,000
EUR
Consumer Services
Food and Drug Retailers
Casino Guichard Perrachon SA 5.5% 30/Jan/2015
653,109
0.21%
2,000,000
USD
Travel, Leisure and Catering
Marriott International Inc/DE 3.25% 15/Sep/2022
1,529,248
0.49%
700,000
1,700,000
1,250,000
1,400,000
1,500,000
600,000
200,000
550,000,000
164,000
1,500,000
516,000
1,200,000
2,000,000
400,000
400,000
2,000,000
2,506,000
1,500,000
800,000
1,500,000
1,500,000
450,000
26,736,192
EUR
EUR
EUR
EUR
EUR
EUR
EUR
JPY
EUR
EUR
EUR
EUR
EUR
EUR
USD
USD
EUR
EUR
EUR
USD
EUR
EUR
DKK
Financials
Banks
ABN Amro Bank NV 3.5% 12/Jan/2018
ABN Amro Bank NV 6.375% 27/Apr/2021
ABN Amro Bank NV 7.125% 06/Jul/2022
Banco Bilbao Vizcaya Argentaria SA 3.5% 24/Jan/2021
Banco Santander SA 3.25% 17/Feb/2015
Bank of America Corp 4.75% 03/Apr/2017
Barclays Bank PLC 6% 23/Jan/2018
Bayerische Landesbank 1.4% 22/Apr/2013
BNP Paribas Capital Trust VI - Pfd - Floating Perpetual
BPCE SA Floating Perpetual
BPCE SA 9.25% Perpetual
Credit Mutuel - CIC Home Loan SFH 3.125% 09/Sep/2020
Deutsche Bank AG 2.125% 01/Mar/2019
DNB Boligkreditt AS 2.375% 11/Apr/2017
Export-Import Bank of Korea 5.125% 29/Jun/2020
Goldman Sachs Group Inc 3.7% 01/Aug/2015
HSBC Capital Funding LP/Jersey Floating Perpetual
Intesa Sanpaolo SpA 4% 08/Nov/2018
Lloyds TSB Bank PLC 3.5% 11/Jan/2017
Lloyds TSB Bank PLC 6.5% 14/Sep/2020
Morgan Stanley 4% 17/Nov/2015
Nordea Bank AB 4.5% 26/Mar/2020
Nykredit Realkredit A/S 3.5% 01/Oct/2044
785,260
1,946,288
1,467,163
1,364,860
1,524,060
676,296
227,282
4,838,484
164,596
1,050,000
545,348
1,327,872
2,139,140
427,392
350,220
1,601,168
2,500,988
1,538,873
885,832
1,258,731
1,592,798
498,767
3,642,610
0.25%
0.63%
0.47%
0.44%
0.49%
0.22%
0.07%
1.57%
0.05%
0.34%
0.18%
0.43%
0.69%
0.14%
0.11%
0.52%
0.81%
0.50%
0.29%
0.41%
0.51%
0.16%
1.18%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 241

Pioneer Funds - Global Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
26,769,658 DKK
800,000 EUR
600,000 EUR
825,000 EUR
1,125,000 EUR
1,300,000 EUR
1,250,000 USD
1,600,000 EUR
1,100,000 EUR
2,500,000 EUR
720,000 EUR
Description of Securities
Realkredit Danmark A/S 3.5% 01/Oct/2044
Santander International Debt SAU 4.375% 04/Sep/2014
Santander International Debt SAU 4.625% 21/Mar/2016
SG Capital Trust III Floating Perpetual
Skandinaviska Enskilda Banken AB 4% 12/Sep/2022
Societe Generale SFH 2.875% 14/Mar/2019
Standard Chartered Bank Hong Kong Ltd 5.875% 24/Jun/2020
UniCredit Bank AG 2.875% 07/Jun/2016
UniCredit SpA 2.625% 31/Oct/2015
UniCredit SpA 5.25% 14/Jan/2014
UniCredit SpA 6.95% 31/Oct/2022
Market Value
3,647,170
819,852
626,352
788,354
1,184,951
1,418,963
1,069,374
1,724,136
1,132,340
2,596,000
751,424
Net Assets %
1.18%
0.26%
0.20%
0.25%
0.38%
0.46%
0.34%
0.56%
0.36%
0.84%
0.24%
800,000
500,000
1,300,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
EUR
USD
EUR
USD
USD
EUR
USD
USD
Financial Services
Banque PSA Finance SA 3.625% 17/Sep/2013
BlackRock Inc 3.5% 10/Dec/2014
BNP Paribas Home Loan SFH 3.375% 12/Jan/2017
General Electric Capital Corp 4.625% 07/Jan/2021
Hyundai Capital America 3.75% 06/Apr/2016
LeasePlan Corp NV 3.875% 16/Sep/2015
Macquarie Group Ltd 6% 14/Jan/2020
Nomura Holdings Inc 6.7% 04/Mar/2020
810,244
400,726
1,436,760
861,154
802,977
1,062,870
825,459
888,340
0.26%
0.13%
0.46%
0.28%
0.26%
0.34%
0.27%
0.29%
2,000,000
1,000,000
1,000,000
1,500,000
USD
USD
USD
USD
Life Insurance
Aflac Inc 4% 15/Feb/2022
Lincoln National Corp 4.3% 15/Jun/2015
Principal Financial Group Inc 3.3% 15/Sep/2022
Prudential Financial Inc 5.375% 21/Jun/2020
1,644,003
816,425
772,163
1,337,792
0.53%
0.26%
0.25%
0.43%
600,000
500,000
700,000
1,000,000
500,000
EUR
USD
EUR
USD
USD
Nonlife Insurance
AXA SA - Em.Jun 06 - Floating Perpetual
MetLife Inc 4.75% 08/Feb/2021
Muenchener Rueckversicherungs AG Floating 26/May/2041
Reinsurance Group of America Inc 6.45% 15/Nov/2019
Swiss Re Treasury US Corp 2.875% 06/Dec/2022
589,356
441,454
837,115
904,452
381,409
0.19%
0.14%
0.27%
0.29%
0.12%
500,000
1,500,000
1,500,000
1,500,000
USD
USD
USD
USD
Real Estate Investment Trusts
DDR Corp 4.625% 15/Jul/2022
Digital Realty Trust LP 3.625% 01/Oct/2022
Healthcare Realty Trust Inc 6.5% 17/Jan/2017
Hospitality Properties Trust 5% 15/Aug/2022
413,456
1,126,405
1,297,590
1,212,891
0.13%
0.36%
0.42%
0.39%
500,000
USD
Health Care
Health Care Equipment and Services
WellPoint Inc 3.3% 15/Jan/2023
388,848
0.13%
1,500,000
USD
Pharmaceuticals and Biotechnology
Genzyme Corp 3.625% 15/Jun/2015
1,219,653
0.39%
481,000
2,000,000
EUR
USD
Industrials
Construction and Materials
CRH Finance LTD 7.375% 28/May/2014
Holcim US Finance Sarl & Cie SCS 6% 30/Dec/2019
524,581
1,661,104
0.17%
0.54%
250,000
USD
Electronic and Electrical Equipment
Thomas & Betts Corp 5.625% 15/Nov/2021
234,691
0.08%
1,875,000
USD
Industrial Engineering
Volvo Treasury AB - Regs - 5.95% 01/Apr/2015
1,552,905
0.50%
1,000,000
EUR
Industrial Transportation
Atlantia SpA 3.375% 18/Sep/2017
1,038,720
0.33%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
242 Pioneer Funds - Annual Report

Pioneer Funds - Global Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
200,000
USD
Oil and Gas
Oil and Gas Producers
Canadian Natural Resources Ltd 5.9% 01/Feb/2018
182,911
0.06%
1,000,000
500,000
1,000,000
USD
USD
USD
Oil Equipment, Services and Distribution
Enterprise Products Operating LLC 4.05% 15/Feb/2022
Kinder Morgan Energy Partners LP 4.15% 01/Mar/2022
Weatherford International Ltd/Bermuda 4.5% 15/Apr/2022
835,073
409,932
806,679
0.27%
0.13%
0.26%
2,200,000
2,000,000
1,200,000
1,000,000
EUR
EUR
EUR
USD
Telecommunications
Fixed Line Telecommunications
AT&T Inc 6.125% 02/Apr/2015
Deutsche Telekom International Finance BV 4.25% 16/Mar/2020
Koninklijke KPN NV 6.5% 15/Jan/2016
Qtel International Finance Ltd - Regs - 6.5% 10/Jun/2014
2,473,416
2,312,510
1,370,568
812,288
0.80%
0.74%
0.44%
0.26%
800,000
2,100,000
439,000
1,245,000
1,000,000
3,000,000
1,600,000
EUR
EUR
EUR
EUR
EUR
USD
GBP
Utilities
Electricity
Alliander NV Floating Perpetual
Electricite de France SA 2.75% 10/Mar/2023
ESB Finance Ltd 4.375% 21/Nov/2019
ESB Finance Ltd 6.25% 11/Sep/2017
Eurogrid GmbH 3.875% 22/Oct/2020
Korea Development Bank 3.25% 09/Mar/2016
Scottish Power UK PLC 8.375% 20/Feb/2017
850,160
2,129,526
466,181
1,430,710
1,127,560
2,388,941
2,404,388
0.27%
0.69%
0.15%
0.46%
0.36%
0.77%
0.77%
350,000
350,000
218,000
EUR
GBP
EUR
Gas, Water and Multiutilities
Gas Natural Capital Markets SA 4.375% 02/Nov/2016
National Grid Gas PLC 6.375% 03/Mar/2020
Veolia Environnement SA 5.25% 24/Apr/2014
375,681
535,689
230,895
0.12%
0.17%
0.07%
Total Bonds
106,163,696
34.20%
Supranationals, Governments and Local Public Authorities, Debt Instruments
1,000,000
2,000,000
EUR
EUR
Supranationals
European Financial Stability Facility 3.5% 04/Feb/2022
European Union 2.75% 21/Sep/2021
1,153,200
2,209,290
0.37%
0.71%
3,500,000
2,800,000
950,000
900,000
500,000
1,200,000
22,010,000
200,000
200,000
1,400,000
4,200,000
1,680,000
200,000
600,000
19,800,000
3,700,000
5,565,000
3,270,000
AUD
AUD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
CAD
CAD
CAD
CAD
CAD
DKK
DKK
EUR
EUR
Governments
Australia Government Bond 5.25% 15/Mar/2019
Australia Government Bond 6.5% 15/May/2013
Austria Government Bond 6.25% 15/Jul/2027
Belgium Government Bond 4% 28/Mar/2022
Belgium Government Bond 5% 28/Mar/2035
Bundesobligation 0.5% 13/Oct/2017
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond Floating 15/Apr/2013
Bundesrepublik Deutschland 4% 04/Jan/2037
Bundesrepublik Deutschland 5.5% 04/Jan/2031
Canadian Government Bond 3.5% 01/Jun/2020
Canadian Government Bond 4% 01/Jun/2017
Canadian Government Bond 4% 01/Jun/2041
Canadian Government Bond 5.25% 01/Jun/2013
Canadian Government Bond 8% 01/Jun/2023
Denmark Government Bond 4% 15/Nov/2015
Denmark Government Bond 5% 15/Nov/2013
Deutsche Bundesrepublik Inflation Linked Bond Floating 15/Apr/2023
France Government Bond OAT 4% 25/Apr/2055
3,116,678
2,234,189
1,433,954
1,058,895
667,725
1,211,790
24,894,616
270,910
305,350
1,206,350
3,560,657
1,714,785
154,990
722,301
2,964,580
518,058
6,001,483
3,915,498
1.00%
0.72%
0.46%
0.34%
0.22%
0.39%
8.02%
0.09%
0.10%
0.39%
1.15%
0.55%
0.05%
0.23%
0.95%
0.17%
1.93%
1.26%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 243

Pioneer Funds - Global Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
300,000 EUR
600,000 EUR
14,300,000 EUR
1,200,000 EUR
1,000,000 EUR
1,300,000 EUR
100,000 EUR
95,000,000 JPY
1,095,000,000 JPY
41,900,000 JPY
298,000,000 JPY
160,000,000 JPY
133,250,000 JPY
410,500,000 JPY
582,000,000 JPY
35,000,000 JPY
63,750,000 NOK
1,380,000 EUR
850,000 EUR
500,000 EUR
50,000 EUR
450,000 EUR
17,000,000 SEK
1,000,000 GBP
650,000 GBP
550,000 GBP
1,000,000 GBP
850,000 GBP
200,000 GBP
580,000 GBP
950,000 GBP
350,000 GBP
3,450,000 USD
1,500,000 USD
1,170,000 USD
660,000 USD
680,000 USD
Description of Securities
France Government Bond OAT 4% 25/Oct/2038
France Government Bond OAT 4.5% 25/Apr/2041
Ireland Government Bond 5% 18/Oct/2020
Italy Buoni Poliennali Del Tesoro 3% 01/Nov/2015
Italy Buoni Poliennali Del Tesoro 4.5% 01/Mar/2026
Italy Buoni Poliennali Del Tesoro 5% 01/Sep/2040
Italy Buoni Poliennali Del Tesoro 6.5% 01/Nov/2027
Japan Government Five Year Bond - 79 - 0.7% 20/Dec/2013
Japan Government Five Year Bond 0.6% 20/Mar/2016
Japan Government Forty Year Bond 2.2% 20/Mar/2051
Japan Government Ten Year Bond - 260 - 1.6% 20/Jun/2014
Japan Government Ten Year Bond - 284 - 1.7% 20/Dec/2016
Japan Government Thirty Year Bond - 25 - 2.3% 20/Dec/2036
Japan Government Thirty Year Bond 2.2% 20/Mar/2041
Japan Government Twenty Year Bond - 106 - 2.2% 20/Sep/2028
Japan Government Twenty Year Bond - 120 - 1.6% 20/Jun/2030
Norway Government Bond 4.5% 22/May/2019
Spain Government Bond 4.1% 30/Jul/2018
Spain Government Bond 4.65% 30/Jul/2025
Spain Government Bond 4.7% 30/Jul/2041
Spain Government Bond 4.9% 30/Jul/2040
Spain Government Bond 5.5% 30/Apr/2021
Sweden Government Bond 4.5% 12/Aug/2015
United Kingdom Gilt 1.75% 22/Jan/2017
United Kingdom Gilt 4% 22/Jan/2060
United Kingdom Gilt 4.25% 07/Dec/2027
United Kingdom Gilt 4.25% 07/Dec/2040
United Kingdom Gilt 4.25% 07/Jun/2032
United Kingdom Gilt 4.75% 07/Sep/2015
United Kingdom Gilt 5% 07/Mar/2025
United Kingdom Gilt 5% 07/Sep/2014
United Kingdom Gilt 6% 07/Dec/2028
United States Treasury Note/Bond 1.625% 15/Aug/2022
United States Treasury Note/Bond 3.875% 15/Aug/2040
United States Treasury Note/Bond 4.375% 15/May/2041
United States Treasury Note/Bond 4.5% 15/Feb/2036
United States Treasury Note/Bond 4.75% 15/Feb/2037
Market Value
357,885
775,170
14,809,795
1,219,560
989,300
1,301,138
116,503
838,196
9,759,145
377,670
2,671,206
1,490,165
1,268,193
3,810,546
5,657,700
307,406
10,141,117
1,366,580
777,283
428,613
43,955
460,823
2,168,777
1,284,983
954,805
839,664
1,502,250
1,292,134
275,391
942,902
1,262,928
638,736
2,602,293
1,370,891
1,159,079
659,901
704,962
Net Assets %
0.12%
0.25%
4.77%
0.39%
0.32%
0.42%
0.04%
0.27%
3.14%
0.12%
0.86%
0.48%
0.41%
1.23%
1.82%
0.10%
3.27%
0.44%
0.25%
0.14%
0.01%
0.15%
0.70%
0.41%
0.31%
0.27%
0.48%
0.42%
0.09%
0.30%
0.41%
0.21%
0.84%
0.44%
0.37%
0.21%
0.23%
5,000,000
5,000,000
5,000,000
3,300,000
4,700,000
6,500,000
4,400,000
7,000,000
12,900,000
5,000,000
1,500,000
5,000,000
2,893,018
5,000,000
5,000,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Local Public Authorities
Fannie Mae Pool - 993096 - 5.5% 01/Jan/2039
Fannie Mae Pool - 993100 - 5.5% 01/Jan/2039
Fannie Mae Pool 5% 01/Feb/2038
Fannie Mae Pool 5% 01/May/2034
Fannie Mae REMICS - 119 CF - Libor 1M 25/Dec/2036
Fannie Mae REMICS - 91 HF - Libor 1M 25/Nov/2034
Federal Home Loan Mortgage Corp 4.375% 17/Jul/2015
Federal National Mortgage Association 1.625% 26/Oct/2015
Federal National Mortgage Association 4.125% 15/Apr/2014
Federal National Mortgage Association 4.375% 15/Oct/2015
Federal National Mortgage Association 6.625% 15/Nov/2030
Freddie Mac Gold Pool 4.5% 01/Sep/2038
Freddie Mac Gold Pool 5.5% 01/Oct/2035
Freddie Mac Gold Pool 6% 01/Sep/2038
Ginnie Mae I pool 5% 15/Mar/2039
633,681
728,578
1,107,312
521,994
932,590
852,093
3,675,455
5,492,430
10,272,937
4,209,326
1,731,764
1,011,714
533,530
1,188,071
1,652,633
0.20%
0.23%
0.36%
0.17%
0.30%
0.27%
1.18%
1.77%
3.31%
1.36%
0.56%
0.33%
0.17%
0.38%
0.53%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
244 Pioneer Funds - Annual Report

Pioneer Funds - Global Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
5,000,000
Currency
USD
Description of Securities
Ginnie Mae I pool 5.5% 15/Feb/2039
Market Value
1,212,718
Net Assets %
0.39%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
171,699,770
277,863,466
55.30%
89.50%
Other Transferable Securities
Equities
83,390
USD
Telecommunications
Fixed Line Telecommunications
Maxcom Telecom - Cert Series N2
0
0.00%
Total Equities
Total Other Transferable Securities
0
0
0.00%
0.00%
15,146
EUR
Investment funds
Pioneer Institutional Currency High Alpha - X ND
15,426,050
4.97%
Total Investment funds
15,426,050
4.97%
Total Securities
293,289,516
94.47%
Net Asset Value
310,453,889
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 (183)
Euro Bobl
11-Mar-13 (222)
Euro Bund
11-Mar-13 83
Euro Buxl
11-Mar-13 318
Euro Schatz
11-Mar-13 17
Euro-Btp Future
11-Mar-13 (21)
Euro-Oat Futures
21-Mar-13 12
Japanese 10y Bond
28-Mar-13 58
Long Gilt
28-Mar-13 78
US Long Bond
28-Mar-13 (163)
US 10 Yr Note Future
31-Mar-13 376
US 2 Yr Note Future
31-Mar-13 210
US 5 Yr Note Future
16-Jun-14 62
90 Day Euro$
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
EUR
EUR
EUR
EUR
EUR
JPY
GBP
USD
USD
USD
USD
USD
Commitment
(in Trade Ccy)
(23,391,060)
(32,332,080)
11,366,020
35,251,890
1,881,560
(2,859,360)
1,723,800,000
6,897,940
11,519,625
(21,640,798)
82,902,127
26,122,032
15,430,250
Market Price
(in Trade Ccy)
127.82
145.64
136.94
110.86
110.68
136.16
143.65
118.93
147.69
132.77
110.24
124.39
99.55
Unrealised Gain/(Loss)
(in Fund Ccy)
(153,633)
(315,240)
322,039
41,340
40,120
(37,800)
(98,951)
16,219
(136,150)
12,870
17,859
(26,274)
11,686
(305,915)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
11-Jan-13
11-Jan-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
Currency
KRW
KRW
AUD
CAD
CHF
CZK
EUR
Amount Purchased
257,748,400
3,122,196,000
1,427,838
9,000,000
2,900,000
7,800,000
2,452,412
Currency
EUR
EUR
USD
USD
EUR
EUR
AUD
Amount Sold
182,000
2,200,000
1,479,843
9,039,993
2,408,830
309,635
3,071,859
Unrealised Gain/(Loss)
(293)
1,076
(3,581)
(10,034)
(5,234)
1,110
46,108
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 245

Pioneer Funds - Global Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date Currency
Amount Purchased
04-Mar-13 EUR
5,656,956
04-Mar-13 EUR
9,434,226
04-Mar-13 EUR
936,092
04-Mar-13 EUR
770,000
04-Mar-13 EUR
9,978,214
04-Mar-13 EUR
634,303
04-Mar-13 EUR
3,700,000
04-Mar-13 GBP
5,080,012
04-Mar-13 GBP
2,300,000
04-Mar-13 JPY
2,563,002,696
04-Mar-13 JPY
350,000,000
04-Mar-13 JPY
110,000,000
04-Mar-13 JPY
221,696,900
04-Mar-13 MXN
11,732,500
04-Mar-13 PLN
3,000,000
04-Mar-13 SGD
500,000
04-Mar-13 USD
69,691,317
04-Mar-13 USD
2,851,769
04-Mar-13 ZAR
6,500,000
16-Jul-13 MYR
2,923,144
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
CAD
DKK
GBP
JPY
NOK
SEK
USD
EUR
EUR
EUR
EUR
EUR
USD
EUR
EUR
EUR
EUR
GBP
EUR
EUR
Amount Sold
7,312,555
70,300,000
760,000
87,482,703
73,762,827
5,500,000
4,815,557
6,277,052
2,831,194
24,081,310
3,288,015
1,032,922
2,701,907
690,193
724,225
315,956
53,529,194
1,780,423
560,642
738,000
Unrealised Gain/(Loss)
95,968
9,689
(252)
2,597
(46,520)
(5,666)
48,765
(18,318)
2,478
(1,598,522)
(217,798)
(67,997)
(103,933)
(9,795)
5,854
(5,621)
(688,084)
(31,300)
15,472
(22,233)
(2,606,064)
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
02-Aug-22 (7,265,000)
02-Aug-22 (7,265,000)
16-Oct-13 (25,500,000)
Call Swaption IRS 2.76% / Euribor 6M 2/Aug/2022
Put Swaption IRS 2.76% / Euribor 6M 2/Aug/2022
Call Swaption IRS 2.10% / Euribor 6M 16/Oct/2013
2.76
2.76
2.10
20,051,400 EUR (403,232) 128,170
20,051,400 EUR (504,858)
26,544
53,550,000 EUR (264,662) 388,138
(1,172,752) 542,852
Long Positions
02-Aug-22 32,400,000
02-Aug-22 1,520,000
02-Aug-22 32,400,000
02-Aug-22 1,520,000
16-Oct-13 51,000,000
16-Jun-14 259
Total Net Unrealised Gain/(Loss) on Options Contracts
Call Swaption IRS 3.03% / Euribor 3M 2/Aug/2022
Call Swaption IRS 2.60% / Euribor 6M 2/Aug/2022
Put Swaption IRS 3.03% / Euribor 3M 2/Aug/2022
Put Swaption IRS 2.60% / Euribor 6M 2/Aug/2022
Call Swaption IRS 2.50% / Euribor 6M 16/Oct/2013
Put 90 Day Euro$
3.03
2.60
3.03
2.60
2.50
99.00
EUR
EUR
EUR
EUR
EUR
USD
265,144
175,647
198,140
215,283
203,276
31,923
1,089,413
7,581
(56,920)
(59,423)
(17,284)
(434,224)
(120,210)
(680,480)
(137,628)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date
20-Mar-22
20-Dec-17
20-Dec-17
20-Dec-17
16-Apr-20
Contract
Credit Default Swap Buyer
Credit Default Swap Buyer
Credit Default Swap Seller
Credit Default Swap Seller
Cross Currency Swap Seller
Underlying
Ireland Republic
iTraxx Europe Series 18
CDX NA IG 19
iTraxx Europe Series 18
-
Received Rate
-
-
1.000%
1.000%
Stibor 3M +0.36%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
1.000% USD 17,500,000 1,482,170
1.000% EUR 30,000,000 234,359
- USD 39,000,000
46,202
- EUR 6,800,000 (53,121)
Euribor 3M EUR 18,000,000 148,774
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
246 Pioneer Funds - Annual Report

Pioneer Funds - Global Aggregate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Swaps as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date Contract
Underlying
04-Aug-21 Cross Currency Swap Seller -
14-Feb-14 Interest Rate Swap
-
14-Nov-15 Interest Rate Swap
-
11-Jul-17 Interest Rate Swap
-
03-Sep-17 Interest Rate Swap
-
03-Sep-14 Interest Rate Swap
-
11-Jul-14 Interest Rate Swap
-
18-Oct-20 Interest Rate Swap
-
17-Apr-23 Interest Rate Swap
-
17-Oct-21 Interest Rate Swap
-
03-Oct-15 Interest Rate Swap
-
18-Oct-20 Interest Rate Swap
-
04-Jun-42 Interest Rate Swap
-
03-Oct-15 Interest Rate Swap
-
22-Jun-17 Interest Rate Swap
-
16-Oct-16 Interest Rate Swap
-
04-Jun-42 Interest Rate Swap
-
31-Jul-13 Interest Rate Swap
-
28-Nov-42 Interest Rate Swap
-
28-May-15 Interest Rate Swap
-
28-Nov-32 Interest Rate Swap
-
30-Jul-17 Interest Rate Swap
-
26-Nov-22 Interest Rate Swap
-
26-Nov-22 Interest Rate Swap
-
26-Nov-17 Interest Rate Swap
-
26-Nov-22 Interest Rate Swap
-
26-Nov-17 Interest Rate Swap
-
26-Nov-17 Interest Rate Swap
-
29-Oct-15 Interest Rate Swap
-
29-Oct-14 Interest Rate Swap
-
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
Euribor 3M
BBSW 3M
3.210%
China IRS 1W
China IRS 1W
2.860%
2.370%
Euribor 6M
2.060%
2.360%
Euribor 6M
Euribor 6M
Euribor 6M
0.353%
EUR-EXT-CPI
Euribor 6M
3.473%
Indian OIS 1D
Libor 6M
Libor 6M
2.505%
Kikrw 3M
Klibor 3M
Klibor 3M
3.340%
Klibor 3M
3.350%
3.345%
BKBM 3M
2.650%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
Libor 3M -0.36% EUR 31,730,769
20,196
2.940% AUD 26,120,000 (37,228)
BBSW 3M AUD 27,365,000 (44,379)
2.600% CNY 56,700,000 300,098
2.850% CNY 56,800,000 240,210
China IRS 1W CNY 136,500,000 (140,574)
China IRS 1W CNY 136,200,000 (250,048)
1.582% EUR 4,800,000 (116,545)
EUR-EXT-CPI EUR 5,897,500 (35,760)
Euribor 6M EUR 31,800,000 415,761
0.680% EUR 115,000,000 (489,209)
1.575% EUR 7,500,000 (177,801)
1.800% EUR 7,400,000 534,161
Eonia 1D EUR 115,000,000 327,744
1.579% EUR 6,675,000
79,021
1.000% EUR 77,000,000 (374,221)
Libor 6M GBP 6,600,000 (296,673)
7.650% INR 2,500,000,000 102,395
2.343% JPY 880,000,000 125,572
0.390% JPY 6,400,000,000 (101,480)
Libor 6M JPY 700,000,000 (120,800)
2.788% KRW 10,500,000,000
28,803
3.675% MYR 17,000,000
77,403
3.680% MYR 7,140,000
31,731
Klibor 3M MYR 32,200,000 (37,532)
3.685% MYR 6,860,000
29,739
Klibor 3M MYR 12,640,000 (13,278)
Klibor 3M MYR 13,160,000 (14,729)
2.830% NZD 32,957,600
8,582
BKBM 3M NZD 65,174,600 (22,771)
1,906,772
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 247

Pioneer Funds - Euro Credit Recovery 2012
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
2,000,000
1,500,000
1,500,000
3,000,000
1,400,000
500,000
EUR
EUR
EUR
EUR
EUR
EUR
Governments
Belgium Treasury Bill 0% 14/Feb/2013
France Treasury Bill BTF 0% 10/Jan/2013
France Treasury Bill BTF 0% 24/Jan/2013
Italy Buoni Ordinari del Tesoro BOT 0% 14/Feb/2013
Italy Buoni Ordinari del Tesoro BOT 0% 14/Jan/2013
Italy Buoni Ordinari del Tesoro BOT 0% 31/Jan/2013
2,000,000
1,500,000
1,500,000
2,999,325
1,399,930
499,950
15.43%
11.57%
11.57%
23.15%
10.80%
3.86%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
9,899,205
9,899,205
76.38%
76.38%
Total Securities
9,899,205
76.38%
Net Asset Value
12,960,148
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
248 Pioneer Funds - Annual Report

Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing)
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
3,000,000
EUR
Consumer Goods
Automobiles and Parts
Daimler AG 4.625% 02/Sep/2014
3,193,620
1.39%
5,000,000
EUR
Tobacco
British American Tobacco Holdings The Netherlands BV 4.375% 15/Sep/2014
5,307,100
2.32%
7,650,000
EUR
Consumer Services
Food and Drug Retailers
Metro AG 5.75% 14/Jul/2014
8,179,227
3.57%
1,600,000
3,000,000
8,000,000
2,000,000
3,600,000
5,000,000
4,000,000
7,950,000
5,000,000
6,900,000
5,000,000
10,000,000
9,750,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financials
Banks
Credit Suisse AG/London 6.125% 16/May/2014
Danske Bank A/S 4.75% 04/Jun/2014
DNB Bank ASA 4.5% 29/May/2014
HSBC Bank PLC 3.25% 28/Jan/2015
JPMorgan Chase & Co 4.375% 30/Jan/2014
Lloyds TSB Bank PLC 4.5% 15/Sep/2014
National Australia Bank Ltd 3.5% 23/Jan/2015
Santander International Debt SAU 3.5% 12/Aug/2014
Societe Generale SA 3.75% 21/Aug/2014
Standard Chartered PLC 5.75% 30/Apr/2014
UBS AG/London 5.625% 19/May/2014
UniCredit SpA 4.375% 10/Feb/2014
Unione di Banche Italiane SCPA 4.939% 25/Jun/2014
1,718,096
3,160,620
8,444,320
2,101,960
3,744,828
5,313,750
4,227,120
8,038,166
5,231,950
7,355,952
5,335,750
10,301,600
10,071,945
0.75%
1.38%
3.69%
0.92%
1.63%
2.32%
1.84%
3.51%
2.28%
3.21%
2.33%
4.49%
4.40%
5,000,000
6,650,000
EUR
EUR
Financial Services
Banque PSA Finance SA 3.875% 14/Jan/2015
GE Capital European Funding 4.75% 30/Jul/2014
5,106,950
7,059,441
2.23%
3.08%
7,950,000
5,000,000
EUR
EUR
Nonlife Insurance
Assicurazioni Generali SpA 4.875% 11/Nov/2014
Zurich Finance USA Inc 4.5% 17/Sep/2014
8,401,480
5,319,650
3.67%
2.32%
5,000,000
EUR
Industrials
Electronic and Electrical Equipment
Schneider Electric SA 5.375% 08/Jan/2015
5,458,300
2.38%
5,000,000
EUR
Industrial Transportation
Societe Des Autoroutes Paris-Rhin-Rhone 7.5% 12/Jan/2015
5,612,150
2.45%
2,000,000
5,000,000
6,300,000
5,000,000
EUR
EUR
EUR
EUR
Telecommunications
Fixed Line Telecommunications
Deutsche Telekom International Finance BV 4.375% 02/Jun/2014
Koninklijke KPN NV 4.75% 29/May/2014
Telecom Italia SpA 4.75% 19/May/2014
Telefonica Emisiones SAU 3.406% 24/Mar/2015
2,103,120
5,254,800
6,584,823
5,167,950
0.92%
2.29%
2.87%
2.26%
5,000,000
EUR
Utilities
Electricity
Edison SpA 4.25% 22/Jul/2014
5,228,450
2.28%
8,000,000
EUR
Gas, Water and Multiutilities
Gas Natural Capital Markets SA 5.25% 09/Jul/2014
8,436,400
3.68%
Total Bonds
161,459,518
70.46%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 249

Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing)
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
58,900,000
EUR
Governments
Italy Buoni Poliennali Del Tesoro 4.25% 01/Feb/2015
61,465,095
26.82%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
61,465,095
222,924,613
26.82%
97.28%
Total Securities
222,924,613
97.28%
Net Asset Value
229,152,772
100.00%
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
Underlying
20-Jun-14 Credit Default Swap Seller iTraxx Europe Series 11
20-Jun-14 Credit Default Swap Seller iTraxx Europe Series 11
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
1.850%
1.850%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 1,000,000
19,766
- EUR 72,500,000 1,433,015
1,452,781
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
250 Pioneer Funds - Annual Report

Pioneer Funds - Obbligazionario Euro 10/2014 con cedola (Euro Bond 10/2014 distributing)
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
3,500,000
2,800,000
EUR
EUR
Consumer Goods
Automobiles and Parts
BMW Finance NV 4% 17/Sep/2014
Daimler AG 4.625% 02/Sep/2014
3,698,310
2,980,712
2.46%
1.98%
4,000,000
EUR
Beverages
Pernod-Ricard SA 7% 15/Jan/2015
4,470,840
2.98%
4,000,000
EUR
Tobacco
British American Tobacco Holdings The Netherlands BV 4.375% 15/Sep/2014
4,245,680
2.83%
3,400,000
3,000,000
3,750,000
4,200,000
3,500,000
4,850,000
4,000,000
4,000,000
4,750,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financials
Banks
Danske Bank A/S 4.75% 04/Jun/2014
DNB Bank ASA 4.5% 29/May/2014
JPMorgan Chase & Co 4.375% 30/Jan/2014
Lloyds TSB Bank PLC 3.375% 20/Apr/2015
National Australia Bank Ltd 3.5% 23/Jan/2015
Santander International Debt SAU 3.5% 12/Aug/2014
UBS AG/London 5.625% 19/May/2014
UniCredit SpA 4.375% 10/Feb/2014
Unione di Banche Italiane SCPA 4.939% 25/Jun/2014
3,582,036
3,166,620
3,900,863
4,421,046
3,698,730
4,903,786
4,268,600
4,120,640
4,906,845
2.38%
2.11%
2.60%
2.94%
2.46%
3.26%
2.84%
2.74%
3.27%
5,000,000
4,000,000
EUR
EUR
Financial Services
Banque PSA Finance SA 3.875% 14/Jan/2015
GE Capital European Funding 4.75% 30/Jul/2014
5,106,950
4,246,280
3.40%
2.83%
2,300,000
EUR
Nonlife Insurance
Assicurazioni Generali SpA 4.875% 11/Nov/2014
2,430,617
1.62%
3,700,000
EUR
Industrials
Industrial Engineering
Volvo Treasury AB 9.875% 27/Feb/2014
4,081,285
2.72%
3,700,000
EUR
Industrial Transportation
Atlantia SpA 5% 09/Jun/2014
3,898,875
2.59%
4,800,000
4,300,000
3,500,000
EUR
EUR
EUR
Telecommunications
Fixed Line Telecommunications
Deutsche Telekom International Finance BV 4.375% 02/Jun/2014
Koninklijke KPN NV 4.75% 29/May/2014
Telecom Italia SpA 4.75% 19/May/2014
5,047,488
4,519,128
3,658,235
3.36%
3.01%
2.43%
5,000,000
4,000,000
1,300,000
3,800,000
2,000,000
EUR
EUR
EUR
EUR
EUR
Utilities
Electricity
Edison SpA 4.25% 22/Jul/2014
E.ON International Finance BV 4.875% 28/Jan/2014
Fortum OYJ 4.625% 20/Mar/2014
Iberdrola Finanzas SAU 4.875% 04/Mar/2014
Vattenfall AB 4.25% 19/May/2014
5,228,450
4,181,560
1,361,542
3,951,886
2,098,860
3.47%
2.78%
0.91%
2.63%
1.40%
Total Bonds
102,175,864
68.00%
Supranationals, Governments and Local Public Authorities, Debt Instruments
24,400,000
EUR
Governments
Italy Buoni Poliennali Del Tesoro 3% 01/Nov/2015
24,797,720
16.51%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 251

Pioneer Funds - Obbligazionario Euro 10/2014 con cedola (Euro Bond 10/2014 distributing)
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
18,750,000
Currency
EUR
Description of Securities
Italy Buoni Poliennali Del Tesoro 4.25% 01/Feb/2015
Market Value
19,566,563
Net Assets %
13.02%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
44,364,283
146,540,147
29.53%
97.53%
Total Securities
146,540,147
97.53%
Net Asset Value
150,257,505
100.00%
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
Underlying
20-Dec-14 Credit Default Swap Seller iTraxx Europe Series 12
20-Dec-14 Credit Default Swap Seller iTraxx Europe Series 12
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
1.000%
1.000%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 14,500,000 103,326
- EUR 36,500,000 260,098
363,424
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
252 Pioneer Funds - Annual Report

Pioneer Funds - Obbligazionario Euro 11/2014 con cedola (Euro Bond 11/2014 distributing)
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
4,000,000
EUR
Consumer Goods
Beverages
Pernod-Ricard SA 7% 15/Jan/2015
4,470,840
3.97%
4,500,000
1,600,000
EUR
EUR
Tobacco
Imperial Tobacco Finance PLC 4.375% 22/Nov/2013
Imperial Tobacco Finance PLC 7.25% 15/Sep/2014
4,638,645
1,766,544
4.12%
1.57%
4,000,000
3,700,000
1,500,000
4,200,000
5,000,000
1,550,000
4,500,000
3,500,000
3,100,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financials
Banks
Danske Bank A/S 4.75% 04/Jun/2014
JPMorgan Chase & Co 4.375% 30/Jan/2014
KBC Internationale Financieringsmaatschappij NV 3.625% 07/Mar/2014
Lloyds TSB Bank PLC 3.375% 20/Apr/2015
National Australia Bank Ltd 3.5% 23/Jan/2015
Santander International Debt SAU 3.5% 12/Aug/2014
UBS AG/London 5.625% 19/May/2014
UniCredit SpA 5.25% 14/Jan/2014
Unione di Banche Italiane SCPA 4.939% 25/Jun/2014
4,214,160
3,848,851
1,543,905
4,421,046
5,283,900
1,567,190
4,802,175
3,630,025
3,202,362
3.74%
3.42%
1.37%
3.92%
4.69%
1.39%
4.26%
3.22%
2.84%
5,000,000
4,400,000
EUR
EUR
Financial Services
Banque PSA Finance SA 3.875% 14/Jan/2015
GE Capital European Funding 4.75% 30/Jul/2014
5,106,950
4,670,908
4.53%
4.14%
2,100,000
1,000,000
EUR
EUR
Nonlife Insurance
Assicurazioni Generali SpA 4.875% 11/Nov/2014
Zurich Finance USA Inc 4.5% 17/Sep/2014
2,219,259
1,063,930
1.97%
0.94%
3,600,000
EUR
Industrials
Industrial Transportation
Atlantia SpA 5% 09/Jun/2014
3,793,500
3.37%
4,500,000
200,000
3,100,000
EUR
EUR
EUR
Telecommunications
Fixed Line Telecommunications
Deutsche Telekom International Finance BV 4.375% 02/Jun/2014
Koninklijke KPN NV 4.75% 29/May/2014
Telecom Italia SpA 4.75% 19/May/2014
4,732,020
210,192
3,240,151
4.20%
0.19%
2.87%
4,500,000
1,500,000
EUR
EUR
Utilities
Electricity
Edison SpA 4.25% 22/Jul/2014
Iberdrola Finanzas SAU 4.875% 04/Mar/2014
4,705,605
1,559,955
4.18%
1.38%
4,500,000
EUR
Gas, Water and Multiutilities
Gas Natural Capital Markets SA 5.25% 09/Jul/2014
4,745,475
4.21%
Total Bonds
79,437,588
70.49%
Supranationals, Governments and Local Public Authorities, Debt Instruments
18,900,000
11,000,000
EUR
EUR
Governments
Italy Buoni Poliennali Del Tesoro 3% 01/Nov/2015
Italy Buoni Poliennali Del Tesoro 4.25% 01/Aug/2014
19,208,070
11,392,700
17.04%
10.11%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
30,600,770
110,038,358
27.15%
97.64%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 253

Pioneer Funds - Obbligazionario Euro 11/2014 con cedola (Euro Bond 11/2014 distributing)
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
Total Securities
110,038,358
97.64%
Net Asset Value
112,703,473
100.00%
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
Underlying
20-Dec-14 Credit Default Swap Seller iTraxx Europe Series 12
20-Dec-14 Credit Default Swap Seller iTraxx Europe Series 12
20-Dec-14 Credit Default Swap Seller iTraxx Europe Series 16
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
1.000%
1.000%
1.000%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 6,500,000
46,319
- EUR 1,300,000
9,264
- EUR 23,000,000 210,057
265,640
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
254 Pioneer Funds - Annual Report

Pioneer Funds - Obbligazionario Euro 12/2014 con cedola (Euro Bond 12/2014 distributing)
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
700,000
1,000,000
800,000
EUR
EUR
EUR
Consumer Goods
Automobiles and Parts
BMW Finance NV 4% 17/Sep/2014
Daimler AG 4.625% 02/Sep/2014
Michelin Luxembourg SCS 8.625% 24/Apr/2014
739,662
1,064,540
882,840
1.40%
2.01%
1.67%
1,200,000
EUR
Beverages
Pernod-Ricard SA 7% 15/Jan/2015
1,341,252
2.54%
1,600,000
EUR
Tobacco
Imperial Tobacco Finance PLC 7.25% 15/Sep/2014
1,766,544
3.34%
1,500,000
1,000,000
1,000,000
700,000
2,000,000
2,000,000
2,000,000
1,000,000
700,000
1,700,000
1,250,000
400,000
1,100,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financials
Banks
Danske Bank A/S 4.75% 04/Jun/2014
Intesa Sanpaolo SpA 3.375% 19/Jan/2015
JPMorgan Chase & Co 4.375% 30/Jan/2014
KBC Internationale Financieringsmaatschappij NV 3.625% 07/Mar/2014
Lloyds TSB Bank PLC 3.375% 20/Apr/2015
Morgan Stanley 4.5% 29/Oct/2014
National Australia Bank Ltd 3.5% 23/Jan/2015
Nordea Bank AB 4.5% 12/May/2014
Santander International Debt SAU 3.5% 12/Aug/2014
UBS AG/London 5.625% 19/May/2014
UniCredit SpA 4.375% 10/Feb/2014
UniCredit SpA 5.25% 14/Jan/2014
Unione di Banche Italiane SCPA 4.939% 25/Jun/2014
1,580,310
1,022,870
1,040,230
720,489
2,105,260
2,109,460
2,113,560
1,054,130
707,763
1,814,155
1,287,700
414,860
1,136,322
2.99%
1.94%
1.97%
1.36%
3.98%
4.00%
4.01%
1.99%
1.34%
3.43%
2.44%
0.78%
2.15%
1,500,000
1,000,000
EUR
EUR
Financial Services
Banque PSA Finance SA 3.875% 14/Jan/2015
GE Capital European Funding 4.75% 30/Jul/2014
1,532,085
1,061,570
2.90%
2.01%
1,750,000
EUR
Nonlife Insurance
Assicurazioni Generali SpA 4.875% 11/Nov/2014
1,849,382
3.50%
450,000
EUR
Health Care
Pharmaceuticals and Biotechnology
Merck Financial Services GmbH 3.375% 24/Mar/2015
475,623
0.90%
900,000
500,000
EUR
EUR
Industrials
Industrial Transportation
Atlantia SpA 5% 09/Jun/2014
Societe Des Autoroutes Paris-Rhin-Rhone 7.5% 12/Jan/2015
948,375
561,215
1.79%
1.06%
500,000
2,000,000
EUR
EUR
Telecommunications
Fixed Line Telecommunications
Deutsche Telekom International Finance BV 4.375% 02/Jun/2014
Telecom Italia SpA 4.75% 19/May/2014
525,780
2,090,420
0.99%
3.95%
1,400,000
EUR
Utilities
Electricity
Edison SpA 4.25% 22/Jul/2014
1,463,966
2.77%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 255

Pioneer Funds - Obbligazionario Euro 12/2014 con cedola (Euro Bond 12/2014 distributing)
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
1,750,000
Currency
EUR
Description of Securities
Iberdrola Finanzas SAU 4.875% 04/Mar/2014
Market Value
1,819,948
Net Assets %
3.44%
2,000,000
EUR
Gas, Water and Multiutilities
Gas Natural Capital Markets SA 5.25% 09/Jul/2014
2,109,100
3.99%
Total Bonds
37,339,411
70.64%
Supranationals, Governments and Local Public Authorities, Debt Instruments
14,100,000
EUR
Governments
Italy Buoni Poliennali Del Tesoro 3% 15/Jun/2015
14,320,665
27.09%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
14,320,665
51,660,076
27.09%
97.73%
Total Securities
51,660,076
97.73%
Net Asset Value
52,858,680
100.00%
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
Underlying
20-Dec-14 Credit Default Swap Seller iTraxx Europe Series 12
20-Dec-14 Credit Default Swap Seller iTraxx Europe Series 12
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
1.000%
1.000%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 5,000,000
35,630
- EUR 9,500,000
67,696
103,326
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
256 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Credit Recovery 2014
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
1,500,000
1,000,000
USD
USD
Basic Materials
Chemicals
Airgas Inc 4.5% 15/Sep/2014
Potash Corp of Saskatchewan Inc 5.25% 15/May/2014
1,200,741
805,848
1.11%
0.75%
2,000,000
1,900,000
USD
USD
Industrial Metals and Mining
ArcelorMittal USA LLC 6.5% 15/Apr/2014
Rio Tinto Alcan Inc 5.2% 15/Jan/2014
1,576,320
1,503,225
1.46%
1.39%
2,000,000
USD
Mining
Anglo American Capital PLC 9.375% 08/Apr/2014
1,667,004
1.54%
1,400,000
607,000
2,000,000
1,000,000
USD
USD
USD
USD
Consumer Goods
Leisure Goods
Comcast Corp 5.3% 15/Jan/2014
COX Communications Inc 5.45% 15/Dec/2014
Hasbro Inc 6.125% 15/May/2014
Time Warner Cable Inc 7.5% 01/Apr/2014
1,112,503
502,534
1,624,524
821,981
1.03%
0.47%
1.51%
0.76%
2,000,000
USD
Consumer Services
Food and Drug Retailers
Glencore Funding LLC 6% 15/Apr/2014
1,602,300
1.48%
1,500,000
USD
General Retailers
Nordstrom Inc 6.75% 01/Jun/2014
1,231,186
1.14%
2,000,000
2,000,000
1,500,000
2,000,000
1,000,000
2,000,000
2,000,000
1,000,000
1,500,000
2,000,000
1,500,000
2,000,000
2,000,000
2,000,000
2,000,000
1,500,000
1,500,000
2,000,000
1,000,000
1,500,000
2,000,000
1,000,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Financials
Banks
Bank of America Corp 7.375% 15/May/2014
Barclays Bank PLC 5.2% 10/Jul/2014
BB&T Corp 5.7% 30/Apr/2014
Bear Stearns Cos LLC 5.7% 15/Nov/2014
Capital One Bank USA NA 5.125% 15/Feb/2014
Capital One Financial Corp 7.375% 23/May/2014
Citigroup Inc 5.5% 15/Oct/2014
Commonwealth Bank of Australia 3.75% 15/Oct/2014
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 4.2% 13/May/2014
Credit Suisse/New York NY 5.5% 01/May/2014
Deutsche Bank AG/London 3.875% 18/Aug/2014
Goldman Sachs Group Inc 5% 01/Oct/2014
HSBC Bank USA NA/New York NY 4.625% 01/Apr/2014
KeyBank NA/Cleveland OH 5.8% 01/Jul/2014
Mellon Funding Corp 5% 01/Dec/2014
Morgan Stanley 4.75% 01/Apr/2014
PNC Funding Corp 5.4% 10/Jun/2014
Standard Chartered PLC 5.5% 18/Nov/2014
Svenska Handelsbanken AB 4.875% 10/Jun/2014
US Bank NA/Cincinnati OH 4.95% 30/Oct/2014
Wachovia Corp 5.25% 01/Aug/2014
Wells Fargo & Co 3.75% 01/Oct/2014
1,641,322
1,611,635
1,211,389
1,646,040
795,815
1,653,311
1,626,320
797,406
1,190,079
1,610,012
1,192,923
1,615,957
1,584,301
1,625,073
1,630,701
1,176,380
1,209,819
1,634,694
801,001
1,223,364
1,617,729
799,765
1.52%
1.49%
1.12%
1.53%
0.74%
1.53%
1.51%
0.74%
1.10%
1.49%
1.11%
1.50%
1.47%
1.51%
1.51%
1.09%
1.12%
1.51%
0.74%
1.13%
1.50%
0.74%
1,500,000
1,000,000
775,000
USD
USD
USD
Financial Services
American Express Co 7.25% 20/May/2014
American Express Credit Corp 5.125% 25/Aug/2014
BlackRock Inc 3.5% 10/Dec/2014
1,236,738
812,166
620,832
1.15%
0.75%
0.58%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 257

Pioneer Funds - U.S. Credit Recovery 2014
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
750,000 USD
2,000,000 USD
1,000,000 USD
1,000,000 USD
Description of Securities
Jefferies Group Inc 5.875% 08/Jun/2014
Macquarie Group Ltd 7.3% 01/Aug/2014
TD Ameritrade Holding Corp 4.15% 01/Dec/2014
USAA Capital Corp 3.5% 17/Jul/2014
Market Value
597,833
1,636,529
808,394
791,361
Net Assets %
0.55%
1.52%
0.75%
0.73%
1,000,000
1,000,000
USD
USD
Life Insurance
Jefferson-Pilot Corp 4.75% 30/Jan/2014
Prudential Financial Inc 5.1% 20/Sep/2014
786,214
811,902
0.73%
0.75%
1,500,000
2,000,000
1,493,000
2,000,000
USD
USD
USD
USD
Nonlife Insurance
Allstate Corp 5% 15/Aug/2014
Axis Capital Holdings Ltd 5.75% 01/Dec/2014
Liberty Mutual Group Inc 7.3% 15/Jun/2014
XL Group PLC 5.25% 15/Sep/2014
1,209,398
1,626,995
1,216,002
1,615,426
1.12%
1.51%
1.13%
1.50%
1,500,000
2,000,000
2,000,000
1,000,000
USD
USD
USD
USD
Real Estate Investment Trusts
ERP Operating LP 5.25% 15/Sep/2014
Hospitality Properties Trust 7.875% 15/Aug/2014
Simon Property Group LP 5.625% 15/Aug/2014
Simon Property Group LP 6.75% 15/May/2014
1,222,257
1,619,621
1,632,949
809,167
1.13%
1.50%
1.51%
0.75%
297,000
980,000
USD
USD
Health Care
Health Care Equipment and Services
UnitedHealth Group Inc 4.75% 10/Feb/2014
WellPoint Inc 5% 15/Dec/2014
234,883
802,878
0.22%
0.74%
2,000,000
USD
Industrials
Aerospace and Defense
BAE Systems Holdings Inc 4.95% 01/Jun/2014
1,593,551
1.48%
1,750,000
USD
Electronic and Electrical Equipment
Thermo Fisher Scientific Inc 3.25% 20/Nov/2014
1,387,925
1.29%
1,500,000
1,000,000
2,000,000
USD
USD
USD
General Industrials
EnCana Holdings Finance Corp 5.8% 01/May/2014
General Electric Capital Corp 5.9% 13/May/2014
Hutchison Whampoa International 03/33 Ltd 6.25% 24/Jan/2014
1,209,509
811,613
1,594,959
1.12%
0.75%
1.48%
1,475,000
USD
Industrial Engineering
PACCAR Inc 6.875% 15/Feb/2014
1,195,616
1.11%
1,000,000
1,000,000
USD
USD
Industrial Transportation
GATX Corp 8.75% 15/May/2014
Union Pacific Corp 5.375% 01/May/2014
834,774
802,511
0.77%
0.74%
1,500,000
1,000,000
2,000,000
1,000,000
1,750,000
1,000,000
2,000,000
USD
USD
USD
USD
USD
USD
USD
Oil and Gas
Oil and Gas Producers
Cenovus Energy Inc 4.5% 15/Sep/2014
Diamond Offshore Drilling Inc 5.15% 01/Sep/2014
Gazprom OAO Via Gaz Capital SA 8.125% 31/Jul/2014
Husky Energy Inc 5.9% 15/Jun/2014
PC Financial Partnership 5% 15/Nov/2014
Ras Laffan Liquefied Natural Gas Co Ltd III - Regs - 5.5% 30/Sep/2014
Ras Laffan Liquefied Natural Gas Co Ltd III - 144A - 5.5% 30/Sep/2014
1,206,588
816,279
1,651,091
811,628
1,427,913
816,300
1,633,283
1.12%
0.76%
1.53%
0.75%
1.32%
0.76%
1.51%
1,500,000
1,000,000
1,000,000
2,000,000
USD
USD
USD
USD
Oil Equipment, Services and Distribution
Enbridge Inc 5.8% 15/Jun/2014
Enterprise Products Operating LLC 5.6% 15/Oct/2014
Korea National Oil Corp 5.375% 30/Jul/2014
Spectra Energy Capital LLC 5.668% 15/Aug/2014
1,221,221
820,540
806,478
1,627,793
1.13%
0.76%
0.75%
1.51%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
258 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Credit Recovery 2014
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
2,000,000
2,000,000
2,000,000
USD
USD
USD
Telecommunications
Fixed Line Telecommunications
France Telecom SA 4.375% 08/Jul/2014
Qtel International Finance Ltd - 144A - 6.5% 10/Jun/2014
Telecom Italia Capital SA 4.95% 30/Sep/2014
1,595,070
1,625,758
1,582,327
1.48%
1.51%
1.47%
1,000,000
1,500,000
USD
USD
Mobile Telecommunications
Cellco Partnership / Verizon Wireless Capital LLC 5.55% 01/Feb/2014
Vodafone Group PLC 4.15% 10/Jun/2014
795,077
1,192,241
0.74%
1.10%
1,000,000
1,000,000
2,000,000
1,500,000
1,300,000
1,500,000
1,200,000
1,310,000
1,500,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
Utilities
Electricity
Consolidated Natural Gas Co 5% 01/Dec/2014
Detroit Edison Co 5.4% 01/Aug/2014
Iberdrola Finance Ireland Ltd 3.8% 11/Sep/2014
Indiana Michigan Power Co 5.05% 15/Nov/2014
Metropolitan Edison Co 4.875% 01/Apr/2014
Niagara Mohawk Power Corp 3.553% 01/Oct/2014
Peco Energy Co 5% 01/Oct/2014
Potomac Electric Power Co 4.65% 15/Apr/2014
Southern Co 4.15% 15/May/2014
811,855
810,024
1,558,146
1,219,472
1,033,220
1,189,860
977,967
1,042,415
1,190,830
0.75%
0.75%
1.44%
1.13%
0.96%
1.10%
0.91%
0.97%
1.10%
Total Bonds
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
102,528,581
102,528,581
95.01%
95.01%
Total Securities
102,528,581
95.01%
Net Asset Value
107,916,377
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 EUR
6,571,710
31-Jan-13 EUR
24,942,413
31-Jan-13 EUR
67,445,993
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
USD
USD
Amount Sold
8,721,809
33,102,946
89,512,635
Unrealised Gain/(Loss)
(42,948)
(163,005)
(440,776)
(646,729)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 259

Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
750,000
USD
Basic Materials
Industrial Metals and Mining
Severstal OAO Via Steel Capital SA 6.25% 26/Jul/2016
607,651
0.23%
3,400,000
4,400,000
3,750,000
USD
EUR
USD
Mining
Bumi Capital Pte Ltd - Regs - 12% 10/Nov/2016
New World Resources NV - Regs - 7.375% 15/May/2015
Winsway Coking Coal Holding Ltd 8.5% 08/Apr/2016
2,449,166
4,471,764
2,396,001
0.93%
1.70%
0.91%
3,750,000
3,143,000
3,846,000
6,003,000
4,300,000
EUR
EUR
EUR
USD
EUR
Consumer Goods
Automobiles and Parts
Conti-Gummi Finance BV - Regs - 8.5% 15/Jul/2015
Fiat Finance & Trade SA 6.125% 08/Jul/2014
Fiat Finance & Trade SA 7.75% 17/Oct/2016
Hyva Global BV - Regs - 8.625% 24/Mar/2016
Peugeot SA 8.375% 15/Jul/2014
4,052,363
3,240,842
4,071,953
4,339,836
4,606,375
1.54%
1.23%
1.55%
1.65%
1.75%
5,000,000
2,800,000
5,650,000
3,000,000
3,800,000
4,400,000
3,800,000
EUR
USD
EUR
USD
USD
USD
USD
Food Producers
Agrokor DD 10% 07/Dec/2016
Avangardco Investments Public Ltd 10% 29/Oct/2015
Campofrio Food Group SA 8.25% 31/Oct/2016
JBS SA 10.5% 04/Aug/2016
Marfrig Overseas Ltd - Regs - 9.625% 16/Nov/2016
MHP SA - Regs - 10.25% 29/Apr/2015
Mriya Agro Holding PLC 10.95% 30/Mar/2016
5,516,550
1,996,359
6,038,211
2,528,633
2,875,422
3,507,118
2,916,494
2.10%
0.76%
2.30%
0.96%
1.09%
1.33%
1.11%
1,691,000
5,300,000
3,000,000
GBP
EUR
USD
Consumer Services
General Retailers
Dixons Retail PLC 8.75% 03/Aug/2015
Edcon Pty Ltd Euribor 3M 15/Jun/2014
Nord Anglia Education UK Holdings PLC 10.25% 01/Apr/2017
2,258,906
5,070,298
2,514,411
0.86%
1.93%
0.96%
1,500,000
5,250,000
1,872,000
USD
EUR
EUR
Media
Aerospace Satellite Corp Holding BV 12.75% 16/Nov/2015
Central European Media Enterprises Ltd 11.625% 15/Sep/2016
EN Germany Holdings BV 10.75% 15/Nov/2015
1,257,172
5,489,925
1,759,680
0.48%
2.09%
0.67%
5,300,000
4,000,000
5,000,000
6,400,000
2,000,000
EUR
EUR
EUR
USD
GBP
Travel, Leisure and Catering
Codere Finance Luxembourg SA - Regs - 8.25% 15/Jun/2015
Hertz Holdings Netherlands BV 8.5% 31/Jul/2015
Lottomatica Group SpA 5.375% 05/Dec/2016
Travelport LLC 9.875% 01/Sep/2014
William Hill PLC 7.125% 11/Nov/2016
4,395,661
4,305,000
5,469,100
4,253,641
2,733,399
1.67%
1.64%
2.08%
1.62%
1.04%
950,000
4,100,000
75,900,000
7,000,000
3,298,000
3,748,000
USD
USD
RUB
USD
EUR
USD
Financials
Banks
ATF Bank JSC - Regs - 9.25% 21/Feb/2014
Banco de Galicia y Buenos Aires Floating 01/Jan/2019
Gazprombank OJSC Via GPB Eurobond Finance PLC 8.617% 15/Dec/2015
Kazkommertsbank JSC - Regs - 8% 03/Nov/2015
OTP Bank PLC 5.27% 19/Sep/2016
Trade & Development Bank of Mongolia LLC 8.5% 20/Sep/2015
717,638
3,120,238
1,913,797
5,085,513
3,205,293
2,828,626
0.27%
1.19%
0.73%
1.93%
1.22%
1.08%
1,800,000
3,333,000
USD
USD
Financial Services
African Bank Ltd 8.125% 24/Feb/2017
Ausdrill Finance Pty Ltd 6.875% 01/Nov/2019
1,485,302
2,502,784
0.56%
0.95%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
260 Pioneer Funds - Annual Report

Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,900,000 USD
1,200,000 GBP
Description of Securities
GT 2005 Bonds BV Floating 21/Jul/2014
House of Fraser Funding PLC 8.875% 15/Aug/2018
Market Value
4,497,497
1,544,377
Net Assets %
1.71%
0.59%
6,000,000
3,750,000
USD
USD
Industrials
Construction and Materials
Cemex Finance LLC - Regs - 9.5% 14/Dec/2016
China Shanshui Cement Group Ltd 8.5% 25/May/2016
4,937,166
3,057,257
1.88%
1.16%
3,600,000
EUR
Electronic and Electrical Equipment
Rexel SA 8.25% 15/Dec/2016
3,934,836
1.50%
6,000,000
5,800,000
2,500,000
2,273,000
910,000
2,700,000
EUR
EUR
USD
EUR
EUR
EUR
General Industrials
Ardagh Glass Finance PLC 7.125% 15/Jun/2017
Beverage Packaging Holdings Luxembourg II SA 8% 15/Dec/2016
Cia Latinoamericana de Infraestructura & Servicios SA 9.5% 15/Dec/2016
Clondalkin Industries BV - Reg.S - 8% 15/Mar/2014
Nordenia International AG - Regs - 9.75% 15/Jul/2017
Yioula Glassworks SA 9% 01/Dec/2015
6,127,500
5,889,494
1,166,186
1,980,351
1,051,050
1,520,991
2.33%
2.24%
0.44%
0.75%
0.40%
0.58%
3,000,000
3,300,000
USD
USD
Industrial Engineering
Dematic SA 8.75% 01/May/2016
OSX 3 Leasing BV 9.25% 20/Mar/2015
2,431,925
2,591,466
0.93%
0.99%
2,000,000
3,984,000
USD
USD
Industrial Transportation
CEVA Group PLC 11.625% 01/Oct/2016
Grupo Senda Autotransporte SA de CV - Regs - 10.5% 03/Oct/2015
1,558,708
3,127,609
0.59%
1.19%
4,893,000
4,300,000
GBP
EUR
Support Services
Iron Mountain Inc - Regs - 7.25% 15/Apr/2014
ISS A/S - Regs - 8.875% 15/May/2016
6,100,414
4,463,056
2.32%
1.70%
2,276,000
EUR
Oil and Gas
Alternative Energy
EP Energy AS 5.875% 01/Nov/2019
2,444,424
0.93%
3,200,000
3,500,000
10,060,000
USD
USD
USD
Oil and Gas Producers
Afren PLC 11.5% 01/Feb/2016
MIE Holdings Corp 9.75% 12/May/2016
Petroleos de Venezuela SA 5.25% 12/Apr/2017
2,810,024
2,913,569
6,600,348
1.07%
1.11%
2.51%
2,400,000
USD
Oil Equipment, Services and Distribution
Cie Generale de Geophysique - Veritas 9.5% 15/May/2016
1,952,367
0.74%
6,150,000
3,500,000
6,500,000
EUR
USD
USD
Telecommunications
Fixed Line Telecommunications
Magyar Telecom BV 9.5% 15/Dec/2016
Pakistan Mobile Communications Ltd 8.625% 13/Nov/2013
Telefonica Emisiones SAU 3.992% 16/Feb/2016
3,367,433
2,541,907
5,103,416
1.28%
0.97%
1.94%
3,300,000
6,500,000
USD
USD
Mobile Telecommunications
Telemovil Finance Co Ltd 8% 01/Oct/2017
Vimpel Communications OJSC Via UBS Luxembourg SA 8.25% 23/May/2016
2,691,537
5,565,230
1.02%
2.12%
5,000,000
3,500,000
2,200,000
USD
USD
EUR
Utilities
Electricity
Cia de Transporte de Energia Electrica en Alta Tension Transener SA - Regs - 8.875%
15/Dec/2016
SMC Global Power Holdings Corp 7% 28/Jan/2016
Viridian Group FundCo II 11.125% 01/Apr/2017
1,558,708
2,885,031
2,256,826
0.59%
1.10%
0.86%
Total Bonds
214,651,825
81.65%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 261

Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
14,910
7,600
1,001,477
12,100,000
13,143,000
52,250,000
5,200,000
6,166,325
BRL
BRL
MXN
PLN
PLN
ZAR
TRY
TRY
Governments
Brazil Notas do Tesouro Nacional Serie F 10% 01/Jan/2013
Brazil Notas do Tesouro Nacional Serie F 10% 01/Jan/2014
Mexican Bonos 8% 17/Dec/2015
Poland Government Bond 5.75% 25/Apr/2014
Poland Government Bond 6.25% 24/Oct/2015
South Africa Government Bond 13.5% 15/Sep/2015
Turkey Government Bond Floating 01/Oct/2014
Turkey Government Bond Floating 11/Feb/2015
5,513,572
2,881,390
6,347,401
3,063,329
3,488,437
5,616,618
3,175,227
3,518,389
2.10%
1.10%
2.40%
1.17%
1.33%
2.13%
1.21%
1.34%
3,000,000
EUR
Local Public Authorities
Hungarian Development Bank 5.875% 31/May/2016
2,992,500
1.14%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
36,596,863
251,248,688
13.92%
95.57%
Total Securities
251,248,688
95.57%
Net Asset Value
262,900,128
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 EUR
11,074,170
04-Mar-13 EUR
91,567,083
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
GBP
USD
Amount Sold
8,970,000
118,110,000
Unrealised Gain/(Loss)
22,849
2,014,129
2,036,978
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
20-Jun-16 Credit Default Swap Seller
20-Jun-16 Credit Default Swap Seller
20-Jun-13 Credit Default Swap Seller
20-Sep-16 Credit Default Swap Seller
15-Aug-14 Total Return Swap Buyer
Total Net Unrealised Gain/(Loss) on Swaps
Underlying
iTraxx Xover Series 15
iTraxx Xover Series 15
Ukreximbank
Upc Holding
Brazil
Received Rate
5.000%
5.000%
5.000%
5.000%
Libor 3M
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 5,000,000 269,204
- EUR 25,000,000 1,346,019
- USD 4,500,000
(5,894)
- EUR 3,000,000 186,065
- USD 4,055,005 3,031,451
4,826,845
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
262 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Corporate Bond 2016
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
250,000
USD
Basic Materials
Industrial Metals and Mining
Severstal OAO Via Steel Capital SA 6.25% 26/Jul/2016
202,550
0.20%
1,250,000
1,040,000
2,000,000
1,321,000
USD
EUR
USD
USD
Mining
Bumi Capital Pte Ltd - Regs - 12% 10/Nov/2016
New World Resources NV - Regs - 7.375% 15/May/2015
Vedanta Resources PLC 6.75% 07/Jun/2016
Winsway Coking Coal Holding Ltd 8.5% 08/Apr/2016
900,429
1,056,962
1,592,764
844,031
0.91%
1.06%
1.60%
0.85%
583,000
2,090,000
EUR
USD
Consumer Goods
Automobiles and Parts
Faurecia 9.375% 15/Dec/2016
Hyva Global BV - Regs - 8.625% 24/Mar/2016
674,887
1,510,954
0.68%
1.52%
1,520,000
1,000,000
1,050,000
1,900,000
2,135,000
1,350,000
EUR
USD
USD
USD
USD
USD
Food Producers
Agrokor DD 10% 07/Dec/2016
Avangardco Investments Public Ltd 10% 29/Oct/2015
JBS SA 10.5% 04/Aug/2016
Marfrig Overseas Ltd - Regs - 9.625% 16/Nov/2016
MHP SA - Regs - 10.25% 29/Apr/2015
Mriya Agro Holding PLC 10.95% 30/Mar/2016
1,677,031
712,985
885,022
1,437,711
1,701,749
1,036,123
1.69%
0.72%
0.89%
1.45%
1.71%
1.04%
1,351,000
1,250,000
USD
USD
Personal Goods
Controladora Mabe SA de CV 6.5% 15/Dec/2015
Texhong Textile Group Ltd 7.625% 19/Jan/2016
1,086,211
963,516
1.09%
0.97%
1,560,000
1,040,000
EUR
USD
Consumer Services
General Retailers
Edcon Pty Ltd Euribor 3M 15/Jun/2014
Grupo Famsa SAB de CV - Regs - 11% 20/Jul/2015
1,492,390
842,089
1.50%
0.85%
1,830,000
EUR
Media
Central European Media Enterprises Ltd 11.625% 15/Sep/2016
1,913,631
1.93%
1,960,000
1,040,000
EUR
USD
Travel, Leisure and Catering
Codere Finance Luxembourg SA - Regs - 8.25% 15/Jun/2015
Tam Capital Inc 7.375% 25/Apr/2017
1,625,565
848,668
1.64%
0.85%
1,600,000
1,405,000
1,725,000
520,000
1,550,000
1,900,000
1,600,000
1,040,000
1,356,000
520,000
3,000,000
1,000,000
1,560,000
1,349,000
1,050,000
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
USD
USD
USD
USD
USD
USD
Financials
Banks
Access Finance BV 7.25% 25/Jul/2017
Alfa MTN Issuance Ltd 8% 18/Mar/2015
Banco Hipotecario SA 9.75% 27/Apr/2016
Bank CenterCredit - Regs - 8.625% 30/Jan/2014
BES Investimento do Brasil SA Banco de Investimento 5.625% 25/Mar/2015
Finansbank AS/Turkey 5.15% 01/Nov/2017
Finansbank AS/Turkey 5.5% 11/May/2016
Kazkommertsbank JSC 6.875% 13/Feb/2017
OTP Bank PLC 5.27% 19/Sep/2016
Privatbank CJSC Via UK SPV Credit Finance PLC 9.375% 23/Sep/2015
Russian Standard Bank Via Russian Standard Finance SA 9.25% 11/Jul/2017
Sberbank of Russia Via SB Capital SA 4.95% 07/Feb/2017
Sberbank of Russia Via SB Capital SA 5.4% 24/Mar/2017
Trade & Development Bank of Mongolia LLC 8.5% 20/Sep/2015
Yapi ve Kredi Bankasi AS 6.75% 08/Feb/2017
1,274,867
1,153,743
1,151,396
407,370
1,205,482
1,419,524
1,218,568
926,453
1,317,883
371,107
2,345,321
816,808
1,291,615
1,018,094
893,464
1.28%
1.16%
1.16%
0.41%
1.21%
1.43%
1.23%
0.93%
1.33%
0.37%
2.37%
0.82%
1.30%
1.02%
0.90%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 263

Pioneer Funds - Emerging Markets Corporate Bond 2016
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,333,000 USD
1,040,000 USD
2,025,000 USD
Description of Securities
Financial Services
Ausdrill Finance Pty Ltd 6.875% 01/Nov/2019
Bahrain Mumtalakat Holding Co BSC 5% 30/Jun/2015
GT 2005 Bonds BV Floating 21/Jul/2014
Market Value
1,000,963
815,931
1,543,632
Net Assets %
1.01%
0.82%
1.55%
1,500,000
1,405,000
1,040,000
USD
USD
USD
Real Estate Investment and Services
Agile Property Holdings Ltd 8.875% 28/Apr/2017
Emaar Sukuk Ltd 8.5% 03/Aug/2016
Evergrande Real Estate Group Ltd 13% 27/Jan/2015
1,222,254
1,208,669
855,815
1.23%
1.22%
0.86%
2,300,000
1,500,000
498,000
USD
USD
USD
Industrials
Construction and Materials
Cemex Finance LLC - Regs - 9.5% 14/Dec/2016
China Shanshui Cement Group Ltd - Regs - 10.5% 27/Apr/2017
OAS Investments GmbH 8.25% 19/Oct/2019
1,892,580
1,305,082
401,550
1.90%
1.31%
0.40%
1,000,000
1,560,000
USD
EUR
General Industrials
Cia Latinoamericana de Infraestructura & Servicios SA 9.5% 15/Dec/2016
Polish Television Holding BV Floating 15/May/2017
466,475
1,700,400
0.47%
1.71%
1,040,000
1,200,000
USD
USD
Industrial Engineering
Dematic SA 8.75% 01/May/2016
OSX 3 Leasing BV 9.25% 20/Mar/2015
843,067
942,351
0.85%
0.95%
2,000,000
1,350,000
1,560,000
USD
USD
USD
Industrial Transportation
Brunswick Rail Finance Ltd 6.5% 01/Nov/2017
Grupo Senda Autotransporte SA de CV - Regs - 10.5% 03/Oct/2015
RZD Capital Ltd 5.739% 03/Apr/2017
1,572,103
1,059,807
1,323,799
1.58%
1.07%
1.33%
949,000
EUR
Oil and Gas
Alternative Energy
EP Energy AS 5.875% 01/Nov/2019
1,019,226
1.03%
1,200,000
1,040,000
1,550,000
1,250,000
1,560,000
3,500,000
1,550,000
1,818,000
USD
EUR
USD
USD
EUR
USD
USD
USD
Oil and Gas Producers
Afren PLC 11.5% 01/Feb/2016
Gazprom OAO Via Gaz Capital SA 5.44% 02/Nov/2017
Lukoil International Finance BV - Regs - 6.356% 07/Jun/2017
MIE Holdings Corp 9.75% 12/May/2016
MOL Hungarian Oil and Gas PLC 5.875% 20/Apr/2017
Petroleos de Venezuela SA 5.25% 12/Apr/2017
TNK-BP Finance SA - Regs - 6.625% 20/Mar/2017
Tupras Turkiye Petrol Rafinerileri AS 4.125% 02/May/2018
1,053,759
1,175,855
1,344,552
1,040,561
1,650,589
2,296,344
1,337,322
1,372,049
1.06%
1.18%
1.35%
1.05%
1.66%
2.32%
1.35%
1.38%
1,550,000
USD
Oil Equipment, Services and Distribution
Transportadora de Gas del Sur SA - Regs - 7.875% 14/May/2017
973,688
0.98%
1,050,000
USD
Technology
Technology Hardware and Equipment
STATS ChipPAC Ltd 7.5% 12/Aug/2015
845,854
0.85%
2,400,000
1,560,000
1,250,000
2,500,000
1,560,000
USD
EUR
USD
USD
EUR
Telecommunications
Fixed Line Telecommunications
Axtel SAB de CV 7.625% 01/Feb/2017
Magyar Telecom BV 9.5% 15/Dec/2016
Pakistan Mobile Communications Ltd 8.625% 13/Nov/2013
Telefonica Emisiones SAU 6.421% 20/Jun/2016
Telemar Norte Leste SA 5.125% 15/Dec/2017
946,602
854,178
907,824
2,096,386
1,678,529
0.95%
0.86%
0.91%
2.11%
1.69%
2,290,000
2,300,000
USD
USD
Mobile Telecommunications
Telemovil Finance Co Ltd 8% 01/Oct/2017
Vimpel Communications OJSC Via UBS Luxembourg SA 8.25% 23/May/2016
1,867,764
1,969,235
1.88%
1.98%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
264 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Corporate Bond 2016
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
520,000
1,475,000
520,000
1,500,000
USD
USD
USD
USD
Utilities
Electricity
Cia de Transporte de Energia Electrica en Alta Tension Transener SA - Regs - 8.875%
15/Dec/2016
Dubai Electricity & Water Authority - Regs - 6.375% 21/Oct/2016
EGE Haina Finance Co 9.5% 26/Apr/2017
SMC Global Power Holdings Corp 7% 28/Jan/2016
162,106
1,254,634
410,194
1,236,442
0.16%
1.26%
0.41%
1.24%
442,000
746,000
USD
USD
Gas, Water and Multiutilities
Cia de Saneamento Basico do Estado de Sao Paulo 7.5% 03/Nov/2016
Sound Global Ltd 11.875% 10/Aug/2017
374,942
595,770
0.38%
0.60%
Total Bonds
86,435,846
86.97%
Supranationals, Governments and Local Public Authorities, Debt Instruments
1,500,000
1,250,000
1,000,000
1,200,000
USD
EUR
USD
USD
Local Public Authorities
City of Buenos Aires Argentina - Regs - 12.5% 06/Apr/2015
Hungarian Development Bank 5.875% 31/May/2016
Provincia de Cordoba 12.375% 17/Aug/2017
Provincia de Neuquen Argentina 8.656% 18/Oct/2014
1,112,667
1,246,875
626,707
267,624
1.12%
1.25%
0.63%
0.27%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
3,253,873
89,689,719
3.27%
90.24%
Other Transferable Securities
Bonds
1,500,000
1,180,000
USD
USD
Financials
Banks
Banco Cruzeiro do Sul SA/Brazil 0% 20/Jan/2016 Defaulted
Bancolombia SA 5.125% 11/Sep/2022
234,944
925,777
0.24%
0.93%
Total Bonds
Total Other Transferable Securities
1,160,721
1,160,721
1.17%
1.17%
Total Securities
90,850,440
91.41%
Net Asset Value
99,388,159
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 EUR
74,504,722
04-Mar-13 EUR
998,467
04-Mar-13 EUR
548,355
04-Mar-13 EUR
229,458
04-Mar-13 EUR
166,747
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
USD
USD
USD
USD
Amount Sold
96,117,871
1,300,000
710,000
300,000
220,000
Unrealised Gain/(Loss)
1,626,563
12,785
10,022
1,993
(61)
1,651,302
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
Underlying
20-Jun-16 Credit Default Swap Seller iTraxx Xover Series 15
20-Jun-16 Credit Default Swap Seller iTraxx Xover Series 15
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
5.000%
5.000%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 1,500,000
80,761
- EUR 4,000,000 215,363
296,124
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 265

Pioneer Funds - Europe Recovery Income 2017
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding
Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
2,200,000
EUR
Consumer Goods
Automobiles and Parts
Schaeffler Finance BV 7.75% 15/Feb/2017
2,452,208
4.05%
1,000,000
1,000,000
1,000,000
2,100,000
1,700,000
2,200,000
2,200,000
1,000,000
2,200,000
1,000,000
2,600,000
2,300,000
2,200,000
2,300,000
1,000,000
2,200,000
1,000,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financials
Banks
ABN Amro Bank NV 3.625% 06/Oct/2017
Barclays Bank PLC 6% 23/Jan/2018
BNP Paribas SA 5.431% 07/Sep/2017
BPCE SA 3.75% 21/Jul/2017
Commerzbank AG 3.625% 10/Jul/2017
Credit Suisse AG/London 5.125% 18/Sep/2017
Deutsche Bank AG 5.125% 31/Aug/2017
Fortis Bank SA/NV 5.757% 04/Oct/2017
HSBC Bank PLC 3.125% 15/Nov/2017
HSBC Holdings PLC 6.25% 19/Mar/2018
Intesa Sanpaolo SpA 4.75% 15/Jun/2017
Santander International Debt SAU 4.125% 04/Oct/2017
Skandinaviska Enskilda Banken AB 3.875% 12/Apr/2017
Societe Generale SA 3.125% 21/Sep/2017
Standard Chartered Bank 5.875% 26/Sep/2017
UBS AG/Jersey 4.75% 07/Jun/2017
UniCredit SpA 5.75% 26/Sep/2017
1,102,680
1,133,140
1,139,750
2,314,662
1,862,214
2,592,656
2,593,646
1,124,280
2,397,802
1,197,020
2,792,348
2,388,228
2,445,762
2,471,419
1,164,710
2,542,276
1,065,140
1.82%
1.87%
1.88%
3.82%
3.07%
4.28%
4.28%
1.86%
3.96%
1.98%
4.60%
3.94%
4.04%
4.08%
1.92%
4.20%
1.76%
2,000,000
EUR
Financial Services
Fiat Industrial Finance Europe SA 6.25% 09/Mar/2018
2,234,540
3.69%
2,200,000
EUR
Life Insurance
ING Groep NV 4.75% 31/May/2017
2,518,384
4.16%
2,000,000
EUR
Industrials
Construction and Materials
Lafarge SA 5.375% 26/Jun/2017
2,156,700
3.56%
Total Bonds
41,689,565
68.82%
Supranationals, Governments and Local Public Authorities, Debt Instruments
16,500,000
EUR
Governments
Italy Buoni Poliennali Del Tesoro 4.5% 01/Feb/2018
17,395,950
28.72%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
17,395,950
59,085,515
28.72%
97.54%
Total Securities
59,085,515
97.54%
Net Asset Value
60,576,551
100.00%
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
20-Jun-17 Credit Default Swap Seller
20-Jun-17 Credit Default Swap Seller
Total Net Unrealised Gain/(Loss) on Swaps
Underlying
iTraxx Europe Series 17
iTraxx Xover Series 17
Received Rate
1.000%
5.000%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 6,000,000 (26,953)
- EUR 6,000,000 208,042
181,089
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
266 Pioneer Funds - Annual Report

Pioneer Funds - Euro Strategic Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
1,369,000
2,770,000
8,897,000
3,000,000
USD
USD
EUR
EUR
Basic Materials
Chemicals
Alpek SA de CV 4.5% 20/Nov/2022
EuroChem Mineral & Chemical Co OJSC via EuroChem GI Ltd 5.125% 12/Dec/2017
GCL Holdings SCA 9.375% 15/Apr/2018
Kinove German Bondco GmbH 10% 15/Jun/2018
1,085,107
2,161,436
9,575,395
2,990,561
0.17%
0.34%
1.51%
0.47%
3,500,000
3,000,000
EUR
USD
Forestry and Paper
Sappi Papier Holding GmbH - Regs - 6.625% 15/Apr/2018
Sappi Papier Holding GmbH - Regs - 6.625% 15/Apr/2021
3,785,355
2,258,419
0.60%
0.36%
2,000,000
398,000
USD
USD
Industrial Metals and Mining
First Quantum Minerals Ltd 7.25% 15/Oct/2019
Metinvest BV - Regs - 8.75% 14/Feb/2018
1,539,745
295,089
0.24%
0.05%
1,750,000
5,500,000
USD
USD
Mining
Newcrest Finance Pty Ltd 4.2% 01/Oct/2022
Winsway Coking Coal Holding Ltd 8.5% 08/Apr/2016
1,367,911
3,556,394
0.22%
0.56%
2,400,000
7,000,000
2,700,000
3,000,000
5,300,000
EUR
EUR
EUR
USD
EUR
Consumer Goods
Automobiles and Parts
Conti-Gummi Finance BV 7.125% 15/Oct/2018
Conti-Gummi Finance BV 7.5% 15/Sep/2017
Fiat Finance & Trade SA 7.75% 17/Oct/2016
Jaguar Land Rover PLC 8.125% 15/May/2021
Schaeffler Finance BV 7.75% 15/Feb/2017
2,569,728
7,515,795
2,869,628
2,514,411
5,928,898
0.41%
1.19%
0.45%
0.40%
0.94%
1,500,000
EUR
Beverages
Refresco Group BV 7.375% 15/May/2018
1,582,875
0.25%
1,750,000
3,734,000
10,800,000
6,500,000
3,422,000
6,000,000
5,000,000
EUR
EUR
EUR
EUR
USD
USD
EUR
Food Producers
Agrokor DD 10% 07/Dec/2016
Agrokor DD 9.875% 01/May/2019
Campofrio Food Group SA 8.25% 31/Oct/2016
Foodcorp Pty Ltd 8.75% 01/Mar/2018
MHP SA - Regs - 10.25% 29/Apr/2015
Mriya Agro Holding PLC 10.95% 30/Mar/2016
R&R Ice Cream PLC 8.375% 15/Nov/2017
1,938,983
4,154,859
11,613,834
7,213,668
2,757,794
4,641,990
5,525,075
0.31%
0.66%
1.83%
1.14%
0.44%
0.73%
0.87%
2,250,000
EUR
Household Goods and Home Construction
Bormioli Rocco Holdings SA 10% 01/Aug/2018
2,399,063
0.38%
4,000,000
6,841,000
6,714,000
5,789,000
EUR
EUR
EUR
EUR
Leisure Goods
Nara Cable Funding Ltd - Regs - 8.875% 01/Dec/2018
Unitymedia GmbH/Old - Regs - 9.5% 15/Mar/2021
Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH - Regs - 7.5% 15/Mar/2019
Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 5.75% 15/Jan/2023
4,051,120
7,968,327
7,417,089
6,045,308
0.64%
1.26%
1.17%
0.96%
3,410,000
EUR
Personal Goods
Ontex IV SA 9% 15/Apr/2019
3,608,206
0.57%
5,000,000
GBP
Consumer Services
Food and Drug Retailers
Bakkavor Finance 2 PLC 8.25% 15/Feb/2018
6,267,723
0.99%
15,000,000
5,000,000
EUR
USD
General Retailers
Edcon Pty Ltd Euribor 3M 15/Jun/2014
Nord Anglia Education UK Holdings PLC 10.25% 01/Apr/2017
14,443,575
4,209,648
2.27%
0.67%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 267

Pioneer Funds - Euro Strategic Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,000,000 USD
1,250,000 EUR
11,726,000 EUR
4,000,000 USD
3,600,000 EUR
Description of Securities
Media
Aerospace Satellite Corp Holding BV 12.75% 16/Nov/2015
CET 21 spol sro 9% 01/Nov/2017
EN Germany Holdings BV 10.75% 15/Nov/2015
Globo Comunicacao e Participacoes SA - Regs - Floating 11/May/2022
TVN Finance Corp II AB - Regs - 10.75% 15/Nov/2017
Market Value
4,219,129
1,366,575
11,103,055
3,337,379
3,996,036
Net Assets %
0.67%
0.22%
1.75%
0.53%
0.63%
9,500,000
EUR
Travel, Leisure and Catering
Travelport LLC 10.875% 01/Sep/2016
3,918,750
0.62%
3,700,000
867,000
8,500,000
5,000,000
3,800,000
1,650,000
1,732,000
5,000,000
4,200,000
200,000,000
2,847,000
75,900,000
286,000
40,000
2,500,000
7,500,000
1,600,000
600,000
EUR
USD
USD
USD
EUR
EUR
EUR
USD
EUR
HUF
USD
RUB
EUR
EUR
USD
EUR
EUR
GBP
Financials
Banks
ABN Amro Bank NV Floating Perpetual
Banco de Credito del Peru/Panama - Regs - 5.375% 16/Sep/2020
Banco de Galicia y Buenos Aires Floating 01/Jan/2019
Banco Hipotecario SA 9.75% 27/Apr/2016
BPCE SA Floating Perpetual
BPCE SA Floating Perpetual
BPCE SA 9.25% Perpetual
Commercial Bank Privatbank JSC Via Standard Bank Floating 09/Feb/2016
Commerzbank AG 7.75% 16/Mar/2021
FHB Mortgage Bank PLC 8.5% 11/Jan/2013
Gazprombank OJSC Via GPB Eurobond Finance PLC Floating Perpetual
Gazprombank OJSC Via GPB Eurobond Finance PLC 8.617% 15/Dec/2015
OTP Bank PLC 5.27% 19/Sep/2016
Raiffeisen Centrobank AG 0% Perpetual
Russian Standard Bank Via Russian Standard Finance SA 10.75% 10/Apr/2018
Societe Generale SA Floating Perpetual
UniCredit SpA Floating Perpetual
UniCredit SpA 5% 01/Feb/2016
3,071,814
734,885
6,604,259
3,413,228
3,153,753
1,753,612
1,830,508
2,948,612
4,527,138
687,077
2,240,415
1,918,141
280,505
504,200
1,986,309
6,585,338
1,632,736
720,514
0.49%
0.12%
1.04%
0.54%
0.50%
0.28%
0.29%
0.47%
0.72%
0.11%
0.35%
0.30%
0.04%
0.08%
0.31%
1.04%
0.26%
0.11%
6,500,000
250,000
500,000
3,000,000
6,900,000
7,597,282
400,000
7,500,000
4,290,000
4,000,000
150,000
EUR
GBP
GBP
USD
USD
USD
EUR
USD
USD
USD
GBP
Financial Services
Boparan Finance PLC 9.75% 30/Apr/2018
Close Brothers Group PLC 6.5% 10/Feb/2017
GE Capital UK Funding 4.125% 28/Sep/2017
Global Investments Group Finance Ltd 11% 24/Sep/2017
GT 2005 Bonds BV Floating 21/Jul/2014
Inversora de Electrica de Buenos Aires SA 6.5% 26/Dec/2017
Irish Life & Permanent PLC 4% 10/Mar/2015
Marfrig Holding Europe BV 8.375% 09/May/2018
Schahin II Finance Co SPV Ltd 5.875% 25/Sep/2022
Tarjeta Naranja SA - Regs - 9% 28/Jan/2017
Tullett Prebon Group Holdings PLC 7.04% 06/Jul/2016
7,380,523
335,099
667,449
2,218,598
5,285,953
1,757,563
410,100
4,878,072
3,481,720
2,741,080
189,668
1.17%
0.05%
0.11%
0.35%
0.84%
0.28%
0.06%
0.77%
0.55%
0.43%
0.03%
150,000
GBP
Life Insurance
Legal & General Group PLC 5.875% Perpetual
192,331
0.03%
4,000,000
500,000
4,700,000
EUR
GBP
GBP
Nonlife Insurance
Muenchener Rueckversicherungs AG Floating 26/May/2042
Society of Lloyd’s 6.875% 17/Nov/2025
Towergate Finance PLC - Regs - 10.5% 15/Feb/2019
4,863,400
656,171
5,707,681
0.77%
0.10%
0.90%
7,667,000
3,667,000
6,500,000
USD
EUR
GBP
Health Care
Health Care Equipment and Services
ConvaTec Healthcare E SA - Regs - 10.5% 15/Dec/2018
ConvaTec Healthcare E SA - Regs - 7.375% 15/Dec/2017
Priory Group No 3 PLC 7% 15/Feb/2018
6,440,536
3,988,596
8,526,491
1.02%
0.63%
1.35%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
268 Pioneer Funds - Annual Report

Pioneer Funds - Euro Strategic Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
4,062,000
2,200,000
1,246,000
3,500,000
EUR
EUR
USD
EUR
Industrials
Construction and Materials
Buzzi Unicem SpA 6.25% 28/Sep/2018
HeidelbergCement Finance BV 8% 31/Jan/2017
OAS Investments GmbH 8.25% 19/Oct/2019
Spie BondCo 3 SCA - Regs - 11% 15/Aug/2019
4,360,029
2,591,006
1,004,153
3,822,875
0.69%
0.41%
0.16%
0.60%
6,133,000
879,000
1,000,000
EUR
EUR
EUR
Electronic and Electrical Equipment
Norcell Sweden Holding 2 AB 10.75% 29/Sep/2019
Techem Energy Metering Service GmbH & Co KG 7.875% 01/Oct/2020
Techem GmbH 6.125% 01/Oct/2019
6,675,188
977,888
1,081,600
1.05%
0.15%
0.17%
4,723,224
1,600,000
11,500,000
2,760,000
2,240,000
6,893,000
5,000,000
2,650,000
1,304,000
2,240,000
5,500,000
8,700,000
EUR
EUR
EUR
EUR
EUR
EUR
USD
EUR
EUR
EUR
EUR
EUR
General Industrials
ARD Finance SA 11.125% 01/Jun/2018
Ardagh Glass Finance PLC - Regs - 8.75% 01/Feb/2020
Ardagh Packaging Finance PLC - Regs - 9.25% 15/Oct/2020
Beverage Packaging Holdings Luxembourg II SA 8% 15/Dec/2016
Beverage Packaging Holdings Luxembourg II SA 9.5% 15/Jun/2017
Bombardier Inc 6.125% 15/May/2021
Cia Latinoamericana de Infraestructura & Servicios SA 9.5% 15/Dec/2016
Clondalkin Industries BV - Reg.S - 8% 15/Mar/2014
Nordenia International AG - Regs - 9.75% 15/Jul/2017
OI European Group BV 6.875% 31/Mar/2017
Polish Television Holding BV Floating 15/May/2017
Yioula Glassworks SA 9% 01/Dec/2015
4,965,407
1,677,000
12,560,587
2,811,019
2,337,238
7,387,020
2,446,147
2,347,662
1,511,010
2,326,565
5,984,413
5,038,736
0.78%
0.26%
1.98%
0.44%
0.37%
1.17%
0.39%
0.37%
0.24%
0.37%
0.95%
0.80%
3,300,000
328,000
USD
USD
Industrial Engineering
OSX 3 Leasing BV 9.25% 20/Mar/2015
WPE International Cooperatief UA - Regs - 10.375% 30/Sep/2020
2,593,769
216,444
0.41%
0.03%
3,000,000
3,400,000
2,330,000
9,800,000
3,000,000
4,324,000
115,000,000
USD
USD
USD
USD
EUR
USD
RUB
Industrial Transportation
Aguila 3 SA 7.875% 31/Jan/2018
CEVA Group PLC 12.75% 31/Mar/2020
CEVA Group PLC 8.375% 01/Dec/2017
CMA CGM SA 8.5% 15/Apr/2017
Gategroup Finance Luxembourg SA 6.75% 01/Mar/2019
Navios South American Logistics Inc / Navios Logistics Finance US Inc 9.25% 15/Apr/2019
Russian Railways via RZD Capital Ltd 8.3% 02/Apr/2019
2,423,392
1,908,374
1,758,457
6,002,351
3,206,250
3,234,637
2,971,791
0.38%
0.30%
0.28%
0.95%
0.51%
0.51%
0.47%
2,500,000
2,200,000
8,850,000
2,450,000
1,150,000
9,486,000
EUR
EUR
EUR
EUR
EUR
EUR
Support Services
ALBA Group PLC & Co KG 8% 15/May/2018
Eco-Bat Finance PLC 7.75% 15/Feb/2017
Iron Mountain Inc 6.75% 15/Oct/2018
New Reclamation Group Pty Ltd - Regs - 8.125% 01/Feb/2013
Stork Technical Services Holdings BV 11% 15/Aug/2017
Zinc Capital SA 8.875% 15/May/2018
2,718,500
2,334,530
9,047,266
1,537,282
1,242,719
10,185,592
0.43%
0.37%
1.43%
0.24%
0.20%
1.61%
3,500,000
3,500,000
USD
USD
Oil and Gas
Alternative Energy
CE Oaxaca II S de RL de CV 7.25% 31/Dec/2031
CE Oaxaca IV S de RL de CV 7.25% 31/Dec/2031
2,650,192
2,659,762
0.42%
0.42%
2,500,000
500,000
USD
EUR
Oil and Gas Producers
Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I 7.75% 01/Jul/2020
MOL Hungarian Oil and Gas PLC 5.875% 20/Apr/2017
1,436,927
531,620
0.23%
0.08%
5,000,000
344,000
USD
USD
Oil Equipment, Services and Distribution
Petroleum Geo-Services ASA 7.375% 15/Dec/2018
Transportadora de Gas del Sur SA - Regs - 7.875% 14/May/2017
4,114,836
219,175
0.65%
0.03%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 269

Pioneer Funds - Euro Strategic Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
5,100,000
8,000,000
3,500,000
EUR
EUR
USD
Technology
Software and Computer Services
eAccess Ltd 8.375% 01/Apr/2018
Infor US Inc 10% 01/Apr/2019
Infor US Inc 9.375% 01/Apr/2019
5,775,750
8,925,000
2,993,211
0.91%
1.41%
0.47%
1,500,000
2,200,000
2,000,000
10,069,000
2,000,000
1,000,000
900,000
4,000,000
6,000,000
2,500,000
3,750,000
EUR
USD
USD
EUR
USD
EUR
EUR
EUR
EUR
EUR
EUR
Telecommunications
Fixed Line Telecommunications
Altice Financing SA 8% 15/Dec/2019
Altice Finco SA 9.875% 15/Dec/2020
Axtel SAB de CV 9% 22/Sep/2019
Magyar Telecom BV 9.5% 15/Dec/2016
Pakistan Mobile Communications Ltd 8.625% 13/Nov/2013
Sunrise Communications Holdings SA 8.5% 31/Dec/2018
Telefonica Emisiones SAU 5.811% 05/Sep/2017
Telenet Finance III Luxembourg SCA 6.625% 15/Feb/2021
Wind Acquisition Finance SA 11.75% 15/Jul/2017
Wind Acquisition Finance SA 7.375% 15/Feb/2018
Ziggo Bond Co BV - Regs - 8% 15/May/2018
1,583,438
1,806,356
841,930
5,639,244
1,467,688
1,100,505
1,023,017
4,270,880
6,298,740
2,527,763
4,140,000
0.25%
0.29%
0.13%
0.89%
0.23%
0.17%
0.16%
0.67%
1.00%
0.40%
0.65%
2,867,000
2,000,000
2,288,000
2,844,000
EUR
CHF
GBP
USD
Mobile Telecommunications
Matterhorn Midco & Cy SCA 7.75% 15/Feb/2020
Matterhorn Mobile SA 6.75% 15/May/2019
Phones4u Finance PLC 9.5% 01/Apr/2018
Vimpel Communications Via VIP Finance Ireland Ltd OJSC 6.493% 02/Feb/2016
2,939,936
1,778,580
2,952,002
2,335,126
0.46%
0.28%
0.47%
0.37%
4,000,000
3,600,000
USD
EUR
Utilities
Electricity
Empresa Distribuidora Y Comercializadora Norte - Regs - 9.75% 25/Oct/2022
Viridian Group FundCo II 11.125% 01/Apr/2017
1,365,291
3,734,028
0.22%
0.59%
1,400,000
EUR
Gas, Water and Multiutilities
Gas Natural Capital Markets SA 6% 27/Jan/2020
1,603,364
0.25%
Total Bonds
478,109,266
75.53%
Equities
175,771
GBP
Basic Materials
Mining
New World Resources PLC
730,953
0.12%
7,964,896
EUR
Consumer Services
Media
Independent News & Media PLC
238,947
0.04%
445,200
592,000
EUR
USD
Financials
Banks
Commerzbank AG
VTB Bank OJSC - Gdr Reg S
638,417
1,553,640
0.10%
0.24%
Total Equities
3,161,957
0.50%
5,000,000
5,000,000
EUR
EUR
Mortgages and Asset Backed securities
Grosvenor Place CLO BV - III - X D - Euribor 6M 28/Oct/2023
Grosvenor Place CLO BV - III - X E - Euribor 6M 30/Oct/2023
3,600,000
2,950,000
0.56%
0.47%
Total Mortgages and Asset Backed securities
6,550,000
1.03%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
270 Pioneer Funds - Annual Report

Pioneer Funds - Euro Strategic Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
89,000,000
RUB
Supranationals
European Bank for Reconstruction & Development 6.75% 12/May/2017
2,290,196
0.36%
30,000,000
300,000,000
250,000,000
17,030,000
12,000,000
1,190,000
1,120,000
1,561,000
500,000
EUR
HUF
HUF
EUR
USD
USD
USD
USD
EUR
Governments
Bundesrepublik Deutschland 3.75% 04/Jan/2015
Hungary Government Bond 5.5% 12/Feb/2014
Hungary Government Bond 5.5% 12/Feb/2016
Italy Buoni Poliennali Del Tesoro 4.25% 01/Aug/2014
Ivory Coast Government International Bond Floating 31/Dec/2032
Mongolia Government International Bond 4.125% 05/Jan/2018
Mongolia Government International Bond 5.125% 05/Dec/2022
Morocco Government International Bond 4.25% 11/Dec/2022
Turkey Government International Bond 5.125% 18/May/2020
32,273,250
1,032,304
853,570
17,648,614
8,555,825
895,840
836,772
1,198,811
569,063
5.11%
0.16%
0.13%
2.80%
1.35%
0.14%
0.13%
0.19%
0.09%
2,500,000
4,500,000
1,550,000
3,913,000
2,265,000
USD
USD
USD
USD
USD
Local Public Authorities
Perusahaan Penerbit SBSN 3.3% 21/Nov/2022
Provincia de Cordoba 12.375% 17/Aug/2017
Provincia de Mendoza Argentina 5.5% 04/Sep/2018
Provincia de Neuquen Argentina 7.875% 26/Apr/2021
Republic of Angola Via Northern Lights III BV 7% 16/Aug/2019
1,972,087
2,850,046
464,777
2,582,153
1,906,971
0.31%
0.45%
0.07%
0.41%
0.30%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
75,930,279
563,751,502
12.00%
89.06%
Other Transferable Securities
Bonds
6,500,000
USD
Basic Materials
Industrial Metals and Mining
Zhidao International Holdings Ltd 0% 07/Dec/2049 Defaulted
47,882
0.01%
1,614,000
EUR
Consumer Goods
Beverages
Belvedere SA 0% 15/May/2013 Defaulted
1,200,413
0.19%
3,921,959
USD
Food Producers
Independencia International Ltd - Regs - 12% 30/Dec/2016 Defaulted
15,618
0.00%
12,000,000
EUR
Personal Goods
IT Holding Finance SA 0% 15/Nov/2012 Defaulted
1,200
0.00%
1,500,000
2,205,000
50,000,000
USD
EUR
EUR
Financials
Banks
Banco Cruzeiro do Sul SA/Brazil 0% 22/Sep/2020 Defaulted
International Industrial Bank JSC Via IIB Luxembourg SA 0% 05/Jul/2049 Defaulted
Landsbanki Islands HF 3.2% 10/May/2049 Defaulted
228
63,394
76,761
0.00%
0.01%
0.01%
19,000,000
500,000
500,000
EUR
EUR
EUR
Financial Services
Boats Investments Netherlands BV 0% 15/Dec/2015
First Investment Finance BV Floating Perpetual
Profilo Telra Elektronik Sanayi Ve Ticaret AS Via HD Capital SA 0% 07/Dec/2013 Defaulted
9,844,817
336,850
7,500
1.56%
0.05%
0.00%
13,000,000
EUR
Industrials
General Industrials
M&G Finance Luxembourg SA - S - 0% Perpetual
5,525,000
0.87%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 271

Pioneer Funds - Euro Strategic Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
4,250,000
USD
Oil and Gas
Oil and Gas Producers
Tristan Oil Ltd 0% 01/Jan/2012 Defaulted
1,303,545
0.21%
Total Bonds
18,423,208
2.91%
12,070
12,070
GBP
GBP
Warrants
VisioCorp PLC ex Schefenacker AG - VisioCorp PLC - A - 01/Jan/2012
VisioCorp PLC ex Schefenacker AG - VisioCorp PLC - B - 01/Jan/2012
0
0
0.00%
0.00%
Total Warrants
Total Other Transferable Securities
0
18,423,208
0.00%
2.91%
9,500
EUR
Investment funds
Pioneer Institutional 17 - I ND
9,733,035
1.54%
Total Investment funds
9,733,035
1.54%
Total Securities
591,907,745
93.51%
Net Asset Value
632,966,328
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 268
Euro Bobl
28-Mar-13 (626)
US 10 Yr Note Future
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
USD
Commitment
(in Trade Ccy)
34,255,760
(82,876,534)
Market Price
(in Trade Ccy)
127.82
132.39
Unrealised Gain/(Loss)
(in Fund Ccy)
238,520
534,170
772,690
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 CZK
181,022,243
31-Jan-13 CZK
5,377,334
31-Jan-13 CZK
5,377,334
31-Jan-13 EUR
214,135
04-Mar-13 EUR
7,280,310
04-Mar-13 EUR
91,984,041
04-Mar-13 EUR
1,909,306
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
EUR
EUR
CZK
GBP
USD
USD
Amount Sold
7,218,092
214,487
214,020
5,377,334
5,897,000
118,721,502
2,500,000
Unrealised Gain/(Loss)
(5,534)
(235)
232
(117)
15,021
1,967,436
13,765
1,990,568
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
19-Mar-13 (22,000,000) Call USD/ZAR
11-Jan-13 (9,000,000) Call USD/ZAR
Total Net Unrealised Gain/(Loss) on Options Contracts
8.80
9.50
146,844,660 USD
(266,562)
30,930
64,851,335 USD
(3)
103,953
(266,565)
134,883
134,883
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
272 Pioneer Funds - Annual Report

Pioneer Funds - Euro Strategic Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
Underlying
20-Jun-16 Credit Default Swap Buyer Brazil
20-Jun-15 Credit Default Swap Buyer Czech Republic
20-Jun-15 Credit Default Swap Buyer Czech Republic
20-Sep-16 Credit Default Swap Buyer Hungary
20-Dec-17 Credit Default Swap Buyer iTraxx Xover Series 18
20-Jun-16 Credit Default Swap Buyer Mexico
20-Jun-16 Credit Default Swap Buyer Poland
20-Jun-16 Credit Default Swap Buyer Qatar
20-Sep-14 Credit Default Swap Buyer South Africa
20-Sep-14 Credit Default Swap Buyer South Africa
20-Sep-14 Credit Default Swap Buyer Turkey
20-Jun-14 Credit Default Swap Buyer Turkey
20-Sep-15 Credit Default Swap Buyer Vimpel Communications
20-Jun-16 Credit Default Swap Seller Romania
20-Mar-14 Credit Default Swap Seller Synthetic Loan CDS Mezzanine B
20-Mar-14 Credit Default Swap Seller Synthetic Loan CDS Mezzanine BB
20-Jun-16 Credit Default Swap Seller Vietnam
25-May-21 Total Return Swap Buyer Aspen Trust
15-Aug-14 Total Return Swap Buyer Brazil
30-Jun-15 Total Return Swap Buyer ISS A/S Loan
06-May-13 Total Return Swap Buyer ISS A/S Loan
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
-
-
-
-
-
-
-
-
-
-
-
-
-
1.000%
5.150%
3.100%
1.000%
Libor 3M
Libor 3M
-
-
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
1.000% USD 2,000,000 (11,854)
1.000% USD 5,800,000 (77,637)
1.000% USD 7,700,000 (103,070)
1.000% USD 2,500,000
93,916
5.000% EUR 87,500,000 (784,258)
1.000% USD 2,000,000 (16,601)
1.000% USD 2,000,000 (27,216)
1.000% USD 2,000,000 (28,045)
1.700% USD 4,500,000 (66,113)
1.680% USD 4,500,000 (65,084)
2.180% USD 8,000,000 (174,672)
2.715% USD 8,000,000 (201,858)
5.000% USD 1,500,000 (81,059)
- USD 8,000,000 (130,505)
- EUR 29,500,000 (3,416,633)
- EUR 29,500,000 (2,765,215)
- USD 2,000,000 (20,015)
- EUR 60,000,000 (8,438,115)
- USD 11,658,141 8,715,419
- EUR 3,572,557 (118,464)
- EUR 500,132
(1,648)
(7,718,727)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 273

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
1,710,000
1,910,000
2,290,000
1,970,000
1,800,000
5,015,000
1,500,000
1,555,000
2,325,000
9,180,000
800,000
1,000,000
3,600,000
2,646,000
3,675,000
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
EUR
USD
USD
EUR
Basic Materials
Chemicals
Basell Finance Co BV 8.1% 15/Mar/2027
Braskem Finance Ltd - 144A - 7.375% Perpetual
Cytec Industries Inc 8.95% 01/Jul/2017
Eastman Chemical Co 4.8% 01/Sep/2042
EuroChem Mineral & Chemical Co OJSC via EuroChem GI Ltd 5.125% 12/Dec/2017
Hexion US Finance Corp / Hexion Nova Scotia Finance ULC 8.875% 01/Feb/2018
Ineos Finance PLC - 144A - 7.5% 01/May/2020
Ineos Finance PLC 9% 15/May/2015
Ineos Group Holdings SA 7.875% 15/Feb/2016
LyondellBasell Industries NV 5% 15/Apr/2019
Mexichem SAB de CV 4.875% 19/Sep/2022
Momentive Performance Materials Inc 9.5% 15/Jan/2021
Rain CII Carbon LLC / CII Carbon Corp 8% 01/Dec/2018
Rhodia SA 6.875% 15/Sep/2020
Styrolution Group GmbH 7.625% 15/May/2016
1,731,531
1,506,675
2,180,039
1,604,797
1,398,031
3,908,459
1,191,786
1,253,176
2,308,353
7,694,099
653,823
720,000
2,778,368
2,262,117
3,822,000
0.07%
0.06%
0.08%
0.06%
0.05%
0.15%
0.04%
0.05%
0.09%
0.29%
0.02%
0.03%
0.10%
0.09%
0.14%
5,500,000
1,550,000
4,075,000
2,700,000
USD
USD
USD
USD
Forestry and Paper
Appleton Papers Inc 10.5% 15/Jun/2015
Buckeye Partners LP 6.05% 15/Jan/2018
Inversiones CMPC SA - 144A - 4.5% 25/Apr/2022
Sappi Papier Holding GmbH - 144A - 6.625% 15/Apr/2021
4,422,027
1,324,982
3,182,833
2,022,338
0.17%
0.05%
0.12%
0.08%
3,380,000
1,910,000
2,325,000
4,850,000
2,800,000
1,830,000
3,630,000
8,398,000
5,300,000
3,000,000
1,670,000
2,425,000
3,400,000
4,574,000
6,655,000
6,700,000
3,750,000
3,012,000
1,030,000
1,650,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Industrial Metals and Mining
Alcoa Inc 6.15% 15/Aug/2020
ArcelorMittal Floating 05/Aug/2020
ArcelorMittal 5.75% 01/Mar/2021
ArcelorMittal 6.125% 01/Jun/2018
Citic Pacific Ltd 6.875% 21/Jan/2018
Cliffs Natural Resources Inc 5.9% 15/Mar/2020
Commercial Metals Co 7.35% 15/Aug/2018
Essar Steel Algoma Inc 9.375% 15/Mar/2015
Global Brass and Copper Inc - 144A - 9.5% 01/Jun/2019
Hyundai Steel Co 4.625% 21/Apr/2016
Metinvest BV - Regs - 10.25% 20/May/2015
Metinvest BV - 144A - 10.25% 20/May/2015
Metinvest BV - 144A - 8.75% 14/Feb/2018
Mueller Water Products Inc 7.375% 01/Jun/2017
Novelis Inc/GA 8.375% 15/Dec/2017
Quadra FNX Mining Ltd 7.75% 15/Jun/2019
Samarco Mineracao SA 4.125% 01/Nov/2022
Severstal Columbus LLC 10.25% 15/Feb/2018
Southern Copper Corp 5.375% 16/Apr/2020
Volcan Cia Minera SAA 5.375% 02/Feb/2022
2,804,236
1,453,848
1,758,445
3,732,617
2,243,923
1,478,132
3,001,138
5,764,707
4,381,826
2,441,789
1,304,688
1,894,531
2,507,964
3,582,111
5,565,183
5,272,489
2,894,133
2,404,528
900,459
1,386,055
0.11%
0.05%
0.07%
0.14%
0.08%
0.06%
0.11%
0.22%
0.16%
0.09%
0.05%
0.07%
0.09%
0.13%
0.21%
0.20%
0.11%
0.09%
0.03%
0.05%
2,340,000
1,875,000
1,850,000
4,085,000
2,300,000
USD
USD
USD
USD
USD
Mining
Alpha Natural Resources Inc 6% 01/Jun/2019
ALROSA Finance SA 7.75% 03/Nov/2020
AngloGold Ashanti Holdings PLC 5.125% 01/Aug/2022
AngloGold Ashanti Holdings PLC 5.375% 15/Apr/2020
Bumi Capital Pte Ltd 12% 10/Nov/2016
1,641,763
1,649,727
1,422,136
3,197,792
1,648,589
0.06%
0.06%
0.05%
0.12%
0.06%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
274 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
2,000,000 USD
1,950,000 USD
2,200,000 USD
13,105,000 USD
5,884,000 USD
3,300,000 USD
4,075,000 USD
5,900,000 USD
2,100,000 USD
1,895,000 USD
Description of Securities
Bumi Investment Pte Ltd - 144A - 10.75% 06/Oct/2017
FMG Resources August 2006 Pty Ltd 7% 01/Nov/2015
Glencore Finance Europe SA 7.5% Perpetual
Gold Fields Orogen Holding BVI Ltd 4.875% 07/Oct/2020
James River Coal Co 3.125% CV 15/Mar/2018
Murray Energy Corp 10.25% 15/Oct/2015
Penn Virginia Resource Partners LP / Penn Virginia Resource Finance Corp II - 144A - 8.375%
01/Jun/2020
Vedanta Resources Jersey Ltd 5.5% CV 13/Jul/2016
Vedanta Resources PLC 8.25% 07/Jun/2021
Vedanta Resources PLC 9.5% 18/Jul/2018
Market Value
1,342,536
1,553,019
1,837,694
9,784,318
1,383,525
2,427,943
3,330,410
4,598,187
1,772,034
1,658,412
Net Assets %
0.05%
0.06%
0.07%
0.36%
0.05%
0.09%
0.13%
0.17%
0.07%
0.06%
3,240,000
6,965,000
4,120,000
400,000
900,000
3,610,000
3,593,000
USD
USD
USD
USD
USD
USD
USD
Consumer Goods
Automobiles and Parts
Chrysler Group LLC / CG Co-Issuer Inc 8% 15/Jun/2019
Chrysler Group LLC / CG Co-Issuer Inc 8.25% 15/Jun/2021
Commercial Vehicle Group Inc 7.875% 15/Apr/2019
Goodyear Tire & Rubber Co 7% 15/May/2022
Hyundai Motor Manufacturing Czech sro 4.5% 15/Apr/2015
Titan International Inc 7.875% 01/Oct/2017
Tower Automotive Holdings USA LLC / TA Holdings Finance Inc 10.625% 01/Sep/2017
2,678,701
5,811,211
3,093,750
326,911
727,701
2,909,303
2,984,174
0.10%
0.22%
0.12%
0.01%
0.03%
0.11%
0.11%
4,950,000
1,640,000
USD
USD
Beverages
Ajecorp BV - 144A - 6.5% 14/May/2022
Central American Bottling Corp 6.75% 09/Feb/2022
4,054,915
1,358,996
0.15%
0.05%
3,055,000
3,860,000
3,825,000
4,635,000
1,000,000
2,375,000
500,000
2,000,000
4,842,000
800,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Food Producers
Agrokor DD 8.875% 01/Feb/2020
BRF - Brasil Foods SA - 144A - 5.875% 06/Jun/2022
CFG Investment SAC 9.75% 30/Jul/2019
JBS Finance II Ltd - 144A - 8.25% 29/Jan/2018
JBS USA LLC / JBS USA Finance Inc 8.25% 01/Feb/2020
Kraft Foods Inc 6.5% 09/Feb/2040
Minerva Luxembourg SA 12.25% 10/Feb/2022
Minerva Luxembourg SA 12.25% 10/Feb/2022
Minerva Overseas II Ltd 10.875% 15/Nov/2019
Post Holdings Inc 7.375% 15/Feb/2022
2,517,061
3,227,890
2,190,439
3,726,563
807,797
2,428,812
454,149
1,824,181
4,186,802
667,855
0.09%
0.12%
0.08%
0.14%
0.03%
0.09%
0.02%
0.07%
0.16%
0.03%
1,240,000
1,700,000
USD
USD
Household Goods and Home Construction
Beazer Homes USA Inc 9.125% 15/May/2019
Brookfield Residential Properties Inc 6.5% 15/Dec/2020
984,034
1,321,678
0.04%
0.05%
7,000,000
4,105,000
1,150,000
2,000,000
USD
EUR
EUR
EUR
Leisure Goods
CCO Holdings LLC / CCO Holdings Capital Corp 6.5% 30/Apr/2021
Nara Cable Funding Ltd - 144A - 8.875% 01/Dec/2018
Ono Finance II PLC 11.125% 15/Jul/2019
Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 5.75% 15/Jan/2023
5,727,586
4,166,575
1,085,313
2,077,500
0.22%
0.16%
0.04%
0.08%
5,205,000
2,205,000
2,625,000
1,000,000
2,625,000
800,000
2,195,000
USD
USD
USD
USD
USD
USD
USD
Personal Goods
Controladora Mabe SA de CV 7.875% 28/Oct/2019
Revlon Consumer Products Corp 9.75% 15/Nov/2015
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 9.875%
15/Aug/2019
Reynolds Group Issuer Inc 5.75% 15/Oct/2020
Reynolds Group Issuer Inc 7.125% 15/Apr/2019
Reynolds Group Issuer Inc 6.875% 15/Feb/2021
Yankee Candle Co Inc 9.75% 15/Feb/2017
4,589,512
1,760,287
2,130,423
783,146
2,140,378
653,823
1,733,590
0.17%
0.07%
0.08%
0.03%
0.08%
0.02%
0.07%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 275

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,555,000 USD
Description of Securities
Tobacco
Alliance One International Inc 10% 15/Jul/2016
Market Value
4,434,646
Net Assets %
0.17%
1,680,000
2,000,000
5,425,000
3,600,000
2,300,000
3,315,000
6,900,000
USD
USD
USD
USD
USD
USD
USD
Consumer Services
General Retailers
Board of Trustees of The Leland Stanford Junior University 4.75% 01/May/2019
Bowdoin College 4.693% 01/Jul/2112
Brown Shoe Co Inc 7.125% 15/May/2019
Expedia Inc 5.95% 15/Aug/2020
Massachusetts Institute of Technology 5.6% 01/Jul/2111
Service Corp International/US 8% 15/Nov/2021
Tufts University 5.017% 15/Apr/2112
1,506,895
1,430,218
4,279,430
3,042,756
2,547,416
3,092,726
5,846,483
0.06%
0.05%
0.16%
0.11%
0.10%
0.12%
0.22%
3,126,000
4,000,000
USD
USD
Media
MDC Partners Inc 11% 01/Nov/2016
Myriad International Holding BV - 144A - 6.375% 28/Jul/2017
2,605,198
3,435,983
0.10%
0.13%
2,400,000
5,920,000
500,000
8,000,000
1,900,000
700,000
1,900,000
3,400,000
3,660,000
2,725,000
3,025,000
2,575,000
2,619,000
1,625,000
1,865,000
5,595,000
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
EUR
USD
USD
USD
USD
Travel, Leisure and Catering
Burger King Corp 9.875% 15/Oct/2018
Codere Finance Luxembourg SA 9.25% 15/Feb/2019
Continental Airlines 2001-1 Class B Pass Through Trust 7.373% 15/Dec/2015
Continental Airlines 2012-2 Class A Pass Thru Certificates 4% 29/Oct/2024
Continental Airlines 2012-3 Class C Pass Thru Certificates 6.125% 29/Apr/2018
Corp Interamericana de Entretenimiento SAB de CV 8.875% 14/Jun/2015
Delta Air Lines 2010-2 Class A Pass Through Trust 4.95% 23/Nov/2019
Delta Air Lines 2010-2 Class B Pass Through Trust 6.75% 23/Nov/2015
Lottomatica Group SpA - 144A - Floating 31/Mar/2066
Marriott International Inc/DE 3.25% 15/Sep/2022
MGM Resorts International 6.75% 01/Oct/2020
Peermont Global Pty Ltd - 144A - 7.75% 30/Apr/2014
Scientific Games International Inc 9.25% 15/Jun/2019
Shingle Springs Tribal Gaming Authority 9.375% 15/Jun/2015
TAM Capital 3 Inc 8.375% 03/Jun/2021
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.375% 15/Mar/2022
2,084,345
3,412,621
79,799
6,386,529
1,451,949
493,117
1,365,584
2,682,039
3,839,340
2,071,787
2,343,205
2,499,899
2,209,980
1,201,741
1,559,589
4,509,017
0.08%
0.13%
0.00%
0.24%
0.05%
0.02%
0.05%
0.10%
0.14%
0.08%
0.09%
0.09%
0.08%
0.05%
0.06%
0.17%
6,100,000
4,550,000
2,550,000
3,750,000
1,110,000
5,575,000
1,750,000
3,825,000
690,000
4,039,000
2,500,000
11,435,000
2,060,000
3,840,000
4,350,000
5,550,000
2,900,000
15,470,000
5,450,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
Financials
Banks
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.5% 26/Sep/2019
Astoria Financial Corp 5% 19/Jun/2017
Banco Continental SA via Continental Senior Trustees II Cayman Ltd 5.75% 18/Jan/2017
Banco Continental SA via Continental Trustees Cayman Ltd Floating 07/Oct/2040
Banco de Credito del Peru/Panama Floating 06/Nov/2069
Banco de Credito del Peru/Panama Floating 16/Sep/2026
Banco do Estado do Rio Grande do Sul 7.375% 02/Feb/2022
Banco GNB Sudameris SA 7.5% 30/Jul/2022
Banco Industrial e Comercial SA - 144A - 8.5% 27/Apr/2020
Banco Internacional del Peru SAA 5.75% 07/Oct/2020
Bancolombia SA 5.95% 03/Jun/2021
BBVA Bancomer SA/Texas 6.5% 10/Mar/2021
Capital One Bank USA NA 8.8% 15/Jul/2019
Capital One Capital VI 8.875% 15/May/2040
Citigroup Inc Floating Perpetual
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 6.875% 19/Mar/2020
Credit Agricole SA - 144A - Floating Perpetual
Goldman Sachs Capital II Floating Perpetual
HSBC Bank PLC 7.65% 01/May/2025
4,883,516
3,671,009
2,117,908
3,114,571
1,026,102
4,884,045
1,460,103
3,147,850
520,745
3,362,259
2,190,155
9,627,465
2,118,561
2,912,621
3,340,697
6,181,313
2,342,612
9,179,798
5,373,124
0.18%
0.14%
0.08%
0.12%
0.04%
0.18%
0.05%
0.12%
0.02%
0.13%
0.08%
0.35%
0.08%
0.11%
0.13%
0.23%
0.09%
0.34%
0.20%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
276 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,350,000 USD
5,750,000 USD
2,725,000 USD
11,695,000 USD
4,000,000 TRY
1,300,000 USD
438,000 USD
1,875,000 USD
2,950,000 USD
3,100,000 USD
3,050,000 USD
5,105,000 USD
2,830,000 USD
9,125,000 USD
8,225,000 USD
3,860,000 USD
8,355,000 USD
2,900,000 USD
750,000 USD
2,500,000 USD
5,575,000 USD
2,400,000 USD
8,775,000 USD
2,000,000 USD
2,500,000 USD
9,650,000 USD
3,100,000 USD
7,600,000 USD
Description of Securities
Intesa Sanpaolo SpA Libor 3M 24/Feb/2014
Intesa Sanpaolo SpA 3.625% 12/Aug/2015
Intesa Sanpaolo SpA 6.5% 24/Feb/2021
JPMorgan Chase & Co Floating Perpetual
JPMorgan Chase & Co 0% 04/Oct/2017
Macquarie Bank Ltd 6.625% 07/Apr/2021
Merrill Lynch & Co Inc 5% 03/Feb/2014
Merrill Lynch & Co Inc 5.45% 05/Feb/2013
Morgan Stanley 4.875% 01/Nov/2022
Morgan Stanley 5.5% 26/Jan/2020
Morgan Stanley 5.5% 28/Jul/2021
Morgan Stanley 6.625% 01/Apr/2018
Nordea Bank AB Floating Perpetual
Nordea Bank AB 4.25% 21/Sep/2022
Northgroup Preferred Capital Corp Floating Perpetual
PNC Financial Services Group Inc Floating Perpetual
PNC Financial Services Group Inc Floating Perpetual
PNC Preferred Funding Trust III Floating Perpetual
Santander Holdings USA Inc/PA 3% 24/Sep/2015
SBP DPR Finance Co Libor 3M 15/Mar/2017
Scotiabank Peru SA Floating 13/Dec/2027
Societe Generale SA 8.75% Perpetual
Sovereign Bank/Wilmington DE 8.75% 30/May/2018
SunTrust Banks Inc 3.5% 20/Jan/2017
Turkiye Is Bankasi 6% 24/Oct/2022
UBS AG/Stamford CT 7.625% 17/Aug/2022
VTB Bank OJSC Via VTB Capital SA - 144A - 6% 12/Apr/2017
VTB Bank OJSC Via VTB Capital SA 6.95% 17/Oct/2022
Market Value
2,538,827
4,366,611
2,181,348
10,086,513
1,208,030
1,091,668
345,816
1,428,385
2,321,277
2,641,617
2,631,148
4,568,739
2,344,023
7,143,012
6,352,178
2,993,667
7,227,588
2,223,847
579,682
1,690,497
4,218,039
1,895,934
7,870,338
1,630,675
1,998,161
8,084,634
2,547,671
6,225,728
Net Assets %
0.10%
0.16%
0.08%
0.37%
0.05%
0.04%
0.01%
0.05%
0.09%
0.10%
0.10%
0.17%
0.09%
0.27%
0.24%
0.11%
0.27%
0.08%
0.02%
0.06%
0.16%
0.07%
0.30%
0.06%
0.08%
0.30%
0.10%
0.23%
2,500,000
5,805,000
5,047,000
750,000
500,000
3,835,000
5,840,000
5,925,000
250,000
750,000
3,920,000
4,750,000
9,635,000
1,900,000
250,000
1,800,000
3,115,000
250,000
250,000
400,000
250,000
9,100,000
1,550,000
2,735,000
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Financial Services
Aircastle Ltd 6.25% 01/Dec/2019
Alterra Finance LLC 6.25% 30/Sep/2020
Ameriprise Financial Inc Floating 01/Jun/2066
Atlas Reinsurance VII Ltd Libor 3M 07/Jan/2016
Atlas VI Capital Ltd Euribor 3M 07/Apr/2014
Ausdrill Finance Pty Ltd 6.875% 01/Nov/2019
Banque PSA Finance SA 5.75% 04/Apr/2021
Blackstone Holdings Finance Co LLC 6.25% 15/Aug/2042
Blue Danube Ltd Floating 10/Apr/2015
Blue Fin Ltd Floating 28/May/2013
BM&FBovespa SA 5.5% 16/Jul/2020
Caelus Re II Ltd Floating 24/May/2013
Cantor Fitzgerald LP 7.875% 15/Oct/2019
Combine Re Ltd Floating 07/Jan/2015
Compass Re Ltd - 1 - Floating 08/Jan/2015
Corp Financiera de Desarrollo SA 4.75% 08/Feb/2022
Dubai Electricity & Water Authority - 144A - 7.375% 21/Oct/2020
East Lane Re Ltd - 144A - Floating 13/Mar/2015
East Lane Re Ltd Floating 14/Mar/2014
East Lane Re V Ltd Floating 16/Mar/2016
Embarcadero Reinsurance Ltd Floating 04/Aug/2014
General Electric Capital Corp - A - Floating Perpetual
GlobeCat Ltd - USW - Libor 3M 02/Jan/2013
Gruposura Finance 5.7% 18/May/2021
1,976,828
5,095,446
4,220,508
568,871
512,975
2,879,741
4,362,964
5,092,219
194,952
574,298
3,359,830
3,635,422
7,590,924
1,475,152
192,658
1,505,234
2,906,136
186,173
188,941
325,425
191,145
7,832,474
1,175,550
2,328,609
0.07%
0.19%
0.16%
0.02%
0.02%
0.11%
0.16%
0.19%
0.01%
0.02%
0.13%
0.14%
0.29%
0.06%
0.01%
0.06%
0.11%
0.01%
0.01%
0.01%
0.01%
0.29%
0.04%
0.09%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 277

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,285,000 USD
760,000 USD
1,750,000 USD
4,595,000 USD
1,250,000 USD
2,650,000 USD
525,000 USD
1,300,000 USD
2,900,000 USD
6,025,000 USD
2,480,000 USD
4,050,000 USD
7,825,000 USD
2,700,000 USD
1,425,000 USD
800,000 USD
3,000,000 USD
2,775,000 USD
1,200,000 USD
3,680,000 USD
4,700,000 USD
3,110,000 USD
2,500,000 USD
1,000,000 USD
1,550,000 USD
1,600,000 USD
250,000 USD
2,050,000 USD
250,000 USD
2,200,000 USD
1,500,000 USD
950,000 USD
350,000 USD
3,150,000 USD
1,600,000 USD
2,000,000 USD
6,690,000 USD
1,600,000 USD
5,070,000 USD
800,000 USD
375,000 USD
4,150,000 USD
250,000 USD
1,200,000 USD
Description of Securities
GTP Acquisition Partners I LLC 7.628% 15/Jun/2016
Hyundai Capital America 3.75% 06/Apr/2016
Hyundai Capital Services Inc 3.5% 13/Sep/2017
Hyundai Capital Services Inc 6% 05/May/2015
Ibis Re II Ltd Floating 05/Feb/2015
Ibis Re Ltd Floating 03/May/2013
Ibis Re Ltd Floating 03/May/2013
Interactive Data Corp 10.25% 01/Aug/2018
Intercorp Retail Trust 8.875% 14/Nov/2018
IPIC GMTN Ltd 5.5% 01/Mar/2022
Janus Capital Group Inc Floating 15/Jun/2017
Jefferies Group Inc 5.125% 13/Apr/2018
Jefferies Group Inc 6.875% 15/Apr/2021
Johnston Re Ltd Floating 08/May/2013
Kibou Ltd Floating 16/Feb/2015
Lakeside Re II Ltd Floating 08/Jan/2013
Lodestone Re Ltd - A-2 - Floating 08/Jan/2014
Lodestone Re Ltd - CLA - Floating 17/May/2013
Longpoint Re Ltd - 144A - Floating 12/Jun/2015
Macquarie Group Ltd 6% 14/Jan/2020
Macquarie Group Ltd 6.25% 14/Jan/2021
Macquarie Group Ltd 7.625% 13/Aug/2019
Marfrig Holding Europe BV - 144A - 8.375% 09/May/2018
Mystic Re Ltd Floating 12/Mar/2015
Mystic Re Ltd Floating 12/Mar/2015
Mythen Ltd - 12-E - Libor 3M 07/May/2015
Mythen Ltd Libor 6M 07/May/2015
Neuberger Berman Group LLC / Neuberger Berman Finance Corp 5.625% 15/Mar/2020
Pelican Re Ltd Floating 13/Apr/2015
Queen Street II Capital Ltd Floating 09/Apr/2014
Queen Street IV Capital Ltd Floating 09/Apr/2015
Queen Street V Re Ltd Floating 09/Apr/2015
Queen Street VI Re Ltd Floating 09/Apr/2015
Residential Reinsurance 2010 Ltd - 144A - Floating 06/Jun/2013
Residential Reinsurance 2010 Ltd - 144A - Floating 06/Jun/2013
Residential Reinsurance 2011 Ltd - 1 - Floating 06/Jun/2015
Scottrade Financial Services Inc 6.125% 11/Jul/2021
SLM Corp 4% 25/Jul/2014
Springleaf Finance Corp 6.9% 15/Dec/2017
Successor X Ltd - II CN3 144A - Floating 04/Apr/2013
Successor X Ltd Floating 10/Nov/2015
Successor X Ltd Floating 25/Feb/2014
Successor X Ltd Floating 25/Feb/2014
TD Ameritrade Holding Corp 5.6% 01/Dec/2019
Market Value
4,236,875
608,719
1,401,712
3,829,436
973,149
2,031,057
406,389
1,105,601
2,502,086
5,386,809
2,149,903
3,240,860
6,677,128
2,080,704
1,104,959
606,129
2,286,772
2,118,505
908,374
3,024,748
3,957,782
2,782,131
1,616,543
772,831
1,138,869
1,268,811
201,760
1,636,548
202,158
1,677,533
1,134,443
730,730
273,995
2,421,252
1,238,677
1,579,794
5,219,611
1,227,561
3,441,786
608,070
282,018
3,161,668
192,502
1,081,820
Net Assets %
0.16%
0.02%
0.05%
0.14%
0.04%
0.08%
0.02%
0.04%
0.09%
0.20%
0.08%
0.12%
0.25%
0.08%
0.04%
0.02%
0.09%
0.08%
0.03%
0.11%
0.15%
0.10%
0.06%
0.03%
0.04%
0.05%
0.01%
0.06%
0.01%
0.06%
0.04%
0.03%
0.01%
0.09%
0.05%
0.06%
0.20%
0.05%
0.13%
0.02%
0.01%
0.12%
0.01%
0.04%
3,650,000
6,250,000
1,800,000
6,705,000
1,385,000
4,855,000
2,760,000
3,250,000
USD
USD
USD
USD
USD
USD
USD
USD
Life Insurance
CNO Financial Group Inc 6.375% 01/Oct/2020
Delphi Financial Group Inc 7.875% 31/Jan/2020
Forethought Financial Group Inc 8.625% 15/Apr/2021
Lincoln National Corp Floating 20/Apr/2067
Lincoln National Corp 8.75% 01/Jul/2019
Protective Life Corp 7.375% 15/Oct/2019
Prudential Financial Inc Floating 15/Jun/2038
Prudential Financial Inc Floating 15/Jun/2043
2,879,248
5,806,607
1,653,926
5,092,067
1,406,688
4,482,335
2,554,005
2,566,918
0.11%
0.22%
0.06%
0.19%
0.05%
0.17%
0.10%
0.10%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
278 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
2,200,000 USD
7,000,000 USD
1,250,000 USD
2,300,000 USD
Description of Securities
Prudential Financial Inc Floating 15/Sep/2042
Prudential Financial Inc 4.5% 16/Nov/2021
Torchmark Corp 3.8% 15/Sep/2022
Unum Group 5.75% 15/Aug/2042
Market Value
1,758,381
5,982,319
971,627
1,880,571
Net Assets %
0.07%
0.23%
0.04%
0.07%
3,143,000
6,300,000
2,300,000
2,500,000
2,350,000
7,815,000
3,805,000
7,200,000
2,525,000
3,251,000
1,650,000
4,280,000
465,000
4,030,000
4,949,000
1,610,000
3,185,000
4,143,000
500,000
5,625,000
7,200,000
7,350,000
6,835,000
2,220,000
5,740,000
2,430,000
1,250,000
4,630,000
11,847,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
GBP
USD
USD
Nonlife Insurance
AXA SA - - Floating Perpetual
Compass Investors Inc 7.75% 15/Jan/2021
Fidelity National Financial Inc 4.25% CV 15/Aug/2018
Foundation Re III Ltd Floating 03/Feb/2014
Foundation Re III Ltd Floating 25/Feb/2015
Genworth Financial Inc 7.2% 15/Feb/2021
Genworth Financial Inc 7.625% 24/Sep/2021
Hanover Insurance Group Inc 6.375% 15/Jun/2021
Hanover Insurance Group Inc 7.5% 01/Mar/2020
Hanover Insurance Group Inc 7.625% 15/Oct/2025
Hub International Ltd 8.125% 15/Oct/2018
Ironshore Holdings US Inc 8.5% 15/May/2020
Liberty Mutual Group Inc Floating 15/Jun/2058
Liberty Mutual Group Inc 5% 01/Jun/2021
Liberty Mutual Group Inc 7% 15/Mar/2037
Liberty Mutual Group Inc 7.3% 15/Jun/2014
Liberty Mutual Insurance Co 7.697% 15/Oct/2097
MetLife Inc 10.75% 01/Aug/2039
MetLife Inc 4.75% 08/Feb/2021
Montpelier Re Holdings Ltd 4.7% 15/Oct/2022
OneBeacon US Holdings Inc 4.6% 09/Nov/2022
Platinum Underwriters Finance Inc 7.5% 01/Jun/2017
Reinsurance Group of America Inc Floating 15/Dec/2065
Reinsurance Group of America Inc 6.45% 15/Nov/2019
Sirius International Group Ltd Floating Perpetual
Sirius International Group Ltd 6.375% 20/Mar/2017
Towergate Finance PLC 8.5% 15/Feb/2018
Validus Holdings Ltd 8.875% 26/Jan/2040
XL Group PLC Floating Perpetual
2,360,111
4,706,842
2,239,552
1,903,178
1,796,367
6,411,756
3,190,128
6,132,959
2,273,640
3,071,694
1,282,805
3,600,748
525,523
3,291,004
3,730,331
1,311,635
2,469,626
4,768,661
441,106
4,365,024
5,626,289
6,250,990
5,197,275
1,966,045
4,492,995
2,014,876
1,606,614
4,722,611
8,446,738
0.09%
0.18%
0.08%
0.07%
0.07%
0.24%
0.12%
0.23%
0.09%
0.12%
0.05%
0.14%
0.02%
0.12%
0.14%
0.05%
0.09%
0.18%
0.02%
0.16%
0.21%
0.24%
0.20%
0.07%
0.17%
0.08%
0.06%
0.18%
0.32%
3,875,000
44,000
USD
USD
Real Estate Investment and Services
Alto Palermo SA - Regs - 7.875% 11/May/2017
Forest City Enterprises Inc 7.625% 01/Jun/2015
2,564,425
33,374
0.10%
0.00%
5,360,000
1,830,000
5,250,000
1,450,000
1,775,000
3,900,000
9,275,000
3,075,000
2,335,000
1,875,000
900,000
3,500,000
7,050,000
3,175,000
1,850,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Real Estate Investment Trusts
Alexandria Real Estate Equities Inc 4.6% 01/Apr/2022
BioMed Realty LP 4.25% 15/Jul/2022
CNL Lifestyle Properties Inc 7.25% 15/Apr/2019
CubeSmart LP 4.8% 15/Jul/2022
DDR Corp 4.625% 15/Jul/2022
DDR Corp 7.5% 01/Apr/2017
Dexus Diversified Trust / Dexus Office Trust 5.6% 15/Mar/2021
Digital Realty Trust LP 3.625% 01/Oct/2022
Digital Realty Trust LP 4.5% 15/Jul/2015
Digital Realty Trust LP 5.25% 15/Mar/2021
Digital Realty Trust LP 5.875% 01/Feb/2020
Goodman Funding Pty Ltd 6% 22/Mar/2022
Goodman Funding Pty Ltd 6.375% 15/Apr/2021
Health Care REIT Inc 3.75% 15/Mar/2023
Health Care REIT Inc 5.25% 15/Jan/2022
4,371,937
1,448,039
3,802,905
1,194,527
1,472,114
3,548,231
7,574,785
2,295,353
1,884,446
1,576,681
781,143
2,979,797
6,075,042
2,417,773
1,565,393
0.16%
0.05%
0.14%
0.04%
0.06%
0.13%
0.29%
0.09%
0.07%
0.06%
0.03%
0.11%
0.23%
0.09%
0.06%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 279

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
400,000 USD
2,025,000 USD
3,350,000 USD
4,480,000 USD
5,035,000 USD
3,880,000 USD
2,340,000 USD
550,000 USD
2,300,000 USD
6,300,000 USD
2,460,000 USD
Description of Securities
Health Care REIT Inc 6.125% 15/Apr/2020
Health Care REIT Inc 6.2% 01/Jun/2016
Healthcare Realty Trust Inc 6.5% 17/Jan/2017
Highwoods Realty LP 3.625% 15/Jan/2023
Hospitality Properties Trust 5% 15/Aug/2022
Hospitality Properties Trust 7.875% 15/Aug/2014
Mack-Cali Realty LP 4.5% 18/Apr/2022
Mack-Cali Realty LP 7.75% 15/Aug/2019
Sabra Health Care LP / Sabra Capital Corp 8.125% 01/Nov/2018
Senior Housing Properties Trust 6.75% 15/Apr/2020
Ventas Realty LP / Ventas Capital Corp 4.75% 01/Jun/2021
Market Value
355,874
1,753,574
2,907,944
3,334,501
4,047,989
3,142,529
1,896,454
517,690
1,860,115
5,452,200
2,043,983
Net Assets %
0.01%
0.07%
0.11%
0.13%
0.15%
0.12%
0.07%
0.02%
0.07%
0.21%
0.08%
3,200,000
3,450,000
5,600,000
1,800,000
3,000,000
800,000
4,023,000
5,250,000
6,596,000
7,916,000
4,900,000
11,800,000
900,000
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
Health Care
Health Care Equipment and Services
Accellent Inc 8.375% 01/Feb/2017
Amerigroup Corp 7.5% 15/Nov/2019
Catholic Health Initiatives 4.35% 01/Nov/2042
ConvaTec Healthcare E SA - 144A - 7.375% 15/Dec/2017
Gentiva Health Services Inc 11.5% 01/Sep/2018
HCA Inc 6.5% 15/Feb/2020
HCA Inc 8.5% 15/Apr/2019
Hologic Inc Floating CV 01/Mar/2042
Hologic Inc 2% CV 15/Dec/2037
NuVasive Inc 2.75% CV 01/Jul/2017
NYU Hospitals Center 4.428% 01/Jul/2042
WellPoint Inc 2.75% CV 15/Oct/2042
WellPoint Inc 3.3% 15/Jan/2023
2,548,544
3,153,254
4,331,802
1,827,000
2,150,334
682,646
3,402,340
3,944,767
5,578,383
5,227,448
3,608,138
9,548,790
701,892
0.10%
0.12%
0.16%
0.07%
0.08%
0.03%
0.13%
0.15%
0.21%
0.20%
0.14%
0.35%
0.03%
2,300,000
655,000
4,055,000
1,615,000
3,105,000
USD
USD
USD
USD
USD
Pharmaceuticals and Biotechnology
Cubist Pharmaceuticals Inc 2.5% CV 01/Nov/2017
Omnicare Inc 3.25% CV 15/Dec/2035
PDL BioPharma Inc 3.75% CV 01/May/2015
Salix Pharmaceuticals Ltd 1.5% CV 15/Mar/2019
Warner Chilcott Co LLC / Warner Chilcott Finance LLC 7.75% 15/Sep/2018
2,716,029
495,262
3,631,246
1,177,502
2,519,986
0.10%
0.02%
0.14%
0.04%
0.09%
515,000
USD
Industrials
Aerospace and Defense
Esterline Technologies Corp 6.625% 01/Mar/2017
401,367
0.02%
1,610,000
6,037,000
1,100,000
4,000,000
2,580,000
3,500,000
2,000,000
1,600,000
5,200,000
1,365,000
2,000,000
2,600,000
7,135,000
1,275,000
1,140,000
1,415,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Construction and Materials
Building Materials Corp of America 6.75% 01/May/2021
Cemex Espana Luxembourg - Regs - 9.875% 30/Apr/2019
Cemex SAB de CV - 144A - 9% 11/Jan/2018
Cemex SAB de CV Libor 3M 30/Sep/2015
Desarrolladora Homex SAB de CV 9.5% 11/Dec/2019
Desarrolladora Homex SAB de CV 9.75% 25/Mar/2020
Dycom Investments Inc 7.125% 15/Jan/2021
Empresas ICA SAB de CV 8.375% 24/Jul/2017
Empresas ICA SAB de CV 8.9% 04/Feb/2021
Holcim US Finance Sarl & Cie SCS 6% 30/Dec/2019
Masco Corp 5.85% 15/Mar/2017
Masco Corp 5.95% 15/Mar/2022
Masco Corp 7.125% 15/Mar/2020
MasTec Inc 4% CV 15/Jun/2014
Texas Industries Inc 9.25% 15/Aug/2020
Urbi Desarrollos Urbanos SAB de CV 9.5% 21/Jan/2020
1,349,401
5,105,624
903,178
3,087,075
2,103,686
2,893,659
1,596,632
1,307,646
4,299,150
1,176,020
1,650,941
2,186,043
6,305,388
1,564,858
927,374
1,014,241
0.05%
0.19%
0.03%
0.12%
0.08%
0.11%
0.06%
0.05%
0.16%
0.04%
0.06%
0.08%
0.24%
0.06%
0.03%
0.04%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
280 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,925,000 USD
5,450,000 USD
2,520,000 USD
1,200,000 USD
Description of Securities
Urbi Desarrollos Urbanos SAB de CV 9.75% 03/Feb/2022
USG Corp - 144A - 7.875% 30/Mar/2020
USG Corp 8.375% 15/Oct/2018
Voto-Votorantim Overseas Trading Operations NV - 144A - 6.625% 25/Sep/2019
Market Value
1,383,448
4,619,520
2,131,220
1,064,927
Net Assets %
0.05%
0.17%
0.08%
0.04%
3,912,000
2,121,000
6,757,000
1,510,000
1,900,000
5,375,000
7,105,000
3,650,000
4,400,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
Electronic and Electrical Equipment
Anixter Inc 5.95% 01/Mar/2015
Coleman Cable Inc 9% 15/Feb/2018
General Cable Corp Floating CV 15/Nov/2029
SunPower Corp 4.75% CV 15/Apr/2014
Thomas & Betts Corp 5.625% 15/Nov/2021
Viasystems Inc - 144A - 7.875% 01/May/2019
Vishay Intertechnology Inc 2.25% CV 15/May/2041
WESCO Distribution Inc 7.5% 15/Oct/2017
WireCo WorldGroup Inc Floating 15/May/2017
3,156,394
1,729,426
5,474,303
1,079,471
1,779,058
3,995,373
4,142,877
2,805,052
3,537,621
0.12%
0.07%
0.21%
0.04%
0.07%
0.15%
0.16%
0.11%
0.13%
6,255,000
2,060,000
1,300,000
2,000,000
1,525,000
3,700,000
1,165,000
2,200,000
825,000
2,125,000
1,000,000
USD
USD
EUR
EUR
USD
USD
USD
USD
EUR
EUR
USD
General Industrials
AEP Industries Inc 8.25% 15/Apr/2019
American Railcar Industries Inc 7.5% 01/Mar/2014
Ardagh Glass Finance PLC - 144A - 8.75% 01/Feb/2020
Ardagh Packaging Finance PLC 7.375% 15/Oct/2017
Boart Longyear Management Pty Ltd 7% 01/Apr/2021
Cia Latinoamericana de Infraestructura & Servicios SA 9.5% 15/Dec/2016
Graphic Packaging International Inc 7.875% 01/Oct/2018
Grupo KUO SAB De CV 6.25% CV 04/Dec/2022
Mark IV Europe Lux SCA / Mark IV USA SCA 8.875% 15/Dec/2017
Nordenia International AG - 144A - 9.75% 15/Jul/2017
Park-Ohio Industries Inc 8.125% 01/Apr/2021
5,076,494
1,574,219
1,361,750
2,187,500
1,174,056
1,739,988
976,430
1,785,498
799,116
2,461,600
805,901
0.19%
0.06%
0.05%
0.08%
0.04%
0.07%
0.04%
0.07%
0.03%
0.09%
0.03%
4,800,000
3,850,000
695,000
875,000
2,900,000
7,515,000
3,270,000
5,400,000
3,100,000
4,570,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Industrial Engineering
ABB Finance USA Inc 4.375% 08/May/2042
Abengoa Finance SAU 8.875% 01/Nov/2017
Cummins Inc 6.75% 15/Feb/2027
Flowserve Corp 3.5% 15/Sep/2022
Liberty Tire Recycling 11% 01/Oct/2016
Navistar International Corp 3% CV 15/Oct/2014
Navistar International Corp 8.25% 01/Nov/2021
Ormat Funding Corp 8.25% 30/Dec/2020
Terex Corp 6% 15/May/2021
WPE International Cooperatief UA - 144A - 10.375% 30/Sep/2020
3,952,030
2,744,994
656,423
667,879
2,034,663
5,208,458
2,393,469
2,312,569
2,474,780
2,981,038
0.15%
0.10%
0.02%
0.03%
0.08%
0.20%
0.09%
0.09%
0.09%
0.11%
3,000,000
2,750,000
2,400,000
7,619,000
1,400,000
4,600,000
7,990,000
5,540,000
15,000,000
3,450,000
5,560,000
2,100,000
950,000
7,205,000
USD
USD
USD
USD
USD
USD
USD
USD
NOK
USD
USD
USD
USD
USD
Industrial Transportation
Aeropuertos Dominicanos Siglo XXI SA 9.25% 13/Nov/2019
Aguila 3 SA - 144A - 7.875% 31/Jan/2018
Asciano Finance Ltd 5% 07/Apr/2018
Aviation Capital Group Corp 6.75% 06/Apr/2021
Aviation Capital Group Corp 7.125% 15/Oct/2020
CEVA Group PLC 11.5% 01/Apr/2018
CEVA Group PLC 8.375% 01/Dec/2017
GATX Corp 6% 15/Feb/2018
Golar LNG Partners LP Floating 12/Oct/2017
Greenbrier Cos Inc 3.5% CV 01/Apr/2018
Inversiones Alsacia SA 8% 18/Aug/2018
Swift Services Holdings Inc 10% 15/Nov/2018
Transnet SOC Ltd 4% 26/Jul/2022
Viterra Inc 5.95% 01/Aug/2020
2,386,415
2,211,013
1,969,464
5,983,146
1,118,333
2,913,380
5,969,471
4,696,159
2,049,488
2,364,940
3,935,770
1,748,142
725,074
5,916,281
0.09%
0.08%
0.07%
0.23%
0.04%
0.11%
0.22%
0.18%
0.08%
0.09%
0.15%
0.07%
0.03%
0.22%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 281

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
45 USD
2,355,000 USD
2,200,000 USD
2,955,000 USD
1,725,000 USD
Description of Securities
Support Services
Catalent Pharma Solutions Inc 9.5% 15/Apr/2015
Clean Harbors Inc 5.25% 01/Aug/2020
FTI Consulting Inc 6% 15/Nov/2022
Iron Mountain Inc 5.75% 15/Aug/2024
Marfrig Overseas Ltd 9.5% 04/May/2020
Market Value
35
1,862,172
1,727,093
2,269,370
1,128,499
Net Assets %
0.00%
0.07%
0.07%
0.09%
0.04%
6,550,000
2,090,000
15,800,000
USD
USD
CNY
Oil and Gas
Alternative Energy
Inkia Energy Ltd 8.375% 04/Apr/2021
JA Solar Holdings Co Ltd 4.5% CV 15/May/2013
LDK Solar Co Ltd 10% 28/Feb/2014
5,551,900
1,513,918
1,117,092
0.21%
0.06%
0.04%
4,227,000
1,650,000
3,900,000
2,900,000
6,527,000
1,600,000
4,600,000
2,215,000
1,925,000
850,000
4,295,000
3,567,000
13,700,000
2,300,000
2,850,000
8,865,000
9,500,000
7,875,000
5,475,000
2,900,000
3,284,000
6,725,000
3,400,000
2,500,000
2,570,000
1,975,000
1,450,000
4,500,000
3,772,000
650,000
250,000
1,875,000
3,150,000
2,250,000
495,000
1,913,000
6,150,000
3,625,000
750,000
4,565,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
NOK
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Oil and Gas Producers
Carrizo Oil & Gas Inc 8.625% 15/Oct/2018
Chaparral Energy Inc 7.625% 15/Nov/2022
Chesapeake Energy Corp 2.25% CV 15/Dec/2038
Cobalt International Energy Inc 2.625% CV 01/Dec/2019
Denbury Resources Inc 8.25% 15/Feb/2020
Dolphin Energy Ltd 5.5% 15/Dec/2021
EP Energy LLC / EP Energy Finance Inc 9.375% 01/May/2020
EP Energy LLC / Everest Acquisition Finance Inc 6.875% 01/May/2019
EPE Holdings LLC / EP Energy Bond Co Inc 8.125% 15/Dec/2017
Frontier Oil Corp 6.875% 15/Nov/2018
Gazprom OAO Via Gazprom International SA - Regs - 7.201% 01/Feb/2020
Hilcorp Energy I LP / Hilcorp Finance Co 7.625% 15/Apr/2021
Linn Energy LLC / Linn Energy Finance Corp 6.25% 01/Nov/2019
Linn Energy LLC / Linn Energy Finance Corp 8.625% 15/Apr/2020
Newfield Exploration Co 5.625% 01/Jul/2024
Northern Oil and Gas Inc 8% 01/Jun/2020
Norwegian Energy Co AS 12.9% 20/Nov/2014
Novatek OAO via Novatek Finance Ltd 4.422% 13/Dec/2022
Oasis Petroleum Inc 6.875% 15/Jan/2023
Offshore Group Investment Ltd 7.5% 01/Nov/2019
Offshore Group Investments Ltd 11.5% 01/Aug/2015
Petrohawk Energy Corp 7.25% 15/Aug/2018
Plains Exploration & Production Co 6.125% 15/Jun/2019
Plains Exploration & Production Co 6.625% 01/May/2021
Plains Exploration & Production Co 8.625% 15/Oct/2019
Precision Drilling Corp 6.625% 15/Nov/2020
Pride International Inc 6.875% 15/Aug/2020
QEP Resources Inc 5.25% 01/May/2023
Quicksilver Resources Inc 8.25% 01/Aug/2015
Quicksilver Resources Inc 9.125% 15/Aug/2019
Ras Laffan Liquefied Natural Gas Co Ltd III - Regs - 5.832% 30/Sep/2016
Reliance Holdings USA Inc 4.5% 19/Oct/2020
Resolute Energy Corp - 144A - 8.5% 01/May/2020
Samson Investment Co 9.75% 15/Feb/2020
SandRidge Energy Inc 7.5% 15/Mar/2021
SandRidge Energy Inc 8% 01/Jun/2018
Stone Energy Corp 7.5% 15/Nov/2022
Stone Energy Corp 8.625% 01/Feb/2017
Tengizchevroil Finance Co SARL - Regs - 6.124% 15/Nov/2014
Tesoro Corp 5.375% 01/Oct/2022
3,462,652
1,314,093
2,392,389
2,201,011
5,569,535
1,418,386
3,933,935
1,822,872
1,447,327
693,075
1,175,363
2,949,052
10,443,341
1,901,547
2,334,648
6,858,541
1,292,610
6,010,481
4,453,836
2,221,632
2,715,079
5,758,623
2,810,983
2,088,232
2,217,366
1,610,380
1,393,095
3,652,154
2,646,465
438,789
135,014
1,491,561
2,407,179
1,813,277
401,737
1,538,061
4,851,335
2,952,324
169,539
3,687,595
0.13%
0.05%
0.09%
0.08%
0.21%
0.05%
0.15%
0.07%
0.05%
0.03%
0.04%
0.11%
0.38%
0.07%
0.09%
0.26%
0.05%
0.23%
0.17%
0.08%
0.10%
0.22%
0.11%
0.08%
0.08%
0.06%
0.05%
0.14%
0.10%
0.02%
0.01%
0.06%
0.09%
0.07%
0.02%
0.06%
0.18%
0.11%
0.01%
0.14%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
282 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
699,000 USD
475,000 USD
1,225,000 USD
2,080,000 USD
1,130,000 USD
425,000 USD
14,500,000 NOK
5,000,000 NOK
1,535,000 USD
1,925,000 USD
1,775,000 USD
Description of Securities
Tesoro Corp 9.75% 01/Jun/2019
TNK-BP Finance SA - Regs - 7.5% 18/Jul/2016
TNK-BP Finance SA - 144A - 6.625% 20/Mar/2017
TNK-BP Finance SA - 144A - 7.5% 18/Jul/2016
TNK-BP Finance SA 7.25% 02/Feb/2020
TNK-BP Finance SA 7.875% 13/Mar/2018
Transocean Norway Drilling AS Nibor 3M 24/Feb/2016
Transocean Norway Drilling AS 11% 24/Feb/2016
Valero Energy Corp 9.375% 15/Mar/2019
Vanguard Natural Resources LLC / VNR Finance Corp 7.875% 01/Apr/2020
W&T Offshore Inc 8.5% 15/Jun/2019
Market Value
604,414
418,832
1,061,561
1,834,041
1,043,519
392,925
2,079,983
722,346
1,603,459
1,533,108
1,447,304
Net Assets %
0.02%
0.02%
0.04%
0.07%
0.04%
0.01%
0.08%
0.03%
0.06%
0.06%
0.05%
1,600,000
2,270,000
1,885,000
7,480,000
760,000
1,161,000
4,455,000
900,000
1,000,000
1,350,000
4,320,000
4,080,000
3,190,000
4,600,000
875,000
2,650,000
2,800,000
1,825,000
2,140,000
4,268,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Oil Equipment, Services and Distribution
Calfrac Holdings LP 7.5% 01/Dec/2020
DCP Midstream LLC 9.75% 15/Mar/2019
DCP Midstream Operating LP 4.95% 01/Apr/2022
Enterprise Products Operating LLC Floating 01/Jun/2067
Enterprise Products Operating LLC 8.375% 01/Aug/2066
Expro Finance Luxembourg SCA 8.5% 15/Dec/2016
Exterran Holdings Inc 7.25% 01/Dec/2018
Golar LNG Ltd 3.75% CV 07/Mar/2017
Inergy Midstream LP / NRGM Finance Corp 6% 15/Dec/2020
Kinder Morgan Energy Partners LP 4.15% 01/Mar/2022
Rockies Express Pipeline LLC 5.625% 15/Apr/2020
SESI LLC 7.125% 15/Dec/2021
Spectra Energy Capital LLC 6.75% 15/Jul/2018
Sunoco Logistics Partners Operations LP 6.1% 15/Feb/2042
Transcontinental Gas Pipe Line Co LLC 4.45% 01/Aug/2042
Transportadora de Gas del Sur SA - 144A - 7.875% 14/May/2017
Trinidad Drilling Ltd 7.875% 15/Jan/2019
Weatherford International Ltd/Bermuda 5.95% 15/Apr/2042
Weatherford International Ltd/Bermuda 9.625% 01/Mar/2019
Williams Cos Inc 7.75% 15/Jun/2031
1,201,456
2,280,417
1,520,027
6,118,020
657,881
920,240
3,598,737
668,310
783,146
1,111,578
3,235,740
3,442,809
2,866,681
4,027,400
686,001
1,668,310
2,256,523
1,502,400
2,120,246
4,141,524
0.05%
0.09%
0.06%
0.23%
0.02%
0.03%
0.14%
0.03%
0.03%
0.04%
0.12%
0.13%
0.11%
0.15%
0.03%
0.06%
0.08%
0.06%
0.08%
0.16%
1,825,000
3,600,000
1,043,000
1,043,000
4,275,000
6,844,000
4,580,000
3,800,000
1,955,000
1,365,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Technology
Software and Computer Services
Allen Systems Group Inc Floating 15/Nov/2016
Audatex North America Inc 6.75% 15/Jun/2018
First Data Corp 12.625% 15/Jan/2021
First Data Corp 8.25% 15/Jan/2021
MedAssets Inc 8% 15/Nov/2018
Mentor Graphics Corp 4% CV 01/Apr/2031
Nuance Communications Inc 2.75% CV 01/Nov/2031
Nuance Communications Inc 5.375% 15/Aug/2020
WebMD Health Corp 2.25% CV 31/Mar/2016
WebMD Health Corp 2.5% CV 31/Jan/2018
1,024,348
2,921,723
832,644
791,110
3,534,398
6,083,368
3,743,136
3,011,984
1,382,765
867,102
0.04%
0.11%
0.03%
0.03%
0.13%
0.23%
0.14%
0.11%
0.05%
0.03%
8,800,000
300,000
12,620,000
2,559,000
6,397,000
9,200,000
595,000
USD
USD
USD
USD
USD
USD
USD
Technology Hardware and Equipment
Advanced Micro Devices Inc 7.5% 15/Aug/2022
Corning Inc 8.875% 15/Mar/2016
Intel Corp 2.95% CV 15/Dec/2035
Intel Corp 3.25% CV 01/Aug/2039
Lam Research Corp 1.25% CV 15/May/2018
Novellus Systems Inc 2.625% CV 15/May/2041
ON Semiconductor Corp 2.625% CV 15/Dec/2026
5,489,988
271,174
9,907,237
2,255,187
4,815,703
8,631,106
477,819
0.21%
0.01%
0.36%
0.08%
0.18%
0.32%
0.02%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 283

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
8,375,000 USD
3,510,000 USD
4,175,000 USD
Description of Securities
SanDisk Corp 1.5% CV 15/Aug/2017
Seagate HDD Cayman 7.75% 15/Dec/2018
Xilinx Inc 3.125% CV 15/Mar/2037
Market Value
7,309,227
2,938,533
3,976,209
Net Assets %
0.28%
0.11%
0.15%
1,850,000
4,096,000
4,464,000
5,250,000
3,115,000
9,595,000
960,000
1,500,000
5,050,000
4,465,000
2,200,000
2,000,000
765,000
5,300,000
1,575,000
1,950,000
1,285,000
2,000,000
4,000,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
USD
USD
USD
Telecommunications
Fixed Line Telecommunications
CenturyLink Inc 7.6% 15/Sep/2039
Cincinnati Bell Inc 8.25% 15/Oct/2017
Cincinnati Bell Inc 8.375% 15/Oct/2020
Digicel Ltd - 144A - 8.25% 01/Sep/2017
Frontier Communications Corp 8.5% 15/Apr/2020
Frontier Communications Corp 8.75% 15/Apr/2022
GCI Inc 8.625% 15/Nov/2019
GTP Cellular Sites LLC 3.721% 15/Mar/2017
GTP Towers Issuer LLC 4.436% 15/Feb/2015
Oi SA 5.75% 10/Feb/2022
PAETEC Holding Corp 8.875% 30/Jun/2017
PAETEC Holding Corp 9.875% 01/Dec/2018
Qtel International Finance Ltd - 144A - 3.375% 14/Oct/2016
Telefonica Emisiones SAU 6.221% 03/Jul/2017
Telenet Finance III Luxembourg SCA 6.625% 15/Feb/2015
Telenet Finance IV Luxembourg S.C.A. Euribor 3M 15/Jun/2021
Windstream Corp 7.5% 01/Jun/2022
Windstream Corp 7.75% 01/Oct/2021
Windstream Corp 7.875% 01/Nov/2017
1,460,783
3,347,573
3,665,261
4,260,846
2,717,119
8,442,203
773,665
1,164,885
3,995,140
3,539,081
1,789,669
1,736,954
607,013
4,472,277
1,669,500
1,891,500
1,038,020
1,645,934
3,413,228
0.05%
0.13%
0.14%
0.16%
0.10%
0.32%
0.03%
0.04%
0.15%
0.13%
0.07%
0.07%
0.02%
0.17%
0.06%
0.07%
0.04%
0.06%
0.13%
4,235,000
2,010,000
940,000
3,500,000
2,500,000
1,920,000
2,425,000
2,750,000
7,305,000
1,400,000
3,675,000
3,825,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Mobile Telecommunications
Crown Castle Towers LLC 4.883% 15/Aug/2020
Crown Castle Towers LLC 6.113% 15/Jan/2020
GeoEye Inc 9.625% 01/Oct/2015
Intelsat Jackson Holdings SA 8.5% 01/Nov/2019
Intelsat Luxembourg SA - 144A - 11.5% 04/Feb/2017
Intelsat Luxembourg SA 11.5% 04/Feb/2017
MetroPCS Wireless Inc 6.625% 15/Nov/2020
MetroPCS Wireless Inc 7.875% 01/Sep/2018
NII Capital Corp 8.875% 15/Dec/2019
Telesat Canada / Telesat LLC 12.5% 01/Nov/2017
VimpelCom Holdings BV 7.5043% 01/Mar/2022
WCP Wireless Site Funding / WCP Wireless Site RE Funding 6.829% 15/Nov/2015
3,630,407
1,839,017
787,849
2,973,301
2,014,753
1,547,330
1,954,310
2,257,945
4,404,942
1,165,428
3,202,106
3,140,759
0.14%
0.07%
0.03%
0.11%
0.08%
0.06%
0.07%
0.08%
0.17%
0.04%
0.12%
0.12%
2,850,000
625,000
7,820,000
3,710,000
3,310,000
4,120,000
2,020,000
2,050,000
2,150,000
1,260,000
1,725,000
8,500,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Utilities
Electricity
Commonwealth Edison Co 6.95% 15/Jul/2018
Dubai Electricity & Water Authority - Regs - 7.375% 21/Oct/2020
Dubai Electricity & Water Authority 8.5% 22/Apr/2015
Enel Finance International NV 5.125% 07/Oct/2019
FPL Energy Wind Funding LLC 6.876% 27/Jun/2017
Instituto Costarricense de Electricidad - 144A - 6.95% 10/Nov/2021
Intergen NV 9% 30/Jun/2017
Israel Electric Corp Ltd 6.7% 10/Feb/2017
Israel Electric Corp Ltd 7.25% 15/Jan/2019
Kiowa Power Partners LLC 5.737% 30/Mar/2021
New York State Electric & Gas Corp 6.15% 15/Dec/2017
NRG Energy Inc 7.625% 15/May/2019
2,657,048
582,501
6,702,518
2,978,282
568,284
3,562,500
1,371,283
1,680,818
1,771,826
1,011,166
1,474,779
6,898,513
0.10%
0.02%
0.25%
0.11%
0.02%
0.13%
0.05%
0.06%
0.07%
0.04%
0.06%
0.26%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
284 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,300,000 USD
2,579,000 USD
1,282,000 USD
1,240,000 USD
4,000,000 USD
4,100,000 USD
2,600,000 USD
3,065,000 USD
Description of Securities
NRG Energy Inc 8.25% 01/Sep/2020
NSG Holdings LLC / NSG Holdings Inc 7.75% 15/Dec/2025
PNM Resources Inc 9.25% 15/May/2015
PPL Capital Funding Inc Floating 30/Mar/2067
Public Service Co of New Mexico 7.95% 15/May/2018
Southern California Edison Co Floating Perpetual
Star Energy Geothermal Wayang Windu Ltd 11.5% 12/Feb/2015
West Penn Power Co 5.95% 15/Dec/2017
Market Value
2,803,398
2,014,844
1,097,635
995,532
3,686,514
3,390,968
2,102,640
2,762,610
Net Assets %
0.11%
0.08%
0.04%
0.04%
0.14%
0.13%
0.08%
0.10%
2,400,000
2,125,000
3,705,000
2,800,000
1,784,000
USD
USD
USD
USD
USD
Gas, Water and Multiutilities
ENN Energy Holdings Ltd 6% 13/May/2021
Ferrellgas LP / Ferrellgas Finance Corp 6.5% 01/May/2021
Nakilat Inc 6.267% 31/Dec/2033
Southern Union Co Libor 3M 01/Nov/2066
Star Gas Partners LP / Star Gas Finance Co 8.875% 01/Dec/2017
2,098,383
1,595,684
3,276,835
1,818,492
1,373,453
0.08%
0.06%
0.12%
0.07%
0.05%
Total Bonds
1,426,308,155
53.70%
Equities
161,790
14,778
USD
USD
Consumer Goods
Automobiles and Parts
Goodyear Tire & Rubber Co - Pfd
Lear Corp
5,610,471
524,807
0.21%
0.02%
22,762
USD
Consumer Services
Travel, Leisure and Catering
Delta Air Lines Inc
204,934
0.01%
3,550
1,571
561,000
6,010
USD
USD
USD
USD
Financials
Banks
Ally Financial Inc
BTA Bank JSC - Gdr 144A
US Bancorp - Pfd
Wells Fargo & Co - Pfd
2,641,750
1,307
11,803,808
5,587,080
0.10%
0.00%
0.44%
0.21%
477,925
207,000
9,123
USD
USD
USD
Financial Services
Citigroup Capital XIII - Pfd
GMAC Capital Trust I
Legg Mason Inc
10,084,493
4,141,099
178,045
0.38%
0.16%
0.01%
357,475
USD
Real Estate Investment and Services
Forest City Enterprises Inc
4,378,960
0.16%
42,450
42,450
CAD
CAD
Industrials
Construction and Materials
Ainsworth Lumber Co Ltd - Regs
Ainsworth Lumber Co Ltd - 21/Dec/2012
87,312
48,507
0.00%
0.00%
4,046
USD
Industrial Transportation
Horizon Lines Inc
4,603
0.00%
324,000
USD
Telecommunications
Fixed Line Telecommunications
Qwest Corp
6,588,623
0.25%
Total Equities
51,885,799
1.95%
5,500,000
4,000,000
USD
USD
Mortgages and Asset Backed securities
Accredited Mortgage Loan Trust - 2 A3 - Libor 1M 25/Sep/2036
ACE Securities Corp - ASP2 A2C - Libor 1M 25/Mar/2036
2,863,421
1,198,345
0.11%
0.05%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 285

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,348,000 USD
5,800,000 USD
17,000,000 USD
7,275,000 USD
12,740,000 USD
2,900,000 USD
950,000 USD
1,100,000 USD
22,500,000 USD
2,366,000 USD
3,184,000 USD
11,000,000 USD
9,400,000 USD
17,500,000 USD
3,300,000 USD
4,230,000 USD
10,500,000 USD
13,484,000 USD
7,540,000 USD
4,300,000 USD
3,432,046 USD
11,650,000 USD
3,074,000 USD
2,200,000 USD
22,314,000 USD
26,000,000 USD
16,419,000 USD
4,608,000 USD
13,650,000 USD
1,600,000 USD
2,650,000 USD
23,200,000 USD
24,000,000 USD
50,000,000 USD
46,200,000 USD
1,084,081 USD
4,000,000 USD
1,200,000 USD
650,000 USD
1,200,000 USD
6,442,000 USD
4,500,000 USD
12,542,000 USD
4,800,000 USD
19,540,000 USD
3,600,000 USD
8,800,000 USD
2,500,000 USD
2,500,000 USD
11,000,000 USD
1,100,000 USD
6,350,000 USD
1,483,000 USD
Description of Securities
ACE Securities Corp - MH1 M2 - 6.5% 15/Aug/2030
ACE Securities Corp - SD3 A - Libor 1M 25/Aug/2045
Adjustable Rate Mortgage Trust - 4 1A1 - Floating 25/Mar/2035
Aegis Asset Backed Securities Trust - 5 1A3 - Libor 1M 25/Dec/2035
American Home Mortgage Investment Trust - 1 7A1 - Floating 25/Jun/2045
American Tower Trust - 1A D - 5.9568% 15/Apr/2037
AmeriCredit Automobile Receivables Trust - 3 D - 4.04% 10/Jul/2017
AmeriCredit Automobile Receivables Trust - 4 D - 4.2% 08/Nov/2016
Ameriquest Mortgage Securities Inc - R11 A1 - Libor 1M 25/Nov/2034
Asset Backed Securities Corp Home Equity - HE3 M2 - Floating 25/Apr/2035
Banc of America Alternative Loan Trust - 10 2CB1 - 6% 25/Nov/2034
Banc of America Alternative Loan Trust - 10 3A1 - 5.5% 25/Nov/2019
Banc of America Alternative Loan Trust - 12 4A1 - 5.5% 01/Jan/2020
Banc of America Alternative Loan Trust - 2 CB1 - 5.75% 25/Apr/2033
Banc of America Alternative Loan Trust - 3 1A1 - 6% 25/Apr/2034
Banc of America Alternative Loan Trust - 3 4A1 - 5% 25/Apr/2019
Banc of America Alternative Loan Trust - 4 6A1 - 5.25% 25/May/2019
Banc of America Alternative Loan Trust - 6 4A1 - 5% 25/Jul/2019
Banc of America Alternative Loan Trust - 7 1CB1 - 5.5% 25/Sep/2033
Banc of America Funding Corp - R4 7A1 - Floating 26/Aug/2036
Banc of America Funding Corp - 2010-R4 3A1 - Libor 1M 26/Sep/2046
Banc of America Funding Corp - 6 1A6 - 5.75% 25/Oct/2035
Banc of America Funding Corp - 8 1A1 - 5.5% 25/Jan/2036
Banc of America Large Loan Inc - BMB1 A2 - Libor 1M 15/Aug/2029
Banc of America Mortgage Securities Inc - E 1A1 - Floating 25/Jun/2034
Banc of America Mortgage Securities Inc - F 2A5 - Floating 25/Jul/2033
Banc of America Mortgage Securities Inc - H 3A1 - Floating 25/Sep/2033
Banc of America Mortgage Securities Inc - H 4A2 - Floating 25/Sep/2035
Banc of America Mortgage Securities Inc - I 2A6 - Floating 25/Oct/2033
Banc of America Mortgage Securities Inc - 9 2A1 - 4.75% 25/Oct/2020
Banc of America Mortgage Trust 2004-7 - 6A1 - 4.5% 25/Aug/2019
Banc of America Mortgage 2003-H Trust - 2A3 - Floating 25/Sep/2033
Bayview Commercial Asset Trust - SP1 IO - Floating 25/Apr/2036
Bayview Commercial Asset Trust - 2A IO - Floating 25/Jul/2037
Bayview Commercial Asset Trust - 4A IO - Floating 25/Sep/2037
Bayview Financial Acquisition Trust - C M1 - Libor 1M 28/Jun/2044
BCAP LLC Trust - RR11 3A1 - Floating 27/Jun/2036
BCAP LLC Trust - 2010-RR10 2A5 - Floating 27/Dec/2034
Beacon Container Finance LLC - 2012-1A A - 3.72% 20/Sep/2027
Bear Stearns Adjustable Rate Mortgage Trust - 12 4A1 - Floating 25/Feb/2035
Bear Stearns Adjustable Rate Mortgage Trust - 5 1A3 - Floating 25/Aug/2033
Bear Stearns Adjustable Rate Mortgage Trust - 6 1A2 - Floating 25/Aug/2033
Bear Stearns Adjustable Rate Mortgage Trust - 9 22A1 - Floating 25/Nov/2034
Bear Stearns Alt-A Trust - 2 1A1 - Floating 25/Mar/2035
Bear Stearns Alt-A Trust - 5 2A1 - Floating 25/Dec/2033
Bear Stearns Alt-A Trust - 6A - Floating 25/Oct/2033
Bear Stearns Asset Backed Securities Trust - HE6 M1 - Libor 1M 25/Jun/2035
Bear Stearns Asset Backed Securities Trust - M3 - Libor 1M 25/Oct/2034
Bear Stearns Asset Backed Securities Trust - SD1 M1 - Floating 25/Dec/2033
Bear Stearns Asset Backed Securities Trust - 1 A - Libor 1M 25/Feb/2036
Bear Stearns Asset Backed Securities Trust - 2006-EC1 M1 - Libor 1M 25/Dec/2035
Bear Stearns Asset Backed Securities Trust - 4 A1 - Libor 1M 25/Oct/2036
California Republic Auto Receivables Trust 2012-1 - C - 3% 15/Jan/2020
Market Value
700,692
237,922
939,230
2,108,036
1,896,403
2,251,005
764,751
877,003
1,072,793
427,824
668,938
1,971,653
1,569,208
2,245,060
779,850
580,086
1,638,103
2,440,913
1,558,724
1,422,503
694,439
553,449
884,054
1,642,930
633,178
1,510,041
1,615,894
1,129,238
3,024,583
78,967
334,872
1,377,963
112,639
1,359,017
2,121,203
554,303
584,183
662,416
494,695
193,643
683,596
237,168
1,621,209
288,786
1,460,704
729,799
1,288,866
1,650,594
637,064
627,085
785,052
516,158
1,126,673
Net Assets %
0.03%
0.01%
0.04%
0.08%
0.07%
0.08%
0.03%
0.03%
0.04%
0.02%
0.03%
0.07%
0.06%
0.08%
0.03%
0.02%
0.06%
0.09%
0.06%
0.05%
0.03%
0.02%
0.03%
0.06%
0.02%
0.06%
0.06%
0.04%
0.11%
0.00%
0.01%
0.05%
0.00%
0.05%
0.08%
0.02%
0.02%
0.02%
0.02%
0.01%
0.03%
0.01%
0.06%
0.01%
0.05%
0.03%
0.05%
0.06%
0.02%
0.02%
0.03%
0.02%
0.04%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
286 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
500,000 USD
3,450,000 USD
1,370,000 USD
2,185,000 USD
1,700,000 USD
2,050,000 USD
4,150,000 USD
1,650,000 USD
1,550,000 USD
800,000 USD
1,793,000 USD
3,100,000 USD
4,450,000 USD
4,950,000 USD
4,500,000 USD
8,100,000 USD
3,350,000 USD
6,800,000 USD
1,275,000 USD
9,800,000 USD
1,500,000 USD
950,000 USD
1,750,000 USD
600,000 USD
800,000 USD
900,000 USD
5,250,000 USD
750,000 USD
200,000 USD
1,250,000 USD
1,151,256 USD
1,984,000 USD
3,187,000 USD
1,917,000 USD
2,212,000 USD
1,800,000 USD
4,400,000 USD
55,660,000 USD
20,800,000 USD
910,000 USD
5,000,000 USD
25,534,334 USD
10,100,000 USD
4,954,000 USD
2,750,000 USD
2,200,000 USD
6,809,000 USD
16,395,000 USD
2,700,000 USD
2,200,000 USD
2,000,000 USD
20,000,000 USD
4,500,000 USD
Description of Securities
CarNow Auto Receivables Trust - 1A B - 3.24% 15/Mar/2016
Carrington Mortgage Loan Trust - FRE1 A1 - Libor 1M 25/Feb/2035
Carrington Mortgage Loan Trust - HE1 A1 - Libor 1M 25/Feb/2032
Carrington Mortgage Loan Trust - NC1 M1 - Floating 25/Feb/2035
CDC Mortgage Capital Trust - 2003-HE1 M1 - Libor 1M 25/Aug/2033
Chase Issuance Trust - A12 - Libor 1M 15/Aug/2015
Chase Mortgage Finance Corp - S11 1A1 - 5% 25/Oct/2033
Chaseflex Trust - 2 4A1 - 5% 25/May/2020
Chesapeake Funding LLC - 2012-2A A - Libor 1M 07/May/2024
Chesapeake Funding LLC - 2012-2A B - Libor 1M 07/May/2024
CIT Group Home Equity Loan Trust - 2003-1 A4 - 3.93% 20/Mar/2032
Citicorp Mortgage Securities Inc - 2 2A1 - 5.5% 25/Feb/2022
Citicorp Residential Mortgage Securities Inc - 1 A4 - 5.892% 25/Mar/2037
Citicorp Residential Mortgage Securities Inc - 1 A4 - 5.939% 25/Jul/2036
Citicorp Residential Mortgage Securities Inc - 2 A4 - 5.775% 25/Sep/2036
Citicorp Residential Mortgage Securities Inc - 2006-3 A4 - 5.703% 25/Nov/2036
Citigroup Mortgage Loan Trust Inc - AHL3 A3A - Libor 1M 25/May/2037
Citigroup Mortgage Loan Trust Inc - WFH4 A2A - Libor 1M 25/Jul/2037
Citigroup Mortgage Loan Trust Inc - 1 1A8 - Libor 1M 25/May/2035
Citigroup Mortgage Loan Trust Inc - 7 2A1A - Floating 25/Sep/2035
COMM 2006-FL12 Mortgage Trust - 2006-FL12 AJ - Libor 1M 15/Dec/2020
COMM 2012-CCRE2 Mortgage Trust - AM - 3.791% 15/Aug/2045
COMM 2012-CCRE2 Mortgage Trust - 2012-CR2 A4 - 3.147% 15/Aug/2045
COMM 2012-CCRE2 Mortgage Trust - 2012-CR2 B - Floating 15/Aug/2045
Commercial Mortgage Pass Through Certificates - C1 G - 6.85% 15/Aug/2033
Commercial Mortgage Pass Through Certificates - FL1 C - Floating 17/Jul/2028
Commercial Mortgage Pass Through Certificates - FL14 AJ - Libor 1M 15/Jun/2022
Commercial Mortgage Pass Through Certificates - LC4 B - 4.934% 10/Dec/2044
Commercial Mortgage Pass Through Certificates - THL E - 5.949% 09/Jun/2028
Commercial Mortgage Pass Through Certificates - 2012-CR3 A3 - 2.822% 15/Nov/2045
Commercial Mortgage Pass Through Certificates - 2012-CR4 AM - 3.251% 15/Oct/2045
Commercial Mortgage Pass Through Certificates - 2012-CR4 ASB - 2.436% 15/Oct/2045
Conn Funding II LP - AA A - Floating 15/Apr/2016
Conseco Financial Corp - 2 A5 - 6.24% 01/Dec/2028
Countrywide Alternative Loan Trust - 1CB 2A4 - 5.5% 25/Mar/2035
Countrywide Alternative Loan Trust - 12CB 1A3 - 5% 25/Jul/2019
Countrywide Alternative Loan Trust - 16T1 A5 - 5.25% 25/Sep/2033
Countrywide Alternative Loan Trust - 18CB 2A5 - Libor 1M 25/Sep/2034
Countrywide Alternative Loan Trust - 2CB 1A4 - Libor 1M 25/Mar/2034
Countrywide Alternative Loan Trust - 2CB 1A9 - 5.75% 25/Mar/2034
Countrywide Alternative Loan Trust - 21T1 A8 - 5.75% 25/Dec/2033
Countrywide Alternative Loan Trust - 23T2 A1 - 4.25% 25/Sep/2033
Countrywide Alternative Loan Trust - 28CB 1A1 - 5.5% 25/Jan/2035
Countrywide Asset-Backed Certificates - QH1 A1 - Libor 1M 25/Feb/2037
Countrywide Asset-Backed Certificates - 13 3AV3 - Libor 1M 25/Apr/2036
Countrywide Asset-Backed Certificates - 15 A2 - Floating 25/Oct/2046
Countrywide Asset-Backed Certificates - 3 2A2 - Libor 1M 25/Jun/2036
Countrywide Asset-Backed Certificates - 4 AF3 - Floating 25/Oct/2035
Countrywide Asset-Backed Certificates - 5 2A2 - Libor 1M 25/Aug/2036
Countrywide Home Loan Mortgage Pass Through Trust - 42 1A1 - Floating 25/Sep/2033
Credit Suisse First Boston Mortgage Securities Corp - C5 A4 - 4.9% 15/Dec/2036
Credit Suisse First Boston Mortgage Securities Corp - 2003-AR26 2A1 - Floating 25/Nov/2033
Credit Suisse First Boston Mortgage Securities Corp - 7 3A1 - 5% 25/Aug/2020
Market Value
379,961
61,331
236,364
619,802
419,291
1,567,749
331,655
249,509
1,175,667
607,253
314,033
189,477
3,342,899
3,684,497
2,641,863
4,651,552
532,404
121,496
805,967
1,257,093
1,063,710
780,655
1,409,621
497,895
130,077
615,301
2,260,844
643,483
157,954
980,178
873,222
1,551,881
894,915
106,637
1,262,238
1,431,596
2,121,114
1,346,135
584,512
1,141,331
2,380,883
1,012,632
1,506,750
626,589
710,960
462,971
1,691,624
1,240,745
672,445
19,753
1,381,586
1,213,602
586,002
Net Assets %
0.01%
0.00%
0.01%
0.02%
0.02%
0.06%
0.01%
0.01%
0.04%
0.02%
0.01%
0.01%
0.13%
0.14%
0.10%
0.18%
0.02%
0.00%
0.03%
0.05%
0.04%
0.03%
0.05%
0.02%
0.00%
0.02%
0.09%
0.02%
0.01%
0.04%
0.03%
0.06%
0.03%
0.00%
0.05%
0.05%
0.08%
0.05%
0.02%
0.04%
0.09%
0.04%
0.06%
0.02%
0.03%
0.02%
0.06%
0.05%
0.03%
0.00%
0.05%
0.05%
0.02%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 287

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,000,000 USD
5,700,000 USD
4,000,000 USD
3,050,000 USD
1,000,000 USD
1,500,000 USD
750,000 USD
650,000 USD
1,050,000 USD
1,925,000 USD
4,850,000 USD
6,060,000 USD
5,112,000 USD
750,000 USD
2,150,000 USD
600,000 USD
2,300,000 USD
2,000,000 USD
8,391,400 USD
1,675,000 USD
2,000,000 USD
1,500,000 USD
5,604,000 USD
8,000,000 USD
2,400,000 USD
5,500,000 USD
2,700,000 USD
1,225,000 CAD
2,850,000 USD
1,400,000 USD
2,000,000 USD
1,100,000 USD
1,300,000 USD
750,000 USD
2,700,000 USD
3,600,000 USD
2,600,000 USD
1,150,000 USD
2,430,000 USD
3,200,000 USD
1,149,000 USD
1,200,000 USD
1,282,000 USD
3,100,000 USD
1,672,304 USD
1,153,666 USD
82,096 USD
30 USD
1,247,526 USD
268,644 USD
1,315,560 USD
4,500,000 USD
1,743,588 USD
Description of Securities
Credit Suisse Mortgage Capital Certificates - A2 - Floating 25/Jun/2050
Credit Suisse Mortgage Capital Certificates - TFLA A2 - Libor 1M 15/Feb/2022
Credit Suisse Mortgage Capital Certificates - 3 4A1 - 5% 25/Apr/2037
Credit-Based Asset Servicing and Securitization LLC - CB4 A1A - Libor 1M 25/Apr/2037
Credit-Based Asset Servicing and Securitization LLC - MH1 M1 - Floating 25/Oct/2036
Cronos Containers Program Ltd - 2012-2A A - 3.81% 18/Sep/2027
CW Capital Cobalt Ltd - C1 A2 - 5.174% 15/Aug/2048
Drug Royalty II LP 1 2012-1 - A1 - Libor 3M 15/Jan/2025
Drug Royalty II LP 1 2012-1 - A2 - 4.474% 15/Jan/2025
DT Auto Owner Trust - 1A B - 2.26% 16/Oct/2017
Ellington Loan Acquisition Trust - 1 A2A1 - Libor 1M 26/May/2037
Ellington Loan Acquisition Trust - 1 A2A2 - Libor 1M 27/May/2037
Ellington Loan Acquisition Trust - 2 A2A - Libor 1M 25/May/2037
Equity One ABS Inc - 1 AF6 - 4.205% 25/Apr/2034
Fannie Mae Pool - AK9815 - 4% 01/Apr/2042
Fannie Mae Pool - 825905 - 5% 01/Oct/2020
Fannie Mae Pool 5% 01/Feb/2022
Fannie Mae Pool 5.5% 01/Mar/2021
Fannie Mae Pool 6% 01/Apr/2037
First Franklin Mortgage Loan Asset Backed Certificates - FFH3 M1 - Libor 1M 25/Sep/2035
First Franklin Mortgage Loan Asset Backed Certificates - FF10 A3 - Libor 1M 25/Sep/2034
First Horizon Asset Securities Inc - AR1 2A1 - Floating 25/Apr/2035
First Horizon Asset Securities Inc - AR2 2A1 - Floating 25/Jun/2035
First Horizon Asset Securities Inc - AR5 4A1 - Floating 25/Oct/2034
First Horizon Asset Securities Inc - C5 AM - 6% 25/May/2036
First Horizon Asset Securities Inc - 5 1A3 - 5.5% 25/Oct/2035
First Investors Auto Owner Trust 2012-2 - A A2 - 1.47% 15/May/2018
Ford Auto Securitization Trust - R1A A2 - 2.431% 15/Sep/2014
FREMF Mortgage Trust - K10 B - Floating 25/Nov/2044
FREMF Mortgage Trust - K11 B - Floating 25/Dec/2048
FREMF Mortgage Trust - K12 B - Floating 25/Jan/2046
FREMF Mortgage Trust - K14 B - Floating 25/Apr/2021
FREMF Mortgage Trust - K501 B - Floating 25/Nov/2016
FREMF Mortgage Trust - K501 C - Floating 25/Nov/2046
FREMF Mortgage Trust - K701 C - Floating 25/Nov/2017
FREMF Mortgage Trust - K702 B - Floating 25/Mar/2018
FREMF Mortgage Trust - K703 B - Floating 25/Jul/2044
FREMF Mortgage Trust - K8 B - Floating 25/Jun/2020
FREMF Mortgage Trust - K9 B - Floating 25/Sep/2045
FREMF Mortgage Trust - 2012-K20 B - 4.0038% 25/May/2040
FREMF Mortgage Trust - 2012-K710 B - Floating 25/May/2019
FREMF Mortgage Trust - 2012-K710 C - Floating 25/Jun/2047
Fremont Home Loan Trust - 2 2A2 - Libor 1M 25/Feb/2036
GE Business Loan Trust 2007-1 - A A - Libor 1M 16/Apr/2035
Ginnie Mae I pool - 599403 - 6% 15/Jun/2033
Ginnie Mae I pool - 615243 - 6% 15/Jun/2033
Ginnie Mae I pool 4.5% 15/Jul/2034
Ginnie Mae I pool 4.5% 15/Mar/2036
Ginnie Mae I pool 5% 15/Jul/2019
Ginnie Mae I pool 5% 15/Nov/2018
Ginnie Mae I pool 5% 15/Sep/2033
Ginnie Mae I pool 5.5% 15/Apr/2033
Ginnie Mae I pool 5.5% 15/Jan/2034
Market Value
3,719,957
2,145,400
560,941
488,283
742,181
1,148,450
25,966
493,022
796,415
1,463,257
501,494
617,018
781,280
243,736
1,520,566
83,167
174,021
358,591
1,736,990
1,110,750
258,486
296,591
1,133,665
657,104
422,749
416,146
2,052,687
648,104
2,333,569
1,131,796
1,608,678
932,172
1,026,563
562,850
2,052,868
3,000,468
2,178,755
977,483
2,062,802
2,408,881
911,731
885,539
6,642
1,251,264
48,719
122,599
26,965
9
227,731
38,208
291,711
187,820
202,502
Net Assets %
0.14%
0.08%
0.02%
0.02%
0.03%
0.04%
0.00%
0.02%
0.03%
0.06%
0.02%
0.02%
0.03%
0.01%
0.06%
0.00%
0.01%
0.01%
0.07%
0.04%
0.01%
0.01%
0.04%
0.02%
0.02%
0.02%
0.08%
0.02%
0.09%
0.04%
0.06%
0.04%
0.04%
0.02%
0.08%
0.11%
0.08%
0.04%
0.08%
0.09%
0.03%
0.03%
0.00%
0.05%
0.00%
0.00%
0.00%
0.00%
0.01%
0.00%
0.01%
0.01%
0.01%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
288 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
2,500,000 USD
1,500,000 USD
1,750,000 USD
1,000,000 USD
2,769,616 USD
1,000,000 USD
5,500,000 USD
2,247,076 USD
25,000 USD
4,756,638 USD
2,000,000 USD
500,000 USD
1,081,956 USD
8,245,808 USD
919,010 USD
116,188 USD
309,095 USD
1,016,420 USD
312,876 USD
1,000,000 USD
1,620,000 USD
1,500,000 USD
1,000,000 USD
1,500,000 USD
4,880,000 USD
2,773,075 USD
6,900,000 USD
1,900,000 USD
2,350,000 USD
1,250,000 USD
1,200,000 USD
4,463,000 USD
19,000,000 USD
5,400,000 USD
18,200,000 USD
27,000,000 USD
2,500,000 USD
2,600,000 USD
1,400,000 USD
2,500,000 USD
2,000,000 USD
2,250,000 USD
3,000,000 USD
1,100,000 USD
9,250,000 USD
16,487,000 USD
6,625,000 USD
12,000,000 USD
800,000 USD
1,125,000 USD
1,700,000 USD
3,504,552 USD
1,700,000 USD
Description of Securities
Ginnie Mae I pool 5.5% 15/Jul/2033
Ginnie Mae I pool 5.5% 15/Oct/2019
Ginnie Mae I pool 5.5% 15/Oct/2034
Ginnie Mae I pool 5.5% 15/Sep/2034
Ginnie Mae I pool 5.75% 15/Nov/2038
Ginnie Mae I pool 6% 15/Aug/2019
Ginnie Mae I pool 6% 15/Aug/2032
Ginnie Mae I pool 6% 15/Aug/2034
Ginnie Mae I pool 6% 15/Feb/2014
Ginnie Mae I pool 6% 15/Jul/2016
Ginnie Mae I pool 6% 15/Jun/2017
Ginnie Mae I pool 6% 15/Mar/2033
Ginnie Mae I pool 6% 15/Oct/2018
Ginnie Mae I pool 6% 15/Sep/2034
Ginnie Mae I pool 6.5% 15/Aug/2032
Ginnie Mae I pool 6.5% 15/Aug/2036
Ginnie Mae I pool 6.5% 15/Feb/2032
Ginnie Mae I pool 6.5% 15/Nov/2032
Ginnie Mae I pool 6.5% 15/Oct/2032
Ginnie Mae I pool 6.5% 15/Sep/2032
Ginnie Mae II pool - 5175 - 4.5% 20/Sep/2041
Ginnie Mae II pool 4.5% 20/Dec/2034
Ginnie Mae II pool 4.5% 20/Jan/2035
Ginnie Mae II pool 4.5% 20/Mar/2035
Ginnie Mae II pool 5.5% 20/Apr/2034
Ginnie Mae II pool 5.5% 20/Oct/2037
Global Mortgage Securitization Ltd - A A2 - Libor 1M 25/Nov/2032
Global SC Finance SRL - 2012-1A A - 4.11% 19/Jul/2027
GMAC Commercial Mortgage Securities Inc - C1 H - 5.31% 10/May/2036
GMAC Commercial Mortgage Securities Inc - C2 G - Floating 10/May/2040
GMAC Commercial Mortgage Securities Inc - C3 E - Floating 10/Apr/2040
GMAC Mortgage Corp Loan Trust - AR2 4A - Floating 25/May/2035
Government National Mortgage Association - 148 IX - Floating 16/Oct/2052
Government National Mortgage Association - 83 EB - 4.5% 01/Sep/2039
Government National Mortgage Association - 90 IO - Floating 16/Apr/2051
Government National Mortgage Association Floating 16/Aug/2052
Greenwich Capital Commercial Funding Corp - 2003-C1 A4 - 4.111% 05/Jul/2035
GS Mortgage Securities Corp II - ALF D - 4.209% 10/Feb/2021
GS Mortgage Securities Corp II - EOP D - Floating 06/Mar/2020
GS Mortgage Securities Corp II - GCJ7 A4 - 3.377% 10/May/2045
GS Mortgage Securities Corp II - GG8 A4 - 5.56% 10/Nov/2039
GSAMP Trust - HE2 M1 - Floating 25/Mar/2035
GSAMP Trust - HE5 A2B - Libor 1M 25/Aug/2036
GSAMP Trust - HE8 A2B - Libor 1M 25/Jan/2037
GSR Mortgage Loan Trust - AR4 6A1 - Floating 25/Jul/2035
GSR Mortgage Loan Trust - AR6 2A1 - Floating 25/Sep/2035
GSR Mortgage Loan Trust - 2005-AR2 2A1 - Floating 25/Apr/2035
GSR Mortgage Loan Trust - 2005-6F 1A1 - 5% 25/Jul/2035
GSR Mortgage Loan Trust Floating 25/Feb/2034
Harborview Mortgage Loan Trust - 1 4A - Floating 19/Apr/2034
Home Equity Asset Trust - 2005-7 2A4 - Libor 1M 25/Jan/2036
Home Equity Asset Trust - 2006-4 2A3 - Libor 1M 25/Aug/2036
Home Equity Asset Trust - 3 M2 - Floating 25/Aug/2035
Market Value
264,989
262,528
299,566
86,169
1,448,514
97,577
273,297
272,067
224
179,549
70,779
80,211
101,241
1,729,983
15,717
5,003
2,750
45,861
16,257
89,246
1,015,845
374,812
249,936
351,886
784,293
1,115,115
571,259
1,444,956
1,783,096
928,532
930,878
1,213,590
763,241
4,696,615
522,420
1,574,185
1,011,316
1,994,175
1,064,139
2,064,847
1,754,173
332,345
276,083
348,053
1,676,159
4,079,687
1,576,270
393,966
361,020
114,272
985,958
1,157,652
646,326
Net Assets %
0.01%
0.01%
0.01%
0.00%
0.05%
0.00%
0.01%
0.01%
0.00%
0.01%
0.00%
0.00%
0.00%
0.07%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.04%
0.01%
0.01%
0.01%
0.03%
0.04%
0.02%
0.05%
0.07%
0.03%
0.04%
0.05%
0.03%
0.18%
0.02%
0.06%
0.04%
0.08%
0.04%
0.08%
0.07%
0.01%
0.01%
0.01%
0.06%
0.15%
0.06%
0.01%
0.01%
0.00%
0.04%
0.04%
0.02%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 289

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,500,000 USD
2,850,000 USD
3,003,000 USD
20,200,000 USD
15,000,000 USD
21,300,000 USD
8,500,000 USD
54,460,000 USD
14,377,831 USD
3,000,000 USD
1,100,000 USD
2,000,000 USD
1,250,000 USD
2,700,000 USD
800,000 USD
5,300,000 USD
1,864,500 USD
2,000,000 USD
500,000 USD
2,036,000 USD
1,062,028 USD
3,541,000 USD
7,000,000 USD
4,217,965 USD
11,700,000 USD
5,000,000 USD
1,515,125 USD
1,033,454 USD
1,750,000 USD
2,300,000 USD
8,825,135 USD
1,084,000 USD
4,201,000 USD
2,800,000 USD
1,537,000 USD
2,350,000 USD
2,267,000 USD
2,754,000 USD
4,550,000 USD
7,242,992 USD
18,100,000 USD
20,000,000 USD
18,250,000 USD
1,275,000 USD
16,300,000 USD
5,100,000 USD
600,000 CAD
13,939,000 USD
2,281,241 USD
1,266,000 USD
1,600,000 USD
1,600,000 USD
Description of Securities
Home Equity Asset Trust - 6 1A2 - Libor 1M 25/Dec/2035
Home Equity Asset Trust - 8 2A2 - Libor 1M 25/Mar/2037
Icon Brands Holdings LLC 2012-1 - A A - 4.229% 25/Jan/2043
Impac CMB Trust - 4 1A1 - Libor 1M 25/Sep/2034
Impac CMB Trust - 5 1A1 - Floating 25/Oct/2034
Impac CMB Trust - 9 1A1 - Floating 25/Jan/2035
Impac CMB Trust Series 2004-6 - 1A1 - Floating 25/Oct/2034
Impac CMB Trust Series 2004-7 - 1A1 - Floating 25/Nov/2034
Impac CMB Trust Series 2005-2 - 1A1 - Libor 1M 25/Apr/2035
Impac Secured Assets CMN Owner Trust Libor 1M 25/Aug/2036
Irwin Home Equity Corp - C 2M2 - Floating 25/Apr/2030
Jefferies & Co Inc - R2 4A - Floating 26/May/2037
JP Morgan Chase Commercial Mortgage Securities Corp - CCHP D - Floating 15/Jul/2028
JP Morgan Chase Commercial Mortgage Securities Corp - C2 A2 - 3.6159% 15/Nov/2043
JP Morgan Chase Commercial Mortgage Securities Corp - C2 C - Floating 15/Nov/2043
JP Morgan Chase Commercial Mortgage Securities Corp - FL2A G - Libor 1M 15/Nov/2018
JP Morgan Chase Commercial Mortgage Securities Corp - 2012-C8 B - 3.9767% 15/Oct/2045
JP Morgan Chase Commercial Mortgage Securities Corp Libor 1M 15/Jul/2019
JP Morgan Mortgage Acquisition Corp - CH1 AF2 - 5.453% 25/Nov/2036
JP Morgan Mortgage Acquisition Corp - OPT2 A3 - Libor 1M 25/Dec/2035
JP Morgan Mortgage Acquisition Corp - 2006-ACC1 A4 - Libor 1M 25/May/2036
JP Morgan Mortgage Trust - A2 1A1 - Floating 25/May/2034
JP Morgan Mortgage Trust - A3 1A1 - Floating 25/Jun/2035
JP Morgan Mortgage Trust - A4 1A1 - Floating 25/Jul/2035
JP Morgan Mortgage Trust - S1 2A1 - 6% 25/Aug/2034
LB-UBS Commercial Mortgage Trust - C4 J - 5.616% 15/Oct/2035
Leaf II Receivables Funding LLC - 2012-1 C - 2.67% 15/Sep/2020
Leaf II Receivables Funding LLC - 2012-1 E1 - 5.5% 15/Sep/2020
Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5 Libor 1M 15/Jun/2022
Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5 Libor 1M 15/Jun/2022
Lehman Brothers Small Balance Commercial - 1A A - Libor 1M 25/Feb/2030
Lehman Brothers Small Balance Commercial - 1A 1A - Libor 1M 25/Apr/2031
Lehman Brothers Small Balance Commercial - 2A 1A - Libor 1M 25/Sep/2036
Lehman Brothers Small Balance Commercial - 2005-2A 1A - Libor 1M 25/Sep/2030
Lehman Brothers Small Balance Commercial - 3A 1A2 - Libor 1M 25/Oct/2037
Lehman Brothers Small Balance Commercial - 3A 2A2 - 5.41% 25/Dec/2036
Lehman Brothers Small Balance Commercial Mortgage Trust 2007 - 3A 1A4 - Libor 1M
25/Oct/2037
LSTAR Commercial Mortgage Trust - 1 C - Floating 25/Jun/2043
Madison Avenue Manufactured Housing Contract - A M2 - Libor 1M 25/Mar/2032
MASTR Alternative Loans Trust - 1 1A1 - 5.5% 25/Feb/2035
MASTR Alternative Loans Trust - 10 2A1 - 5.5% 25/Oct/2019
MASTR Alternative Loans Trust - 5 2A1 - 6.5% 25/Jun/2033
MASTR Alternative Loans Trust - 6 7A1 - 6% 25/Jul/2034
Mastr Asset Backed Securities Trust - HE1 M1 - Libor 1M 25/May/2035
Mastr Seasoned Securities Trust - 1 1A1 - Floating 25/Sep/2032
MBNA Credit Card Master Note Trust - A5 A5 - Libor 1M 15/Oct/2015
Merrill Lynch Financial Assets Inc - CA22 A2 - 4.711% 12/Nov/2016
Merrill Lynch Mortgage Investors Inc - A2 A2 - Floating 25/Feb/2035
Merrill Lynch Mortgage Investors Trust Series MLCC 2005-2 - 2A3 - Floating 25/Oct/2035
Merrill Lynch Mortgage Trust - 2003-KEY1 A4 - Floating 12/Nov/2035
Mid-State Trust - 1 M - 5.25% Perpetual
Mid-State Trust 7% 15/Dec/2045
Market Value
233,978
1,539,552
2,277,761
832,306
949,475
1,287,586
408,022
3,565,809
1,604,788
1,063,308
628,043
645,088
957,070
2,281,636
694,069
1,324,795
1,473,456
109,450
38,060
173,193
445,645
306,515
1,410,802
806,522
2,187,145
3,784,148
1,144,320
677,313
1,207,580
1,680,368
1,351,645
266,770
915,762
506,725
235,981
266,880
703,187
2,275,715
3,370,179
2,071,946
1,890,027
563,895
3,675,542
13,882
1,215,732
3,867,373
144,777
3,317,487
590,238
986,037
1,116,911
1,127,853
Net Assets %
0.01%
0.06%
0.09%
0.03%
0.04%
0.05%
0.02%
0.13%
0.06%
0.04%
0.02%
0.02%
0.04%
0.09%
0.03%
0.05%
0.06%
0.00%
0.00%
0.01%
0.02%
0.01%
0.05%
0.03%
0.08%
0.14%
0.04%
0.03%
0.05%
0.06%
0.05%
0.01%
0.03%
0.02%
0.01%
0.01%
0.03%
0.09%
0.13%
0.08%
0.07%
0.02%
0.14%
0.00%
0.05%
0.15%
0.01%
0.12%
0.02%
0.04%
0.04%
0.04%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
290 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
22,632,037 USD
14,700,000 USD
4,650,000 USD
1,300,000 USD
2,050,000 USD
4,300,000 USD
2,200,000 USD
170,000 USD
6,200,000 USD
39,648,000 USD
2,072,000 USD
1,200,000 USD
2,450,000 USD
4,225,000 USD
3,000,000 USD
2,810,000 USD
1,000,000 USD
975,000 USD
8,600,000 USD
1,700,000 USD
15,300,000 USD
12,000,000 USD
812,980 USD
17,800,000 USD
1,250,000 USD
13,000,000 USD
8,200,000 USD
12,000,000 USD
3,700,000 USD
1,300,000 USD
1,700,000 USD
2,511,000 USD
5,288,071 USD
3,075,000 USD
600,000 USD
1,500,000 USD
1,242,000 USD
8,500,000 USD
16,000,000 USD
8,600,000 USD
1,750,000 USD
8,000,000 USD
18,758,894 USD
40,000,000 USD
6,000,000 USD
14,000,000 USD
1,901,000 USD
3,957,701 USD
525,000 USD
7,800,000 USD
2,000,000 USD
3,900,000 USD
8,265,000 USD
Description of Securities
MLCC Mortgage Investors Inc - A A1 - Floating 25/Apr/2029
MLCC Mortgage Investors Inc - A A1 - Floating 25/Mar/2030
Morgan Stanley ABS Capital I - HE3 A2A - Libor 1M 25/Dec/2036
Morgan Stanley Capital I Inc - XLF9 B - Libor 1M 15/Dec/2020
Morgan Stanley Capital I Inc - XLF9 C - Libor 1M 15/Dec/2020
Morgan Stanley Capital I Inc - 2007-XLFA A2 - Libor 1M 15/Oct/2020
Morgan Stanley Capital I Trust 2007-HQ13 - A3 - 5.569% 15/Dec/2044
Morgan Stanley Capital I Trust 2007-IQ13 - AM - 5.406% 15/Mar/2044
Morgan Stanley Reremic Trust - R9 3B - 5% 26/Nov/2036
MortgageIT Trust 2004-1 - A1 - Floating 25/Nov/2034
MortgageIT Trust 2005-3 - A1 - Libor 1M 25/Aug/2035
Nationstar Home Equity Loan Trust - 2007-A AV3 - Libor 1M 25/Mar/2037
Novastar Home Equity Loan - 3 A2D - Libor 1M 25/Jan/2036
Option One Mortgage Loan Trust - HL1 2A1 - Libor 1M 25/Feb/2038
Option One Mortgage Loan Trust - 2005-1 A4 - Libor 1M 25/Feb/2035
Origen Manufactured Housing - A M1 - 5.91% 15/Jan/2035
Origen Manufactured Housing - B M1 - 5.73% 15/Nov/2035
Origen Manufactured Housing Contract Trust 2004-B - A4 - Floating 15/Nov/2035
PHH Mortgage Capital LLC - 1SLW A1 - 6.6% 25/Dec/2027
Prestige Auto Receivables Trust - 1A C - 3.9% 16/Jul/2018
RALI Trust - QR1 A - 6% 25/Oct/2034
RALI Trust - QS1 A1 - 5% 25/Jan/2033
RALI Trust - QS11 A13 - 5.25% 25/Jun/2033
RALI Trust - QS16 1A1 - 5.5% 25/Dec/2034
RALI Trust - QS5 A3 - 5.75% 25/Apr/2034
RALI Trust - QS5 A5 - 4.75% 25/Apr/2034
RALI Trust - QS5 A6 - Libor 1M 25/Apr/2034
RALI Trust - 2003-QS11 A5 - Libor 1M 25/Jun/2033
RALI Trust - 2004-QS3 A2 - 5% 25/Mar/2019
RAMP Trust - EFC2 M2 - Libor 1M 25/Jul/2035
RAMP Trust - RZ3 A2 - Libor 1M 25/Oct/2035
RAMP Trust - SL1 MI1 - Floating 25/Oct/2031
RAMP Trust - 2006-NC1 A2 - Libor 1M 25/Jan/2036
RASC Trust - KS11 AI3 - Floating 25/Dec/2034
RASC Trust - KS3 AI3 - Libor 1M 25/Apr/2036
RASC Trust - KS7 M1 - Libor 1M 25/Aug/2035
RCMC LLC - 2012-CRE1 A - 5.62346% 15/Nov/2044
RESI Finance LP - 2003-C B3 - Libor 1M 10/Sep/2035
Residential Asset Securitization Trust - A10 A1 - 5.5% 25/Feb/2035
Residential Asset Securitization Trust - A9 A1 - 5.5% 25/Jul/2035
Santander Drive Auto Receivables Trust 2012-5 - C - 2.7% 15/Aug/2018
Sequoia Mortgage Trust - 2 A1 - Libor 1M 20/Mar/2035
Sequoia Mortgage Trust - 3 A1 - Libor 1M 20/May/2035
Sequoia Mortgage Trust - 5 A1 - Floating 20/Sep/2033
Sequoia Mortgage Trust - 8 A1 - Libor 1M 20/Sep/2034
Sequoia Mortgage Trust - 9 A1 - Libor 1M 20/Oct/2034
SMA Issuer I LLC - 2012-LV1 A - 3.5% 20/Aug/2025
Soundview Home Loan Trust 2006-1 - A3 - Libor 1M 25/Feb/2036
Springleaf Mortgage Loan Trust - 2012-3A M4 - 5.3% 25/Dec/2059
Structured Adjustable Rate Mortgage Loan Trust - 2 1A1 - Floating 25/Mar/2034
Structured Adjustable Rate Mortgage Loan Trust - 3AC A1 - Floating 25/Mar/2034
Structured Asset Investment Loan Trust 2006-1 - A3 - Libor 1M 25/Jan/2036
Structured Asset Mortgage Investments Inc - 2003-AR2 A1 - Libor 1M 19/Dec/2033
Market Value
1,457,596
987,285
134,722
924,270
1,451,516
1,484,684
1,893,554
139,764
4,784,966
4,964,080
465,187
842,105
1,753,791
102,068
1,012,922
1,250,704
467,279
781,293
1,403,027
1,330,841
3,030,974
230,529
397,464
1,707,669
954,044
1,091,539
657,902
637,324
349,795
950,739
517,078
508,960
613,610
352,323
82,298
788,428
941,873
2,003,071
976,163
2,655,905
1,372,713
714,782
1,827,260
1,829,558
505,835
1,307,897
1,451,680
727,460
399,454
490,318
294,981
1,138,182
455,720
Net Assets %
0.05%
0.04%
0.01%
0.03%
0.05%
0.06%
0.07%
0.01%
0.18%
0.20%
0.02%
0.03%
0.07%
0.00%
0.04%
0.05%
0.02%
0.03%
0.05%
0.05%
0.11%
0.01%
0.01%
0.06%
0.04%
0.04%
0.02%
0.02%
0.01%
0.04%
0.02%
0.02%
0.02%
0.01%
0.00%
0.03%
0.04%
0.08%
0.04%
0.10%
0.05%
0.03%
0.07%
0.07%
0.02%
0.05%
0.05%
0.03%
0.02%
0.02%
0.01%
0.04%
0.02%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 291

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
800,000
559,000
1,350,000
17,090,000
15,000,000
3,300,000
2,490,000
2,200,000
20,900,000
6,210,000
2,570,000
898,000
1,400,000
1,000,000
2,100,000
8,950,000
4,000,000
22,546,221
2,166,346
5,987,180
1,590,000
10,520,000
2,700,000
855,000
5,625,000
3,100,000
5,000,000
2,100,000
9,271,000
5,218,000
4,100,000
18,261,000
1,150,000
2,000,000
2,500,000
700,000
Currency
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Description of Securities
Structured Asset Securities Corp - BC2 A3 - Libor 1M 25/Mar/2037
Structured Asset Securities Corp - 2XS 1A2A - 4.51% 25/Feb/2035
Structured Asset Securities Corp - 2XS 1A2B - 4.44% 25/Feb/2035
Structured Asset Securities Corp - 22A 3A - Floating 25/Jun/2033
Structured Asset Securities Corp - 31A 3A - Floating 25/Oct/2033
Structured Asset Securities Corp 6% 25/Aug/2035
TAL Advantage LLC - 2A A - 4.31% 20/May/2026
Textainer Marine Containers Ltd - 1A A - 4.21% 15/Apr/2027
Thornburg Mortgage Securities Trust - II4A - Floating 25/Mar/2044
Timberstar Trust - 1A F - 7.5296% 15/Oct/2036
Triton Container Finance LLC - 1A A - 4.21% 14/May/2027
UCFC Manufactured Housing Contract - 4 A4 - 6.995% 15/Apr/2029
Velocity Commercial Capital Loan Trust Libor 1M 25/Aug/2040
Vericrest Opportunity Loan Transferee - 2012-NL2A A2 - 6.4138% 25/Feb/2052
Wachovia Bank Commercial Mortgage Trust - C4 F - 5.606% 15/Apr/2035
WaMu Mortgage Pass Through Certificates - AR10 1A1 - Floating 25/Sep/2035
WaMu Mortgage Pass Through Certificates - AR12 A2A - Floating 25/Oct/2044
WaMu Mortgage Pass Through Certificates - AR14 A1 - Floating 25/Jan/2035
WaMu Mortgage Pass Through Certificates - 2002-AR2 B1 - Cost of Funds 11th District San Fransisco
27/Feb/2034
WaMu Mortgage Pass Through Certificates - 2003-AR8 B1 - Floating 25/Aug/2033
WaMu Mortgage Pass Through Certificates - 2004-AR9 A1 - Floating 25/Aug/2034
WaMu Mortgage Pass Through Certificates Floating 25/Dec/2036
Wells Fargo Commercial Mortgage Trust - C1 C - Floating 15/Nov/2043
Wells Fargo Commercial Mortgage Trust - 2012-LC5 C - Floating 15/Oct/2045
Wells Fargo Commercial Mortgage Trust 4% 15/Nov/2043
Wells Fargo Home Equity Trust - 3 AI1B - Libor 1M 25/Nov/2035
Wells Fargo Mortgage Backed Securities Trust - AR10 2A16 - Floating 25/Jun/2035
Wells Fargo Mortgage Backed Securities Trust - AR6 A1 - Floating 25/Apr/2035
Wells Fargo Mortgage Backed Securities Trust - AR6 5A1 - Floating 25/Mar/2036
Wells Fargo Mortgage Backed Securities Trust - H A1 - Floating 25/Jun/2034
Wells Fargo Mortgage Backed Securities Trust - V 1A2 - Floating 25/Oct/2034
Wells Fargo Mortgage Backed Securities Trust - 2 3A1 - 5.75% 25/Mar/2036
Wells Fargo Mortgage Backed Securities Trust - 9 1A14 - 5.5% 25/Oct/2035
Wells Fargo Mortgage Backed Securities Trust - 9 2A6 - 5.25% 25/Oct/2035
WFDB Commercial Mortgage Trust - BXR D - 5.914% 05/Jul/2016
WF-RBS Commercial Mortgage Trust - C2 C - 5.392% 15/Jan/2021
Market Value
542,505
3,923
9,473
1,571,680
2,185,418
905,623
1,611,197
1,622,898
2,088,026
4,885,925
1,910,796
158,263
745,525
763,236
1,592,424
33,024
296,693
5,275,039
289,272
1,524,722
278,092
955,045
2,344,394
694,730
3,403,786
90,707
1,843,050
239,160
1,785,216
717,756
719,023
4,814,090
656,784
1,232,406
2,001,792
599,647
Net Assets %
0.02%
0.00%
0.00%
0.06%
0.08%
0.03%
0.06%
0.06%
0.08%
0.19%
0.07%
0.01%
0.03%
0.03%
0.06%
0.00%
0.01%
0.21%
0.01%
0.06%
0.01%
0.04%
0.09%
0.03%
0.13%
0.00%
0.07%
0.01%
0.07%
0.03%
0.03%
0.18%
0.02%
0.05%
0.08%
0.02%
Total Mortgages and Asset Backed securities
386,749,467
14.56%
Supranationals, Governments and Local Public Authorities, Debt Instruments
38,000,000
4,000,000
1,300,000
8,475,000
64,500,000
1,400,000
1,600,000
15,200,000
NOK
TRY
TRY
TRY
NOK
AUD
TRY
BRL
Supranationals
Asian Development Bank 3.375% 20/May/2014
European Bank for Reconstruction & Development 0.5% 26/Feb/2015
European Investment Bank 10% 20/Jan/2014
European Investment Bank 8% 02/Apr/2014
International Bank for Reconstruction & Development 3.25% 14/Apr/2014
International Bank for Reconstruction & Development 5.75% 21/Oct/2019
International Bank for Reconstruction & Development 9% 25/Jan/2013
International Finance Corp/US 5% 21/Dec/2015
5,295,125
1,511,583
580,794
3,730,520
8,978,767
1,240,575
680,773
5,499,354
0.20%
0.06%
0.02%
0.14%
0.34%
0.05%
0.03%
0.21%
2,300,000 USD
17,100,000 BRL
9,800,000 CAD
Governments
Bolivian Government International Bond 4.875% 29/Oct/2022
Brazilian Government International Bond 10.25% 10/Jan/2028
Canadian Government Bond 1.5% 01/Mar/2017
1,700,925
8,342,699
7,515,399
0.06%
0.31%
0.28%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
292 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
8,650,000
3,930,000
22,000,000,000
12,500,000,000
7,000,000,000
12,000,000,000
12,750,000,000
2,800,000,000
94,688,000,000
5,600,000,000
5,245,000
5,395,000
2,000,000
25,000,000
1,219,200
730,000
34,475,000
28,550,000
9,300,000
390,745,000
461,550,000
250,000,000
11,500,000
9,100,000
3,600,000
1,800,000
99,000,000
10,100,000
850,000
1,900,000
8,950,000
8,200,000
13,790,000
8,000,000
1,550,000
9,699,000
10,880,000
3,190,000
2,000,000
Currency
CAD
USD
IDR
IDR
IDR
IDR
IDR
IDR
IDR
IDR
EUR
EUR
EUR
MYR
MXN
MXN
NOK
NOK
NOK
PHP
PHP
PHP
PLN
PLN
USD
USD
SEK
TRY
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Description of Securities
Canadian Government Bond 2% 01/Jun/2016
George Washington University 1.827% 15/Sep/2017
Indonesia Recapitalization Bond 14.25% 15/Jun/2013
Indonesia Recapitalization Bond 14.275% 15/Dec/2013
Indonesia Treasury Bond 12.5% 15/Mar/2013
Indonesia Treasury Bond 6.125% 15/May/2028
Indonesia Treasury Bond 7% 15/May/2027
Indonesia Treasury Bond 7.375% 15/Sep/2016
Indonesia Treasury Bond 8.25% 15/Jun/2032
Indonesia Treasury Bond 9% 15/Sep/2013
Ireland Government Bond 4.5% 18/Apr/2020
Ireland Government Bond 5% 18/Oct/2020
Ireland Government Bond 5.9% 18/Oct/2019
Malaysia Government Bond 3.418% 15/Aug/2022
Mexican Bonos 6.5% 09/Jun/2022
Mexican Bonos 7.5% 03/Jun/2027
Norway Government Bond 4.25% 19/May/2017
Norway Government Bond 4.5% 22/May/2019
Norway Government Bond 5% 15/May/2015
Philippine Government Bond - R201 - 5.875% 01/Mar/2032
Philippine Government Bond 7.625% 29/Sep/2036
Philippine Government Bond 8% 19/Jul/2031
Poland Government Bond 5% 24/Oct/2013
Poland Government Bond 5.25% 25/Apr/2013
Russian Foreign Bond - Eurobond - 144A - 4.5% 04/Apr/2022
Sri Lanka Government International Bond 5.875% 25/Jul/2022
Sweden Government Bond 6.75% 05/May/2014
Turkey Government Bond 10.5% 15/Jan/2020
Ukraine Government International Bond 6.75% 14/Nov/2017
Ukraine Government International Bond 7.8% 28/Nov/2022
Ukraine Government International Bond 9.25% 24/Jul/2017
United States Treasury Note/Bond 3.875% 15/Aug/2040
United States Treasury Note/Bond 4.25% 15/May/2039
United States Treasury Note/Bond 4.375% 15/May/2040
United States Treasury Note/Bond 4.375% 15/Nov/2039
United States Treasury Note/Bond 4.5% 15/Aug/2039
United States Treasury Note/Bond 4.5% 15/Feb/2036
United States Treasury Note/Bond 4.5% 15/May/2038
United States Treasury Note/Bond 5.375% 15/Feb/2031
Market Value
6,747,817
3,035,824
1,809,370
1,072,321
560,558
975,124
1,108,739
239,649
9,130,522
454,507
5,259,162
5,587,332
2,195,100
6,154,862
7,723,422
4,979,218
5,245,700
4,541,630
1,371,291
7,442,855
10,699,658
5,913,953
2,861,965
2,244,279
3,133,343
1,454,035
12,462,798
5,252,112
638,274
1,448,346
7,399,499
7,476,224
13,345,862
7,899,727
1,529,654
9,749,856
10,862,257
3,198,786
2,165,740
Net Assets %
0.25%
0.11%
0.07%
0.04%
0.02%
0.04%
0.04%
0.01%
0.34%
0.02%
0.20%
0.21%
0.08%
0.23%
0.29%
0.19%
0.20%
0.17%
0.05%
0.28%
0.40%
0.22%
0.11%
0.08%
0.12%
0.05%
0.47%
0.20%
0.02%
0.05%
0.28%
0.28%
0.50%
0.30%
0.06%
0.37%
0.41%
0.12%
0.08%
2,200,000 USD
4,175,000 USD
4,485,000 USD
1,400,000 CAD
24,925,000 CAD
11,300,000 CAD
1,800,000 USD
3,750,000 USD
2,400,000 USD
6,045,000 USD
6,620,000 USD
5,550,000 USD
4,200,000 USD
Local Public Authorities
Baylor University 4.313% 01/Mar/2042
Brazos Harbor Industrial Development Corp Floating 01/May/2038
California State University - A - 5% 01/Nov/2039
Canada Housing Trust No 1 3.35% 15/Dec/2020
Canada Housing Trust No 1 3.75% 15/Mar/2020
Canada Housing Trust No 1 3.8% 15/Jun/2021
City of Charleston SC 5% 01/Jan/2035
City of Charleston SC 5% 01/Jan/2041
City of Charlotte NC Water & Sewer System Revenue - B - 5% 01/Jul/2038
City of Houston TX Airport System Revenue - E - 6.75% 01/Jul/2029
City of San Francisco CA Public Utilities Commission Water Revenue 5% 01/Nov/2037
Connecticut State Health & Educational Facility Authority - A2 - 5% 01/Jul/2040
Connecticut State Health & Educational Facility Authority - Z-1 - 5% 01/Jul/2042
1,761,018
3,593,939
3,827,116
1,165,614
21,231,157
9,710,321
1,592,926
3,287,593
2,154,229
4,599,271
5,810,727
4,873,173
3,543,177
0.07%
0.14%
0.14%
0.04%
0.80%
0.37%
0.06%
0.12%
0.08%
0.17%
0.22%
0.18%
0.13%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 293

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,700,000 USD
4,685,000 USD
1,100,000 USD
1,066,902 USD
800,000 USD
1,500,000 USD
1,300,000 USD
1,700,000 USD
4,350,000 USD
2,750,000 USD
1,000,000 USD
4,893,904 USD
2,111,799 USD
62,920 USD
2,066,921 USD
880,000 USD
5,017,995 USD
3,679,000 USD
750,000 USD
1,000,000 USD
4,000,000 USD
1,280,000 USD
4,000,000 USD
4,500,000 USD
2,500,000 USD
2,350,000 USD
1,534,000 USD
4,100,000 USD
1,043,172 USD
5,617,742 USD
2,515,000 USD
500,000 USD
10,700,000 USD
2,200,000 USD
1,800,000 USD
500,000 USD
1,250,000 USD
3,447,613 USD
2,238,093 USD
5,000,000 USD
1,135,350 USD
3,000,000 USD
5,151,962 USD
1,127,715 USD
1,151,218 USD
22,793,956 USD
2,128,163 USD
2,000,000 USD
4,000,000 USD
13,796,038 USD
1,700,000 USD
2,531,043 USD
561,329 USD
Description of Securities
County of King WA Sewer Revenue 5.125% 01/Jan/2041
County of Sweetwater WY 5.6% 01/Dec/2035
Fannie Mae Pool - AB1149 - 5% 01/Jun/2040
Fannie Mae Pool - AD7136 - 5% 01/Jul/2040
Fannie Mae Pool - AI2472 - 4.5% 01/May/2041
Fannie Mae Pool - AJ3076 - 4.5% 01/Nov/2041
Fannie Mae Pool - AJ7288 - 4% 01/Jan/2042
Fannie Mae Pool - AJ9531 - 4% 01/Dec/2041
Fannie Mae Pool - AK9816 - 4% 01/Apr/2042
Fannie Mae Pool - 725424 - 5.5% 01/Apr/2034
Fannie Mae Pool - 771028 - 5.5% 01/Apr/2034
Fannie Mae Pool - 811513 - 5% 01/Oct/2020
Fannie Mae Pool - 829096 - 5% 01/Oct/2020
Fannie Mae Pool - 938287 - 5% 01/Jul/2022
Fannie Mae Pool - 938395 - 5% 01/Jul/2022
Fannie Mae Pool 4.5% 01/Mar/2035
Fannie Mae Pool 5% 01/May/2023
Fannie Mae Pool 6% 01/Apr/2038
Fannie Mae Pool 6% 01/Dec/2033
Fannie Mae Pool 6% 01/Jan/2034
Fannie Mae Pool 6% 01/Jul/2017
Fannie Mae Pool 6% 01/Jul/2038
Fannie Mae Pool 6% 01/Jun/2016
Fannie Mae Pool 6% 01/Sep/2035
Fannie Mae Pool 6.5% 01/Feb/2022
Fannie Mae REMICS - 2009-36 HX - 4.5% 25/Jun/2029
Fannie Mae REMICS - 2011-113 CP - 5% 25/Sep/2039
Freddie Mac Gold Pool 3.5% 01/Oct/2040
Freddie Mac Gold Pool 4.5% 01/Nov/2018
Freddie Mac Gold Pool 5% 01/Dec/2020
Freddie Mac Gold Pool 5% 01/Dec/2039
Freddie Mac Gold Pool 5% 01/Nov/2034
Freddie Mac Gold Pool 5% 01/Nov/2039
Freddie Mac Gold Pool 5% 01/Oct/2038
Freddie Mac Gold Pool 5% 01/Sep/2038
Freddie Mac Gold Pool 5.5% 01/Dec/2018
Freddie Mac Gold Pool 5.5% 01/Nov/2034
Freddie Mac Gold Pool 5.5% 01/Sep/2025
Freddie Mac Gold Pool 6% 01/Apr/2035
Freddie Mac Gold Pool 6% 01/Aug/2034
Freddie Mac Gold Pool 6% 01/Dec/2036
Freddie Mac Gold Pool 6% 01/Jan/2034
Freddie Mac Gold Pool 6% 01/Jun/2039
Freddie Mac Gold Pool 6% 01/Mar/2033
Freddie Mac Gold Pool 6% 01/Nov/2033
Freddie Mac Gold Pool 6% 01/Nov/2038
Freddie Mac Gold Pool 6% 01/Oct/2032
Freddie Mac Gold Pool 6.5% 01/Oct/2033
Freddie Mac REMICS - 2099 OG - 5% 15/Jun/2034
Freddie Mac REMICS - 3267 FB - Libor 1M 15/Nov/2036
Freddie Mac REMICS 5% 15/Aug/2035
Ginnie Mae I pool - 604476 - 6% 15/Jul/2033
Ginnie Mae I pool - 615383 - 6% 15/Jul/2033
Market Value
1,480,950
3,824,615
495,719
446,871
421,247
1,214,579
741,358
1,043,763
2,725,255
289,757
166,752
1,145,005
441,120
9,962
185,381
174,136
1,109,259
686,234
73,555
94,573
76,689
243,149
45,418
464,860
67,856
1,996,894
669,760
2,755,639
165,330
716,994
1,503,855
84,420
4,290,122
408,214
320,736
92,361
159,029
182,469
134,897
531,925
157,781
382,376
1,036,024
33,768
53,579
2,075,703
20,366
41,802
3,103,381
1,584,812
10,025
238,214
21,390
Net Assets %
0.06%
0.14%
0.02%
0.02%
0.02%
0.05%
0.03%
0.04%
0.10%
0.01%
0.01%
0.04%
0.02%
0.00%
0.01%
0.01%
0.04%
0.03%
0.00%
0.00%
0.00%
0.01%
0.00%
0.02%
0.00%
0.08%
0.03%
0.10%
0.01%
0.03%
0.06%
0.00%
0.16%
0.02%
0.01%
0.00%
0.01%
0.01%
0.01%
0.02%
0.01%
0.01%
0.04%
0.00%
0.00%
0.08%
0.00%
0.00%
0.12%
0.06%
0.00%
0.01%
0.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
294 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,675,000 USD
2,471,432 USD
842,764 USD
1,056,739 USD
750,000 USD
1,001,228 USD
38,300,000 USD
800,000 USD
4,300,000 USD
26,300,000 USD
24,000,000 USD
39,000,000 USD
17,100,000 USD
1,500,000 USD
4,900,000 USD
2,700,000 USD
2,200,000 USD
1,000,000 USD
2,000,000 USD
4,905,000 USD
2,150,000 USD
3,700,000 USD
1,200,000 USD
2,650,000 USD
12,000,000 USD
1,850,000 USD
2,445,000 USD
5,300,000 USD
2,000,000 USD
10,000,000 USD
5,900,000 USD
1,725,000 USD
1,200,000 USD
3,100,000 USD
6,850,000 USD
4,750,000 USD
5,485,000 USD
4,750,000 USD
3,000,000 USD
1,475,000 USD
870,000 USD
9,350,000 USD
2,400,000 USD
3,763,000 AUD
6,500,000 AUD
2,200,000 USD
8,080,000 USD
1,690,000 USD
2,600,000 USD
1,750,000 USD
3,000,000 USD
2,900,000 USD
Description of Securities
Ginnie Mae I pool - 770525 - 4.5% 15/Aug/2041
Ginnie Mae I pool 6% 15/Jan/2033
Ginnie Mae I pool 6% 15/May/2017
Ginnie Mae I pool 6% 15/Nov/2032
Ginnie Mae I pool 6% 15/Oct/2033
Ginnie Mae I pool 6% 15/Sep/2033
Government National Mortgage Association - 140 IO - Floating 16/Oct/2043
Government National Mortgage Association - 2009-37 CB - 4.973% 16/Apr/2042
Government National Mortgage Association - 2012-130 PA - 3% 20/Apr/2041
Government National Mortgage Association - 2012-85 IO - Floating 16/Sep/2052
Government National Mortgage Association - 58 IO - Floating 16/Jan/2055
Government National Mortgage Association - 63 IO - Floating 16/Mar/2051
Government National Mortgage Association Floating 16/Mar/2053
Hampton Roads Sanitation District 5% 01/Apr/2038
Houston Higher Education Finance Corp 4.5% 15/Nov/2037
Houston Higher Education Finance Corp 5% 15/May/2040
Illinois Finance Authority 5% 01/Oct/2051
Indiana Finance Authority 6% 01/Dec/2026
Indianapolis Airport Authority - RF - 5.1% 15/Jan/2017
Louisiana Local Government Environmental Facilities & Community Development Auth 6.75%
01/Nov/2032
Massachusetts Development Finance Agency - B1 - 5% 15/Oct/2040
Massachusetts Development Finance Agency 5.25% 01/Apr/2037
Massachusetts Development Finance Agency 5.375% 01/Apr/2041
Massachusetts Health & Educational Facilities Authority - A M2 - 5.5% 01/Jul/2032
Massachusetts Health & Educational Facilities Authority - Harvard - 5.5% 15/Nov/2036
Massachusetts Health & Educational Facilities Authority 6% 01/Jul/2036
Metropolitan Water Reclamation District of Greater Chicago - B - 5% 01/Dec/2032
Missouri State Health & Educational Facilities Authority 5% 15/Nov/2039
New Hampshire Health & Education Facilities Authority 6.5% 01/Jan/2041
New Jersey Economic Development Authority 0% 15/Feb/2018
New Jersey Transportation Trust Fund Authority - A - 5.5% 15/Jun/2041
New York City Transitional Finance Authority Future Tax Secured Revenue 5% 01/Nov/2033
New York State Dormitory Authority - A - 5% 01/Jul/2035
New York State Dormitory Authority - A - 5% 01/Jul/2040
New York State Dormitory Authority 5% 01/Jul/2038
New York State Dormitory Authority 5% 01/Jul/2040
New York State Dormitory Authority 5% 01/Oct/2041
Parish of St John the Baptist LA - A - 5.125% 01/Jun/2037
Pennsylvania State University 5% 01/Mar/2040
Permanent University Fund 5% 01/Jul/2030
Port Authority of New York & New Jersey 4.458% 01/Oct/2062
Port Freeport TX - A4-DOW - 5.95% 15/May/2033
Province of Salta Argentina 9.5% 16/Mar/2022
Queensland Treasury Corp 6% 14/Aug/2013
Queensland Treasury Corp 6% 21/Jul/2022
Selma Industrial Development Board - A - 6.25% 01/Nov/2033
South Carolina State Public Service Authority 5% 01/Dec/2043
State of California 2.5% 20/Jun/2013
State of Florida 4% 01/Jun/2027
State of Maryland 4% 15/Mar/2025
State of Washington - B1 - 5% 01/Aug/2039
State of Washington - C - 5% 01/Jul/2018
Market Value
1,086,089
120,457
41,464
49,255
61,548
57,050
1,889,377
698,163
3,429,161
1,724,905
1,539,141
893,762
1,074,272
1,280,268
4,007,378
2,362,111
1,854,431
780,347
1,721,025
4,184,392
1,904,880
3,153,223
1,026,581
2,908,628
10,901,487
1,745,952
2,208,104
4,747,689
1,773,164
6,447,740
5,170,913
1,544,702
1,065,510
2,697,146
5,890,044
4,091,146
4,890,071
3,838,623
2,535,664
1,402,302
657,047
8,135,578
1,551,881
3,021,112
5,817,549
1,901,655
6,860,155
1,295,291
2,197,734
1,507,105
2,604,407
2,651,903
Net Assets %
0.04%
0.00%
0.00%
0.00%
0.00%
0.00%
0.07%
0.03%
0.13%
0.06%
0.06%
0.03%
0.04%
0.05%
0.15%
0.09%
0.07%
0.03%
0.06%
0.16%
0.07%
0.12%
0.04%
0.11%
0.41%
0.07%
0.08%
0.18%
0.07%
0.24%
0.19%
0.06%
0.04%
0.10%
0.22%
0.15%
0.18%
0.14%
0.10%
0.05%
0.02%
0.31%
0.06%
0.11%
0.22%
0.07%
0.26%
0.05%
0.08%
0.06%
0.10%
0.10%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 295

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
940,000
3,500,000
340,000
9,253,000
2,250,000
4,500,000
1,055,000
700,000
3,220,000
Currency
USD
USD
USD
USD
USD
USD
USD
USD
USD
Description of Securities
State of Washington 3% 01/Jul/2028
Tarrant Regional Water District 5% 01/Mar/2052
Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc 11.5% 01/Oct/2020
Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc 15% 01/Apr/2021
Texas Municipal Gas Acquisition & Supply Corp III 5% 15/Dec/2030
Texas Municipal Gas Acquisition & Supply Corp III 5% 15/Dec/2031
University of Texas System 5% 15/Aug/2043
Windstream Corp 7.75% 15/Oct/2020
Windstream Corp 8.125% 01/Sep/2018
Market Value
702,533
2,999,954
201,798
2,386,241
1,832,477
3,667,992
935,936
573,422
2,668,272
Net Assets %
0.03%
0.11%
0.01%
0.09%
0.07%
0.14%
0.04%
0.02%
0.10%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
491,006,282
2,355,949,703
18.48%
88.69%
Other Transferable Securities
Bonds
945,000
EUR
Basic Materials
Chemicals
Lyondell Industries Escrow 2015 0% 15/Aug/2015
0
0.00%
3,470,000
1,000,000
USD
USD
Forestry and Paper
Sino-Forest Corp 0% CV 15/Dec/2016 Defaulted
Sino-Forest Corp 0% 21/Oct/2017 Defaulted
368,477
106,189
0.01%
0.00%
600,000
USD
Industrial Metals and Mining
Old AII Inc 0% 15/Dec/2016 Defaulted
46
0.00%
3,565,000
USD
Consumer Goods
Automobiles and Parts
Lear Corp. Escrow Bankruptcy 0% 01/Dec/2016 Defaulted
0
0.00%
369,784
USD
Food Producers
Independencia International Ltd - 144A - 0% 30/Dec/2016 Defaulted
280
0.00%
3,665,000
USD
Consumer Services
Food and Drug Retailers
CVS Pass-Through Trust 5.773% 31/Jan/2033
3,137,598
0.12%
6,600,000
2,000,000
USD
USD
Travel, Leisure and Catering
Mashantucket Western Pequot Tribe 0% 15/Nov/2015 Defaulted
Scientific Games International Inc 6.25% 01/Sep/2020
300,364
1,553,019
0.01%
0.06%
250,000
USD
Financials
Banks
CoBank ACB 7.875% 16/Apr/2018
241,202
0.01%
925,000 USD
250,000 USD
1,650,000 USD
2,500,000 USD
250,000 USD
4,400,000 USD
3,400,000 USD
1,300,000 USD
250,000 USD
1,200,000 USD
2,500,000 USD
2,100,000 USD
Financial Services
Alta Wind Holdings LLC 7% 30/Jun/2035
Blue Fin Ltd - 144A - Floating 28/May/2013
Compass Re Ltd - 2 - Floating 08/Jan/2015
Embarcadero Reinsurance Ltd Floating 07/Aug/2015
GlobeCat Ltd - CAQ - Libor 3M 02/Jan/2013
Lodestone Re Ltd - A-1 - Floating 08/Jan/2014
Lodestone Re Ltd - CLB - Floating 17/May/2013
Mythen Re Ltd Series 2012-2 Class A Floating 05/Jan/2017
Queen Street III Capital Ltd Floating 28/Jul/2014
Queen Street VII Re Ltd Floating 08/Apr/2016
Residential Reinsurance 2010 Ltd - CL1 - Floating 06/Jun/2013
Residential Reinsurance 2012 Ltd - 144A - Floating 06/Jun/2016
678,948
184,883
1,270,665
1,932,646
189,605
3,338,847
2,609,005
984,762
190,781
910,194
1,918,101
1,636,165
0.03%
0.01%
0.05%
0.07%
0.01%
0.13%
0.10%
0.04%
0.01%
0.03%
0.07%
0.06%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
296 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
1,650,000
3,550,000
2,750,000
2,500,000
1,850,000
2,750,000
Currency
USD
USD
USD
USD
USD
USD
Description of Securities
Residential Reinsurance 2012 Ltd Floating 06/Dec/2016
Residential Reinsurance 2012 Ltd Floating 06/Dec/2016
Successor X Ltd Libor 3M 07/Jan/2014
Tiers Trust/United States Floating 15/Oct/2097
Vita Capital V Ltd Floating 15/Jan/2017
Vita Capital V Ltd Libor 3M 15/Jan/2017
Market Value
1,251,517
2,692,658
2,109,703
1,066,065
1,408,408
2,093,371
Net Assets %
0.05%
0.10%
0.08%
0.04%
0.05%
0.08%
2,625,000
USD
Health Care
Health Care Equipment and Services
US Oncology Holding 0% 15/Aug/2017 Defaulted
37,332
0.00%
4,250,000
USD
Industrials
Construction and Materials
Asia Aluminum Holdings Ltd 0% 23/Dec/2049 Defaulted
3,224
0.00%
5,539,000
EUR
General Industrials
Ardagh Packaging Finance PLC - 144A - 9.25% 15/Oct/2020
6,044,433
0.23%
1,845,000
2,350,000
USD
USD
Oil and Gas
Oil and Gas Producers
Gazprom OAO Via Gazprom International SA - 144A - 7.201% 01/Feb/2020
Unit Corp 6.625% 15/May/2021
504,900
1,829,253
0.02%
0.07%
200,000
1,850,000
USD
USD
Utilities
Electricity
FPL Energy American Wind LLC 6.639% 20/Jun/2023
Juniper Generation LLC 6.79% 31/Dec/2014
58,491
112,345
0.00%
0.00%
Total Bonds
40,763,477
1.54%
Equities
142,000
42,000
USD
USD
Financials
Banks
BB&T Corp
CoBank ACB
2,716,353
3,326,050
0.10%
0.13%
Total Equities
6,042,403
0.23%
19,962,142
USD
Warrants
HORIZON LINES INC - Horizon Lines - 06/Oct/2016
902,415
0.03%
Total Warrants
902,415
0.03%
2,000,000 USD
871,000 USD
1,860,000 USD
3,487,000 USD
1,100,000 USD
10,665,000 USD
1,300,000 USD
2,000,000 USD
2,000,000 USD
1,100,000 USD
800,000 USD
1,530,000 USD
1,600,000 USD
3,300,000 USD
Mortgages and Asset Backed securities
Accredited Mortgage Loan Trust - 3 2A5 - Floating 25/Oct/2034
American Credit Acceptance Receivables Trust 2012-2 - C - 4.05% 15/Feb/2018
BMW Vehicle Owner Trust 0.76% 25/Aug/2015
Countrywide Home Loan Mortgage Pass Through Trust 5.25% 25/Jun/2034
Credit Suisse First Boston Mortgage Securities Corp - CKP1 G - 7.165% 15/Dec/2035
Dominos Pizza Master Issuer LLC 5.216% 25/Jan/2042
FREMF Mortgage Trust - K17 B - Floating 25/Dec/2044
Ginnie Mae I pool - 654940 - 6% 15/Aug/2036
Ginnie Mae I pool 5% 15/Sep/2019
GMAC Commercial Mortgage Securities Inc Series 2003-C3 Trust - A4 - 5.023% 10/Apr/2040
Newcastle Investment Trust - MH1 A - 4.5% 01/Jul/2035
RALI Trust - QS14 A12 - 5.5% 25/Sep/2032
Sierra Receivables Funding Co LLC - 2012-3A A - 1.87% 20/Aug/2029
Soundview Home Equity Loan Trust - NS1 A1 - Libor 1M 25/Jan/2037
629,973
662,111
1,415,100
2,685,857
460,481
9,001,046
1,049,729
239,628
297,880
844,076
289,775
431,055
1,117,470
13,914
0.02%
0.02%
0.05%
0.10%
0.02%
0.35%
0.04%
0.01%
0.01%
0.03%
0.01%
0.02%
0.04%
0.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 297

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
1,500,000
Currency
USD
Description of Securities
S2 Hospitality LLC - LV1 A - 4.5% 15/Apr/2025
Market Value
620,156
Net Assets %
0.02%
Total Mortgages and Asset Backed securities
19,758,251
0.74%
Supranationals, Governments and Local Public Authorities, Debt Instruments
40,300,000
PHP
Governments
Philippine Government Bond 6.125% 24/Oct/2037
796,520
0.03%
650,000
USD
Local Public Authorities
New Jersey Economic Development Authority 7% 15/Nov/2030
495,521
0.02%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Other Transferable Securities
1,292,041
68,758,587
0.05%
2.59%
Total Securities
2,424,708,290
91.28%
Net Asset Value
2,656,458,620
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
28-Mar-13 102
US Ultra Bond Cbt
28-Mar-13 (2,757) US 10 Yr Note Future
31-Mar-13 (495)
US 2 Yr Note Future
31-Mar-13 (809)
US 5 Yr Note Future
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
USD
USD
USD
USD
Commitment
(in Trade Ccy)
16,466,625
(365,000,967)
(109,093,357)
(100,461,369)
Market Price
(in Trade Ccy)
161.44
132.39
110.20
124.18
Unrealised Gain/(Loss)
(in Fund Ccy)
(318,533)
2,131,916
11,782
263,680
2,088,845
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
03-Jan-13
14-Jan-13
16-Jan-13
16-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
Currency
MXN
USD
USD
USD
CZK
CZK
CZK
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Amount Purchased
113,000,000
1,663,900
6,553,271
9,371,863
1,361,617,067
5,165,462
5,165,462
2,622,595
7,859,518
11,218,493
12,020,891
40,837,777
56,275,850
56,743,684
84,793,278
148,553
166,980
231,335
555,822
148,553
166,980
231,335
226,733
897,450
Currency
USD
NOK
CAD
SEK
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Amount Sold
8,697,841
9,360,000
6,525,000
62,400,000
71,875,901
273,493
271,080
3,480,643
10,430,956
14,888,903
15,953,826
54,198,877
74,687,901
75,308,799
112,535,519
197,169
221,626
307,043
734,901
195,891
220,190
305,052
299,938
1,187,211
Unrealised Gain/(Loss)
874
(12,920)
1,939
(163,941)
(259,402)
(1,608)
222
(17,139)
(51,364)
(73,316)
(78,559)
(266,885)
(367,777)
(370,834)
(554,146)
(981)
(1,103)
(1,528)
(1,529)
(12)
(13)
(18)
(742)
(2,935)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
298 Pioneer Funds - Annual Report

Pioneer Funds - Strategic Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date Currency
Amount Purchased
31-Jan-13 EUR
105,807
31-Jan-13 EUR
112,559
31-Jan-13 EUR
481,845
31-Jan-13 GBP
242,724
31-Jan-13 GBP
57,710,287
31-Jan-13 GBP
1,558,911
31-Jan-13 GBP
1,558,911
31-Jan-13 USD
272,124
31-Jan-13 USD
1,191,156
31-Jan-13 USD
388,352
31-Jan-13 USD
1,183,435
31-Jan-13 USD
196,516
31-Jan-13 USD
220,892
31-Jan-13 USD
306,026
31-Jan-13 USD
2,516,089
31-Jan-13 USD
233,131
07-Feb-13 MYR
24,500,000
07-Feb-13 USD
69,962,530
12-Feb-13 USD
12,674,412
15-Mar-13 INR
421,500,000
15-Mar-13 INR
421,000,000
15-Mar-13 RUB
239,000,000
15-Mar-13 RUB
120,000,000
15-Mar-13 RUB
167,000,000
15-May-13 USD
1,437,466
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
USD
USD
USD
USD
USD
USD
CZK
EUR
EUR
EUR
EUR
EUR
EUR
GBP
GBP
USD
EUR
AUD
USD
USD
USD
USD
USD
GBP
Amount Sold
139,616
148,526
635,810
392,660
93,359,085
2,519,556
2,512,878
5,165,462
897,450
293,720
897,450
148,553
166,980
231,335
1,558,911
144,324
7,950,673
55,000,000
12,257,000
7,597,291
7,761,799
7,621,170
3,758,221
5,201,520
890,000
Unrealised Gain/(Loss)
(78)
(83)
(356)
1,361
323,532
10,504
15,569
570
5,928
808
71
486
546
757
(13,133)
(1,070)
28,019
(1,941,602)
(5,456)
(25,867)
(157,450)
78,841
91,396
148,940
(6,924)
(3,668,408)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
Underlying
20-Dec-17 Credit Default Swap Seller American Axle and MFG Inc
20-Dec-17 Credit Default Swap Seller American Axle and MFG Inc
20-Dec-16 Credit Default Swap Seller CDX NA HY 17
20-Jun-17 Credit Default Swap Seller CDX NA HY 18
20-Dec-17 Credit Default Swap Seller CDX NA HY 19
20-Dec-17 Credit Default Swap Seller Goodyear Tire & Rubber
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- USD 3,150,000 (56,195)
- USD 3,000,000 (53,519)
- USD 4,900,000
88,019
- USD 28,000,000 278,324
- USD 17,000,000
3,675
- USD 3,000,000 (24,007)
236,297
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 299

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
4,015,000
2,105,000
1,981,000
1,580,000
500,000
1,605,000
3,340,000
5,970,000
1,680,000
9,715,000
2,450,000
2,200,000
2,700,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Basic Materials
Chemicals
Ashland Inc 4.75% 15/Aug/2022
Hexion US Finance Corp / Hexion Nova Scotia Finance ULC 8.875% 01/Feb/2018
Hexion US Finance Corp / Hexion Nova Scotia Finance ULC 9% 15/Nov/2020
Hexion US Finance Corp 6.625% 15/Apr/2020
Ineos Finance PLC - 144A - 7.5% 01/May/2020
Ineos Finance PLC 9% 15/May/2015
Ineos Group Holdings SA 8.5% 15/Feb/2016
LyondellBasell Industries NV 5% 15/Apr/2019
LyondellBasell Industries NV 6% 15/Nov/2021
NOVA Chemicals Corp 7.875% 15/Sep/2025
Rain CII Carbon LLC / CII Carbon Corp 8% 01/Dec/2018
Rain CII Carbon LLC / CII Carbon Corp 8.25% 15/Jan/2021
Tronox Finance LLC 6.375% 15/Aug/2020
3,167,172
1,640,540
1,371,103
1,219,395
397,262
1,293,471
2,520,707
5,003,679
1,494,084
7,470,100
1,890,834
1,706,235
2,068,416
0.35%
0.18%
0.15%
0.13%
0.04%
0.14%
0.28%
0.55%
0.16%
0.82%
0.21%
0.19%
0.23%
2,850,000
700,000
3,545,000
1,225,000
1,925,000
2,880,000
3,845,000
2,470,000
3,205,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
Forestry and Paper
Appleton Papers Inc 10.5% 15/Jun/2015
Appleton Papers Inc 11.25% 15/Dec/2015
Exopack Holding Corp 10% 01/Jun/2018
Millar Western Forest Products Ltd 8.5% 01/Apr/2021
PH Glatfelter Co 5.375% 15/Oct/2020
Sappi Papier Holding GmbH - 144A - 6.625% 15/Apr/2021
Sappi Papier Holding GmbH 7.75% 15/Jul/2017
Sappi Papier Holding GmbH 8.375% 15/Jun/2019
Xerium Technologies Inc 8.875% 15/Jun/2018
2,291,414
573,422
2,433,423
840,887
1,496,606
2,157,160
3,178,891
2,046,780
2,200,034
0.25%
0.06%
0.27%
0.09%
0.16%
0.24%
0.35%
0.22%
0.24%
1,200,000
1,125,000
2,115,000
2,505,000
2,261,000
3,900,000
3,715,000
2,025,000
4,115,000
2,285,000
2,040,000
2,040,000
430,000
3,740,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Industrial Metals and Mining
Algoma Acquisition Corp - Regs - 9.875% 15/Jun/2015
APERAM 7.375% 01/Apr/2016
Atkore International Inc 9.875% 01/Jan/2018
Essar Steel Algoma Inc - 144A - 9.875% 15/Jun/2015
Essar Steel Algoma Inc 9.375% 15/Mar/2015
Global Brass and Copper Inc - 144A - 9.5% 01/Jun/2019
JMC Steel Group 8.25% 15/Mar/2018
Kaiser Aluminum Corp 8.25% 01/Jun/2020
Mueller Water Products Inc 7.375% 01/Jun/2017
Steel Dynamics Inc 5.125% CV 15/Jun/2014
Steel Dynamics Inc 6.125% 15/Aug/2019
Steel Dynamics Inc 6.375% 15/Aug/2022
Taseko Mines Ltd 7.75% 15/Apr/2019
United States Steel Corp 7.5% 15/Mar/2022
623,483
795,709
1,712,502
1,301,521
1,552,037
3,224,363
2,944,611
1,674,188
3,222,647
1,866,398
1,640,170
1,640,170
313,922
2,999,886
0.07%
0.09%
0.19%
0.14%
0.17%
0.35%
0.32%
0.18%
0.35%
0.20%
0.18%
0.18%
0.03%
0.33%
6,810,000
965,000
469,000
2,710,000
1,355,000
725,000
3,100,000
3,025,000
USD
USD
USD
USD
USD
USD
USD
USD
Mining
Alpha Appalachia Holdings Inc 3.25% CV 01/Aug/2015
Alpha Natural Resources Inc 6% 01/Jun/2019
Foresight Energy LLC / Foresight Energy Corp 9.625% 15/Aug/2017
IAMGOLD Corp 6.75% 01/Oct/2020
James River Coal Co 3.125% CV 15/Mar/2018
James River Coal Co 7.875% 01/Apr/2019
Midwest Vanadium Pty Ltd 11.5% 15/Feb/2018
Mirabela Nickel Ltd 8.75% 15/Apr/2018
4,961,966
677,052
380,636
2,004,134
318,606
313,448
1,387,288
1,973,225
0.54%
0.07%
0.04%
0.22%
0.03%
0.03%
0.15%
0.22%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
300 Pioneer Funds - Annual Report

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
6,250,000 USD
950,000 USD
1,765,000 USD
2,675,000 USD
4,025,000 USD
910,000 USD
1,200,000 USD
Description of Securities
Murray Energy Corp 10.25% 15/Oct/2015
New Gold Inc - 144A - 7% 15/Apr/2020
Penn Virginia Corp 7.25% 15/Apr/2019
Penn Virginia Resource Partners LP / Penn Virginia Resource Finance Corp II - 144A - 8.375%
01/Jun/2020
Penn Virginia Resource Partners LP / Penn Virginia Resource Finance Corp 8.25% 15/Apr/2018
Prince Mineral Holding Corp 11.5% 15/Dec/2019
Vedanta Resources Jersey Ltd 5.5% CV 13/Jul/2016
Market Value
4,598,377
769,209
1,278,500
2,186,220
3,236,120
714,389
935,225
Net Assets %
0.50%
0.08%
0.14%
0.24%
0.35%
0.08%
0.10%
750,000
3,085,000
5,005,000
3,050,000
4,493,000
3,015,000
1,800,000
5,425,000
2,300,000
950,000
4,756,000
965,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Consumer Goods
Automobiles and Parts
American Axle & Manufacturing Inc 6.625% 15/Oct/2022
Chrysler Group LLC / CG Co-Issuer Inc 8% 15/Jun/2019
Chrysler Group LLC / CG Co-Issuer Inc 8.25% 15/Jun/2021
Commercial Vehicle Group Inc 7.875% 15/Apr/2019
Ford Motor Co 4.25% CV 15/Nov/2016
Goodyear Tire & Rubber Co 7% 15/May/2022
International Automotive Components Group SA 9.125% 01/Jun/2018
Meritor Inc 7.875% CV 01/Mar/2026
Pittsburgh Glass Works LLC 8.5% 15/Apr/2016
Titan International Inc 7.875% 01/Oct/2017
Tower Automotive Holdings USA LLC / TA Holdings Finance Inc 10.625% 01/Sep/2017
UCI International Inc 8.625% 15/Feb/2019
577,404
2,550,554
4,175,895
2,290,276
5,378,121
2,464,095
1,266,308
3,821,160
1,604,976
765,606
3,950,106
725,543
0.06%
0.28%
0.46%
0.25%
0.59%
0.27%
0.14%
0.42%
0.18%
0.08%
0.43%
0.08%
2,050,000
6,115,000
4,000,000
4,000,000
2,409,000
USD
USD
USD
USD
USD
Food Producers
FAGE Dairy Industry SA / FAGE USA Dairy Industry Inc 9.875% 01/Feb/2020
Pilgrim’s Pride Corp 7.875% 15/Dec/2018
Post Holdings Inc 7.375% 15/Feb/2022
Smithfield Foods Inc 6.625% 15/Aug/2022
Southern States Cooperative Inc 11.25% 15/May/2015
1,652,097
4,701,973
3,339,275
3,352,549
1,895,735
0.18%
0.51%
0.36%
0.37%
0.21%
5,550,000
1,665,000
2,185,000
1,200,000
4,037,000
2,710,000
4,635,000
498,000
2,600,000
1,485,000
2,580,000
2,720,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Household Goods and Home Construction
Beazer Homes USA Inc 6.625% 15/Apr/2018
Beazer Homes USA Inc 9.125% 15/Jun/2018
Beazer Homes USA Inc 9.125% 15/May/2019
Brookfield Residential Properties Inc 6.5% 15/Dec/2020
DR Horton Inc 2% CV 15/May/2014
KB Home 7.5% 15/Sep/2022
KB Home 8% 15/Mar/2020
Lennar Corp 2.75% CV 15/Dec/2020
Meritage Homes Corp 7% 01/Apr/2022
Ryland Group Inc 5.375% 01/Oct/2022
Standard Pacific Corp 1.25% CV 01/Aug/2032
Tempur-Pedic International Inc 6.875% 15/Dec/2020
4,451,703
1,316,567
1,733,963
932,949
4,736,601
2,240,519
4,007,813
680,151
2,144,645
1,153,116
2,259,017
2,132,737
0.49%
0.14%
0.19%
0.10%
0.52%
0.24%
0.44%
0.07%
0.23%
0.13%
0.25%
0.23%
3,900,000
2,250,000
2,755,000
1,000,000
USD
USD
USD
USD
Leisure Goods
CCO Holdings LLC / CCO Holdings Capital Corp 6.5% 30/Apr/2021
CCO Holdings LLC / CCO Holdings Capital Corp 6.625% 31/Jan/2022
Comstock Resources Inc 7.75% 01/Apr/2019
Icon Health & Fitness Inc 11.875% 15/Oct/2016
3,191,084
1,864,476
2,120,999
709,193
0.35%
0.20%
0.23%
0.08%
3,910,000
700,000
600,000
3,795,000
2,250,000
USD
USD
USD
USD
USD
Personal Goods
Albea Beauty Holdings SA 8.375% 01/Nov/2019
Reynolds Group Issuer Inc 5.75% 15/Oct/2020
Reynolds Group Issuer Inc 7.125% 15/Apr/2019
Reynolds Group Issuer Inc Floating 15/Apr/2019
Reynolds Group Issuer Inc 6.875% 15/Feb/2021
3,128,830
548,202
489,229
2,993,629
1,834,610
0.34%
0.06%
0.05%
0.33%
0.20%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 301

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,700,000 USD
1,355,000 USD
1,780,000 USD
2,012,000 USD
4,950,000 USD
Description of Securities
Reynolds Group Issuer Inc 8.25% 15/Feb/2021
Reynolds Group Issuer Inc 8.5% 15/May/2018
Wolverine World Wide Inc 6.125% 15/Oct/2020
Yankee Candle Co Inc 9.75% 15/Feb/2017
YCC Holdings LLC / Yankee Finance Inc 10.25% 15/Feb/2016
Market Value
1,308,783
1,053,455
1,417,627
1,589,059
3,876,949
Net Assets %
0.14%
0.11%
0.15%
0.17%
0.42%
5,307,000
7,138,000
USD
USD
Tobacco
Alliance One International Inc 10% 15/Jul/2016
Alliance One International Inc 5.5% CV 15/Jul/2014
4,236,664
5,268,633
0.46%
0.57%
3,900,000
925,000
3,425,000
1,550,000
4,125,000
USD
USD
USD
USD
USD
Consumer Services
General Retailers
Brown Shoe Co Inc 7.125% 15/May/2019
Monitronics International Inc 9.125% 01/Apr/2020
Petco Holdings Inc 8.5% 15/Oct/2017
Radio Systems Corp 8.375% 01/Nov/2019
Sotheby’s 5.25% 01/Oct/2022
3,076,456
722,656
2,669,287
1,225,633
3,160,080
0.34%
0.08%
0.29%
0.13%
0.34%
1,340,000
1,175,000
1,200,000
3,620,000
490,000
1,775,000
5,000,000
1,375,000
2,135,000
6,620,000
925,000
2,835,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Media
Cambium Learning Group Inc 9.75% 15/Feb/2017
Cumulus Media Holdings Inc 7.75% 01/May/2019
Good Sam Enterprises LLC 11.5% 01/Dec/2016
MDC Partners Inc 11% 01/Nov/2016 - Issue 23/Oct/2009
MPL 2 Acquisition Canco Inc 9.875% 15/Aug/2018
Production Resource Group Inc 8.875% 01/May/2019
Quebecor Media Inc 5.75% 15/Jan/2023
Sitel LLC / Sitel Finance Corp 11.5% 01/Apr/2018
Townsquare Radio LLC / Townsquare Radio Inc - 144A - 9% 01/Apr/2019
Univision Communications Inc 6.875% 15/May/2019
Univision Communications Inc 8.5% 15/May/2021
WMG Acquisition Corp 6% 15/Jan/2021
843,598
875,635
978,459
3,016,895
347,505
989,552
3,996,321
735,266
1,785,374
5,247,194
724,410
2,279,354
0.09%
0.10%
0.11%
0.33%
0.04%
0.11%
0.44%
0.08%
0.19%
0.57%
0.08%
0.25%
4,060,000
4,360,000
1,050,000
1,260,000
1,950,000
500,000
800,000
1,000,000
500,000
12,500,000
2,970,000
1,600,000
1,794,000
505,000
1,680,000
3,630,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Travel, Leisure and Catering
AMC Entertainment Inc 9.75% 01/Dec/2020
Burger King Capital Holdings LLC / Burger King Capital Finance Inc Floating 15/Apr/2019
Burger King Corp 9.875% 15/Oct/2018
Continental Airlines Inc 4.5% CV 15/Jan/2015
Continental Airlines 1997-4 Class B Pass Through Trust - B - 6.9% 02/Jan/2017
Continental Airlines 2001-1 Class B Pass Through Trust 7.373% 15/Dec/2015
Continental Airlines 2012-1 Class B Pass Thru Trusts 6.25% 11/Apr/2020
Continental Airlines 2012-2 Class B Pass Thru Certificates 5.5% 29/Oct/2020
Continental Airlines 2012-3 Class C Pass Thru Certificates 6.125% 29/Apr/2018
Delta Air Lines 2010-2 Class B Pass Through Trust 6.75% 23/Nov/2015
H&E Equipment Services Inc 7% 01/Sep/2022
MGM Resorts International 6.75% 01/Oct/2020
Scientific Games International Inc 9.25% 15/Jun/2019
Shingle Springs Tribal Gaming Authority 9.375% 15/Jun/2015
Viking Cruises Ltd 8.5% 15/Oct/2022
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.375% 15/Mar/2022
3,556,811
2,786,180
911,901
1,368,448
297,787
79,799
643,204
790,731
382,092
9,860,436
2,399,158
1,239,381
1,513,824
373,464
1,376,214
2,925,421
0.39%
0.30%
0.10%
0.15%
0.03%
0.01%
0.07%
0.09%
0.04%
1.09%
0.26%
0.14%
0.17%
0.04%
0.15%
0.32%
2,500,000
4,035,000
EUR
USD
Financials
Banks
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 6.875% 19/Mar/2020
PNC Financial Services Group Inc Floating Perpetual
2,784,375
3,490,523
0.30%
0.38%
850,000
3,845,000
USD
USD
Financial Services
Aircastle Ltd 7.625% 15/Apr/2020
Apollo Investment Corp 5.75% CV 15/Jan/2016
720,476
3,029,425
0.08%
0.33%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
302 Pioneer Funds - Annual Report

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
250,000 USD
250,000 USD
375,000 USD
250,000 USD
550,000 USD
1,000,000 USD
1,900,000 USD
850,000 USD
500,000 USD
1,500,000 USD
5,200,000 USD
500,000 USD
1,500,000 USD
430,000 USD
120,000 USD
3,775,000 USD
250,000 USD
1,100,000 USD
2,850,000 USD
1,000,000 USD
400,000 USD
1,785,000 USD
2,000,000 USD
400,000 USD
950,000 USD
550,000 USD
250,000 USD
500,000 USD
300,000 USD
250,000 USD
250,000 USD
Description of Securities
Atlas Reinsurance VII Ltd Libor 3M 07/Jan/2016
Blue Danube Ltd Floating 10/Apr/2015
Caelus Re II Ltd Floating 24/May/2013
Combine Re Ltd - CLASS B - Floating 07/Jan/2015
Combine Re Ltd Floating 07/Jan/2015
Constellation Enterprises LLC 10.625% 01/Feb/2016
DFC Global Corp - 144A - 3.25% CV 15/Apr/2017
DFC Global Corp 2.875% CV 30/Jun/2027
Embarcadero Reinsurance Ltd Floating 13/Feb/2015
Ford Motor Credit Co LLC 5.875% 02/Aug/2021
General Electric Capital Corp - A - Floating Perpetual
GlobeCat Ltd - USW - Libor 3M 02/Jan/2013
Igloo Holdings Corp 8.25% 15/Dec/2017
Interactive Data Corp 10.25% 01/Aug/2018
Janus Capital Group Inc Floating 15/Jun/2017
Jefferies Group Inc 6.875% 15/Apr/2021
Lakeside Re II Ltd Floating 08/Jan/2013
Lodestone Re Ltd - A-2 - Floating 08/Jan/2014
Merrill Lynch & Co Inc 7.75% 14/May/2038
Mythen Ltd - 12-H - Floating 07/May/2015
Mythen Re Ltd Series 2012-2 Class A Floating 10/Nov/2016
National Money Mart Co 10.375% 15/Dec/2016
Neuberger Berman Group LLC / Neuberger Berman Finance Corp 5.875% 15/Mar/2022
Pelican Re Ltd Floating 13/Apr/2015
Queen Street II Capital Ltd Floating 09/Apr/2014
Queen Street IV Capital Ltd Floating 09/Apr/2015
Queen Street VI Re Ltd Floating 09/Apr/2015
Residential Reinsurance 2011 Ltd - 144A - Floating 06/Dec/2015
Springleaf Finance Corp 6.9% 15/Dec/2017
Successor X Ltd - 30/DEC/2010 - Floating 17/Jan/2014
Successor X Ltd Floating 10/Nov/2015
Market Value
189,624
194,952
287,007
201,289
448,312
796,420
1,568,141
645,527
384,747
1,324,945
4,475,700
379,210
1,127,787
365,699
104,028
3,221,234
189,415
838,483
2,822,849
763,122
300,637
1,496,075
1,615,595
323,453
724,389
415,963
195,711
381,599
203,656
190,504
188,012
Net Assets %
0.02%
0.02%
0.03%
0.02%
0.05%
0.09%
0.17%
0.07%
0.04%
0.14%
0.49%
0.04%
0.12%
0.04%
0.01%
0.35%
0.02%
0.09%
0.31%
0.08%
0.03%
0.16%
0.18%
0.04%
0.08%
0.05%
0.02%
0.04%
0.02%
0.02%
0.02%
1,000,000
USD
Life Insurance
CNO Financial Group Inc 6.375% 01/Oct/2020
788,835
0.09%
2,200,000
850,000
4,000,000
500,000
835,000
USD
USD
USD
USD
USD
Nonlife Insurance
Compass Investors Inc 7.75% 15/Jan/2021
Fidelity National Financial Inc 4.25% CV 15/Aug/2018
Hub International Ltd 8.125% 15/Oct/2018
Residential Reinsurance 2011 Ltd - 144A - Floating 06/Dec/2015
Sirius International Group Ltd Floating Perpetual
1,643,659
827,660
3,109,830
382,206
653,598
0.18%
0.09%
0.34%
0.04%
0.07%
1,140,000
9,500,000
74,000
USD
USD
USD
Real Estate Investment and Services
Forest City Enterprises Inc 4.25% CV 15/Aug/2018
Forest City Enterprises Inc 6.5% 01/Feb/2017
Forest City Enterprises Inc 7.625% 01/Jun/2015
905,217
7,061,589
56,129
0.10%
0.78%
0.01%
4,525,000
1,480,000
4,140,000
USD
USD
USD
Real Estate Investment Trusts
CNL Lifestyle Properties Inc 7.25% 15/Apr/2019
Host Hotels & Resorts LP 2.5% CV 15/Oct/2029
Sabra Health Care LP / Sabra Capital Corp 8.125% 01/Nov/2018
3,277,742
1,449,522
3,348,206
0.36%
0.16%
0.37%
835,000
2,805,000
2,545,000
USD
USD
USD
Health Care
Health Care Equipment and Services
Accellent Inc 10% 01/Nov/2017
Alere Inc 3% CV 15/May/2016
Amerigroup Corp 7.5% 15/Nov/2019
520,925
1,989,286
2,326,096
0.06%
0.22%
0.25%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 303

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
2,725,000 USD
7,095,000 USD
2,195,000 USD
8,980,000 USD
2,355,000 USD
2,307,000 USD
4,090,000 USD
3,950,000 USD
6,135,000 USD
3,105,000 USD
3,600,000 USD
1,825,000 USD
4,260,000 USD
3,491,560 USD
1,850,000 USD
6,800,000 USD
101,000 USD
4,150,000 USD
Description of Securities
Aviv Healthcare Properties LP / Aviv Healthcare Capital Corp 7.75% 15/Feb/2019
Capella Healthcare Inc 9.25% 01/Jul/2017
CHS/Community Health Systems Inc 7.125% 15/Jul/2020
CHS/Community Health Systems Inc 8% 15/Nov/2019
ExamWorks Group Inc 9% 15/Jul/2019
Gentiva Health Services Inc 11.5% 01/Sep/2018
Hologic Inc 2% CV 15/Dec/2037
Hologic Inc 6.25% 01/Aug/2020
Kindred Healthcare Inc 8.25% 01/Jun/2019
NuVasive Inc 2.75% CV 01/Jul/2017
Physio-Control International Inc 9.875% 15/Jan/2019
PSS World Medical Inc 6.375% 01/Mar/2022
Surgical Care Affiliates Inc 10% 15/Jul/2017
Surgical Care Affiliates Inc 8.875% 15/Jul/2015
Universal Hospital Services Inc 7.625% 15/Aug/2020
Vanguard Health Holding Co II LLC / Vanguard Holding Co II Inc - 144A - 7.75% 01/Feb/2019
Vanguard Health Systems Inc 0% 01/Feb/2016
WellPoint Inc 2.75% CV 15/Oct/2042
Market Value
2,190,913
5,771,682
1,777,277
7,373,217
1,911,294
1,653,607
3,459,003
3,228,250
4,548,667
2,050,433
2,996,814
1,633,419
3,384,671
2,681,435
1,478,639
5,338,288
57,456
3,358,261
Net Assets %
0.24%
0.63%
0.19%
0.81%
0.21%
0.18%
0.38%
0.35%
0.50%
0.22%
0.33%
0.18%
0.37%
0.29%
0.16%
0.58%
0.01%
0.37%
3,296,000
2,850,000
4,572,000
1,430,000
4,678,000
3,375,000
3,215,000
1,735,000
1,525,000
1,815,000
6,574,000
4,845,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Pharmaceuticals and Biotechnology
BioScrip Inc 10.25% 01/Oct/2015
Corsicanto Ltd 3.5% CV 15/Jan/2032
Cubist Pharmaceuticals Inc 2.5% CV 01/Nov/2017
KV Pharmaceutical 0% 15/Mar/2015
Lantheus Medical Imaging Inc 9.75% 15/May/2017
PDL BioPharma Inc 3.75% CV 01/May/2015
Salix Pharmaceuticals Ltd 1.5% CV 15/Mar/2019
Sky Growth Acquisition Corp 7.375% 15/Oct/2020
STHI Holding Corp 8% 15/Mar/2018
Valeant Pharmaceuticals International 6.375% 15/Oct/2020
Vertex Pharmaceuticals Inc 3.35% CV 01/Oct/2015
VPI Escrow Corp 6.375% 15/Oct/2020
2,668,750
2,658,905
5,398,992
867,718
3,299,863
3,022,307
2,344,068
1,309,409
1,252,133
1,476,477
5,550,427
3,941,340
0.29%
0.29%
0.59%
0.09%
0.36%
0.33%
0.26%
0.14%
0.14%
0.16%
0.61%
0.43%
2,410,000
1,155,000
USD
USD
Industrials
Aerospace and Defense
ADS Tactical Inc 11% 01/Apr/2018
Silver II Borrower 7.75% 15/Dec/2020
1,864,533
906,724
0.20%
0.10%
1,855,000
1,300,000
1,000,000
2,500,000
1,000,000
6,023,000
570,000
2,895,000
1,925,000
1,750,000
305,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Construction and Materials
Calcipar SA 6.875% 01/May/2018
Cemex SAB de CV - 144A - 9% 11/Jan/2018
Cemex SAB de CV Libor 3M 30/Sep/2015
Cemex SAB de CV 3.75% CV 15/Mar/2018
Masco Corp 5.95% 15/Mar/2022
MasTec Inc 4% CV 15/Jun/2014
MasTec Inc 4.25% CV 15/Dec/2014
New Enterprise Stone & Lime Co Inc 11% 01/Sep/2018
Texas Industries Inc 9.25% 15/Aug/2020
USG Corp - 144A - 7.875% 30/Mar/2020
USG Corp 8.375% 15/Oct/2018
1,435,149
1,067,392
771,769
2,124,972
840,786
7,392,268
721,471
1,646,883
1,565,961
1,483,332
257,945
0.16%
0.12%
0.08%
0.23%
0.09%
0.82%
0.08%
0.18%
0.17%
0.16%
0.03%
1,785,000
3,927,000
2,410,000
1,515,000
USD
USD
USD
USD
Electronic and Electrical Equipment
Coleman Cable Inc 9% 15/Feb/2018
General Cable Corp Floating CV 15/Nov/2029
Jabil Circuit Inc 4.7% 15/Sep/2022
SunPower Corp 4.5% CV 15/Mar/2015
1,455,457
3,181,528
1,930,797
1,065,809
0.16%
0.35%
0.21%
0.12%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
304 Pioneer Funds - Annual Report

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,262,000 USD
5,650,000 USD
4,550,000 USD
2,850,000 USD
4,417,000 USD
3,460,000 USD
4,006,000 USD
Description of Securities
SunPower Corp 4.75% CV 15/Apr/2014
Viasystems Inc - 144A - 7.875% 01/May/2019
Vishay Intertechnology Inc - 144A - 2.25% CV 01/Jun/2042
Vishay Intertechnology Inc 2.25% CV 15/May/2041
WESCO Distribution Inc 7.5% 15/Oct/2017
WESCO International Inc 6% CV 15/Sep/2029
WireCo WorldGroup Inc Floating 15/May/2017
Market Value
2,331,944
4,199,788
3,436,054
1,661,815
3,394,497
6,313,305
3,220,843
Net Assets %
0.25%
0.46%
0.37%
0.18%
0.37%
0.70%
0.35%
1,295,000
789,000
2,774,895
300,000
2,600,000
1,900,000
5,620,000
4,515,000
2,180,000
1,725,000
1,050,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
General Industrials
AEP Industries Inc 8.25% 15/Apr/2019
American Railcar Industries Inc 7.5% 01/Mar/2014
ARD Finance SA 11.125% 01/Jun/2018
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA Inc 7.375% 15/Oct/2017
Ardagh Packaging Finance PLC 9.125% 15/Oct/2020
Boart Longyear Management Pty Ltd 7% 01/Apr/2021
Crown Cork & Seal Co Inc 7.375% 15/Dec/2026
JB Poindexter & Co Inc 9% 01/Apr/2022
Packaging Dynamics Corp 8.75% 01/Feb/2016
Park-Ohio Industries Inc 8.125% 01/Apr/2021
Pretium Packaging LLC / Pretium Finance Inc 11.5% 01/Apr/2016
1,051,009
602,941
2,231,029
248,312
2,149,575
1,462,758
4,667,703
3,557,309
1,727,928
1,390,179
821,308
0.11%
0.07%
0.24%
0.03%
0.23%
0.16%
0.51%
0.39%
0.19%
0.15%
0.09%
740,000
2,295,000
990,000
1,800,000
9,105,000
3,540,000
1,450,000
1,820,000
USD
USD
USD
USD
USD
USD
USD
USD
Industrial Engineering
Altra Holdings Inc 2.75% CV 01/Mar/2031
Cleaver-Brooks Inc 8.75% 15/Dec/2019
Liberty Tire Recycling 11% 01/Oct/2016
Mcron Finance Sub LLC / Mcron Finance Corp - 144A - 8.375% 15/May/2019
Navistar International Corp 3% CV 15/Oct/2014
Navistar International Corp 8.25% 01/Nov/2021
Terex Corp 6% 15/May/2021
Thermadyne Holdings Corp 9% 15/Dec/2017
607,593
1,797,321
694,592
1,399,424
6,310,446
2,591,095
1,157,558
1,470,191
0.07%
0.20%
0.08%
0.15%
0.70%
0.28%
0.13%
0.16%
750,000
2,850,000
2,340,000
2,070,000
1,125,000
3,105,000
1,871,000
1,056,533
1,350,000
5,965,000
1,675,000
3,600,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Industrial Transportation
Aguila 3 SA - 144A - 7.875% 31/Jan/2018
Aviation Capital Group Corp 6.75% 06/Apr/2021
Bristow Group Inc 6.25% 15/Oct/2022
CEVA Group PLC 11.5% 01/Apr/2018
CEVA Group PLC 11.625% 01/Oct/2016
CEVA Group PLC 8.375% 01/Dec/2017
DryShips Inc 5% CV 01/Dec/2014
Florida East Coast Holdings Corp 10.5% 01/Aug/2017
Florida East Coast Railway Corp 8.125% 01/Feb/2017
Greenbrier Cos Inc 3.5% CV 01/Apr/2018
Navios South American Logistics Inc / Navios Logistics Finance US Inc 9.25% 15/Apr/2019
Syncreon Global Ireland Ltd 9.5% 01/May/2018
603,004
2,238,084
1,899,120
1,311,021
876,773
2,319,801
1,129,107
793,361
1,085,407
4,088,948
1,246,658
2,839,806
0.07%
0.24%
0.21%
0.14%
0.10%
0.25%
0.12%
0.09%
0.12%
0.45%
0.14%
0.31%
723,000
123
1,800,000
1,080,000
2,750,000
USD
USD
USD
USD
USD
Support Services
Brickman Group Holdings Inc 9.125% 01/Nov/2018
Catalent Pharma Solutions Inc 9.5% 15/Apr/2015
Clean Harbors Inc 5.25% 01/Aug/2020
Iron Mountain Inc 5.75% 15/Aug/2024
Live Nation Entertainment Inc 7% 01/Sep/2020
574,441
95
1,423,316
829,414
2,177,118
0.06%
0.00%
0.16%
0.09%
0.24%
910,000
2,700,000
USD
USD
Oil and Gas
Alternative Energy
JinkoSolar Holding Co Ltd 4% CV 15/May/2016
ReneSola Ltd 4.125% CV 15/Mar/2018
290,328
1,052,128
0.03%
0.11%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 305

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,425,000 USD
3,575,000 USD
5,600,000 USD
1,000,000 USD
5,368,000 USD
600,000 USD
2,780,000 USD
1,500,000 USD
2,887,000 USD
1,140,000 USD
985,000 USD
1,100,000 USD
8,000,000 USD
1,200,000 USD
3,605,000 USD
795,000 USD
2,375,000 USD
2,491,000 USD
2,755,000 USD
2,300,000 USD
550,000 USD
3,000,000 USD
1,800,000 USD
2,880,000 USD
1,725,000 USD
4,535,000 USD
2,455,000 USD
4,270,000 USD
1,760,000 USD
2,900,000 USD
450,000 USD
736,000 USD
3,865,000 USD
7,025,000 USD
2,260,000 USD
5,915,000 USD
3,875,000 USD
3,200,000 USD
850,000 USD
971,000 USD
2,705,000 USD
3,360,000 USD
980,000 USD
3,850,000 USD
2,100,000 USD
2,295,000 USD
1,703,000 USD
4,850,000 USD
3,430,000 USD
1,755,000 USD
1,000,000 USD
1,675,000 USD
Description of Securities
Oil and Gas Producers
Antero Resources Finance Corp 7.25% 01/Aug/2019
Atwood Oceanics Inc 6.5% 01/Feb/2020
Berry Petroleum Co 6.375% 15/Sep/2022
Carrizo Oil & Gas Inc 7.5% 15/Sep/2020
Carrizo Oil & Gas Inc 8.625% 15/Oct/2018
Chaparral Energy Inc 7.625% 15/Nov/2022
Chaparral Energy Inc 8.25% 01/Sep/2021
Chesapeake Energy Corp 2.25% CV 15/Dec/2038
Chesapeake Energy Corp 2.5% CV 15/May/2037
Chesapeake Energy Corp 2.5% CV 15/May/2037
Chesapeake Energy Corp 6.775% 15/Mar/2019
Cimarex Energy Co 5.875% 01/May/2022
Cobalt International Energy Inc 2.625% CV 01/Dec/2019
Comstock Resources Inc 8.375% 15/Oct/2017
Comstock Resources Inc 9.5% 15/Jun/2020
Concho Resources Inc 6.5% 15/Jan/2022
Continental Resources Inc/OK 5% 15/Sep/2022
Denbury Resources Inc 8.25% 15/Feb/2020
Drill Rigs Holdings Inc 6.5% 01/Oct/2017
EP Energy LLC / EP Energy Finance Inc 9.375% 01/May/2020
EP Energy LLC / Everest Acquisition Finance Inc 6.875% 01/May/2019
EP Energy LLC / Everest Acquisition Finance Inc 7.75% 01/Sep/2022
EPE Holdings LLC / EP Energy Bond Co Inc 8.125% 15/Dec/2017
EPL Oil & Gas Inc 8.25% 15/Feb/2018
EV Energy Partners LP / EV Energy Finance Corp 8% 15/Apr/2019
Forest Oil Corp 7.5% 15/Sep/2020
Goodrich Petroleum Corp 8.875% 15/Mar/2019
Gulfport Energy Corp 7.75% 01/Nov/2020
Halcon Resources Corp 8.875% 15/May/2021
Halcon Resources Corp 9.75% 15/Jul/2020
Hercules Offshore Inc - 144A - 7.125% 01/Apr/2017
Hilcorp Energy I LP / Hilcorp Finance Co 7.625% 15/Apr/2021
Kodiak Oil & Gas Corp 8.125% 01/Dec/2019
Linn Energy LLC / Linn Energy Finance Corp 6.25% 01/Nov/2019
Midstates Petroleum Co Inc / Midstates Petroleum Co LLC 10.75% 01/Oct/2020
Northern Oil and Gas Inc 8% 01/Jun/2020
Oasis Petroleum Inc 6.875% 15/Jan/2023
Ocean Rig UDW Inc 9.5% 27/Apr/2016
Offshore Group Investment Ltd 7.5% 01/Nov/2019
Offshore Group Investments Ltd 11.5% 01/Aug/2015
PDC Energy Inc 7.75% 15/Oct/2022
PetroBakken Energy Ltd 8.625% 01/Feb/2020
Petroquest Energy Inc 10% 01/Sep/2017
Plains Exploration & Production Co 6.125% 15/Jun/2019
QEP Resources Inc 5.25% 01/May/2023
QR Energy LP / QRE Finance Corp 9.25% 01/Aug/2020
Quicksilver Resources Inc 7.125% 01/Apr/2016
Resolute Energy Corp - 144A - 8.5% 01/May/2020
Samson Investment Co 9.75% 15/Feb/2020
SandRidge Energy Inc 7.5% 15/Feb/2023
SandRidge Energy Inc 9.875% 15/May/2016
Shelf Drilling Holdings Ltd 8.625% 01/Nov/2018
Market Value
1,178,133
2,928,550
4,417,476
776,509
4,397,330
477,852
2,287,849
920,149
1,965,323
765,246
748,986
913,607
6,071,753
955,704
2,939,453
663,304
1,941,036
2,125,588
2,079,206
1,966,968
452,632
2,412,015
1,353,345
2,244,539
1,388,544
3,611,764
1,778,311
3,327,841
1,415,049
2,375,607
357,536
608,495
3,232,071
5,355,070
1,821,336
4,576,229
3,152,258
2,475,728
651,168
802,784
2,103,023
2,586,772
769,342
3,183,025
1,704,339
1,827,784
1,033,374
3,706,292
2,764,241
1,424,340
817,279
1,302,241
Net Assets %
0.13%
0.32%
0.48%
0.08%
0.48%
0.05%
0.25%
0.10%
0.21%
0.08%
0.08%
0.10%
0.66%
0.10%
0.32%
0.07%
0.21%
0.23%
0.23%
0.21%
0.05%
0.26%
0.15%
0.24%
0.15%
0.39%
0.19%
0.36%
0.15%
0.26%
0.04%
0.07%
0.35%
0.58%
0.20%
0.50%
0.34%
0.27%
0.07%
0.09%
0.23%
0.28%
0.08%
0.35%
0.19%
0.20%
0.11%
0.40%
0.30%
0.16%
0.09%
0.14%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
306 Pioneer Funds - Annual Report

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
2,740,000 USD
840,000 USD
150,000 USD
1,000,000 USD
2,220,000 USD
757,000 USD
3,375,000 USD
3,355,000 USD
3,700,000 USD
1,660,000 USD
Description of Securities
SM Energy Co 6.5% 01/Jan/2023
SM Energy Co 6.5% 15/Nov/2021
SM Energy Co 6.625% 15/Feb/2019
Stone Energy Corp 1.75% CV 01/Mar/2017
Stone Energy Corp 7.5% 15/Nov/2022
Stone Energy Corp 8.625% 01/Feb/2017
Swift Energy Co 7.875% 01/Mar/2022
Tesoro Corp 5.375% 01/Oct/2022
Vanguard Natural Resources LLC / VNR Finance Corp 7.875% 01/Apr/2020
Venoco Inc 8.875% 15/Feb/2019
Market Value
2,223,756
684,921
120,032
662,735
1,751,214
616,527
2,675,118
2,710,160
2,946,754
1,180,408
Net Assets %
0.24%
0.07%
0.01%
0.07%
0.19%
0.07%
0.29%
0.30%
0.32%
0.13%
1,076,000
2,495,000
3,576,000
4,650,000
1,000,000
3,230,000
4,500,000
650,000
1,875,000
1,450,000
250,000
3,260,000
1,200,000
1,805,000
4,585,000
1,475,000
1,275,000
2,520,000
2,820,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Oil Equipment, Services and Distribution
American Petroleum Tankers Parent LLC / AP Tankers Co 10.25% 01/May/2015
Atlas Pipeline Partners LP / Atlas Pipeline Finance Corp - 28/09/2012 - 6.625% 01/Oct/2020
Basic Energy Services Inc 7.75% 15/Feb/2019
Copano Energy LLC / Copano Energy Finance Corp 7.125% 01/Apr/2021
Enterprise Products Operating LLC Floating 01/Jun/2067
Exterran Holdings Inc 7.25% 01/Dec/2018
Golar LNG Ltd 3.75% CV 07/Mar/2017
Green Field Energy Services Inc Floating 15/Nov/2016
Hiland Partners LP / Hiland Partners Finance Corp 7.25% 01/Oct/2020
Holly Energy Partners LP / Holly Energy Finance Corp 6.5% 01/Mar/2020
Holly Energy Partners LP / Holly Energy Finance Corp 8.25% 15/Mar/2018
Inergy Midstream LP / NRGM Finance Corp 6% 15/Dec/2020
Key Energy Services Inc 6.75% 01/Mar/2021
Key Energy Services Inc 6.75% 01/Mar/2021
MarkWest Energy Partners LP / MarkWest Energy Finance Corp 5.5% 15/Feb/2023
MarkWest Energy Partners LP / MarkWest Energy Finance Corp 6.25% 15/Jun/2022
Pioneer Drilling Co 9.875% 15/Mar/2018
Targa Resources Partners LP / Targa Resources Partners Finance Corp 6.375% 01/Aug/2022
Trinidad Drilling Ltd 7.875% 15/Jan/2019
852,867
1,958,681
2,712,379
3,787,119
817,917
2,609,185
3,341,550
493,022
1,521,731
1,176,805
206,216
2,553,057
910,194
1,362,238
3,773,305
1,219,471
1,051,701
2,092,992
2,272,641
0.09%
0.21%
0.30%
0.41%
0.09%
0.28%
0.36%
0.05%
0.17%
0.13%
0.02%
0.28%
0.10%
0.15%
0.41%
0.13%
0.11%
0.23%
0.25%
1,474,000
1,500,000
1,270,000
1,575,000
1,499,000
775,000
2,615,000
3,455,000
1,325,000
1,825,000
3,515,000
4,933,000
1,485,000
4,300,000
1,559,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Technology
Software and Computer Services
Allen Systems Group Inc Floating 15/Nov/2016
Equinix Inc 3% CV 15/Oct/2014
First Data Corp 12.625% 15/Jan/2021
First Data Corp 7.375% 15/Jun/2019
First Data Corp 8.25% 15/Jan/2021
First Data Corp 8.875% 15/Aug/2020
IMS Health Inc 6% 01/Nov/2020
J2 Global Inc 8% 01/Aug/2020
MedAssets Inc 8% 15/Nov/2018
Mentor Graphics Corp 4% CV 01/Apr/2031
Nuance Communications Inc 2.75% CV 01/Nov/2031
Nuance Communications Inc 2.75% CV 15/Aug/2027
Nuance Communications Inc 5.375% 15/Aug/2020
WebMD Health Corp 2.25% CV 31/Mar/2016
WebMD Health Corp 2.5% CV 31/Jan/2018
827,336
2,186,599
1,013,861
1,236,442
1,136,984
640,739
2,077,679
2,725,425
1,095,457
1,622,172
2,872,734
4,852,461
1,177,052
3,041,376
990,339
0.09%
0.24%
0.11%
0.13%
0.12%
0.07%
0.23%
0.30%
0.12%
0.18%
0.31%
0.53%
0.13%
0.33%
0.11%
3,465,000
4,000,000
1,595,000
610,000
USD
USD
USD
USD
Technology Hardware and Equipment
Advanced Micro Devices Inc 7.5% 15/Aug/2022
Ciena Corp 0.875% CV 15/Jun/2017
CommScope Inc 8.25% 15/Jan/2019
CPI International Inc 8% 15/Feb/2018
2,161,683
2,603,535
1,324,731
451,693
0.24%
0.28%
0.14%
0.05%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 307

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,390,000 USD
4,107,000 USD
1,255,000 USD
2,950,000 USD
3,625,000 USD
6,095,000 USD
4,350,000 USD
3,150,000 USD
3,635,000 USD
2,260,000 USD
2,950,000 USD
Description of Securities
Intel Corp 2.95% CV 15/Dec/2035
Lam Research Corp 1.25% CV 15/May/2018
MEMC Electronic Materials Inc 7.75% 01/Apr/2019
NCR Corp 5% 15/Jul/2022
Novellus Systems Inc 2.625% CV 15/May/2041
ON Semiconductor Corp 2.625% CV 15/Dec/2026
SanDisk Corp 1.5% CV 15/Aug/2017
Seagate HDD Cayman 7% 01/Nov/2021
Seagate HDD Cayman 7.75% 15/Dec/2018
ViaSat Inc 6.875% 15/Jun/2020
Xilinx Inc 3.125% CV 15/Mar/2037
Market Value
2,661,294
3,091,776
799,606
2,273,921
3,400,843
4,894,631
3,796,434
2,574,427
3,043,182
1,791,338
2,809,537
Net Assets %
0.29%
0.34%
0.09%
0.25%
0.37%
0.53%
0.41%
0.28%
0.33%
0.20%
0.31%
3,400,000
5,588,000
655,000
1,840,000
3,250,000
2,360,000
800,000
1,057,000
2,850,000
1,565,000
3,450,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Telecommunications
Fixed Line Telecommunications
Cincinnati Bell Inc 8.25% 15/Oct/2017
Cincinnati Bell Inc 8.375% 15/Oct/2020
Cincinnati Bell Inc 8.75% 15/Mar/2018
Frontier Communications Corp 7.125% 15/Jan/2023
Frontier Communications Corp 8.5% 15/Apr/2020
Frontier Communications Corp 8.75% 15/Apr/2022
Frontier Communications Corp 9.25% 01/Jul/2021
GCI Inc 8.625% 15/Nov/2019
PAETEC Holding Corp 8.875% 30/Jun/2017
TW telecom holdings inc 5.375% 01/Oct/2022
Windstream Corp 7.5% 01/Jun/2022
2,778,747
4,588,145
512,961
1,479,369
2,834,876
2,076,456
714,502
851,837
2,318,435
1,243,430
2,786,901
0.30%
0.50%
0.06%
0.16%
0.31%
0.23%
0.08%
0.09%
0.25%
0.14%
0.30%
2,800,000
4,605,000
2,550,000
1,600,000
USD
USD
USD
USD
Mobile Telecommunications
Intelsat Jackson Holdings SA 7.25% 01/Apr/2019
Intelsat Luxembourg SA - 144A - 11.5% 04/Feb/2017
Intelsat Luxembourg SA 11.5% 04/Feb/2017
Telesat Canada / Telesat LLC 12.5% 01/Nov/2017
2,293,689
3,711,175
2,055,048
1,331,917
0.25%
0.40%
0.22%
0.15%
565,000
2,219,000
1,830,000
4,225,000
3,425,000
3,000,000
USD
USD
USD
USD
USD
USD
Utilities
Electricity
Energy Future Holdings Corp Floating 15/Jan/2020
Intergen NV 9% 30/Jun/2017
NRG Energy Inc 7.625% 15/Jan/2018
NRG Energy Inc 7.625% 15/May/2019
NRG Energy Inc 8.25% 01/Sep/2020
NRG Energy Inc 8.5% 15/Jun/2019
478,904
1,506,375
1,540,731
3,428,967
2,909,587
2,503,034
0.05%
0.16%
0.17%
0.37%
0.32%
0.27%
4,720,000
501,000
1,650,000
549,000
USD
USD
USD
USD
Gas, Water and Multiutilities
AmeriGas Finance LLC / AmeriGas Finance Corp 7% 20/May/2022
AmeriGas Partners LP / AmeriGas Finance Corp 6.5% 20/May/2021
Ferrellgas LP / Ferrellgas Finance Corp 6.5% 01/May/2021
Star Gas Partners LP / Star Gas Finance Co 8.875% 01/Dec/2017
4,000,759
412,307
1,239,002
422,660
0.44%
0.04%
0.14%
0.05%
Total Bonds
813,833,534
88.78%
Equities
56,465
123,825
USD
USD
Basic Materials
Chemicals
Georgia Gulf Corp
LyondellBasell Industries NV - A
1,767,958
5,363,808
0.19%
0.58%
38,720
USD
Industrial Metals and Mining
Freeport-McMoRan Copper & Gold Inc - B
1,004,417
0.11%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
308 Pioneer Funds - Annual Report

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
105,936 CAD
Description of Securities
Mining
Polymet Mining Corp
Market Value
73,868
Net Assets %
0.01%
75,000
23,210
USD
USD
Consumer Goods
Automobiles and Parts
Goodyear Tire & Rubber Co - Pfd
Lear Corp
2,600,812
824,251
0.28%
0.09%
224,750
USD
Financials
Financial Services
GMAC Capital Trust I
4,496,193
0.49%
900
USD
Real Estate Investment and Services
Forest City Enterprises Inc - Pfd
38,207
0.00%
29,598
USD
Health Care
Health Care Equipment and Services
Alere Inc - Pfd
4,731,325
0.52%
13,350
USD
Industrials
Aerospace and Defense
BE Aerospace Inc
497,688
0.05%
9,500
7,700
USD
USD
Electronic and Electrical Equipment
Arrow Electronics Inc
Thermo Fisher Scientific Inc
274,465
372,502
0.03%
0.04%
3,400
USD
Industrial Engineering
Stanley Black & Decker Inc - Pfd
311,323
0.03%
5,317
USD
Industrial Transportation
Horizon Lines Inc
6,049
0.00%
82,900
USD
Support Services
DigitalGlobe Inc
1,538,655
0.17%
189,664
1,800
USD
USD
Oil and Gas
Oil and Gas Producers
Hercules Offshore Inc
SandRidge Energy Inc - Pfd
881,857
140,953
0.10%
0.02%
12,748
USD
Oil Equipment, Services and Distribution
Transocean Ltd/Switzerland
431,831
0.05%
82,600
USD
Technology
Technology Hardware and Equipment
Ingram Micro Inc - A
1,061,320
0.12%
Total Equities
26,417,482
2.88%
340,000
1,198,000
1,000,000
USD
USD
USD
Mortgages and Asset Backed securities
Bear Stearns Asset Backed Securities Trust - 2 A3 - Libor 1M 25/Jan/2047
Countrywide Asset-Backed Certificates - QH1 A1 - Libor 1M 25/Feb/2037
Lease Investment Flight Trust - 1 A2 - Libor 1M 15/Jul/2031
118,128
151,525
433,826
0.01%
0.02%
0.05%
Total Mortgages and Asset Backed securities
703,479
0.08%
Supranationals, Governments and Local Public Authorities, Debt Instruments
2,700,000
USD
Governments
Seneca Gaming Corp 8.25% 01/Dec/2018
2,160,573
0.24%
1,875,000
USD
Local Public Authorities
Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc 11.5% 01/Oct/2020
1,112,855
0.12%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 309

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,875,000 USD
Description of Securities
Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc 15% 01/Apr/2021
Market Value
483,541
Net Assets %
0.05%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
3,756,969
844,711,464
0.41%
92.15%
Other Transferable Securities
Bonds
623,000
USD
Basic Materials
Forestry and Paper
Sino-Forest Corp 0% CV 15/Dec/2016 Defaulted
66,156
0.01%
2,950,000
USD
Mining
Molycorp Inc - 144A - 10% 01/Jun/2020
2,080,931
0.23%
4,195,000
USD
Consumer Goods
Automobiles and Parts
Lear Corp. Escrow Bankruptcy 0% 01/Dec/2016 Defaulted
0
0.00%
1,230,000
4,610,000
USD
USD
Consumer Services
Media
MDC Partners Inc 11% 01/Nov/2016
Truven Health Analytics Inc - 144A - 10.625% 01/Jun/2020
1,025,078
3,723,947
0.11%
0.42%
1,150,000
3,775,000
1,600,000
USD
USD
USD
Travel, Leisure and Catering
Buffalo Thunder Development Authority 0% 15/Dec/2014 Defaulted
Mashantucket Western Pequot Tribe 0% 15/Nov/2015 Defaulted
Scientific Games International Inc 6.25% 01/Sep/2020
305,294
171,799
1,242,415
0.03%
0.02%
0.14%
400,000
250,000
350,000
475,000
450,000
375,000
400,000
250,000
1,000,000
550,000
600,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Financials
Financial Services
Compass Re Ltd - 2 - Floating 08/Jan/2015
Compass Re Ltd - 3 - Floating 08/Jan/2015
Lakeside Re III Ltd Floating 08/Jan/2016
Mythen Re Ltd Series 2012-2 Class A Floating 05/Jan/2017
Queen Street VII Re Ltd Floating 08/Apr/2016
Residential Reinsurance 2012 Ltd - 144A - Floating 06/Jun/2016
Residential Reinsurance 2012 Ltd - 144A - Floating 06/Jun/2016
Residential Reinsurance 2012 Ltd Floating 06/Dec/2016
Residential Reinsurance 2012 Ltd Floating 06/Dec/2016
Residential Reinsurance 2012 Ltd Floating 06/Dec/2016
Successor X Ltd Floating 17/Jan/2014
308,040
190,382
265,473
359,817
341,323
305,285
311,650
189,624
758,495
417,172
424,788
0.03%
0.02%
0.03%
0.04%
0.04%
0.03%
0.03%
0.02%
0.08%
0.05%
0.05%
900,000
USD
Health Care
Health Care Equipment and Services
US Oncology Holding 0% 15/Aug/2017 Defaulted
12,800
0.00%
700,000
USD
Industrials
General Industrials
Ardagh Packaging Finance PLC - 144A - 7.375% 15/Oct/2017
580,059
0.06%
980,000
USD
Industrial Transportation
Syncreon Global Ireland Ltd / Syncreon Global Finance US Inc 9.5% 01/May/2018
773,058
0.08%
1,855,000
USD
Oil and Gas
Oil and Gas Producers
Unit Corp 6.625% 15/May/2021
1,443,942
0.16%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
310 Pioneer Funds - Annual Report

Pioneer Funds - U.S. High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
4,360,000 USD
16,000 USD
Description of Securities
Oil Equipment, Services and Distribution
Basic Energy Services Inc 7.75% 15/Oct/2022
Green Field Energy Services Inc 13.25% 15/Nov/2016
Market Value
3,224,363
12,136
Net Assets %
0.35%
0.00%
5,045,000
USD
Telecommunications
Mobile Telecommunications
Millicom Escrow 0% 01/Dec/2013
0
0.00%
Total Bonds
18,534,027
2.03%
Equities
3,400
USD
Industrials
Electronic and Electrical Equipment
General Cable Corp - Pfd
379,586
0.04%
3,800
USD
Oil and Gas
Oil and Gas Producers
Petroquest Energy Inc - Pfd
104,181
0.01%
Total Equities
483,767
0.05%
650
26,230,639
USD
USD
Warrants
Green Field Energy - Green Field Wrt 2021 -
Horizon Lines Inc - Horizon Lines - 06/Oct/2016
15,284
1,185,790
0.00%
0.13%
Total Warrants
Total Other Transferable Securities
1,201,074
20,218,868
0.13%
2.21%
Total Securities
864,930,332
94.36%
Net Asset Value
916,619,298
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 EUR
5,856,439
31-Jan-13 EUR
5,995,148
31-Jan-13 EUR
7,627,850
12-Mar-13 USD
2,968,652
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
USD
USD
EUR
Amount Sold
7,772,519
7,956,610
10,123,492
2,275,000
Unrealised Gain/(Loss)
(38,273)
(39,180)
(49,850)
(24,224)
(151,527)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
20-Dec-16 Credit Default Swap Seller
20-Jun-17 Credit Default Swap Seller
20-Jun-17 Credit Default Swap Seller
20-Jun-17 Credit Default Swap Seller
20-Sep-17 Credit Default Swap Seller
Total Net Unrealised Gain/(Loss) on Swaps
Underlying
CDX NA HY 17
CDX NA HY 18
CDX NA HY 18
CDX NA HY 18
Goodyear Tire & Rubber
Received Rate
5.000%
5.000%
5.000%
5.000%
5.000%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- USD 4,900,000
88,019
- USD 9,900,000
98,407
- USD 3,960,000
39,363
- USD 20,000,000 198,803
- USD 1,600,000
(3,335)
421,257
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 311

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
2,180,000
4,650,000
1,750,000
2,900,000
5,420,000
1,600,000
250,000
12,720,000
2,570,000
10,708,000
3,600,000
20,700,000
850,000
3,840,000
3,285,000
10,100,000
1,679,000
4,935,000
8,020,000
USD
USD
USD
USD
USD
USD
EUR
EUR
USD
USD
EUR
USD
USD
EUR
USD
USD
USD
EUR
USD
Basic Materials
Chemicals
Basell Finance Co BV 8.1% 15/Mar/2027
Braskem Finance Ltd - 144A - 7.375% Perpetual
EuroChem Mineral & Chemical Co OJSC via EuroChem GI Ltd 5.125% 12/Dec/2017
Hexion US Finance Corp / Hexion Nova Scotia Finance ULC 8.875% 01/Feb/2018
Hexion US Finance Corp 6.625% 15/Apr/2020
Ineos Finance PLC - 144A - 7.5% 01/May/2020
INEOS Group Holdings SA - Reg.S - 7.875% 15/Feb/2016
Ineos Group Holdings SA 7.875% 15/Feb/2016
Ineos Group Holdings SA 8.5% 15/Feb/2016
Kinove German Bondco GmbH 9.625% 15/Jun/2018
Kloeckner Pentaplast GmbH & Co KG 11.625% 15/Jul/2017
LyondellBasell Industries NV 5% 15/Apr/2019
Mexichem SAB de CV 4.875% 19/Sep/2022
Momentive Performance Materials Inc 9.5% 15/Jan/2021
NOVA Chemicals Corp 7.875% 15/Sep/2025
Rain CII Carbon LLC / CII Carbon Corp 8% 01/Dec/2018
Rhodia SA 6.875% 15/Sep/2020
Styrolution Group GmbH 7.625% 15/May/2016
Tronox Finance LLC 6.375% 15/Aug/2020
2,207,448
3,668,083
1,359,197
2,260,126
4,182,987
1,271,238
248,220
12,628,925
1,939,586
8,873,248
3,996,000
17,349,438
694,687
2,764,800
2,525,917
7,794,865
1,435,410
5,132,400
6,143,962
0.09%
0.14%
0.05%
0.09%
0.16%
0.05%
0.01%
0.49%
0.07%
0.34%
0.15%
0.66%
0.03%
0.11%
0.10%
0.30%
0.06%
0.20%
0.24%
8,980,000
4,452,433
14,555,000
7,926,000
4,705,000
117,000
1,400,000
4,450,000
5,049,000
USD
USD
USD
USD
USD
USD
EUR
USD
USD
Forestry and Paper
Appleton Papers Inc 10.5% 15/Jun/2015
Bio Pappel SAB de CV - Regs - Floating 27/Aug/2016
Exopack Holding Corp 10% 01/Jun/2018
Grupo Papelero Scribe SA de CV - 144A - 8.875% 07/Apr/2020
Millar Western Forest Products Ltd 8.5% 01/Apr/2021
Resolute Forest Products 10.25% 15/Oct/2018
Sappi Papier Holding GmbH - 144A - 6.625% 15/Apr/2018
Sappi Papier Holding GmbH - 144A - 6.625% 15/Apr/2021
Xerium Technologies Inc 8.875% 15/Jun/2018
7,219,964
3,140,748
9,991,107
5,591,004
3,229,691
101,612
1,505,000
3,333,112
3,465,826
0.28%
0.12%
0.39%
0.22%
0.12%
0.00%
0.06%
0.13%
0.13%
2,420,000
4,085,000
5,000,000
5,350,000
7,624,000
12,100,000
5,820,000
6,000,000
2,960,000
5,725,000
9,150,000
1,369,000
1,570,000
7,760,000
245,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
Industrial Metals and Mining
Algoma Acquisition Corp - Regs - 9.875% 15/Jun/2015
APERAM 7.375% 01/Apr/2016
Citic Pacific Ltd 6.875% 21/Jan/2018
Essar Steel Algoma Inc - 144A - 9.875% 15/Jun/2015
Essar Steel Algoma Inc 9.375% 15/Mar/2015
Ferrexpo Finance PLC 7.875% 07/Apr/2016
JMC Steel Group 8.25% 15/Mar/2018
Kaiser Aluminum Corp 8.25% 01/Jun/2020
Metinvest BV - Regs - 10.25% 20/May/2015
Metinvest BV - 144A - 10.25% 20/May/2015
Metinvest BV - 144A - 8.75% 14/Feb/2018
Mueller Water Products Inc 7.375% 01/Jun/2017
Taseko Mines Ltd 7.75% 15/Apr/2019
United States Steel Corp 7.5% 15/Mar/2022
Zlomrex International Finance SA - 144A - 8.5% 01/Feb/2014
1,257,357
2,889,307
4,007,005
2,779,695
5,233,404
8,902,458
4,613,092
4,960,558
2,312,500
4,472,656
6,749,374
1,072,127
1,146,181
6,224,363
180,688
0.05%
0.11%
0.15%
0.11%
0.20%
0.34%
0.18%
0.19%
0.09%
0.17%
0.26%
0.04%
0.04%
0.24%
0.01%
12,830,000
USD
Mining
Alpha Appalachia Holdings Inc 3.25% CV 01/Aug/2015
9,348,315
0.36%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
312 Pioneer Funds - Annual Report

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
10,057,000 USD
4,410,000 USD
8,325,000 USD
4,590,000 USD
100,000 USD
1,456,000 USD
2,210,000 USD
7,810,000 USD
10,013,000 USD
9,125,000 USD
18,075,000 USD
2,000,000 USD
3,226,000 USD
3,000,000 USD
600,000 EUR
9,000,000 USD
2,580,000 USD
2,565,000 USD
2,300,000 USD
10,590,000 USD
2,480,000 USD
Description of Securities
Berau Capital Resources Pte Ltd 12.5% 08/Jul/2015
Berau Coal Energy Tbk PT 7.25% 13/Mar/2017
Bumi Capital Pte Ltd 12% 10/Nov/2016
Bumi Investment Pte Ltd - 144A - 10.75% 06/Oct/2017
FMG Resources August 2006 Pty Ltd 7% 01/Nov/2015
Foresight Energy LLC / Foresight Energy Corp 9.625% 15/Aug/2017
Glencore Finance Europe SA 7.5% Perpetual
IAMGOLD Corp 6.75% 01/Oct/2020
James River Coal Co 3.125% CV 15/Mar/2018
Midwest Vanadium Pty Ltd 11.5% 15/Feb/2018
Mirabela Nickel Ltd 8.75% 15/Apr/2018
Mongolian Mining Corp 8.875% 29/Mar/2017
Murray Energy Corp 10.25% 15/Oct/2015
New Gold Inc - 144A - 7% 15/Apr/2020
New World Resources NV 7.875% 01/May/2018
Penn Virginia Resource Partners LP / Penn Virginia Resource Finance Corp II - 144A - 8.375%
01/Jun/2020
Penn Virginia Resource Partners LP / Penn Virginia Resource Finance Corp 8.25% 15/Apr/2018
Prince Mineral Holding Corp 11.5% 15/Dec/2019
Vedanta Resources Jersey Ltd 5.5% CV 13/Jul/2016
Vedanta Resources PLC 8.25% 07/Jun/2021
Vedanta Resources PLC 9.5% 18/Jul/2018
Market Value
8,295,652
3,294,789
5,967,176
3,081,121
79,642
1,181,675
1,846,047
5,775,751
2,354,392
4,083,548
11,790,428
1,630,765
2,373,498
2,429,081
621,000
7,355,507
2,074,333
2,013,634
1,792,514
8,936,116
2,170,376
Net Assets %
0.32%
0.13%
0.23%
0.12%
0.00%
0.05%
0.07%
0.22%
0.09%
0.16%
0.46%
0.06%
0.09%
0.09%
0.02%
0.28%
0.08%
0.08%
0.07%
0.35%
0.08%
2,500,000
8,705,000
18,125,000
9,475,000
650,000
7,193,000
10,400,000
5,000,000
7,435,000
400,000
6,863,000
3,625,000
USD
USD
USD
USD
EUR
USD
USD
USD
USD
USD
USD
USD
Consumer Goods
Automobiles and Parts
American Axle & Manufacturing Inc 6.625% 15/Oct/2022
Chrysler Group LLC / CG Co-Issuer Inc 8% 15/Jun/2019
Chrysler Group LLC / CG Co-Issuer Inc 8.25% 15/Jun/2021
Commercial Vehicle Group Inc 7.875% 15/Apr/2019
Fiat Finance & Trade SA 7.75% 17/Oct/2016
Ford Motor Co 4.25% CV 15/Nov/2016
Goodyear Tire & Rubber Co 7% 15/May/2022
Hyva Global BV - 144A - 8.625% 24/Mar/2016
International Automotive Components Group SA 9.125% 01/Jun/2018
Stanadyne Holdings Inc Floating 15/Feb/2015
Tower Automotive Holdings USA LLC / TA Holdings Finance Inc 10.625% 01/Sep/2017
UCI International Inc 8.625% 15/Feb/2019
1,924,681
7,196,943
15,122,496
7,114,874
689,520
8,610,022
8,499,697
3,602,852
5,230,554
206,311
5,700,080
2,725,486
0.07%
0.28%
0.58%
0.27%
0.03%
0.33%
0.33%
0.14%
0.20%
0.01%
0.22%
0.11%
297,383
22,877
2,331,000
EUR
EUR
USD
Beverages
Belvedere SA Floating 10/Nov/2019
Belvedere SA Floating 11/Apr/2014
CEDC Finance Corp International Inc 9.125% 01/Dec/2016
47,670
5,262
1,060,831
0.00%
0.00%
0.04%
6,700,000
3,225,000
250,000
3,325,000
3,100,000
6,400,000
10,000,000
7,825,000
8,560,000
4,250,000
2,817,000
1,000,000
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Food Producers
Agrokor DD - 144A - 9.875% 01/May/2019
Agrokor DD 8.875% 01/Feb/2020
Bertin SA / Bertin Finance Ltd - Regs - 10.25% 05/Oct/2016
Bertin SA / Bertin Finance Ltd - 144A - 10.25% 05/Oct/2016
BRF - Brasil Foods SA - 144A - 5.875% 06/Jun/2022
CFG Investment SAC 9.75% 30/Jul/2019
Corp Pesquera Inca SAC 9% 10/Feb/2017
FAGE Dairy Industry SA / FAGE USA Dairy Industry Inc 9.875% 01/Feb/2020
JBS Finance II Ltd - 144A - 8.25% 29/Jan/2018
JBS USA LLC / JBS USA Finance Inc 8.25% 01/Feb/2020
Marfrig Overseas Ltd - 144A - 9.625% 16/Nov/2016
Minerva Luxembourg SA 12.25% 10/Feb/2022
7,437,000
2,657,127
207,638
2,761,586
2,592,347
3,665,049
8,077,973
6,306,176
6,882,282
3,433,139
2,131,339
908,298
0.29%
0.10%
0.01%
0.11%
0.10%
0.14%
0.31%
0.24%
0.27%
0.13%
0.08%
0.04%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 313

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,445,000 USD
19,604,000 USD
17,540,000 USD
5,092,000 USD
Description of Securities
Minerva Luxembourg SA 12.25% 10/Feb/2022
Minerva Overseas II Ltd 10.875% 15/Nov/2019
Pilgrim’s Pride Corp 7.875% 15/Dec/2018
Southern States Cooperative Inc 11.25% 15/May/2015
Market Value
4,966,332
16,951,273
13,486,934
4,007,092
Net Assets %
0.19%
0.64%
0.52%
0.15%
6,180,000
2,825,000
3,300,000
2,075,000
2,274,000
4,490,000
4,305,000
USD
USD
USD
USD
USD
USD
USD
Household Goods and Home Construction
Beazer Homes USA Inc 9.125% 15/Jun/2018
Beazer Homes USA Inc 9.125% 15/May/2019
Brookfield Residential Properties Inc 6.5% 15/Dec/2020
KB Home 8% 15/Mar/2020
Lennar Corp 2.75% CV 15/Dec/2020
Meritage Homes Corp 7% 01/Apr/2022
Ryland Group Inc 5.375% 01/Oct/2022
4,886,719
2,241,851
2,565,610
1,794,220
3,105,750
3,703,637
3,342,873
0.19%
0.09%
0.10%
0.07%
0.12%
0.14%
0.13%
4,000,000
8,260,000
4,000,000
14,075,000
1,900,000
2,925,000
2,000,000
2,400,000
EUR
USD
USD
EUR
USD
EUR
EUR
EUR
Leisure Goods
Cirsa Funding Luxembourg SA 8.75% 15/May/2018
Comstock Resources Inc 7.75% 01/Apr/2019
Icon Health & Fitness Inc 11.875% 15/Oct/2016
Nara Cable Funding Ltd - 144A - 8.875% 01/Dec/2018
Nara Cable Funding Ltd 8.875% 01/Dec/2018
Ono Finance II PLC 11.125% 15/Jul/2019
Unitymedia GmbH/Old - Regs - 9.5% 15/Mar/2021
Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 5.75% 15/Jan/2023
3,977,000
6,359,147
2,836,772
14,286,125
1,466,361
2,760,469
2,329,580
2,493,000
0.15%
0.25%
0.11%
0.55%
0.06%
0.11%
0.09%
0.10%
7,850,000
3,095,000
7,220,000
1,900,000
2,600,000
2,945,000
6,315,000
6,810,000
6,437,000
7,050,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Personal Goods
Controladora Mabe SA de CV 7.875% 28/Oct/2019
Revlon Consumer Products Corp 9.75% 15/Nov/2015
Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 9.875%
15/Aug/2019
Reynolds Group Issuer Inc 5.75% 15/Oct/2020
Reynolds Group Issuer Inc 7.125% 15/Apr/2019
Reynolds Group Issuer Inc Floating 15/Apr/2019
Reynolds Group Issuer Inc 8.25% 15/Feb/2021
Reynolds Group Issuer Inc 8.5% 15/May/2018
Yankee Candle Co Inc 9.75% 15/Feb/2017
YCC Holdings LLC / Yankee Finance Inc 10.25% 15/Feb/2016
6,921,742
2,470,788
5,859,678
1,487,978
2,119,994
2,323,119
4,861,745
5,294,486
5,083,882
5,521,716
0.27%
0.10%
0.23%
0.06%
0.08%
0.09%
0.19%
0.20%
0.20%
0.21%
21,028,000
1,597,000
USD
USD
Tobacco
Alliance One International Inc 10% 15/Jul/2016
Alliance One International Inc 5.5% CV 15/Jul/2014
16,786,991
1,178,763
0.64%
0.05%
4,470,000
USD
Consumer Services
Food and Drug Retailers
Intcomex Inc 13.25% 15/Dec/2014
3,500,731
0.14%
6,900,000
9,045,000
3,200,000
1,400,000
USD
USD
USD
USD
General Retailers
Brown Shoe Co Inc 7.125% 15/May/2019
Grupo Famsa SAB de CV - 144A - 11% 20/Jul/2015
Monitronics International Inc 9.125% 01/Apr/2020
Stonemor Operating LLC / Cornerstone Family Services of WV / Osiris Holding 10.25%
01/Dec/2017
5,442,961
7,306,527
2,500,000
1,093,750
0.21%
0.28%
0.10%
0.04%
3,720,000
3,675,000
3,000,000
10,621,000
2,195,000
6,325,000
USD
USD
USD
USD
USD
USD
Media
Cambium Learning Group Inc 9.75% 15/Feb/2017
Cumulus Media Holdings Inc 7.75% 01/May/2019
Good Sam Enterprises LLC 11.5% 01/Dec/2016
MDC Partners Inc 11% 01/Nov/2016 - Issue 01/Nov/2012
MPL 2 Acquisition Canco Inc 9.875% 15/Aug/2018
Production Resource Group Inc 8.875% 01/May/2019
2,341,930
2,738,689
2,446,147
8,851,505
1,556,679
3,526,149
0.09%
0.11%
0.09%
0.34%
0.06%
0.14%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
314 Pioneer Funds - Annual Report

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,895,000 USD
7,405,000 USD
3,600,000 EUR
3,975,000 USD
Description of Securities
Sitel LLC / Sitel Finance Corp 11.5% 01/Apr/2018
Townsquare Radio LLC / Townsquare Radio Inc - 144A - 9% 01/Apr/2019
TVN Finance Corp II AB - 144A - 10.75% 15/Nov/2017
Univision Communications Inc 8.5% 15/May/2021
Market Value
2,082,809
6,192,364
3,969,000
3,113,006
Net Assets %
0.08%
0.24%
0.15%
0.12%
16,465,000
5,750,000
9,500,000
575,000
18,500,000
735,000
14,000,000
1,700,000
3,500,000
11,437,000
7,640,000
4,500,000
3,615,000
395,000
7,260,000
12,455,000
USD
BRL
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
EUR
USD
USD
USD
Travel, Leisure and Catering
AMC Entertainment Inc 9.75% 01/Dec/2020
Arcos Dorados Holdings Inc 10.25% 13/Jul/2016
Burger King Capital Holdings LLC / Burger King Capital Finance Inc Floating 15/Apr/2019
Burger King Corp 9.875% 15/Oct/2018
Codere Finance Luxembourg SA 9.25% 15/Feb/2019
Continental Airlines Inc 4.5% CV 15/Jan/2015
Continental Airlines 1998-1 Class B Pass Through Trust 6.748% 15/Mar/2017
Continental Airlines 2012-3 Class C Pass Thru Certificates 6.125% 29/Apr/2018
Delta Air Lines 2010-2 Class B Pass Through Trust 6.75% 23/Nov/2015
Gol Finance 9.25% 20/Jul/2020
Lottomatica Group SpA - 144A - Floating 31/Mar/2066
MGM Resorts International 6.75% 01/Oct/2020
Peermont Global Pty Ltd - 144A - 7.75% 30/Apr/2014
Shingle Springs Tribal Gaming Authority 9.375% 15/Jun/2015
TAM Capital 3 Inc 8.375% 03/Jun/2021
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.375% 15/Mar/2022
14,424,358
2,268,518
6,070,806
499,374
10,664,442
798,262
1,711,647
1,299,113
2,760,922
7,590,545
8,014,360
3,485,759
3,509,567
292,115
6,071,109
10,037,498
0.56%
0.09%
0.23%
0.02%
0.41%
0.03%
0.07%
0.05%
0.11%
0.29%
0.31%
0.13%
0.14%
0.01%
0.23%
0.39%
3,100,000
6,500,000
5,200,000
3,750,000
5,850,000
3,000,000
9,725,000
1,950,000
7,000,000
3,410,000
3,835,000
3,618,000
485,000
3,000,000
2,020,000
4,475,000
7,100,000
6,000,000
2,700,000
3,000,000
8,850,000
225,000
12,900,000
4,000,000
5,200,000
1,210,000
17,645,000
5,630,000
2,500,000
15,450,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
TRY
USD
USD
USD
USD
USD
Financials
Banks
ABN Amro North American Holding Preferred Capital Repackage Trust I Floating Perpetual
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.5% 26/Sep/2019
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.875% 25/Sep/2017
Banco Continental SA via Continental Trustees Cayman Ltd Floating 07/Oct/2040
Banco de Credito del Peru/Panama Floating 06/Nov/2069
Banco de Galicia y Buenos Aires - Regs - 8.75% 04/May/2018
Banco de Galicia y Buenos Aires - 144A - 8.75% 04/May/2018
Banco do Estado do Rio Grande do Sul 7.375% 02/Feb/2022
Banco GNB Sudameris SA 7.5% 30/Jul/2022
Banco Industrial e Comercial SA - 144A - 8.5% 27/Apr/2020
Banco Internacional del Peru SAA - 144A - Floating 23/Apr/2070
Banco Internacional del Peru SAA 5.75% 07/Oct/2020
Banco Macro SA Floating 18/Dec/2036
Banco Macro SA 8.5% 01/Feb/2017
Bank CenterCredit - 144A - 8.625% 30/Jan/2014
BBVA Banco Continental SA 5% 26/Aug/2022
BBVA Bancomer SA/Texas 6.5% 10/Mar/2021
BBVA Bancomer SA/Texas 6.75% 30/Sep/2022
Capital One Capital V 10.25% 15/Aug/2039
Capital One Capital VI 8.875% 15/May/2040
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands 6.875% 19/Mar/2020
Credit Agricole SA - 144A - Floating Perpetual
Goldman Sachs Capital II Floating Perpetual
Intesa Sanpaolo SpA Libor 3M 24/Feb/2014
JPMorgan Chase & Co 0% 04/Oct/2017
Nordea Bank AB Floating Perpetual
PNC Financial Services Group Inc Floating Perpetual
Societe Generale SA 8.75% Perpetual
Turkiye Is Bankasi 6% 24/Oct/2022
UBS AG/Stamford CT 7.625% 17/Aug/2022
2,351,335
5,203,747
4,397,755
3,114,571
5,407,833
1,871,587
6,067,060
1,626,972
5,760,771
2,573,536
3,250,616
3,011,798
264,867
1,956,917
1,572,379
3,623,379
5,977,700
5,119,842
2,047,937
2,275,485
9,856,688
181,754
7,654,776
3,031,435
1,570,439
1,002,215
15,264,008
4,447,546
1,998,161
12,943,792
0.09%
0.20%
0.17%
0.12%
0.21%
0.07%
0.23%
0.06%
0.22%
0.10%
0.13%
0.12%
0.01%
0.08%
0.06%
0.14%
0.23%
0.20%
0.08%
0.09%
0.38%
0.01%
0.30%
0.12%
0.06%
0.04%
0.58%
0.17%
0.08%
0.50%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 315

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
10,750,000 USD
8,000,000 USD
Description of Securities
VTB Bank OJSC Via VTB Capital SA - 144A - 6% 12/Apr/2017
VTB Bank OJSC Via VTB Capital SA 6.95% 17/Oct/2022
Market Value
8,834,667
6,553,398
Net Assets %
0.34%
0.25%
3,000,000
4,950,000
750,000
700,000
250,000
1,050,000
5,370,000
250,000
600,000
9,650,000
900,000
1,450,000
6,810,000
12,525,000
1,000,000
10,600,000
250,000
1,350,000
1,000,000
1,590,000
4,450,000
2,400,000
800,000
4,200,000
500,000
2,475,000
5,000,000
13,550,000
9,750,000
14,300,000
3,050,000
3,300,000
1,050,000
5,555,000
6,400,000
1,100,000
3,700,000
1,000,000
400,000
1,500,000
750,000
250,000
2,700,000
250,000
1,100,000
250,000
1,100,000
950,000
400,000
3,500,000
USD
USD
USD
USD
EUR
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Financial Services
Aircastle Ltd 7.625% 15/Apr/2020
Alterra Finance LLC 6.25% 30/Sep/2020
Apollo Investment Corp 5.75% CV 15/Jan/2016
Atlas Reinsurance VII Ltd Libor 3M 07/Jan/2016
Atlas VI Capital Ltd Euribor 3M 06/Apr/2013
Atlas VI Capital Ltd Euribor 3M 07/Apr/2014
Ausdrill Finance Pty Ltd 6.875% 01/Nov/2019
Blue Danube Ltd Floating 10/Apr/2015
Caelus Re II Ltd Floating 24/May/2013
Cantor Fitzgerald LP 7.875% 15/Oct/2019
Combine Re Ltd - CLASS B - Floating 07/Jan/2015
Combine Re Ltd Floating 07/Jan/2015
DFC Global Corp - 144A - 3.25% CV 15/Apr/2017
Dubai Electricity & Water Authority - 144A - 7.375% 21/Oct/2020
Embarcadero Reinsurance Ltd Floating 13/Feb/2015
General Electric Capital Corp - A - Floating Perpetual
GlobeCat Ltd - USW - Libor 3M 02/Jan/2013
Ibis Re II Ltd Floating 05/Feb/2015
Ibis Re Ltd Floating 03/May/2013
Interactive Data Corp 10.25% 01/Aug/2018
Intercorp Retail Trust 8.875% 14/Nov/2018
Kibou Ltd Floating 16/Feb/2015
Lakeside Re II Ltd Floating 08/Jan/2013
Lodestone Re Ltd - A-2 - Floating 08/Jan/2014
Lodestone Re Ltd - CLA - Floating 17/May/2013
Macquarie Group Ltd 6.25% 14/Jan/2021
Magnesita Finance Ltd - 144A - 8.625% Perpetual
Marfrig Holding Europe BV - 144A - 8.375% 09/May/2018
Merrill Lynch & Co Inc 7.75% 14/May/2038
Metalloinvest Finance Ltd 6.5% 21/Jul/2016
Mystic Re Ltd Floating 12/Mar/2015
Mythen Ltd - 12-H - Floating 07/May/2015
Mythen Re Ltd Series 2012-2 Class A Floating 10/Nov/2016
National Money Mart Co 10.375% 15/Dec/2016
Neuberger Berman Group LLC / Neuberger Berman Finance Corp 5.875% 15/Mar/2022
Pelican Re Ltd Floating 13/Apr/2015
Queen Street II Capital Ltd Floating 09/Apr/2014
Queen Street V Re Ltd Floating 09/Apr/2015
Queen Street VI Re Ltd Floating 09/Apr/2015
Residential Reinsurance 2010 Ltd - CL2 - Floating 06/Jun/2013
Residential Reinsurance 2010 Ltd - 144A - Floating 06/Jun/2013
Residential Reinsurance 2010 Ltd - 144A - Floating 06/Jun/2013
Residential Reinsurance 2011 Ltd - 1 - Floating 06/Jun/2015
Residential Reinsurance 2011 Ltd - 144A - Floating 06/Dec/2015
Springleaf Finance Corp 6.9% 15/Dec/2017
Successor X Ltd - II CL 144A - Floating 04/Apr/2013
Successor X Ltd - II CN3 144A - Floating 04/Apr/2013
Successor X Ltd - 30/DEC/2010 - Floating 17/Jan/2014
Successor X Ltd Floating 10/Nov/2015
Successor X Ltd Floating 25/Feb/2014
2,542,855
4,344,954
590,915
530,947
251,188
1,077,248
4,032,388
194,952
459,211
7,602,742
724,639
1,181,914
5,620,549
11,685,187
769,493
9,123,542
189,605
1,051,001
766,437
1,352,236
3,839,408
1,860,983
606,129
3,201,481
381,713
2,084,151
4,025,068
8,761,662
9,657,115
11,402,363
2,241,000
2,518,302
789,172
4,655,852
5,169,903
889,495
2,821,306
769,190
313,137
1,152,704
576,489
195,104
2,132,721
190,799
746,738
189,700
836,097
723,914
300,819
2,695,032
0.10%
0.17%
0.02%
0.02%
0.01%
0.04%
0.16%
0.01%
0.02%
0.29%
0.03%
0.05%
0.22%
0.45%
0.03%
0.35%
0.01%
0.04%
0.03%
0.05%
0.15%
0.07%
0.02%
0.12%
0.01%
0.08%
0.16%
0.34%
0.37%
0.44%
0.09%
0.10%
0.03%
0.18%
0.20%
0.03%
0.11%
0.03%
0.01%
0.04%
0.02%
0.01%
0.08%
0.01%
0.03%
0.01%
0.03%
0.03%
0.01%
0.10%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
316 Pioneer Funds - Annual Report

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
9,140,000 USD
Description of Securities
Tarjeta Naranja SA - 144A - 9% 28/Jan/2017
Market Value
5,823,090
Net Assets %
0.22%
3,750,000
8,990,000
1,114,000
USD
USD
USD
Life Insurance
CNO Financial Group Inc 6.375% 01/Oct/2020
Lincoln National Corp Floating 20/Apr/2067
Prudential Financial Inc Floating 15/Jun/2038
2,958,131
6,827,395
1,030,856
0.11%
0.26%
0.04%
6,400,000
1,225,000
2,400,000
11,650,000
3,080,000
300,000
8,750,000
3,375,000
4,906,000
6,145,000
6,910,000
5,460,000
1,500,000
1,870,000
4,270,000
10,610,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
GBP
GBP
USD
USD
USD
Nonlife Insurance
Compass Investors Inc 7.75% 15/Jan/2021
Foundation Re III Ltd Floating 03/Feb/2014
Foundation Re III Ltd Floating 25/Feb/2015
Genworth Financial Inc 7.2% 15/Feb/2021
Genworth Financial Inc 7.625% 24/Sep/2021
Hanover Insurance Group Inc 7.625% 15/Oct/2025
Hub International Ltd 8.125% 15/Oct/2018
Ironshore Holdings US Inc 8.5% 15/May/2020
Liberty Mutual Group Inc 7% 15/Mar/2037
Reinsurance Group of America Inc Floating 15/Dec/2065
Sirius International Group Ltd Floating Perpetual
Towergate Finance PLC - 144A - 10.5% 15/Feb/2019
Towergate Finance PLC 8.5% 15/Feb/2018
USI Holdings Corp 9.75% 15/May/2015
Validus Holdings Ltd 8.875% 26/Jan/2040
XL Group PLC Floating Perpetual
4,781,553
932,557
1,834,587
9,558,152
2,582,285
265,326
6,802,753
2,839,375
3,697,920
4,672,605
5,408,815
6,866,231
1,927,937
1,452,966
4,355,410
7,564,775
0.18%
0.04%
0.07%
0.37%
0.10%
0.01%
0.26%
0.11%
0.14%
0.18%
0.21%
0.27%
0.07%
0.06%
0.17%
0.29%
5,975,000
2,180,000
11,150,000
8,925,000
3,300,000
5,055,000
550,000
8,390,000
59,000
5,000,000
660,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Real Estate Investment and Services
Alto Palermo SA - Regs - 7.875% 11/May/2017
Alto Palermo SA - 144A - 7.875% 11/May/2017
BR Malls International Finance Ltd - Regs - 8.5% Perpetual
BR Malls International Finance Ltd - 144A - 8.5% Perpetual
BR Malls International Finance Ltd 9.75% Perpetual
Forest City Enterprises Inc 4.25% CV 15/Aug/2018
Forest City Enterprises Inc 5% CV 15/Oct/2016
Forest City Enterprises Inc 6.5% 01/Feb/2017
Forest City Enterprises Inc 7.625% 01/Jun/2015
IRSA Inversiones y Representaciones SA 11.5% 20/Jul/2020
IRSA Inversiones y Representaciones SA 8.5% 02/Feb/2017
3,954,177
1,446,829
9,260,657
7,412,678
2,503,034
4,013,921
566,572
6,236,499
44,751
3,455,894
459,932
0.15%
0.06%
0.36%
0.29%
0.10%
0.15%
0.02%
0.24%
0.00%
0.13%
0.02%
13,625,000
8,200,000
1,700,000
USD
USD
USD
Real Estate Investment Trusts
CNL Lifestyle Properties Inc 7.25% 15/Apr/2019
Goodman Funding Pty Ltd 6% 22/Mar/2022
Sabra Health Care LP / Sabra Capital Corp 8.125% 01/Nov/2018
9,869,444
6,981,239
1,374,867
0.38%
0.27%
0.05%
6,913,000
5,119,000
5,825,000
9,300,000
4,180,000
17,345,000
4,900,000
3,000,000
4,545,000
6,003,000
6,115,000
11,180,000
USD
USD
USD
USD
USD
USD
USD
EUR
USD
USD
USD
USD
Health Care
Health Care Equipment and Services
Accellent Inc 10% 01/Nov/2017
Accellent Inc 8.375% 01/Feb/2017
Aviv Healthcare Properties LP / Aviv Healthcare Capital Corp 7.75% 15/Feb/2019
Capella Healthcare Inc 9.25% 01/Jul/2017
CHS/Community Health Systems Inc 7.125% 15/Jul/2020
CHS/Community Health Systems Inc 8% 15/Nov/2019
ConvaTec Healthcare E SA - 144A - 10.5% 15/Dec/2018
ConvaTec Healthcare E SA - 144A - 7.375% 15/Dec/2017
ExamWorks Group Inc 9% 15/Jul/2019
Gentiva Health Services Inc 11.5% 01/Sep/2018
Hologic Inc 2% CV 15/Dec/2037
Kindred Healthcare Inc 8.25% 01/Jun/2019
4,312,760
4,076,873
4,683,328
7,565,420
3,384,519
14,241,475
4,116,164
3,045,000
3,688,676
4,302,818
5,171,591
8,289,176
0.17%
0.16%
0.18%
0.29%
0.13%
0.55%
0.16%
0.12%
0.14%
0.17%
0.20%
0.32%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 317

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
4,900,000 USD
3,702,743 USD
10,955,000 USD
368,000 USD
Description of Securities
Surgical Care Affiliates Inc 10% 15/Jul/2017
Surgical Care Affiliates Inc 8.875% 15/Jul/2015
Vanguard Health Holding Co II LLC / Vanguard Holding Co II Inc - 144A - 7.75% 01/Feb/2019
Vanguard Health Systems Inc 0% 01/Feb/2016
Market Value
3,893,166
2,843,619
8,600,140
209,345
Net Assets %
0.15%
0.11%
0.33%
0.01%
2,515,000
7,350,000
5,335,000
14,920,000
5,030,000
5,750,000
5,225,000
13,940,000
USD
USD
USD
USD
USD
USD
USD
USD
Pharmaceuticals and Biotechnology
Corsicanto Ltd 3.5% CV 15/Jan/2032
Cubist Pharmaceuticals Inc 2.5% CV 01/Nov/2017
KV Pharmaceutical 0% 15/Mar/2015
Lantheus Medical Imaging Inc 9.75% 15/May/2017
Sky Growth Acquisition Corp 7.375% 15/Oct/2020
STHI Holding Corp 8% 15/Mar/2018
Valeant Pharmaceuticals International 6.375% 15/Oct/2020
VPI Escrow Corp 6.375% 15/Oct/2020
2,346,367
8,679,484
3,237,257
10,524,575
3,796,154
4,721,158
4,250,465
11,339,995
0.09%
0.34%
0.13%
0.41%
0.15%
0.18%
0.16%
0.44%
7,470,000
3,000,000
3,250,000
USD
EUR
USD
Industrials
Aerospace and Defense
ADS Tactical Inc 11% 01/Apr/2018
Heckler & Koch GmbH 9.5% 15/May/2018
Silver II Borrower 7.75% 15/Dec/2020
5,779,278
2,595,000
2,551,388
0.22%
0.10%
0.10%
7,085,000
4,443,000
5,274,000
9,275,000
3,900,000
11,450,000
10,050,000
2,500,000
10,285,000
3,500,000
13,825,000
3,200,000
2,430,000
1,495,000
6,520,000
7,125,000
1,175,000
5,139,000
3,950,000
6,400,000
1,155,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Construction and Materials
Calcipar SA 6.875% 01/May/2018
Cemex Espana Luxembourg - Regs - 9.875% 30/Apr/2019
Cemex Finance LLC - 144A - 9.5% 14/Dec/2016
Cemex SAB de CV - 144A - 9% 11/Jan/2018
Cemex SAB de CV Libor 3M 30/Sep/2015
Cemex SAB de CV 3.75% CV 15/Mar/2018
China Liansu Group Holdings Ltd 7.875% 13/May/2016
Corp GEO SAB de CV 8.875% 27/Mar/2022
Desarrolladora Homex SAB de CV 9.5% 11/Dec/2019
Empresas ICA SAB de CV 8.375% 24/Jul/2017
Empresas ICA SAB de CV 8.9% 04/Feb/2021
Masco Corp 5.95% 15/Mar/2022
MasTec Inc 4% CV 15/Jun/2014
MasTec Inc 4.25% CV 15/Dec/2014
New Enterprise Stone & Lime Co Inc 11% 01/Sep/2018
OAS Investments GmbH 8.25% 19/Oct/2019
Texas Industries Inc 9.25% 15/Aug/2020
Urbi Desarrollos Urbanos SAB de CV 9.5% 21/Jan/2020
Urbi Desarrollos Urbanos SAB de CV 9.75% 03/Feb/2022
USG Corp - 144A - 7.875% 30/Mar/2020
USG Corp 8.375% 15/Oct/2018
5,481,417
3,757,543
4,350,330
7,615,433
3,009,898
9,732,370
7,994,491
2,019,493
8,386,207
2,860,475
11,429,953
2,690,515
2,982,436
1,892,279
3,709,041
5,728,535
955,846
3,683,522
2,838,763
5,424,757
976,809
0.21%
0.15%
0.17%
0.29%
0.12%
0.38%
0.31%
0.08%
0.32%
0.11%
0.44%
0.10%
0.12%
0.07%
0.14%
0.22%
0.04%
0.14%
0.11%
0.21%
0.04%
6,560,000
2,339,000
3,195,000
9,455,000
9,006,000
700,000
7,100,000
2,913,000
3,664,000
11,448,000
USD
USD
USD
USD
USD
EUR
USD
USD
USD
USD
Electronic and Electrical Equipment
Coleman Cable Inc 9% 15/Feb/2018
General Cable Corp Floating CV 15/Nov/2029
SunPower Corp 4.5% CV 15/Mar/2015
SunPower Corp 4.75% CV 15/Apr/2014
Suntech Power Holdings Co Ltd 3% CV 15/Mar/2013
Techem GmbH 6.125% 01/Oct/2019
Viasystems Inc - 144A - 7.875% 01/May/2019
WESCO Distribution Inc 7.5% 15/Oct/2017
WESCO International Inc 6% CV 15/Sep/2029
WireCo WorldGroup Inc Floating 15/May/2017
5,348,908
1,894,982
2,247,696
6,759,206
3,108,108
752,066
5,277,609
2,238,662
6,685,536
9,204,248
0.21%
0.07%
0.09%
0.26%
0.12%
0.03%
0.20%
0.09%
0.26%
0.36%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
318 Pioneer Funds - Annual Report

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,885,000 USD
5,595,000 USD
11,483,339 USD
4,345,000 EUR
900,000 USD
2,850,000 EUR
3,755,000 USD
7,300,000 USD
2,500,000 USD
6,115,000 USD
3,475,000 EUR
4,490,000 EUR
8,180,000 USD
4,725,000 USD
490,000 USD
3,950,000 USD
Description of Securities
General Industrials
AEP Industries Inc 8.25% 15/Apr/2019
AGY Holding Corp 11% 15/Nov/2014
ARD Finance SA 11.125% 01/Jun/2018
Ardagh Glass Finance PLC - 144A - 9.25% 01/Jul/2016
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA Inc 7.375% 15/Oct/2017
Ardagh Packaging Finance PLC 7.375% 15/Oct/2017
BWAY Holding Co 10% 15/Jun/2018
Cia Latinoamericana de Infraestructura & Servicios SA 9.5% 15/Dec/2016
Grupo KUO SAB De CV 6.25% CV 04/Dec/2022
JB Poindexter & Co Inc 9% 01/Apr/2022
Mark IV Europe Lux SCA / Mark IV USA SCA 8.875% 15/Dec/2017
Nordenia International AG - 144A - 9.75% 15/Jul/2017
Packaging Dynamics Corp 8.75% 01/Feb/2016
Park-Ohio Industries Inc 8.125% 01/Apr/2021
Plastipak Holdings Inc 10.625% 15/Aug/2019
Pretium Packaging LLC / Pretium Finance Inc 11.5% 01/Apr/2016
Market Value
4,776,206
2,015,796
9,232,660
4,703,463
744,937
3,117,188
3,161,446
3,432,949
2,028,975
4,817,928
3,365,972
5,201,216
6,483,692
3,807,883
424,625
3,089,683
Net Assets %
0.18%
0.08%
0.36%
0.18%
0.03%
0.12%
0.12%
0.13%
0.08%
0.19%
0.13%
0.20%
0.25%
0.15%
0.02%
0.12%
17,750,000
2,760,000
3,700,000
6,900,000
6,350,000
4,825,000
11,075,000
2,150,000
5,200,000
3,950,000
8,180,000
14,025,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Industrial Engineering
Abengoa Finance SAU 8.875% 01/Nov/2017
Altra Holdings Inc 2.75% CV 01/Mar/2031
Liberty Tire Recycling 11% 01/Oct/2016
Lonking Holdings Ltd 8.5% 03/Jun/2016
Mcron Finance Sub LLC / Mcron Finance Corp - 144A - 8.375% 15/May/2019
Navistar International Corp 3% CV 15/Oct/2014
Navistar International Corp 8.25% 01/Nov/2021
Ormat Funding Corp 8.25% 30/Dec/2020
OSX 3 Leasing BV 9.25% 20/Mar/2015
Terex Corp 6% 15/May/2021
Thermadyne Holdings Corp 9% 15/Dec/2017
WPE International Cooperatief UA - 144A - 10.375% 30/Sep/2020
12,655,492
2,266,156
2,595,950
5,403,709
4,936,855
3,344,087
8,106,322
920,745
4,067,430
3,153,349
6,607,782
9,148,589
0.49%
0.09%
0.10%
0.21%
0.19%
0.13%
0.31%
0.04%
0.16%
0.12%
0.26%
0.35%
5,825,000
8,500,000
11,900,000
10,450,000
9,520,000
1,090,000
8,910,000
3,836,000
2,173,313
200,000
19,000,000
2,000,000
7,600,000
8,490,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
NOK
USD
USD
USD
Industrial Transportation
Aeropuertos Argentina 2000 SA 10.75% 01/Dec/2020
Aeropuertos Dominicanos Siglo XXI SA 9.25% 13/Nov/2019
Aguila 3 SA - 144A - 7.875% 31/Jan/2018
Aviation Capital Group Corp 6.75% 06/Apr/2021
CEVA Group PLC 11.5% 01/Apr/2018
CEVA Group PLC 11.625% 01/Oct/2016
CEVA Group PLC 8.375% 01/Dec/2017
DryShips Inc 5% CV 01/Dec/2014
Florida East Coast Holdings Corp 10.5% 01/Aug/2017
Florida East Coast Railway Corp 8.125% 01/Feb/2017
Golar LNG Partners LP Floating 12/Oct/2017
Grupo Senda Autotransporte SA de CV - 144A - 10.5% 03/Oct/2015
Inversiones Alsacia SA 8% 18/Aug/2018
Navios South American Logistics Inc / Navios Logistics Finance US Inc 9.25% 15/Apr/2019
3,597,326
6,761,510
9,567,658
8,206,310
6,029,430
849,496
6,656,819
2,314,940
1,631,963
160,801
2,596,018
1,570,085
5,379,830
6,318,881
0.14%
0.26%
0.37%
0.32%
0.23%
0.03%
0.26%
0.09%
0.06%
0.01%
0.10%
0.06%
0.21%
0.24%
3,385,000
343
5,195,000
2,867,000
3,900,000
15,912,000
160,000
USD
USD
USD
USD
USD
USD
EUR
Support Services
Brickman Group Holdings Inc 9.125% 01/Nov/2018
Catalent Pharma Solutions Inc 9.5% 15/Apr/2015
Clean Harbors Inc 5.25% 01/Aug/2020
DynCorp International Inc 10.375% 01/Jul/2017
FTI Consulting Inc 6% 15/Nov/2022
Marfrig Overseas Ltd 9.5% 04/May/2020
New Reclamation Group Pty Ltd - 144A - 8.125% 01/Feb/2013
2,689,463
265
4,107,849
1,989,764
3,061,666
10,409,663
103,302
0.10%
0.00%
0.16%
0.08%
0.12%
0.40%
0.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 319

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
18,100,000
6,600,000
3,790,000
42,000,000
9,500,000
USD
USD
USD
CNY
USD
Oil and Gas
Alternative Energy
Inkia Energy Ltd 8.375% 04/Apr/2021
JA Solar Holdings Co Ltd 4.5% CV 15/May/2013
JinkoSolar Holding Co Ltd 4% CV 15/May/2016
LDK Solar Co Ltd 10% 28/Feb/2014
ReneSola Ltd 4.125% CV 15/Mar/2018
15,341,891
4,780,795
1,209,169
2,969,485
3,701,930
0.58%
0.18%
0.05%
0.11%
0.14%
19,400,000
3,300,000
2,150,000
1,950,000
1,860,000
6,250,000
2,100,000
885,000
3,820,000
14,775,000
11,135,000
6,330,000
7,980,000
7,946,000
15,900,000
1,920,000
3,685,000
8,080,000
6,000,000
7,000,000
5,630,000
8,070,000
4,960,000
1,550,000
1,000,000
3,443,000
24,300,000
6,505,000
8,150,000
4,400,000
10,000,000
23,000,000
15,000,000
7,300,000
8,247,000
3,385,000
4,020,000
6,820,000
2,592,000
1,850,000
4,815,000
3,920,000
3,000,000
4,615,000
3,375,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
CAD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
NOK
NOK
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Oil and Gas Producers
Berry Petroleum Co 6.375% 15/Sep/2022
Carrizo Oil & Gas Inc 7.5% 15/Sep/2020
Carrizo Oil & Gas Inc 8.625% 15/Oct/2018
Chaparral Energy Inc 7.625% 15/Nov/2022
Chaparral Energy Inc 8.25% 01/Sep/2021
Chesapeake Energy Corp 2.25% CV 15/Dec/2038
Chesapeake Energy Corp 2.5% CV 15/May/2037
Chesapeake Energy Corp 6.775% 15/Mar/2019
Cimarex Energy Co 5.875% 01/May/2022
Cobalt International Energy Inc 2.625% CV 01/Dec/2019
Comstock Resources Inc 9.5% 15/Jun/2020
Connacher Oil and Gas Ltd 8.75% 01/Aug/2018
Continental Resources Inc/OK 5% 15/Sep/2022
Denbury Resources Inc 8.25% 15/Feb/2020
EP Energy LLC / EP Energy Finance Inc 9.375% 01/May/2020
EP Energy LLC / Everest Acquisition Finance Inc 6.875% 01/May/2019
EPE Holdings LLC / EP Energy Bond Co Inc 8.125% 15/Dec/2017
EPL Oil & Gas Inc 8.25% 15/Feb/2018
EV Energy Partners LP / EV Energy Finance Corp 8% 15/Apr/2019
Fideicomiso Financiero Chubut Regalias Hidrocarburiferas I 7.75% 01/Jul/2020
Goodrich Petroleum Corp 8.875% 15/Mar/2019
Gulfport Energy Corp 7.75% 01/Nov/2020
Halcon Resources Corp 8.875% 15/May/2021
Hercules Offshore Inc - 144A - 7.125% 01/Apr/2017
Hercules Offshore Inc 10.5% 15/Oct/2017
Hilcorp Energy I LP / Hilcorp Finance Co 7.625% 15/Apr/2021
Linn Energy LLC / Linn Energy Finance Corp 6.25% 01/Nov/2019
Midstates Petroleum Co Inc / Midstates Petroleum Co LLC 10.75% 01/Oct/2020
MIE Holdings Corp 9.75% 12/May/2016
National JSC Naftogaz of Ukraine 9.5% 30/Sep/2014
Norwegian Energy Co AS Nibor 3M 27/Apr/2016
Norwegian Energy Co AS 12.9% 20/Nov/2014
Ocean Rig UDW Inc 9.5% 27/Apr/2016
Offshore Group Investment Ltd 7.5% 01/Nov/2019
Offshore Group Investments Ltd 11.5% 01/Aug/2015
PetroBakken Energy Ltd 8.625% 01/Feb/2020
Petroquest Energy Inc 10% 01/Sep/2017
QR Energy LP / QRE Finance Corp 9.25% 01/Aug/2020
Quicksilver Resources Inc 7.125% 01/Apr/2016
Quicksilver Resources Inc 9.125% 15/Aug/2019
Samson Investment Co 9.75% 15/Feb/2020
SandRidge Energy Inc 7.5% 15/Mar/2021
SandRidge Energy Inc 9.875% 15/May/2016
Shelf Drilling Holdings Ltd 8.625% 01/Nov/2018
Stone Energy Corp 1.75% CV 01/Mar/2017
15,303,397
2,562,481
1,761,226
1,553,019
1,530,719
3,833,956
1,409,663
672,946
3,172,709
11,213,770
9,079,282
3,351,375
6,521,883
6,780,378
13,597,731
1,580,097
2,770,598
6,297,178
4,829,718
3,886,234
4,078,163
6,289,385
3,987,864
1,231,512
817,279
2,846,534
18,523,588
5,242,387
6,707,183
3,424,985
1,308,401
3,129,476
11,604,976
5,592,385
6,818,287
2,606,019
3,155,871
5,431,584
1,572,816
1,248,862
3,880,414
3,181,432
2,451,836
3,587,966
2,236,731
0.58%
0.10%
0.07%
0.06%
0.06%
0.15%
0.05%
0.03%
0.12%
0.43%
0.35%
0.13%
0.25%
0.26%
0.53%
0.06%
0.11%
0.24%
0.19%
0.15%
0.16%
0.24%
0.15%
0.05%
0.03%
0.11%
0.71%
0.20%
0.26%
0.13%
0.05%
0.12%
0.45%
0.22%
0.26%
0.10%
0.12%
0.21%
0.06%
0.05%
0.15%
0.12%
0.09%
0.14%
0.09%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
320 Pioneer Funds - Annual Report

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
6,255,000 USD
2,199,000 USD
9,680,000 USD
4,746,000 USD
26,500,000 NOK
14,500,000 NOK
3,515,000 USD
4,500,000 USD
3,800,000 USD
4,565,000 USD
2,330,000 USD
Description of Securities
Stone Energy Corp 7.5% 15/Nov/2022
Stone Energy Corp 8.625% 01/Feb/2017
Tesoro Corp 5.375% 01/Oct/2022
Tesoro Corp 9.75% 01/Jun/2019
Transocean Norway Drilling AS Nibor 3M 24/Feb/2016
Transocean Norway Drilling AS 11% 24/Feb/2016
Unit Corp 6.625% 15/May/2021
Vanguard Natural Resources LLC / VNR Finance Corp 7.875% 01/Apr/2020
Vantage Drilling Co 7.875% CV 01/Sep/2042
Venoco Inc 8.875% 15/Feb/2019
W&T Offshore Inc 8.5% 15/Jun/2019
Market Value
4,934,163
1,790,941
7,819,478
4,103,792
3,801,348
2,094,805
2,736,096
3,583,890
3,166,907
3,246,122
1,899,841
Net Assets %
0.19%
0.07%
0.30%
0.16%
0.15%
0.08%
0.11%
0.14%
0.12%
0.13%
0.07%
8,525,000
3,405,000
1,750,000
2,935,000
2,920,000
718,000
2,460,000
8,310,000
12,500,000
5,110,000
1,375,000
6,195,000
1,210,000
4,240,000
5,455,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Oil Equipment, Services and Distribution
Basic Energy Services Inc 7.75% 15/Feb/2019
Cie Generale de Geophysique - Veritas 9.5% 15/May/2016
Copano Energy LLC / Copano Energy Finance Corp 7.125% 01/Apr/2021
Enterprise Products Operating LLC Floating 01/Jun/2067
Enterprise Products Operating LLC 8.375% 01/Aug/2066
Expro Finance Luxembourg SCA 8.5% 15/Dec/2016
Exterran Holdings Inc 7.25% 01/Dec/2018
Forbes Energy Services Ltd 9% 15/Jun/2019
Golar LNG Ltd 3.75% CV 07/Mar/2017
Holly Energy Partners LP / Holly Energy Finance Corp 6.5% 01/Mar/2020
Holly Energy Partners LP / Holly Energy Finance Corp 8.25% 15/Mar/2018
Key Energy Services Inc 6.75% 01/Mar/2021
Pioneer Drilling Co 9.875% 15/Mar/2018
Transportadora de Gas del Sur SA - 144A - 7.875% 14/May/2017
Trinidad Drilling Ltd 7.875% 15/Jan/2019
6,466,171
2,769,920
1,425,260
2,400,587
2,527,647
569,107
1,987,181
5,609,754
9,282,084
4,147,224
1,134,187
4,675,383
998,085
2,669,296
4,396,190
0.25%
0.11%
0.06%
0.09%
0.10%
0.02%
0.08%
0.22%
0.36%
0.16%
0.04%
0.18%
0.04%
0.10%
0.17%
5,475,000
4,124,000
4,645,000
2,824,000
3,525,000
4,575,000
7,550,000
3,835,000
10,900,000
3,190,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Technology
Software and Computer Services
Allen Systems Group Inc Floating 15/Nov/2016
First Data Corp 12.625% 15/Jan/2021
First Data Corp 7.375% 15/Jun/2019
First Data Corp 8.25% 15/Jan/2021
First Data Corp 8.875% 15/Aug/2020
MedAssets Inc 8% 15/Nov/2018
Mentor Graphics Corp 4% CV 01/Apr/2031
Nuance Communications Inc 2.75% CV 01/Nov/2031
WebMD Health Corp 2.25% CV 31/Mar/2016
WebMD Health Corp 2.5% CV 31/Jan/2018
3,073,043
3,292,256
3,646,522
2,141,990
2,914,328
3,782,426
6,710,904
3,134,263
7,709,534
2,026,415
0.12%
0.13%
0.14%
0.08%
0.11%
0.15%
0.26%
0.12%
0.30%
0.08%
7,555,000
2,390,000
5,155,000
4,753,000
3,290,000
7,415,000
2,757,000
7,095,000
7,350,000
2,060,000
1,920,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Technology Hardware and Equipment
Amkor Technology Inc 6.625% 01/Jun/2021
CPI International Inc 8% 15/Feb/2018
Intel Corp 2.95% CV 15/Dec/2035
Lam Research Corp 1.25% CV 15/May/2018
MEMC Electronic Materials Inc 7.75% 01/Apr/2019
Novellus Systems Inc 2.625% CV 15/May/2041
ON Semiconductor Corp 2.625% CV 15/Dec/2026
SanDisk Corp 1.5% CV 15/Aug/2017
Seagate HDD Cayman 7% 01/Nov/2021
Seagate HDD Cayman 7.75% 15/Dec/2018
ViaSat Inc 6.875% 15/Jun/2020
5,716,105
1,769,749
4,046,894
3,578,089
2,096,177
6,956,484
2,214,027
6,192,115
6,006,997
1,724,609
1,521,845
0.22%
0.07%
0.16%
0.14%
0.08%
0.27%
0.09%
0.24%
0.23%
0.07%
0.06%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 321

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
5,932,000
15,024,000
7,831,000
2,650,000
9,650,000
8,200,000
7,625,000
7,470,000
2,600,000
6,740,000
760,000
9,440,000
450,000
3,800,000
2,850,000
3,850,000
14,350,000
1,475,000
9,730,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
USD
USD
EUR
Telecommunications
Fixed Line Telecommunications
Cincinnati Bell Inc 8.25% 15/Oct/2017
Cincinnati Bell Inc 8.375% 15/Oct/2020
Cincinnati Bell Inc 8.75% 15/Mar/2018
Digicel Group Ltd - 144A - 10.5% 15/Apr/2018
Digicel Ltd - 144A - 8.25% 01/Sep/2017
Frontier Communications Corp 7.125% 15/Jan/2023
Frontier Communications Corp 8.5% 15/Apr/2020
Frontier Communications Corp 8.75% 15/Apr/2022
Frontier Communications Corp 9.25% 01/Jul/2021
GCI Inc 6.75% 01/Jun/2021
GCI Inc 8.625% 15/Nov/2019
PAETEC Holding Corp 8.875% 30/Jun/2017
PAETEC Holding Corp 9.875% 01/Dec/2018
Telenet Finance III Luxembourg SCA 6.625% 15/Feb/2015
Telenet Finance IV Luxembourg S.C.A. Euribor 3M 15/Jun/2021
Telenet Finance Luxembourg SCA - 144A - 6.375% 15/Nov/2020
Windstream Corp 7.75% 01/Oct/2021
Windstream Corp 7.875% 01/Nov/2017
Ziggo Bond Co BV - 144A - 8% 15/May/2018
4,848,096
12,335,771
6,132,818
2,211,013
7,831,842
6,592,840
6,651,054
6,572,512
2,322,133
5,010,012
612,485
7,679,308
390,815
4,028,000
2,764,500
4,085,813
11,809,580
1,258,628
10,703,000
0.19%
0.48%
0.24%
0.09%
0.30%
0.25%
0.26%
0.25%
0.09%
0.19%
0.02%
0.30%
0.02%
0.16%
0.11%
0.16%
0.46%
0.05%
0.41%
5,700,000
7,070,000
20,275,000
9,714
1,305,000
3,750,000
4,615,000
3,745,000
150,000
9,300,000
2,100,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Mobile Telecommunications
Digicel Group Ltd 8.25% 30/Sep/2020
Intelsat Jackson Holdings SA 7.25% 01/Apr/2019
Intelsat Luxembourg SA - 144A - 11.5% 04/Feb/2017
Intelsat Luxembourg SA 11.5% 04/Feb/2017
MetroPCS Wireless Inc 6.625% 15/Nov/2020
NII Capital Corp 7.625% 01/Apr/2021
NII Capital Corp 8.875% 15/Dec/2019
Telesat Canada / Telesat LLC 12.5% 01/Nov/2017
Vimpel Communications OJSC Via UBS Luxembourg SA 8.25% 23/May/2016
VimpelCom Holdings BV 7.5043% 01/Mar/2022
WCP Wireless Site Funding / WCP Wireless Site RE Funding 6.829% 15/Nov/2015
4,755,765
5,791,566
16,339,644
7,829
1,051,701
2,168,822
2,782,862
3,117,519
128,428
8,103,288
1,724,338
0.18%
0.22%
0.62%
0.00%
0.04%
0.08%
0.11%
0.12%
0.00%
0.31%
0.07%
3,855,000
4,375,000
4,360,000
6,863,000
1,550,000
1,860,000
6,600,000
17,675,000
14,300,000
2,942,000
6,300,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Utilities
Electricity
Cia de Transporte de Energia Electrica en Alta Tension Transener SA 9.75% 15/Aug/2021
Dubai Electricity & Water Authority - Regs - 7.375% 21/Oct/2020
Dubai Electricity & Water Authority 8.5% 22/Apr/2015
Empresa Distribuidora Y Comercializadora Norte - 144A - 9.75% 25/Oct/2022
Energy Future Holdings Corp Floating 15/Jan/2020
Intergen NV 9% 30/Jun/2017
NRG Energy Inc 7.625% 15/Jan/2018
NRG Energy Inc 7.625% 15/May/2019
NRG Energy Inc 8.25% 01/Sep/2020
NSG Holdings LLC / NSG Holdings Inc 7.75% 15/Dec/2025
Star Energy Geothermal Wayang Windu Ltd 11.5% 12/Feb/2015
1,052,640
4,077,504
3,736,954
2,290,443
1,313,808
1,262,667
5,556,735
14,344,849
12,148,058
2,298,438
5,094,857
0.04%
0.16%
0.14%
0.09%
0.05%
0.05%
0.21%
0.55%
0.47%
0.09%
0.20%
9,750,000
930,000
2,250,000
2,200,000
USD
USD
USD
USD
Gas, Water and Multiutilities
AmeriGas Finance LLC / AmeriGas Finance Corp 7% 20/May/2022
AmeriGas Partners LP / AmeriGas Finance Corp 6.5% 20/May/2021
Ferrellgas LP / Ferrellgas Finance Corp 6.5% 01/May/2021
Southern Union Co Libor 3M 01/Nov/2066
8,264,279
765,360
1,689,548
1,428,815
0.32%
0.03%
0.07%
0.06%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
322 Pioneer Funds - Annual Report

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,471,000 USD
Description of Securities
Star Gas Partners LP / Star Gas Finance Co 8.875% 01/Dec/2017
Market Value
1,132,483
Net Assets %
0.04%
Total Bonds
2,206,501,623
85.20%
Equities
11,175
USD
Basic Materials
Industrial Metals and Mining
Vale SA - Adr Pfd
172,067
0.01%
7,195
453
9,305
USD
USD
USD
Financials
Banks
Ally Financial Inc
BTA Bank JSC - Gdr 144A
Wells Fargo & Co - Pfd
5,354,194
377
8,650,214
0.21%
0.00%
0.33%
344,000
USD
Financial Services
GMAC Capital Trust I
6,881,826
0.27%
92,120
USD
Real Estate Investment and Services
Forest City Enterprises Inc - Pfd
3,910,684
0.15%
50,000
USD
Real Estate Investment Trusts
Health Care REIT Inc - Pfd
2,163,607
0.08%
33,512
33,512
CAD
CAD
Industrials
Construction and Materials
Ainsworth Lumber Co Ltd - Regs
Ainsworth Lumber Co Ltd - 21/Dec/2012
68,928
38,294
0.00%
0.00%
15,800
USD
Industrial Engineering
Stanley Black & Decker Inc - Pfd
1,446,735
0.06%
6,574
USD
Industrial Transportation
Horizon Lines Inc
7,480
0.00%
1,958
USD
Oil and Gas
Oil and Gas Producers
Rowan Cos Plc
46,455
0.00%
198,292
NOK
Oil Equipment, Services and Distribution
Sevan Marine ASA
545,916
0.02%
Total Equities
29,286,777
1.13%
44,559
NOK
Warrants
NORDEA BANK AB - Norse Energy Corp ASA - CW15 - 16/Jun/2015
972
0.00%
Total Warrants
972
0.00%
10,000,000
5,590,000
9,375,960
2,900,000
19,000,000
6,827,000
190,000
2,750,000
800,000
886,000
2,350,000
505,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Mortgages and Asset Backed securities
ACE Securities Corp - HE1 A2A - Libor 1M 25/Jan/2037
Aircraft Finance Trust - 1A A1 - Libor 1M 15/May/2024
American Home Mortgage Investment Trust Floating 25/Jun/2045
Amortizing Residential Collateral Trust - BC1 M1 - Floating 25/Jan/2032
Bayview Commercial Asset Trust - SP1 IO - Floating 25/Apr/2036
Bear Stearns Asset Backed Securities Trust - M3 - Libor 1M 25/Oct/2034
Bear Stearns Asset Backed Securities Trust - 2 A3 - Libor 1M 25/Jan/2047
Bear Stearns Commercial Mortgage Securities - TOP2 D - 6.94% 15/Feb/2035
CarNow Auto Receivables Trust - 1A D - 6.9% 15/Nov/2016
Carrington Mortgage Loan Trust - FRE1 A2 - Libor 1M 25/Dec/2036
Carrington Mortgage Loan Trust - FRE1 A2 - Libor 1M 25/Jul/2036
Carrington Mortgage Loan Trust - HE1 A1 - Libor 1M 25/Feb/2032
328,029
1,396,587
784,978
152,081
89,173
4,507,443
66,013
2,083,033
608,987
532,618
505,957
87,127
0.01%
0.05%
0.03%
0.01%
0.00%
0.17%
0.00%
0.08%
0.02%
0.02%
0.02%
0.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 323

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
420,000 USD
1,250,000 USD
6,200,000 USD
1,050,000 USD
800,000 USD
500,000 USD
3,945,000 USD
12,214,751 USD
4,000,000 USD
1,900,000 USD
750,000 USD
17,875,000 USD
375,000 USD
950,000 USD
3,450,000 USD
9,266,200 USD
4,600,000 USD
6,573,000 USD
4,595,000 USD
775,000 USD
2,100,000 USD
2,750,000 USD
600,000 USD
1,000,000 USD
4,450,000 USD
390,000 USD
1,500,000 USD
15,000,000 USD
7,572,000 USD
Description of Securities
Carrington Mortgage Loan Trust - NC1 M1 - Floating 25/Feb/2035
Chaseflex Trust - 2 4A1 - 5% 25/May/2020
Citigroup Mortgage Loan Trust Inc - AHL3 A3A - Libor 1M 25/May/2037
COMM 2012-CCRE2 Mortgage Trust Floating 15/Aug/2045
Commercial Mortgage Pass Through Certificates - C1 G - 6.85% 15/Aug/2033
Countrywide Asset-Backed Certificates - AB1 M1 - Libor 1M 25/Nov/2034
Countrywide Asset-Backed Certificates - QH1 A1 - Libor 1M 25/Feb/2037
Countrywide Asset-Backed Certificates - SD1 A1 - Libor 1M 25/Mar/2047
Credit Suisse Mortgage Capital Certificates - 3 4A1 - 5% 25/Apr/2037
Credit-Based Asset Servicing and Securitization LLC - CB4 A1A - Libor 1M 25/Apr/2037
First Horizon Asset Securities Inc - 6 B1 - Floating 25/Nov/2034
Government National Mortgage Association - 148 IX - Floating 16/Oct/2052
GSAMP Trust - HE8 A2B - Libor 1M 25/Jan/2037
GSR Mortgage Loan Trust Floating 25/Feb/2034
Impac CMB Trust - 9 1A1 - Floating 25/Jan/2035
JP Morgan Mortgage Trust - A7 4A1 - Floating 25/Oct/2035
JP Morgan Mortgage Trust Floating 25/Feb/2035
Lease Investment Flight Trust - 1 A1 - Libor 1M 15/Jul/2031
Lease Investment Flight Trust - 1 A2 - Libor 1M 15/Jul/2031
Mastr Asset Backed Securities Trust - HE1 M1 - Libor 1M 25/May/2035
Mid-State Trust 7% 15/Dec/2045
Morgan Stanley Capital I Inc - XLF9 C - Libor 1M 15/Dec/2020
RAMP Trust - RZ3 A2 - Libor 1M 25/Oct/2035
Security National Mortgage Loan Trust - 1A 1A3 - 6.55% 25/Apr/2037
Structured Asset Securities Corp 6% 25/Aug/2035
Timberstar Trust - 1A F - 7.5296% 15/Oct/2036
Velocity Commercial Capital Loan Trust Libor 1M 25/Aug/2040
WaMu Mortgage Pass Through Certificates Floating 25/Dec/2036
Wells Fargo Commercial Mortgage Trust 4% 15/Nov/2043
Market Value
119,138
189,022
985,344
736,036
130,077
300,572
498,969
2,280,266
560,941
304,176
280,021
718,049
118,654
428,712
208,553
591,849
1,591,460
2,851,539
1,993,431
8,438
1,480,307
1,947,155
182,498
728,806
1,221,219
306,846
798,777
1,361,756
4,581,950
Net Assets %
0.00%
0.01%
0.04%
0.03%
0.01%
0.01%
0.02%
0.09%
0.02%
0.01%
0.01%
0.03%
0.00%
0.02%
0.01%
0.02%
0.06%
0.11%
0.08%
0.00%
0.06%
0.08%
0.01%
0.03%
0.05%
0.01%
0.03%
0.05%
0.18%
Total Mortgages and Asset Backed securities
38,646,587
1.49%
Supranationals, Governments and Local Public Authorities, Debt Instruments
1,000,000
4,600,000
800,000
13,150,000
1,700,000
14,700,000
5,100,000
TRY
TRY
TRY
TRY
TRY
BRL
BRL
Supranationals
European Bank for Reconstruction & Development 0.5% 26/Feb/2015
European Investment Bank 0% 02/Mar/2015
European Investment Bank 10% 20/Jan/2014
European Investment Bank 8% 02/Apr/2014
International Bank for Reconstruction & Development 9% 25/Jan/2013
International Finance Corp/US 5% 21/Dec/2015
International Finance Corp/US 7.45% 14/Aug/2014
377,896
1,755,368
357,412
5,788,358
723,321
5,318,455
1,936,638
0.01%
0.07%
0.01%
0.22%
0.03%
0.21%
0.07%
2,300,000
6,750,000
3,285,000,000
9,992,000,000
24,000,000,000
155,989,000,000
1,250,000
114,000
707,825,000
350,000
230,000,000
3,550,000
USD
BRL
COP
IDR
IDR
IDR
MXN
USD
PHP
USD
RUB
USD
Governments
Bolivian Government International Bond 4.875% 29/Oct/2022
Brazilian Government International Bond 10.25% 10/Jan/2028
Colombia Government International Bond 12% 22/Oct/2015
Indonesia Treasury Bond 6.125% 15/May/2028
Indonesia Treasury Bond 7% 15/May/2022
Indonesia Treasury Bond 8.25% 15/Jun/2032
Mexican Bonos 7.5% 03/Jun/2027
Peruvian Government International Bond 8.75% 21/Nov/2033
Philippine Government Bond - R201 - 5.875% 01/Mar/2032
Poland Government International Bond 6.375% 15/Jul/2019
Russian Foreign Bond - Eurobond 7.85% 10/Mar/2018
Seneca Gaming Corp 8.25% 01/Dec/2018
1,700,925
3,293,171
1,709,640
811,953
2,145,499
15,041,620
8,526,058
150,239
13,482,548
331,966
6,201,939
2,840,754
0.07%
0.13%
0.07%
0.03%
0.08%
0.57%
0.33%
0.01%
0.52%
0.01%
0.24%
0.11%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
324 Pioneer Funds - Annual Report

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,950,000 USD
4,000,000 TRY
900,000 USD
1,900,000 USD
14,700,000 USD
Description of Securities
Sri Lanka Government International Bond 5.875% 25/Jul/2022
Turkey Government Bond 10.5% 15/Jan/2020
Ukraine Government International Bond 6.75% 14/Nov/2017
Ukraine Government International Bond 7.8% 28/Nov/2022
Ukraine Government International Bond 9.25% 24/Jul/2017
Market Value
1,575,205
2,080,044
675,819
1,448,346
12,153,368
Net Assets %
0.06%
0.08%
0.03%
0.06%
0.47%
13,500,000
5,650,000
10,110,000
2,875,000
9,560,000
10,357,000
5,125,000
2,720,000
USD
USD
USD
USD
USD
USD
USD
USD
Local Public Authorities
City of Buenos Aires Argentina - 144A - 12.5% 06/Apr/2015
Province of Salta Argentina 9.5% 16/Mar/2022
Provincia de Buenos Aires/Argentina - 144A - 10.875% 26/Jan/2021
Provincia de Buenos Aires/Argentina 11.75% 05/Oct/2015
Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc 11.5% 01/Oct/2020
Texas Competitive Electric Holdings Co LLC / TCEH Finance Inc 15% 01/Apr/2021
Windstream Corp 7.75% 15/Oct/2020
Windstream Corp 8.125% 01/Sep/2018
10,034,891
3,653,387
5,674,606
1,869,928
5,674,075
2,670,950
4,198,271
2,253,944
0.39%
0.14%
0.22%
0.07%
0.22%
0.10%
0.16%
0.09%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
126,456,594
2,400,892,553
4.88%
92.70%
Other Transferable Securities
Bonds
850,000
EUR
Basic Materials
Chemicals
Lyondell Industries Escrow 2015 0% 15/Aug/2015
0
0.00%
1,399,229
15,400,000
950,000
USD
USD
USD
Forestry and Paper
Bio Pappel SAB de CV - 144A - Floating 27/Aug/2016
Sino-Forest Corp 0% CV 15/Dec/2016 Defaulted
Sino-Forest Corp 0% 21/Oct/2017 Defaulted
987,017
1,635,316
100,880
0.04%
0.06%
0.00%
490,000
USD
Industrial Metals and Mining
Old AII Inc 0% 15/Dec/2016 Defaulted
37
0.00%
6,800,000
USD
Mining
Molycorp Inc - 144A - 10% 01/Jun/2020
4,796,722
0.19%
870,000
USD
Consumer Goods
Automobiles and Parts
Lear Corp. Escrow Bankruptcy 0% 01/Dec/2016 Defaulted
0
0.00%
260,530
USD
Food Producers
Independencia International Ltd - 144A - 0% 30/Dec/2016 Defaulted
198
0.00%
4,800,000
USD
Leisure Goods
Nara Cable Funding Ltd - 144A - 8.875% 01/Dec/2018
3,668,083
0.14%
3,470,000
11,750,000
USD
CAD
Consumer Services
Media
MDC Partners Inc 11% 01/Nov/2016
Quebecor Media Inc 6.625% 15/Jan/2023
2,891,886
9,174,791
0.11%
0.34%
2,100,000
3,235,000
1,547,267
3,250,000
USD
USD
USD
USD
Travel, Leisure and Catering
Buffalo Thunder Development Authority 0% 15/Dec/2014 Defaulted
Mashantucket Western Pequot Tribe 0% 15/Nov/2015 Defaulted
Pegasus Solutions Inc 13% 15/Apr/2014
Scientific Games International Inc 6.25% 01/Sep/2020
557,494
147,224
1,032,763
2,523,656
0.02%
0.01%
0.04%
0.10%
250,000
USD
Financials
Financial Services
Blue Fin Ltd - 144A - Floating 28/May/2013
184,883
0.01%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 325

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
1,375,000
1,500,000
900,000
4,350,000
1,300,000
1,200,000
1,400,000
1,150,000
700,000
2,750,000
1,550,000
2,200,000
Currency
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Description of Securities
Compass Re Ltd - 2 - Floating 08/Jan/2015
Compass Re Ltd - 3 - Floating 08/Jan/2015
Lakeside Re III Ltd Floating 08/Jan/2016
Lodestone Re Ltd - CLB - Floating 17/May/2013
Mythen Re Ltd Series 2012-2 Class A Floating 05/Jan/2017
Queen Street VII Re Ltd Floating 08/Apr/2016
Residential Reinsurance 2012 Ltd - 144A - Floating 06/Jun/2016
Residential Reinsurance 2012 Ltd - 144A - Floating 06/Jun/2016
Residential Reinsurance 2012 Ltd Floating 06/Dec/2016
Residential Reinsurance 2012 Ltd Floating 06/Dec/2016
Residential Reinsurance 2012 Ltd Floating 06/Dec/2016
Successor X Ltd Floating 17/Jan/2014
Market Value
1,058,888
1,142,294
682,646
3,337,992
984,762
910,194
1,139,730
895,995
530,947
2,085,862
1,175,667
1,557,555
Net Assets %
0.04%
0.04%
0.03%
0.13%
0.04%
0.04%
0.04%
0.03%
0.02%
0.08%
0.05%
0.06%
8,700,000
USD
Health Care
Health Care Equipment and Services
US Oncology Holding 0% 15/Aug/2017 Defaulted
123,730
0.00%
754
1,890,000
USD
USD
Industrials
Construction and Materials
Ainsworth Lumber Co Ltd 11% 29/Jul/2015
Asia Aluminum Holdings Ltd 0% 23/Dec/2049 Defaulted
635
1,434
0.00%
0.00%
7,516,000
98,000
EUR
USD
General Industrials
Ardagh Packaging Finance PLC - 144A - 9.25% 15/Oct/2020
Little Traverse Bay Bands of Odawa Indians 9% 31/Aug/2020
8,201,835
69,129
0.32%
0.00%
578,000
USD
Industrial Engineering
Indalex Holding Corp 0% 01/Feb/2014 Defaulted
3,288
0.00%
5,484,000
USD
Industrial Transportation
Syncreon Global Ireland Ltd / Syncreon Global Finance US Inc 9.5% 01/May/2018
4,325,970
0.17%
4,565,000
5,200,000
CAD
USD
Oil and Gas
Oil and Gas Producers
Trilogy Energy Corp 7.25% 13/Dec/2019
Unit Corp 6.625% 15/May/2021
3,551,464
4,047,709
0.14%
0.16%
Total Bonds
63,528,676
2.45%
Equities
3,485
1,830
USD
USD
Financials
Financial Services
Perseus Holding Corp
Perseus Holding Corp - Pfd
6,608
47,888
0.00%
0.00%
Total Equities
54,496
0.00%
32,430,721
USD
Warrants
Horizon Lines Inc - Horizon Lines - 06/Oct/2016
1,466,073
0.06%
Total Warrants
1,466,073
0.06%
Supranationals, Governments and Local Public Authorities, Debt Instruments
400,000
2,700,000
USD
USD
Local Public Authorities
Non-Profit Preferred Funding Trust I - E - Floating 15/Sep/2037
Provincia de Neuquen Argentina - 144A - 7.875% 26/Apr/2021
193,098
1,761,225
0.01%
0.07%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Other Transferable Securities
1,954,323
67,003,568
0.08%
2.59%
Total Securities
2,467,896,121
95.29%
Net Asset Value
2,589,748,437
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
326 Pioneer Funds - Annual Report

Pioneer Funds - Global High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
03-Jan-13 MXN
44,000,000
31-Jan-13 EUR
10,964,043
07-Feb-13 USD
44,521,610
15-Mar-13 INR
442,000,000
15-Mar-13 RUB
250,000,000
15-May-13 USD
9,198,165
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
USD
EUR
USD
USD
GBP
Amount Sold
3,386,770
14,551,204
35,000,000
8,104,144
7,971,907
5,695,000
Unrealised Gain/(Loss)
340
(71,653)
(1,235,565)
(131,305)
82,491
(44,304)
(1,399,996)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
20-Jun-17 Credit Default Swap Seller
20-Jun-17 Credit Default Swap Seller
20-Sep-17 Credit Default Swap Seller
Total Net Unrealised Gain/(Loss) on Swaps
Underlying
CDX NA HY 18
CDX NA HY 18
Goodyear Tire & Rubber
Received Rate
5.000%
5.000%
5.000%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- USD 10,000,000
99,401
- USD 8,000,000
79,521
- USD 2,750,000
(5,732)
173,190
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 327

Pioneer Funds - Euro High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
4,750,000
2,910,000
5,498,000
6,750,000
2,000,000
538,000
2,719,000
EUR
USD
EUR
EUR
EUR
USD
EUR
Basic Materials
Chemicals
Ciech Group Financing AB 9.5% 30/Nov/2019
EuroChem Mineral & Chemical Co OJSC via EuroChem GI Ltd 5.125% 12/Dec/2017
GCL Holdings SCA 9.375% 15/Apr/2018
INEOS Group Holdings SA - Reg.S - 7.875% 15/Feb/2016
Kinove German Bondco GmbH 10% 15/Jun/2018
OXEA Finance & Cy SCA 9.5% 15/Jul/2017
SPCM SA 5.5% 15/Jun/2020
5,266,563
2,281,715
5,944,713
6,834,375
2,002,464
450,918
2,911,804
0.67%
0.29%
0.76%
0.87%
0.26%
0.06%
0.37%
4,800,000
3,300,000
3,800,000
750,000
EUR
EUR
USD
USD
Forestry and Paper
Lecta SA - Regs - 8.875% 15/May/2019
Sappi Papier Holding GmbH - Regs - 6.625% 15/Apr/2018
Sappi Papier Holding GmbH - Regs - 6.625% 15/Apr/2021
Sappi Papier Holding GmbH - 144A - 6.625% 15/Apr/2021
5,142,000
3,587,001
2,875,076
567,449
0.65%
0.46%
0.37%
0.07%
4,750,000
USD
Industrial Metals and Mining
First Quantum Minerals Ltd 7.25% 15/Oct/2019
3,674,909
0.47%
2,400,000
6,425,000
3,000,000
2,520,000
3,000,000
2,654,000
5,400,000
1,800,000
1,475,000
5,026,000
4,000,000
4,000,000
1,667,000
7,200,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
USD
USD
USD
USD
GBP
EUR
Consumer Goods
Automobiles and Parts
Conti-Gummi Finance BV 7.125% 15/Oct/2018
Conti-Gummi Finance BV 7.5% 15/Sep/2017
Faurecia 8.75% 15/Jun/2019
Faurecia 9.375% 15/Dec/2016
Fiat Finance & Trade SA 7.375% 09/Jul/2018
Fiat Finance & Trade SA 7.75% 17/Oct/2016
Fiat Finance & Trade SA 7.75% 17/Oct/2016
Fiat Industrial Finance Europe SA 5.25% 11/Mar/2015
Goodyear Tire & Rubber Co 8.25% 15/Aug/2020
Hyva Global BV - Regs - 8.625% 24/Mar/2016
Jaguar Land Rover PLC 7.75% 15/May/2018
Jaguar Land Rover PLC 8.125% 15/May/2021
Jaguar Land Rover PLC 8.25% 15/Mar/2020
Schaeffler Finance BV 7.75% 15/Feb/2017
2,575,248
6,911,950
3,173,850
2,940,336
3,136,260
2,831,685
5,756,400
1,920,744
1,239,049
3,697,831
3,337,379
3,367,718
2,293,949
8,083,296
0.33%
0.88%
0.40%
0.37%
0.40%
0.36%
0.73%
0.24%
0.16%
0.47%
0.43%
0.43%
0.29%
1.03%
7,250,000
EUR
Beverages
Refresco Group BV 7.375% 15/May/2018
7,732,125
0.98%
1,500,000
632,000
2,033,000
8,500,000
5,000,000
1,668,000
5,000,000
EUR
EUR
EUR
EUR
EUR
USD
EUR
Food Producers
Agrokor DD 10% 07/Dec/2016
Agrokor DD 9.125% 01/Feb/2020
Agrokor DD 9.875% 01/May/2019
Campofrio Food Group SA 8.25% 31/Oct/2016
Foodcorp Pty Ltd 8.75% 01/Mar/2018
Olam International Ltd 5.75% 20/Sep/2017
R&R Ice Cream PLC 8.375% 15/Nov/2017
1,669,365
692,015
2,273,341
9,197,000
5,577,683
1,184,513
5,566,750
0.21%
0.09%
0.29%
1.17%
0.71%
0.15%
0.71%
2,300,000
EUR
Household Goods and Home Construction
Bormioli Rocco Holdings SA 10% 01/Aug/2018
2,461,000
0.31%
7,600,000
5,000,000
7,000,000
4,159,000
EUR
EUR
EUR
EUR
Leisure Goods
Cirsa Funding Luxembourg SA 8.75% 15/May/2018
Nara Cable Funding Ltd - Regs - 8.875% 01/Dec/2018
Ono Finance II PLC 11.125% 15/Jul/2019
Unitymedia GmbH/Old - Regs - 9.5% 15/Mar/2021
7,666,500
5,132,800
6,912,500
4,881,626
0.98%
0.65%
0.88%
0.62%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
328 Pioneer Funds - Annual Report

Pioneer Funds - Euro High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,000,000 EUR
882,000 EUR
7,212,000 EUR
Description of Securities
Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH - Regs - 7.5% 15/Mar/2019
Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 5.5% 15/Sep/2022
Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 5.75% 15/Jan/2023
Market Value
3,336,750
910,938
7,566,613
Net Assets %
0.43%
0.12%
0.96%
1,000,000
9,000,000
7,500,000
USD
EUR
EUR
Personal Goods
Albea Beauty Holdings SA 8.375% 01/Nov/2019
Albea Beauty Holdings SA 8.75% 01/Nov/2019
Ontex IV SA 9% 15/Apr/2019
807,797
9,557,640
8,006,250
0.10%
1.22%
1.02%
5,000,000
GBP
Consumer Services
Food and Drug Retailers
Bakkavor Finance 2 PLC 8.25% 15/Feb/2018
6,330,909
0.81%
3,100,000
2,750,000
10,500,000
4,725,000
EUR
GBP
EUR
USD
General Retailers
Algeco Scotsman Global Finance Plc 9% 15/Oct/2018
Dixons Retail PLC 8.75% 15/Sep/2017
Edcon Pty Ltd Euribor 3M 15/Jun/2014
Nord Anglia Education UK Holdings PLC 10.25% 01/Apr/2017
3,222,822
3,713,398
10,176,075
3,996,037
0.41%
0.47%
1.29%
0.51%
3,600,000
2,000,000
4,828,000
1,400,000
EUR
EUR
EUR
EUR
Media
Central European Media Enterprises Ltd 11.625% 15/Sep/2016
CET 21 spol sro 9% 01/Nov/2017
EN Germany Holdings BV 10.75% 15/Nov/2015
TVN Finance Corp II AB - Regs - 10.75% 15/Nov/2017
3,833,784
2,199,380
4,659,020
1,563,338
0.49%
0.28%
0.59%
0.20%
3,750,000
4,000,000
1,500,000
5,628,000
800,000
4,500,000
EUR
EUR
EUR
EUR
EUR
EUR
Travel, Leisure and Catering
Carlson Wagonlit BV - Regs - 7.5% 15/Jun/2019
Codere Finance Luxembourg SA - Regs - 8.25% 15/Jun/2015
Europcar Groupe SA - Regs - 11.5% 15/May/2017
Lottomatica Group SpA - Regs - Floating 31/Mar/2066
Lottomatica Group SpA 3.5% 05/Mar/2020
Travelport LLC 10.875% 01/Sep/2016
4,051,425
3,396,680
1,594,500
5,936,696
824,200
1,918,125
0.52%
0.43%
0.20%
0.76%
0.10%
0.24%
12,300,000
7,000,000
3,000,000
2,000,000
1,950,000
2,067,000
2,200,000
6,071,000
4,550,000
6,000,000
2,649,000
3,350,000
3,000,000
4,000,000
543,000
3,800,000
3,200,000
8,400,000
3,400,000
3,250,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
USD
USD
EUR
USD
EUR
EUR
EUR
EUR
USD
EUR
EUR
EUR
EUR
Financials
Banks
ABN Amro Bank NV Floating Perpetual
Barclays Bank PLC - 24/11/2004 - Floating Perpetual
BNP Paribas SA Floating Perpetual
BPCE SA Floating Perpetual
BPCE SA Floating Perpetual
BPCE SA 9.25% Perpetual
Commerzbank AG 7.75% 16/Mar/2021
Danske Bank A/S Floating 21/Sep/2037
Erste Group Bank AG 6.375% 28/Mar/2023
Erste Group Bank AG 7.125% 10/Oct/2022
Gazprombank OJSC Via GPB Eurobond Finance PLC Floating Perpetual
Intesa Sanpaolo SpA Floating Perpetual
Intesa Sanpaolo SpA Floating 02/Mar/2020
Lloyds TSB Bank PLC 6.5% 24/Mar/2020
OTP Bank PLC 5.27% 19/Sep/2016
Russian Standard Bank Via Russian Standard Finance SA 10.75% 10/Apr/2018
Santander International Debt SAU 4.625% 21/Mar/2016
Societe Generale SA Floating Perpetual
UBS AG/Jersey Floating Perpetual
UniCredit SpA Floating Perpetual
10,286,367
5,477,500
2,872,500
1,676,180
2,083,478
2,194,472
2,382,028
4,863,845
3,588,026
6,854,340
2,094,647
3,473,347
2,575,440
4,592,280
537,402
3,026,396
3,353,568
7,442,568
3,286,542
3,342,365
1.30%
0.70%
0.37%
0.21%
0.27%
0.28%
0.30%
0.62%
0.46%
0.87%
0.27%
0.44%
0.33%
0.58%
0.07%
0.39%
0.43%
0.95%
0.42%
0.43%
2,667,000
2,400,000
USD
EUR
Financial Services
Ausdrill Finance Pty Ltd 6.875% 01/Nov/2019
Boparan Finance PLC 9.75% 30/Apr/2018
2,043,136
2,742,744
0.26%
0.35%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 329

Pioneer Funds - Euro High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
6,036,000 EUR
4,200,000 USD
1,600,000 GBP
750,000 EUR
250,000 EUR
1,700,000 EUR
Description of Securities
Fiat Industrial Finance Europe SA 6.25% 09/Mar/2018
Global Investments Group Finance Ltd 11% 24/Sep/2017
House of Fraser Funding PLC 8.875% 15/Aug/2018
Numericable Finance & Co SCA Euribor 3M 15/Oct/2018
Numericable Finance & Co SCA 12.375% 15/Feb/2019
Numericable Finance & Co SCA 8.75% 15/Feb/2019
Market Value
6,814,160
3,121,966
2,105,782
776,018
300,313
1,827,585
Net Assets %
0.87%
0.40%
0.27%
0.10%
0.04%
0.23%
3,200,000
6,150,000
EUR
GBP
Nonlife Insurance
Muenchener Rueckversicherungs AG Floating 26/May/2042
Towergate Finance PLC - Regs - 10.5% 15/Feb/2019
3,911,232
8,037,232
0.50%
1.02%
2,333,000
1,333,000
1,500,000
2,500,000
4,250,000
USD
EUR
EUR
GBP
GBP
Health Care
Health Care Equipment and Services
ConvaTec Healthcare E SA - Regs - 10.5% 15/Dec/2018
ConvaTec Healthcare E SA - Regs - 7.375% 15/Dec/2017
ConvaTec Healthcare E SA 10.875% 15/Dec/2018
Priory Group No 3 PLC 7% 15/Feb/2018
Priory Group No 3 PLC 8.875% 15/Feb/2019
1,968,646
1,458,569
1,736,250
3,295,216
5,501,159
0.25%
0.19%
0.22%
0.42%
0.70%
3,800,000
EUR
Pharmaceuticals and Biotechnology
Rottapharm Ltd 6.125% 15/Nov/2019
3,965,034
0.51%
4,469,000
2,500,000
4,500,000
4,350,000
3,500,000
2,700,000
1,744,000
8,700,000
EUR
USD
EUR
EUR
EUR
EUR
USD
EUR
Industrials
Construction and Materials
Buzzi Unicem SpA 6.25% 28/Sep/2018
Cemex Finance LLC - Regs - 9.5% 14/Dec/2016
Cemex Finance LLC 9.625% 14/Dec/2017
HeidelbergCement Finance BV 8.5% 31/Oct/2019
HeidelbergCement Finance BV 9.5% 15/Dec/2018
Lafarge SA Floating 24/Nov/2016
OAS Investments GmbH 8.25% 19/Oct/2019
Spie BondCo 3 SCA - Regs - 11% 15/Aug/2019
4,834,117
2,081,121
4,908,735
5,446,853
4,525,640
3,272,265
1,408,799
9,552,600
0.62%
0.27%
0.63%
0.69%
0.58%
0.42%
0.18%
1.22%
9,424,000
3,600,000
6,000,000
2,521,000
2,600,000
EUR
EUR
EUR
EUR
EUR
Electronic and Electrical Equipment
Norcell Sweden Holding 2 AB 10.75% 29/Sep/2019
NorCell 1B AB 12.4% 01/Dec/2019
Rexel SA 7% 17/Dec/2018
Techem Energy Metering Service GmbH & Co KG 7.875% 01/Oct/2020
Techem GmbH 6.125% 01/Oct/2019
10,298,076
3,559,500
6,659,040
2,832,974
2,830,932
1.30%
0.45%
0.85%
0.36%
0.36%
2,361,612
3,000,000
5,500,000
2,000,000
8,750,000
2,000,000
2,000,000
3,000,000
822,000
2,614,000
5,000,000
3,000,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
General Industrials
ARD Finance SA 11.125% 01/Jun/2018
Ardagh Glass Finance PLC 7.125% 15/Jun/2017
Ardagh Packaging Finance PLC - Regs - 9.25% 15/Oct/2020
Beverage Packaging Holdings Luxembourg II SA 8% 15/Dec/2016
Beverage Packaging Holdings Luxembourg II SA 9.5% 15/Jun/2017
Clondalkin Industries BV - Reg.S - 8% 15/Mar/2014
Guala Closures SpA Euribor 3M 15/Nov/2019
KM Germany Holdings GmbH 8.75% 15/Dec/2020
Nordenia International AG - Regs - 9.75% 15/Jul/2017
OI European Group BV 6.875% 31/Mar/2017
Polish Television Holding BV Floating 15/May/2017
Yioula Glassworks SA 9% 01/Dec/2015
2,502,010
3,110,490
6,032,455
2,043,440
9,167,637
1,784,540
2,040,000
3,161,730
965,850
2,724,389
5,562,000
1,785,000
0.32%
0.40%
0.77%
0.26%
1.17%
0.23%
0.26%
0.40%
0.12%
0.35%
0.71%
0.23%
1,900,000
1,200,000
6,200,000
7,000,000
USD
USD
USD
EUR
Industrial Transportation
CEVA Group PLC 12.75% 31/Mar/2020
CEVA Group PLC 8.375% 01/Dec/2017
CMA CGM SA 8.5% 15/Apr/2017
CMA CGM SA 8.875% 15/Apr/2019
1,080,856
914,745
3,844,433
5,661,250
0.14%
0.12%
0.49%
0.72%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
330 Pioneer Funds - Annual Report

Pioneer Funds - Euro High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,260,000 EUR
Description of Securities
Gategroup Finance Luxembourg SA 6.75% 01/Mar/2019
Market Value
3,499,610
Net Assets %
0.45%
2,500,000
1,600,000
3,000,000
1,600,000
2,500,000
3,500,000
10,014,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Support Services
ALBA Group PLC & Co KG 8% 15/May/2018
Eco-Bat Finance PLC 7.75% 15/Feb/2017
Iron Mountain Inc 6.75% 15/Oct/2018
ISS A/S - Regs - 8.875% 15/May/2016
New Reclamation Group Pty Ltd - Regs - 8.125% 01/Feb/2013
Stork Technical Services Holdings BV 11% 15/Aug/2017
Zinc Capital SA 8.875% 15/May/2018
2,734,375
1,709,536
3,069,990
1,669,040
1,606,915
3,801,875
10,890,225
0.35%
0.22%
0.39%
0.21%
0.20%
0.48%
1.38%
3,035,000
EUR
Oil and Gas
Alternative Energy
EP Energy AS 5.875% 01/Nov/2019
3,291,124
0.42%
1,200,000
3,200,000
EUR
EUR
Oil and Gas Producers
MOL Hungarian Oil and Gas PLC 5.875% 20/Apr/2017
Santos Finance Ltd Floating 22/Sep/2070
1,282,092
3,426,304
0.16%
0.44%
3,000,000
5,000,000
USD
USD
Oil Equipment, Services and Distribution
Petroleum Geo-Services ASA 7.375% 15/Dec/2018
Petroleum Geo-Services ASA 7.375% 15/Dec/2018
2,480,279
4,133,799
0.32%
0.53%
5,060,000
10,000,000
EUR
EUR
Technology
Software and Computer Services
eAccess Ltd 8.375% 01/Apr/2018
Infor US Inc 10% 01/Apr/2019
5,834,180
11,225,000
0.74%
1.42%
5,000,000
2,000,000
6,969,000
1,500,000
4,000,000
3,000,000
800,000
3,360,000
7,538,000
886,000
2,000,000
1,000,000
4,800,000
7,400,000
6,750,000
2,000,000
EUR
USD
EUR
USD
EUR
CHF
EUR
EUR
EUR
EUR
EUR
USD
GBP
EUR
EUR
EUR
Telecommunications
Fixed Line Telecommunications
Altice Financing SA 8% 15/Dec/2019
Altice Finco SA 9.875% 15/Dec/2020
Magyar Telecom BV 9.5% 15/Dec/2016
Sable International Finance Ltd 8.75% 01/Feb/2020
Sunrise Communications Holdings SA 8.5% 31/Dec/2018
Sunrise Communications International SA - Regs - 7% 31/Dec/2017
Telefonica Emisiones SAU 5.811% 05/Sep/2017
Telenet Finance Luxembourg SCA - Regs - 6.375% 15/Nov/2020
UPC Holding BV 6.375% 15/Sep/2022
UPC Holding BV 8.375% 15/Aug/2020
UPCB Finance II Ltd 6.375% 01/Jul/2020
UPCB Finance V Ltd - Regs - 7.25% 15/Nov/2021
Virgin Media Finance PLC 5.125% 15/Feb/2022
Wind Acquisition Finance SA 11.75% 15/Jul/2017
Wind Acquisition Finance SA 7.375% 15/Feb/2018
Ziggo Bond Co BV - Regs - 8% 15/May/2018
5,337,500
1,649,727
3,990,240
1,314,093
4,420,520
2,700,323
911,544
3,662,400
7,869,672
1,005,087
2,143,340
841,930
6,056,368
7,834,750
6,868,732
2,214,340
0.68%
0.21%
0.51%
0.17%
0.56%
0.34%
0.12%
0.47%
1.00%
0.13%
0.27%
0.11%
0.77%
1.00%
0.87%
0.28%
3,833,000
1,700,000
6,062,000
EUR
EUR
GBP
Mobile Telecommunications
Matterhorn Midco & Cy SCA 7.75% 15/Feb/2020
Matterhorn Mobile Holdings SA 8.25% 15/Feb/2020
Phones4u Finance PLC 9.5% 01/Apr/2018
3,960,754
1,870,000
7,872,901
0.50%
0.24%
1.00%
1,636,000
EUR
Utilities
Electricity
ESB Finance Ltd 6.25% 11/Sep/2017
1,885,114
0.24%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 331

Pioneer Funds - Euro High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
6,700,000
Currency
EUR
Description of Securities
Viridian Group FundCo II 11.125% 01/Apr/2017
Market Value
7,025,821
Net Assets %
0.89%
1,100,000
EUR
Gas, Water and Multiutilities
Gas Natural Capital Markets SA 6% 27/Jan/2020
1,264,395
0.16%
Total Bonds
624,907,982
79.59%
Equities
8,381,752
EUR
Consumer Services
Media
Independent News & Media PLC
251,453
0.03%
2,151,800
EUR
Financials
Banks
Commerzbank AG
3,085,681
0.40%
Total Equities
3,337,134
0.43%
Supranationals, Governments and Local Public Authorities, Debt Instruments
27,650,000
2
ARS
ARS
Governments
Argentine Republic Government International Bond 0% 15/Dec/2035
Argentine Republic Government International Bond 0% 31/Dec/2033
303,535
0.4
0.04%
0.00%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
303,535
628,548,651
0.04%
80.06%
Other Transferable Securities
Bonds
2,227,000
EUR
Consumer Goods
Beverages
Belvedere SA 0% 15/May/2013 Defaulted
1,695,304
0.22%
1,700,000
EUR
Personal Goods
IT Holding Finance SA 0% 15/Nov/2012 Defaulted
170
0.00%
5,500,000
EUR
Financials
Financial Services
Boats Investments Netherlands BV 0% 15/Dec/2015
3,270,320
0.41%
4,000,000
EUR
Industrials
General Industrials
M&G Finance Luxembourg SA - S - 0% Perpetual
1,800,000
0.23%
Total Bonds
6,765,794
0.86%
1,250
1,250
GBP
GBP
Warrants
VisioCorp PLC ex Schefenacker AG - VisioCorp PLC - A - 01/Jan/2012
VisioCorp PLC ex Schefenacker AG - VisioCorp PLC - B - 01/Jan/2012
0
0
0.00%
0.00%
Total Warrants
Total Other Transferable Securities
0
6,765,794
0.00%
0.86%
3,500
EUR
Investment funds
Pioneer Institutional 17 - I ND
3,585,855
0.46%
Total Investment funds
3,585,855
0.46%
Total Securities
638,900,300
81.38%
Net Asset Value
785,087,677
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
332 Pioneer Funds - Annual Report

Pioneer Funds - Euro High Yield
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 151
Euro Bund
28-Mar-13 (23)
US 10 Yr Note Future
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
USD
Commitment
(in Trade Ccy)
21,984,090
(3,043,906)
Market Price
(in Trade Ccy)
145.59
132.34
Unrealised Gain/(Loss)
(in Fund Ccy)
206,870
20,444
227,314
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 USD
11,001,464
31-Jan-13 USD
2,901,094
04-Mar-13 EUR
2,516,436
04-Mar-13 EUR
29,216,608
04-Mar-13 EUR
37,133,178
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
EUR
CHF
GBP
USD
Amount Sold
8,289,372
2,198,641
3,030,000
23,665,248
47,915,947
Unrealised Gain/(Loss)
54,179
1,559
5,092
60,282
802,516
923,628
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
20-Sep-15 Credit Default Swap Buyer
20-Dec-17 Credit Default Swap Seller
20-Jun-17 Credit Default Swap Seller
20-Mar-14 Credit Default Swap Seller
20-Mar-14 Credit Default Swap Seller
06-May-13 Total Return Swap Buyer
30-Jun-15 Total Return Swap Buyer
Total Net Unrealised Gain/(Loss) on Swaps
Underlying
Vimpel Communications
iTraxx Xover Series 18
Rallye
Synthetic Loan CDS Mezzanine B
Synthetic Loan CDS Mezzanine BB
ISS A/S Loan
ISS A/S Loan
Received Rate
-
5.000%
5.000%
5.150%
3.100%
-
-
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
5.000% USD 1,500,000 (81,059)
- EUR 30,000,000 268,888
- EUR 4,500,000 158,033
- EUR 4,000,000 (463,272)
- EUR 4,000,000 (374,944)
- EUR 100,026
(417)
- EUR 714,288
(3,591)
(496,362)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 333

Pioneer Funds - Emerging Markets Corporate High Yield Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
400,000
200,000
200,000
200,000
EUR
USD
USD
EUR
Basic Materials
Chemicals
Ciech Group Financing AB 9.5% 30/Nov/2019
EuroChem Mineral & Chemical Co OJSC via EuroChem GI Ltd 5.125% 12/Dec/2017
Fufeng Group Ltd 7.625% 13/Apr/2016
GCL Holdings SCA 9.375% 15/Apr/2018
443,000
156,060
152,458
215,250
1.96%
0.69%
0.67%
0.95%
250,000
250,000
200,000
400,000
200,000
USD
USD
USD
USD
USD
Industrial Metals and Mining
Evraz Group SA 9.5% 24/Apr/2018
First Quantum Minerals Ltd 7.25% 15/Oct/2019
Metinvest BV - Regs - 8.75% 14/Feb/2018
Samarco Mineracao SA 4.125% 01/Nov/2022
TMK OAO Via TMK Capital SA 7.75% 27/Jan/2018
216,906
192,468
148,286
309,466
160,042
0.96%
0.85%
0.66%
1.37%
0.71%
175,000
200,000
100,000
375,000
USD
USD
EUR
USD
Mining
Adaro Indonesia PT - Regs - 7.625% 22/Oct/2019
Berau Coal Energy Tbk PT 7.25% 13/Mar/2017
New World Resources NV - Regs - 7.875% 01/May/2018
Vedanta Resources PLC 9.5% 18/Jul/2018
144,550
150,163
104,293
329,234
0.64%
0.66%
0.46%
1.46%
150,000
200,000
175,000
EUR
USD
GBP
Consumer Goods
Automobiles and Parts
Fiat Finance & Trade SA 7.75% 17/Oct/2016
Hyva Global BV - Regs - 8.625% 24/Mar/2016
Jaguar Land Rover PLC 8.25% 15/Mar/2020
159,424
145,631
239,863
0.71%
0.64%
1.06%
100,000
USD
Beverages
Corp Lindley SA 6.75% 23/Nov/2021
87,985
0.39%
150,000
225,000
100,000
125,000
100,000
125,000
215,000
EUR
USD
USD
EUR
USD
USD
USD
Food Producers
Agrokor DD 9.125% 01/Feb/2020
Avangardco Investments Public Ltd 10% 29/Oct/2015
Bertin SA / Bertin Finance Ltd - Regs - 10.25% 05/Oct/2016
Foodcorp Pty Ltd 8.75% 01/Mar/2018
Marfrig Overseas Ltd - Regs - 9.625% 16/Nov/2016
MHP SA - Regs - 10.25% 29/Apr/2015
Mriya Agro Holding PLC 10.95% 30/Mar/2016
163,255
163,302
83,814
138,724
76,158
100,738
166,338
0.72%
0.72%
0.37%
0.61%
0.34%
0.45%
0.74%
100,000
EUR
Leisure Goods
Cirsa Funding Luxembourg SA 8.75% 15/May/2018
100,087
0.44%
400,000
325,000
200,000
200,000
USD
USD
EUR
USD
Personal Goods
Albea Beauty Holdings SA 8.375% 01/Nov/2019
Controladora Mabe SA de CV 7.875% 28/Oct/2019
Ontex IV SA 9% 15/Apr/2019
Texhong Textile Group Ltd 7.625% 19/Jan/2016
321,602
287,050
211,625
155,871
1.42%
1.27%
0.94%
0.69%
200,000
150,000
200,000
200,000
EUR
USD
USD
USD
Consumer Services
General Retailers
Edcon Pty Ltd Euribor 3M 15/Jun/2014
Edcon Pty Ltd 9.5% 01/Mar/2018
Maestro Peru SA 6.75% 26/Sep/2019
Nord Anglia Education UK Holdings PLC 10.25% 01/Apr/2017
192,581
110,591
158,146
168,386
0.85%
0.49%
0.70%
0.74%
225,000
125,000
EUR
EUR
Media
Central European Media Enterprises Ltd 11.625% 15/Sep/2016
TVN Finance Corp II AB - Regs - 10.75% 15/Nov/2017
237,446
138,751
1.05%
0.61%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
334 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Corporate High Yield Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
100,000 EUR
182,000 USD
Description of Securities
Travel, Leisure and Catering
Codere Finance Luxembourg SA - Regs - 8.25% 15/Jun/2015
Grupo Posadas SAB de CV 7.875% 30/Nov/2017
Market Value
83,927
145,639
Net Assets %
0.37%
0.64%
200,000
250,000
125,000
175,000
250,000
200,000
200,000
125,000
125,000
400,000
200,000
125,000
100,000
200,000
100,000
400,000
200,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
EUR
EUR
USD
USD
USD
USD
Financials
Banks
Access Finance BV 7.25% 25/Jul/2017
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.75% 28/Apr/2021
Banco ABC Brasil SA 7.875% 08/Apr/2020
Banco de Galicia y Buenos Aires Floating 01/Jan/2019
Banco Industrial e Comercial SA - Regs - 8.5% 27/Apr/2020
Finansbank AS/Turkey 5.5% 11/May/2016
Gazprombank OJSC Via GPB Eurobond Finance PLC Floating Perpetual
Halyk Savings Bank of Kazakhstan JSC 7.25% 03/May/2017
ICICI Bank Ltd Floating 30/Apr/2022
Industrial Senior Trust 5.5% 01/Nov/2022
International Bank of the Republic of Azerbaijan OJSC Via Rubrika Finance Co Ltd Floating
10/May/2017
Kazkommertsbank JSC 6.875% 13/Feb/2017
OTP Bank PLC 5.27% 19/Sep/2016
Turkiye Garanti Bankasi AS 6.25% 20/Apr/2021
Woori Bank Floating 04/May/2037
Yapi ve Kredi Bankasi AS 5.5% 06/Dec/2022
Yapi ve Kredi Bankasi AS 6.75% 08/Feb/2017
160,147
210,956
103,501
135,970
190,572
152,837
157,388
105,301
96,116
304,915
138,046
112,538
98,079
175,639
81,680
306,432
170,661
0.71%
0.93%
0.46%
0.60%
0.84%
0.68%
0.70%
0.47%
0.43%
1.35%
0.61%
0.50%
0.43%
0.78%
0.36%
1.36%
0.75%
200,000
250,000
267,000
400,000
100,000
200,000
400,000
310,000
USD
USD
USD
USD
USD
USD
USD
USD
Financial Services
African Bank Ltd 8.125% 24/Feb/2017
Alam Sutera International Pvt Ltd 10.75% 27/Mar/2017
Ausdrill Finance Pty Ltd 6.875% 01/Nov/2019
Bank of New York Mellon SA Institucion de Banca Multiple 9.625% 02/May/2021
FPT Finance Ltd 6.375% 28/Sep/2020
GT 2005 Bonds BV Floating 21/Jul/2014
Marfrig Holding Europe BV 8.375% 09/May/2018
Zoomlion HK SPV Co Ltd 6.125% 20/Dec/2022
165,731
209,088
202,518
283,226
85,378
153,216
260,164
238,661
0.73%
0.92%
0.90%
1.25%
0.38%
0.68%
1.15%
1.06%
250,000
100,000
200,000
125,000
200,000
USD
USD
USD
USD
USD
Real Estate Investment and Services
Agile Property Holdings Ltd 8.875% 28/Apr/2017
Atlantic Finance Ltd Floating 27/May/2014
Country Garden Holdings Co Ltd 11.125% 23/Feb/2018
Evergrande Real Estate Group Ltd 13% 27/Jan/2015
Hopson Development Holdings Ltd 11.75% 21/Jan/2016
204,414
83,014
176,729
103,819
159,596
0.90%
0.37%
0.78%
0.46%
0.71%
500,000
USD
Health Care
Pharmaceuticals and Biotechnology
CFR International SpA 5.125% 06/Dec/2022
394,146
1.74%
250,000
200,000
400,000
200,000
250,000
100,000
100,000
USD
USD
USD
USD
USD
USD
USD
Industrials
Construction and Materials
Cemex Finance LLC - Regs - 9.5% 14/Dec/2016
Cemex Finance LLC 9.375% 12/Oct/2022
China Shanshui Cement Group Ltd - Regs - 10.5% 27/Apr/2017
Empresas ICA SAB de CV 8.375% 24/Jul/2017
OAS Investments GmbH 8.25% 19/Oct/2019
PHBS Ltd 6.625% Perpetual
Urbi Desarrollos Urbanos SAB de CV 9.5% 21/Jan/2020
207,164
171,420
350,424
163,835
201,475
77,414
72,679
0.92%
0.76%
1.55%
0.72%
0.89%
0.34%
0.32%
250,000
USD
General Industrials
DTEK Finance BV 9.5% 28/Apr/2015
191,985
0.85%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 335

Pioneer Funds - Emerging Markets Corporate High Yield Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
250,000 USD
Description of Securities
Noble Group Ltd 6.75% 29/Jan/2020
Market Value
200,764
Net Assets %
0.89%
250,000
150,000
USD
USD
Industrial Engineering
OSX 3 Leasing BV 9.25% 20/Mar/2015
WPE International Cooperatief UA - Regs - 10.375% 30/Sep/2020
196,498
98,984
0.87%
0.44%
400,000
USD
Industrial Transportation
Brunswick Rail Finance Ltd 6.5% 01/Nov/2017
317,597
1.41%
100,000
100,000
EUR
EUR
Support Services
Stork Technical Services Holdings BV 11% 15/Aug/2017
Zinc Capital SA 8.875% 15/May/2018
108,063
107,375
0.48%
0.48%
200,000
152,000
USD
EUR
Oil and Gas
Alternative Energy
CE Oaxaca II S de RL de CV 7.25% 31/Dec/2031
EP Energy AS 5.875% 01/Nov/2019
151,440
164,038
0.67%
0.73%
200,000
200,000
200,000
200,000
175,000
625,000
250,000
400,000
USD
USD
USD
EUR
USD
USD
USD
USD
Oil and Gas Producers
Afren PLC 10.25% 08/Apr/2019
Gazprom Neft OAO Via GPN Capital SA 4.375% 19/Sep/2022
MIE Holdings Corp 9.75% 12/May/2016
MOL Hungarian Oil and Gas PLC 5.875% 20/Apr/2017
Pacific Rubiales Energy Corp 7.25% 12/Dec/2021
Petroleos de Venezuela SA 5.25% 12/Apr/2017
Tupras Turkiye Petrol Rafinerileri AS 4.125% 02/May/2018
Zhaikmunai LP Via Zhaikmunai International BV 7.125% 13/Nov/2019
176,946
155,871
166,110
212,648
153,975
415,986
189,387
318,568
0.78%
0.69%
0.73%
0.94%
0.68%
1.84%
0.84%
1.41%
500,000
315,000
250,000
250,000
150,000
225,000
400,000
125,000
250,000
USD
USD
USD
USD
EUR
USD
USD
USD
EUR
Telecommunications
Fixed Line Telecommunications
Altice Finco SA 9.875% 15/Dec/2020
Axtel SAB de CV 9% 22/Sep/2019
Digicel Ltd 7% 15/Feb/2020
Indosat Palapa Co BV - Regs - 7.375% 29/Jul/2020
Magyar Telecom BV 9.5% 15/Dec/2016
Pakistan Mobile Communications Ltd 8.625% 13/Nov/2013
Telefonica Celular del Paraguay SA 6.75% 13/Dec/2022
Telefonica Emisiones SAU 6.421% 20/Jun/2016
Wind Acquisition Finance SA 11.75% 15/Jul/2017
410,535
132,604
202,186
215,507
84,009
165,115
318,568
105,224
262,448
1.82%
0.59%
0.89%
0.95%
0.37%
0.73%
1.41%
0.47%
1.16%
175,000
125,000
225,000
250,000
USD
USD
USD
USD
Mobile Telecommunications
Digicel Ltd - Regs - 8.25% 01/Sep/2017
NII Capital Corp 8.875% 15/Dec/2019
Telemovil Finance Co Ltd 8% 01/Oct/2017
VimpelCom Holdings BV 7.5043% 01/Mar/2022
142,941
75,850
185,594
217,830
0.63%
0.34%
0.82%
0.96%
200,000
125,000
200,000
200,000
200,000
USD
USD
USD
USD
USD
Utilities
Electricity
AES Andres Dominicana Ltd / Itabo Dominicana Ltd 9.5% 12/Nov/2020
AES El Salvador Trust 6.75% 01/Feb/2016
Dubai Electricity & Water Authority - Regs - 7.375% 21/Oct/2020
Listrindo Capital BV 6.95% 21/Feb/2019
SMC Global Power Holdings Corp 7% 28/Jan/2016
168,007
97,360
187,159
170,586
166,490
0.74%
0.43%
0.83%
0.75%
0.74%
200,000
USD
Gas, Water and Multiutilities
Sound Global Ltd 11.875% 10/Aug/2017
162,181
0.72%
Total Bonds
20,020,428
88.57%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
336 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Corporate High Yield Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
200,000
USD
Local Public Authorities
Provincia de Neuquen Argentina 7.875% 26/Apr/2021
131,978
0.58%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
131,978
20,152,406
0.58%
89.15%
Total Securities
20,152,406
89.15%
Net Asset Value
22,604,264
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 EUR
232,101
04-Mar-13 USD
3,738,296
04-Mar-13 USD
2,150,000
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
GBP
EUR
EUR
Amount Sold
188,000
2,882,608
1,656,248
Unrealised Gain/(Loss)
479
(48,171)
(26,082)
(73,774)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 337

Pioneer Funds - Emerging Markets Bond Local Currencies
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
3,100,000
3,214,500,000
140,000,000
150,000,000
3,000,000
TRY
CLP
RUB
RUB
TRY
Financials
Banks
Akbank TAS Floating 01/Nov/2013
Banco Santander Chile 6.5% 22/Sep/2020
Gazprombank OJSC Via GPB Eurobond Finance PLC 8.617% 15/Dec/2015
Russian Agricultural Bank OJSC Via RSHB Capital SA 8.7% 17/Mar/2016
Turkiye Is Bankasi 0% 07/May/2013
1,309,590
5,105,009
3,530,060
3,805,317
1,248,067
0.31%
1.21%
0.84%
0.90%
0.30%
1,800,000
94,000,000
USD
RUB
Financial Services
African Bank Ltd 8.125% 24/Feb/2017
Caterpillar International Finance Ltd 7.5% 20/Dec/2015
1,484,754
2,372,120
0.35%
0.56%
180,000,000
RUB
Industrials
Industrial Transportation
Russian Railways via RZD Capital Ltd 8.3% 02/Apr/2019
4,651,499
1.10%
50,000,000
3,600,000
4,000,000
RUB
EUR
USD
Oil and Gas
Oil and Gas Producers
Alliance Oil Co Floating 21/Jul/2020
MOL Hungarian Oil and Gas PLC 5.875% 20/Apr/2017
Pertamina Persero PT 5.25% 23/May/2021
1,246,446
3,809,052
3,382,888
0.30%
0.90%
0.80%
10,000,000
MXN
Telecommunications
Mobile Telecommunications
America Movil SAB de CV 6.45% 05/Dec/2022
601,668
0.14%
3,900,000,000
COP
Utilities
Electricity
Emgesa SA ESP 8.75% 25/Jan/2021
1,950,240
0.46%
Total Bonds
34,496,710
8.17%
Supranationals, Governments and Local Public Authorities, Debt Instruments
20,000,000
750,000,000
393,000,000
985,000,000
13,400,000,000
CNY
INR
NGN
CLP
COP
Supranationals
Asian Development Bank 2.85% 21/Oct/2020
Inter-American Development Bank 4.75% 10/Jan/2014
International Bank for Reconstruction & Development 14.5% 28/Mar/2013
International Bank for Reconstruction & Development 2.5% 21/Feb/2013
International Bank for Reconstruction & Development 4% 15/Aug/2014
2,401,081
10,296,165
1,923,493
1,552,204
5,756,112
0.57%
2.44%
0.46%
0.37%
1.36%
30,500
30,000
25,000
25,000
25,000
5,000
5,000,000,000
8,000,000,000
1,500,000,000
500,000,000
1,500,000,000
5,000,000,000
45,000,000,000
BRL
BRL
BRL
BRL
BRL
BRL
COP
COP
HUF
HUF
HUF
IDR
IDR
Governments
Brazil Letras do Tesouro Nacional 0% 01/Jul/2014
Brazil Notas do Tesouro Nacional Serie F 10% 01/Jan/2013
Brazil Notas do Tesouro Nacional Serie F 10% 01/Jan/2014
Brazil Notas do Tesouro Nacional Serie F 10% 01/Jan/2015
Brazil Notas do Tesouro Nacional Serie F 10% 01/Jan/2017
Brazil Notas do Tesouro Nacional Serie F 10% 01/Jan/2021
Colombia Government International Bond 12% 22/Oct/2015
Colombia Government International Bond 7.75% 14/Apr/2021
Hungary Government Bond 5.5% 12/Feb/2014
Hungary Government Bond 7.5% 12/Nov/2020
Hungary Government Bond 8% 12/Feb/2015
Indonesia Treasury Bond 11% 15/Oct/2014
Indonesia Treasury Bond 11% 15/Sep/2025
10,158,942
11,093,673
9,478,061
9,621,692
9,724,732
1,946,219
2,602,192
4,381,346
5,161,522
1,875,710
5,415,664
436,307
5,183,290
2.41%
2.63%
2.25%
2.28%
2.30%
0.46%
0.62%
1.04%
1.22%
0.44%
1.28%
0.10%
1.23%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
338 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Bond Local Currencies
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
80,000,000,000
50,000,000,000
50,000,000
34,000,000
16,000,000
33,000,000
1,800,000
1,200,000
800,000
1,917,000
5,000,000
7,000,000
96,000,000
50,000,000
38,000,000
27,000,000
47,000,000
1,000,000,000
3,214,000
2,750,000
300,000,000
400,000,000
450,000,000
104,000,000
100,000,000
110,000,000
34,000,000
190,000,000
100,000,000
350,000,000
13,000,000
10,000,000
5,950,000
10,000,000
Currency
IDR
IDR
MYR
MYR
MYR
MYR
MXN
MXN
MXN
MXN
PEN
PEN
PHP
PLN
PLN
PLN
PLN
COP
EUR
EUR
RUB
RUB
RUB
ZAR
ZAR
ZAR
ZAR
THB
THB
THB
TRY
TRY
TRY
TRY
Description of Securities
Indonesia Treasury Bond 12.8% 15/Jun/2021
Indonesia Treasury Bond 12.9% 15/Jun/2022
Malaysia Government Bond 4.012% 15/Sep/2017
Malaysia Government Bond 4.378% 29/Nov/2019
Malaysia Government Bond 4.392% 15/Apr/2026
Malaysia Government Bond 5.094% 30/Apr/2014
Mexican Bonos - MI10 - 9.5% 18/Dec/2014
Mexican Bonos 10% 05/Dec/2024
Mexican Bonos 10% 20/Nov/2036
Mexican Bonos 8.5% 13/Dec/2018
Peru Government Bond 7.84% 12/Aug/2020
Peruvian Government International Bond 7.84% 12/Aug/2020
Philippine Government International Bond 6.25% 14/Jan/2036
Poland Government Bond 5.25% 25/Oct/2017
Poland Government Bond 5.25% 25/Oct/2020
Poland Government Bond 5.75% 25/Apr/2014
Poland Government Bond 6.25% 24/Oct/2015
Republic of Colombia 9.85% 28/Jun/2027
Romanian Government International Bond 4.875% 07/Nov/2019
Romanian Government International Bond 5.25% 17/Jun/2016
Russian Federal Bond - OFZ - OFZ - 12% 20/Aug/2014
Russian Federal Bond - OFZ - OFZ - 7.35% 20/Jan/2016
Russian Federal Bond - OFZ 7.5% 15/Mar/2018
South Africa Government Bond - CPI Linked Floating 31/Jan/2022
South Africa Government Bond 6.75% 31/Mar/2021
South Africa Government Bond 8% 21/Dec/2018
South Africa Government Bond 8.25% 15/Sep/2017
Thailand Government Bond 4.75% 20/Dec/2024
Thailand Government Bond 5.25% 12/May/2014
Thailand Government Bond 5.4% 27/Jul/2016
Turkey Government Bond Floating 01/Oct/2014
Turkey Government Bond Floating 11/Feb/2015
Turkey Government Bond 0% 20/Mar/2013
Turkey Government Bond 9% 05/Mar/2014
Market Value
9,547,869
6,099,441
12,797,738
8,929,570
4,267,077
8,406,481
11,458,990
9,842,092
6,782,133
13,138,041
1,867,720
2,615,775
2,123,403
13,359,924
10,449,465
6,838,174
12,480,577
669,154
3,384,824
2,959,413
8,119,281
10,226,123
11,700,927
12,224,986
9,141,200
10,789,132
3,343,933
5,184,668
2,558,700
9,369,312
7,888,097
5,696,851
2,498,712
4,392,401
Net Assets %
2.26%
1.44%
3.03%
2.12%
1.01%
1.99%
2.71%
2.33%
1.61%
3.11%
0.44%
0.62%
0.50%
3.16%
2.48%
1.62%
2.96%
0.16%
0.80%
0.70%
1.92%
2.42%
2.77%
2.90%
2.17%
2.56%
0.79%
1.23%
0.61%
2.22%
1.87%
1.35%
0.59%
1.04%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
350,160,589
384,657,299
82.95%
91.12%
Total Securities
384,657,299
91.12%
Net Asset Value
422,147,635
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
13-Feb-13 CNY
30,000,000
13-Feb-13 EUR
3,377,618
28-Feb-13 INR
250,000,000
31-May-13 INR
250,000,000
30-Aug-13 INR
250,000,000
04-Dec-13 INR
250,000,000
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
CNY
USD
USD
USD
USD
Amount Sold
3,387,534
30,000,000
4,494,786
4,376,751
4,304,408
4,327,506
Unrealised Gain/(Loss)
208,802
(218,706)
18,357
56,511
63,589
599
129,152
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 339

Pioneer Funds - Emerging Markets Bond Local Currencies
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
19-Mar-13 (18,000,000) Call USD/ZAR
11-Jan-13 (8,000,000) Call USD/ZAR
Total Net Unrealised Gain/(Loss) on Options Contracts
8.80
9.50
120,145,631 USD
(218,097)
25,307
57,645,631 USD
(2)
92,402
(218,099)
117,709
117,709
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
12-May-15 Credit Default Swap Seller
26-Nov-17 Interest Rate Swap
26-Nov-17 Interest Rate Swap
26-Nov-22 Interest Rate Swap
26-Nov-22 Interest Rate Swap
26-Nov-22 Interest Rate Swap
26-Nov-17 Interest Rate Swap
15-Aug-14 Total Return Swap Buyer
Total Net Unrealised Gain/(Loss) on Swaps
Underlying
Croatia
-
-
-
-
-
-
Brazil
Received Rate
3.550%
3.340%
3.350%
Klibor 3M
Klibor 3M
Klibor 3M
3.345%
-
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 3,076,923 (40,120)
Klibor 3M MYR 52,725,000 (61,455)
Klibor 3M MYR 20,715,000 (21,760)
3.685% MYR 11,148,000
48,328
3.675% MYR 27,850,000 126,805
3.680% MYR 11,602,000
51,685
Klibor 3M MYR 21,560,000 (24,099)
Libor 3M USD 9,630,638 7,199,694
7,279,078
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
340 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
2,967,000
4,167,000
4,840,000
1,500,000
USD
USD
USD
USD
Basic Materials
Chemicals
Alpek SA de CV 4.5% 20/Nov/2022
Braskem Finance Ltd - Regs - 5.375% 02/May/2022
EuroChem Mineral & Chemical Co OJSC via EuroChem GI Ltd 5.125% 12/Dec/2017
Fufeng Group Ltd 7.625% 13/Apr/2016
2,351,726
3,279,174
3,776,661
1,143,431
0.30%
0.42%
0.49%
0.15%
7,500,000
USD
Forestry and Paper
Grupo Papelero Scribe SA de CV - Regs - 8.875% 07/Apr/2020
5,318,947
0.69%
3,000,000
2,509,000
7,100,000
2,571,000
2,400,000
8,333,000
USD
USD
USD
USD
USD
USD
Industrial Metals and Mining
ATF Bank JSC 9% 11/May/2016
Metinvest BV - Regs - 8.75% 14/Feb/2018
Samarco Mineracao SA 4.125% 01/Nov/2022
Southern Copper Corp 3.5% 08/Nov/2022
TMK Bonds SA 5.25% CV 11/Feb/2015
TMK OAO Via TMK Capital SA 7.75% 27/Jan/2018
2,223,718
1,860,245
5,493,022
2,001,248
1,867,718
6,668,170
0.29%
0.24%
0.71%
0.26%
0.24%
0.86%
5,985,000
3,000,000
5,000,000
3,778,000
7,200,000
USD
USD
USD
USD
USD
Mining
Sidetur Finance BV 10% 20/Apr/2016
TiZir Ltd 9% 28/Sep/2017
Vedanta Resources PLC 6.75% 07/Jun/2016
Winsway Coking Coal Holding Ltd 8.5% 08/Apr/2016
Yancoal International Resources Development Co Ltd - Regs - 5.73% 16/May/2022
2,984,696
2,286,863
4,010,543
2,442,919
5,641,061
0.39%
0.30%
0.52%
0.32%
0.73%
562,000
USD
Consumer Goods
Automobiles and Parts
Hyva Global BV - Regs - 8.625% 24/Mar/2016
409,223
0.05%
9,000,000
4,000,000
BRL
USD
Beverages
AmBev International Finance Co Ltd 9.5% 24/Jul/2017
Corp Lindley SA 6.75% 23/Nov/2021
3,785,238
3,519,417
0.49%
0.45%
1,000,000
9,600,000
2,750,000
2,083,000
5,000,000
5,838,000
USD
USD
USD
USD
USD
USD
Food Producers
Camposol SA 9.875% 02/Feb/2017
JBS Finance II Ltd - Regs - 8.25% 29/Jan/2018
JBS SA 10.5% 04/Aug/2016
Minerva Luxembourg SA 12.25% 10/Feb/2022
Mriya Agro Holding PLC 10.95% 30/Mar/2016
Olam International Ltd 5.75% 20/Sep/2017
826,760
7,791,262
2,304,877
1,899,884
3,868,325
4,136,053
0.11%
1.00%
0.30%
0.25%
0.50%
0.53%
5,800,000
USD
Personal Goods
Texhong Textile Group Ltd 7.625% 19/Jan/2016
4,520,252
0.58%
3,800,000
2,900,000
EUR
USD
Consumer Services
General Retailers
Edcon Pty Ltd Euribor 3M 15/Jun/2014
Maestro Peru SA 6.75% 26/Sep/2019
3,659,039
2,293,120
0.47%
0.30%
9,000,000
1,750,000
5,461,712
3,000,000
2,000,000
USD
EUR
USD
USD
EUR
Media
Aerospace Satellite Corp Holding BV 12.75% 16/Nov/2015
CET 21 spol sro 9% 01/Nov/2017
European Media Capital SA - Regs - 10% 01/Feb/2015
Myriad International Holding BV - Regs - 6.375% 28/Jul/2017
TVN Finance Corp II AB - Regs - 10.75% 15/Nov/2017
7,594,433
1,913,205
4,026,169
2,576,987
2,220,020
0.97%
0.25%
0.52%
0.33%
0.29%
1,273,000
USD
Travel, Leisure and Catering
Grupo Posadas SAB de CV 7.875% 30/Nov/2017
1,018,670
0.13%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 341

Pioneer Funds - Emerging Markets Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
769,000 EUR
Description of Securities
Peermont Global Pty Ltd - Regs - 7.75% 30/Apr/2014
Market Value
755,566
Net Assets %
0.10%
6,000,000
1,083
10,688,661
5,633,000
3,000,000
6,000,000
4,000,000
6,400,000
3,214,500,000
6,871,000
4,500,000
3,000,000
7,500,000
2,980,000
3,300,000
6,800,000
2,000,000
13,000,000
2,500,000
8,330,000
4,700,000
10,000,000
135,900,000
4,500,000
10,000,000
629,900
2,500,000
8,993,000
4,681,000
3,000,000
4,400,000
5,834,000
USD
USD
USD
USD
BRL
USD
USD
USD
CLP
USD
USD
USD
USD
USD
USD
USD
USD
BRL
USD
USD
USD
USD
RUB
USD
USD
USD
USD
USD
USD
USD
USD
USD
Financials
Banks
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.75% 28/Apr/2021
Alliance Bank JSC Floating 25/Mar/2020
Alliance Bank JSC 10.5% 25/Mar/2017
Banco de Galicia y Buenos Aires Floating 01/Jan/2019
Banco do Brasil SA/Cayman 9.75% 18/Jul/2017
Banco Hipotecario SA 9.75% 27/Apr/2016
Banco Industrial e Comercial SA - Regs - 8.5% 27/Apr/2020
Banco Santander Brasil SA/Brazil 4.625% 13/Feb/2017
Banco Santander Chile 6.5% 22/Sep/2020
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 4.125%
09/Nov/2022
Bank of Georgia JSC 7.75% 05/Jul/2017
BES Investimento do Brasil SA Banco de Investimento 5.625% 25/Mar/2015
Finansbank AS/Turkey 5.5% 11/May/2016
Gazprombank OJSC Via GPB Eurobond Finance PLC Floating Perpetual
Industrial Senior Trust 5.5% 01/Nov/2022
International Bank of the Republic of Azerbaijan OJSC Via Rubrika Finance Co Ltd Floating
10/May/2017
Kazkommertsbank JSC 8.5% 16/Apr/2013
Morgan Stanley 10.09% 03/May/2017
Moscow Bank for Reconstruction and Development Via MB Capital SA for Moscow Bank Floating
10/Mar/2016
Nomos Bank Via Nomos Capital PLC 10% 26/Apr/2019
PBB LPN Issuance for Probusinessbank 11.75% 10/May/2016
Promsvyazbank OJSC Via PSB Finance SA - Regs - 8.5% 25/Apr/2017
Russian Agricultural Bank OJSC Via RSHB Capital SA 8.7% 17/Mar/2016
Russian Standard Bank Via Russian Standard Finance SA 10.75% 10/Apr/2018
Russian Standard Bank Via Russian Standard Finance SA 9.25% 11/Jul/2017
TemirBank JSC - Regs - 14% 30/Jun/2022
Tinkoff Credit Systems Via TCS Finance Ltd 14% 06/Jun/2018
Trade & Development Bank of Mongolia LLC 8.5% 20/Sep/2015
Trade & Development Bank of Mongolia LLC 8.5% 25/Oct/2013
Turkiye Vakiflar Bankasi Tao - Regs - 5.75% 24/Apr/2017
Yapi ve Kredi Bankasi AS 5.5% 06/Dec/2022
Yapi ve Kredi Bankasi AS 6.75% 08/Feb/2017
5,062,955
26,286
7,519,518
4,376,681
1,271,159
4,095,874
3,049,150
5,157,767
5,105,008
5,315,853
3,481,493
2,349,439
5,731,379
2,345,077
2,515,549
4,693,568
1,525,713
5,237,178
1,801,426
6,494,544
2,718,257
7,793,538
3,447,617
3,575,356
7,869,387
630,316
1,964,493
6,831,665
3,630,605
2,468,902
3,370,752
4,978,193
0.65%
0.00%
0.97%
0.56%
0.16%
0.53%
0.39%
0.67%
0.66%
0.69%
0.45%
0.30%
0.74%
0.30%
0.32%
0.61%
0.20%
0.68%
0.23%
0.84%
0.35%
1.00%
0.45%
0.46%
1.01%
0.08%
0.25%
0.88%
0.47%
0.32%
0.44%
0.64%
9,000,000
4,200,000
4,000,000
5,126,000
4,446,696
7,500,000
7,000,000
3,199,000
1,875,000
5,600,000
4,570,000
3,762,000
4,500,000
7,819,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Financial Services
African Bank Ltd 6% 15/Jun/2016
African Bank Ltd 8.125% 24/Feb/2017
Bank of New York Mellon SA Institucion de Banca Multiple 9.625% 02/May/2021
GT 2005 Bonds BV Floating 21/Jul/2014
Inversora de Electrica de Buenos Aires SA 6.5% 26/Dec/2017
Marfrig Holding Europe BV 8.375% 09/May/2018
MaruEnergy Trinidad LLC 7.017% 01/Feb/2016
Peru Enhanced Pass-Through Finance Ltd 0% 31/May/2018
Power Sector Assets & Liabilities Management Corp 7.39% 02/Dec/2024
Sasol Financing International PLC 4.5% 14/Nov/2022
Schahin II Finance Co SPV Ltd 5.875% 25/Sep/2022
SSG Resources Ltd 4.25% 04/Oct/2022
Tamweel Funding Ltd 4.31% CV 23/Jan/2013
Zoomlion HK SPV Co Ltd 6.125% 20/Dec/2022
7,116,581
3,480,355
2,832,259
3,926,927
1,028,703
4,878,072
5,574,939
1,306,537
1,994,605
4,284,739
3,708,965
3,001,742
3,415,942
6,019,634
0.92%
0.45%
0.37%
0.51%
0.13%
0.63%
0.72%
0.17%
0.26%
0.55%
0.48%
0.39%
0.44%
0.78%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
342 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,500,000 USD
12,500,000 CNY
6,933,000 USD
80,000,000 CNY
7,860,000 USD
4,000,000 USD
Description of Securities
Real Estate Investment and Services
Agile Property Holdings Ltd 9.875% 20/Mar/2017
China SCE Property Holdings Ltd 10.5% 14/Jan/2016
Emaar Sukuk Ltd 6.4% 18/Jul/2019
Evergrande Real Estate Group Ltd 7.5% 19/Jan/2014
Hopson Development Holdings Ltd 11.75% 21/Jan/2016
KWG Property Holding Ltd 13.25% 22/Mar/2017
Market Value
1,285,649
1,572,763
5,731,925
9,818,787
6,272,124
3,628,571
Net Assets %
0.17%
0.20%
0.74%
1.26%
0.81%
0.47%
6,000,000
USD
Health Care
Pharmaceuticals and Biotechnology
CFR International SpA 5.125% 06/Dec/2022
4,729,760
0.61%
2,800,000
7,000,000
5,600,000
6,000,000
5,000,000
3,000,000
2,500,000
2,266,000
5,075,000
2,000,000
USD
USD
USD
USD
USD
EUR
USD
USD
USD
USD
Industrials
Construction and Materials
Cemex Finance LLC - Regs - 9.5% 14/Dec/2016
Cemex SAB de CV 9% 11/Jan/2018
China Shanshui Cement Group Ltd - Regs - 10.5% 27/Apr/2017
China Shanshui Cement Group Ltd 8.5% 25/May/2016
Corp GEO SAB de CV 8.875% 27/Mar/2022
C10-EUR Capital SPV Ltd Floating Perpetual
Empresas ICA SAB de CV 8.375% 24/Jul/2017
OAS Investments GmbH 8.25% 19/Oct/2019
Odebrecht Finance Ltd 7.125% 26/Jun/2042
Yuksel Insaat AS 9.5% 10/Nov/2015
2,320,237
5,774,044
4,905,947
4,937,803
4,048,468
2,010,000
2,047,937
1,826,172
4,484,508
1,206,007
0.30%
0.75%
0.63%
0.64%
0.52%
0.26%
0.26%
0.24%
0.58%
0.16%
8,000,000
5,000,000
5,500,000
2,300,000
USD
USD
EUR
EUR
General Industrials
DTEK Finance BV 9.5% 28/Apr/2015
Noble Group Ltd 6.75% 29/Jan/2020
Polish Television Holding BV Floating 15/May/2017
Yioula Glassworks SA 9% 01/Dec/2015
6,143,507
4,015,284
5,984,413
1,332,080
0.79%
0.52%
0.77%
0.17%
5,100,000
7,655,000
USD
USD
Industrial Engineering
OSX 3 Leasing BV 9.25% 20/Mar/2015
WPE International Cooperatief UA - Regs - 10.375% 30/Sep/2020
4,008,552
5,051,464
0.52%
0.65%
6,600,000
5,000,000
4,667,000
7,146,000
4,750,000
4,054,000
USD
USD
USD
USD
USD
USD
Industrial Transportation
Brunswick Rail Finance Ltd 6.5% 01/Nov/2017
CMA CGM SA 8.5% 15/Apr/2017
COSCO Finance 2011 Ltd 4% 03/Dec/2022
Grupo Senda Autotransporte SA de CV - Regs - 10.5% 03/Oct/2015
Kazakhstan Temir Zholy Finance BV 6.95% 10/Jul/2042
Navios South American Logistics Inc / Navios Logistics Finance US Inc 9.25% 15/Apr/2019
5,240,352
3,062,424
3,609,463
5,664,116
4,539,593
3,032,659
0.68%
0.40%
0.47%
0.73%
0.59%
0.39%
4,925,000
5,125,000
5,691,000
USD
USD
EUR
Oil and Gas
Alternative Energy
CE Oaxaca II S de RL de CV 7.25% 31/Dec/2031
CE Oaxaca IV S de RL de CV 7.25% 31/Dec/2031
EP Energy AS 5.875% 01/Nov/2019
3,729,199
3,894,652
6,141,699
0.48%
0.50%
0.79%
5,000,000
6,300,000
6,111,000
4,000,000
25,500,000
15,000,000
3,985,000
12,364,000
USD
EUR
USD
USD
USD
USD
USD
USD
Oil and Gas Producers
Baghlan Group FZCO for Baghlan Group Ltd 14.75% 27/Jun/2015
MOL Hungarian Oil and Gas PLC 5.875% 20/Apr/2017
OGX Austria GmbH - Regs - 8.375% 01/Apr/2022
Pacific Rubiales Energy Corp 7.25% 12/Dec/2021
Petroleos de Venezuela SA 5.25% 12/Apr/2017
Petroleos de Venezuela SA 5.375% 12/Apr/2027
Rosneft Oil Co via Rosneft International Finance Ltd 4.199% 06/Mar/2022
Tupras Turkiye Petrol Rafinerileri AS 4.125% 02/May/2018
3,811,438
6,698,412
3,881,950
3,519,417
16,972,277
8,021,086
3,083,055
9,366,311
0.49%
0.86%
0.50%
0.45%
2.18%
1.03%
0.40%
1.20%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 343

Pioneer Funds - Emerging Markets Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
2,900,000 USD
Description of Securities
Zhaikmunai LP Via Zhaikmunai International BV 7.125% 13/Nov/2019
Market Value
2,309,618
Net Assets %
0.30%
3,700,000
1,800,000
3,100,000
6,752,000
4,000,000
2,000,000
2,200,000
5,000,000
USD
USD
USD
EUR
USD
USD
USD
EUR
Telecommunications
Fixed Line Telecommunications
Altice Financing SA 7.875% 15/Dec/2019
Altice Finco SA 9.875% 15/Dec/2020
Axtel SAB de CV 9% 22/Sep/2019
Magyar Telecom BV 9.5% 15/Dec/2016
Oi SA 5.75% 10/Feb/2022
Sable International Finance Ltd 8.75% 01/Feb/2020
Telefonica Celular del Paraguay SA 6.75% 13/Dec/2022
Wind Acquisition Finance SA 7.375% 15/Feb/2018
2,981,834
1,477,928
1,304,991
3,781,525
3,170,510
1,744,539
1,752,124
5,055,525
0.38%
0.19%
0.17%
0.49%
0.41%
0.23%
0.23%
0.65%
7,500,000
3,281,000
8,000,000
USD
USD
USD
Mobile Telecommunications
Telemovil Finance Co Ltd 8% 01/Oct/2017
Vimpel Communications Via VIP Finance Ireland Ltd OJSC 6.493% 02/Feb/2016
VimpelCom Holdings BV 7.5043% 01/Mar/2022
6,186,476
2,693,934
6,970,570
0.80%
0.35%
0.90%
2,621,000
2,000,000
1,000,000
5,310,000,000
4,000,000
1,530,000
1,800,000
USD
USD
USD
COP
USD
USD
USD
Utilities
Electricity
Abu Dhabi National Energy Co 2.5% 12/Jan/2018
Abu Dhabi National Energy Co 3.625% 12/Jan/2023
Cia de Transporte de Energia Electrica en Alta Tension Transener SA - Regs - 8.875%
15/Dec/2016
Emgesa SA ESP 8.75% 25/Jan/2021
Empresa Distribuidora Y Comercializadora Norte - Regs - 9.75% 25/Oct/2022
Instituto Costarricense de Electricidad - Regs - 6.95% 10/Nov/2021
Jamaica Public Service Co Ltd - Regs - 11% 06/Jul/2021
2,005,411
1,558,708
318,568
2,673,049
1,365,291
1,322,967
1,457,448
0.26%
0.20%
0.04%
0.35%
0.18%
0.17%
0.19%
6,712,000
USD
Gas, Water and Multiutilities
Sound Global Ltd 11.875% 10/Aug/2017
5,442,809
0.70%
Total Bonds
534,451,270
68.98%
Equities
9,859
USD
Basic Materials
Chemicals
LyondellBasell Industries NV - A
427,069
0.06%
16,868
30,400
9,997
1,855,000
USD
USD
USD
EUR
Financials
Banks
Alliance Bank JSC - Gdr Regs
Alliance Bank JSC - Pfd Gdr Reg S
BTA Bank JSC - Gdr Reg S
Commerzbank AG
141
277
8,318
2,660,070
0.00%
0.00%
0.00%
0.34%
4,008,371
GBP
Real Estate Investment and Services
XXI Century Investments Public Ltd
154,434
0.02%
65,989
USD
Oil and Gas
Oil and Gas Producers
Lukoil OAO - Adr
3,310,962
0.43%
530,883
USD
Telecommunications
Mobile Telecommunications
KCell JSC
4,731,398
0.61%
Total Equities
11,292,669
1.46%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
344 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
5,000,000
89,000,000
393,000,000
USD
RUB
NGN
Supranationals
Eastern and Southern African Trade and Development Bank 6.875% 09/Jan/2016
European Bank for Reconstruction & Development 6.75% 12/May/2017
International Bank for Reconstruction & Development 14.5% 28/Mar/2013
3,963,137
2,290,196
1,923,493
0.51%
0.30%
0.25%
408,343
408,343
29,350,000
3,700,000
3,400,000
1,841,119
3,950,000
6,000,000
3,214,000
5,000,000
12,561,000
2,000,000
1,400,000
2,210,000
4,580,000
3,311,000
5,000,000
450,000
297,000,000
4,000,000
2,400,000
1,667,000
5,786,000
9,000,000
2,500,000
2,800,000
4,000,000
1,320,480
6,600,000
180,000
1,650,000
1,420,000
10,000,000
1,750,000
USD
USD
ARS
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
PHP
USD
USD
USD
EUR
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
Governments
Argentine Republic Government International Bond Floating 15/Dec/2035
Argentine Republic Government International Bond Floating 31/Dec/2038
Argentine Republic Government International Bond 0% 15/Dec/2035
Argentine Republic Government International Bond 8.28% 31/Dec/2033
Costa Rica Government International Bond 4.25% 26/Jan/2023
Dominican Republic International Bond 9.04% 23/Jan/2018
El Salvador Government International Bond - Reg.S - 7.65% 15/Jun/2035
Guatemala Government Bond - Regs - 5.75% 06/Jun/2022
Hungary Government International Bond 6.25% 29/Jan/2020
Hungary Government International Bond 6.375% 29/Mar/2021
Ivory Coast Government International Bond Floating 31/Dec/2032
Jamaica Government International Bond 10.625% 20/Jun/2017
Jamaica Government International Bond 8% 24/Jun/2019
Mongolia Government International Bond 4.125% 05/Jan/2018
Mongolia Government International Bond 5.125% 05/Dec/2022
Morocco Government International Bond 4.25% 11/Dec/2022
Nigeria Government International Bond 6.75% 28/Jan/2021
Panama Government International Bond 8.875% 30/Sep/2027
Philippine Government International Bond 6.25% 14/Jan/2036
Philippine Government International Bond 7.75% 14/Jan/2031
Republic of Belarus 8.95% 26/Jan/2018
Republic of Serbia 7.25% 28/Sep/2021
Romanian Government International Bond 4.875% 07/Nov/2019
Russian Foreign Bond - Eurobond 4.5% 04/Apr/2022
Slovakia Government Bond 4.625% 19/Jan/2017
Turkey Government International Bond 6.875% 17/Mar/2036
Turkey Government International Bond 7.375% 05/Feb/2025
Uruguay Government International Bond 7.875% 15/Jan/2033
Venezuela Government International Bond 10.75% 19/Sep/2013
Venezuela Government International Bond 13.625% 15/Aug/2018
Venezuela Government International Bond 7.65% 21/Apr/2025
Venezuela Government International Bond 8.5% 08/Oct/2014
Venezuela Government International Bond 9.25% 15/Sep/2027
Venezuela Government International Bond 9.375% 13/Jan/2034
23,075
112,740
313,140
2,763,210
2,614,988
1,732,373
3,415,504
5,040,200
2,702,915
4,205,856
8,955,809
1,664,897
1,043,310
1,663,702
3,421,799
2,542,770
4,503,565
557,210
6,593,609
4,668,538
1,884,102
1,458,815
6,115,079
7,833,358
2,847,150
2,875,076
4,118,629
1,558,956
5,168,765
160,422
1,107,593
1,107,221
7,622,875
1,320,730
0.00%
0.01%
0.04%
0.36%
0.34%
0.22%
0.44%
0.65%
0.35%
0.54%
1.17%
0.21%
0.13%
0.21%
0.44%
0.33%
0.58%
0.07%
0.85%
0.60%
0.24%
0.19%
0.79%
1.02%
0.37%
0.37%
0.53%
0.20%
0.67%
0.02%
0.14%
0.14%
0.99%
0.17%
1,650,000
9,075,000
3,750,000
1,000,000
2,449,864
5,000,000
2,464,162
1,500,000
4,000,000
3,944,000
3,913,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Local Public Authorities
City of Buenos Aires Argentina - Regs - 12.5% 06/Apr/2015
Financing of Infrastrucural Projects State Enterprise 9% 07/Dec/2017
Perusahaan Penerbit SBSN 3.3% 21/Nov/2022
Province of Salta Argentina 9.5% 16/Mar/2022
Provincia de Buenos Aires/Argentina Floating 15/May/2035
Provincia de Buenos Aires/Argentina 10.875% 26/Jan/2021
Provincia de Buenos Aires/Argentina 9.25% 15/Apr/2017
Provincia de Buenos Aires/Argentina 9.375% 14/Sep/2018
Provincia de Cordoba 12.375% 17/Aug/2017
Provincia de Mendoza Argentina 5.5% 04/Sep/2018
Provincia de Neuquen Argentina 7.875% 26/Apr/2021
1,229,615
6,917,759
2,958,131
652,609
743,284
2,844,357
1,480,291
830,552
2,533,374
1,182,633
2,582,153
0.16%
0.90%
0.38%
0.08%
0.10%
0.37%
0.19%
0.11%
0.33%
0.15%
0.33%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 345

Pioneer Funds - Emerging Markets Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
5,370,000 USD
Description of Securities
Republic of Angola Via Northern Lights III BV 7% 16/Aug/2019
Market Value
4,521,162
Net Assets %
0.58%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
140,370,727
686,114,666
18.12%
88.56%
Other Transferable Securities
Bonds
2,000,000
USD
Basic Materials
Chemicals
Lyondell Industries Escrow - 10/08/2005 - 0% 15/Aug/2015
0
0.00%
3,000,000
USD
Industrial Metals and Mining
Zhidao International Holdings Ltd 0% 07/Dec/2049 Defaulted
22,099
0.00%
500,000
2,801,399
USD
USD
Consumer Goods
Food Producers
Arantes International Ltd 0% 19/Jun/2013 Defaulted
Independencia International Ltd - Regs - 12% 30/Dec/2016 Defaulted
8,533
11,155
0.00%
0.00%
1,000,000
EUR
Personal Goods
IT Holding Finance SA 0% 15/Nov/2012 Defaulted
100
0.00%
6,500,000
2,550,000
11,732,491
4,267,791
468,080
3,112,550
4,795,000
4,000,000
USD
USD
USD
USD
USD
USD
EUR
USD
Financials
Banks
Banco Cruzeiro do Sul SA/Brazil 0% 20/Jan/2016 Defaulted
Banco Cruzeiro do Sul SA/Brazil 0% 22/Sep/2020 Defaulted
BTA Bank JSC - Regs - Floating 01/Jul/2018 Defaulted
BTA Bank JSC - Regs - Floating 01/Jul/2020 Defaulted
BTA Bank JSC - Regs - 0% 01/Jul/2025 Defaulted
HSBC Bank PLC 9.7% 19/Dec/2016
International Industrial Bank JSC Via IIB Luxembourg SA 0% 05/Jul/2049 Defaulted
International Industrial Bank JSC Via IIB Luxembourg SA 0% 19/Feb/2013 Defaulted
1,116,694
387
3,893,329
441,055
12,426
1,928,818
137,856
87,379
0.14%
0.00%
0.51%
0.06%
0.00%
0.25%
0.02%
0.01%
1,914,919
5,000,000
2,499,000
USD
USD
USD
Financial Services
Hipotecaria Su Casita SA de CV 0% 29/Jun/2018 Defaulted
IIG Funding Ltd 0% CV 10/Jul/2012 Defaulted
Ritzio International Ltd Via Royal Bank of Scotland PLC 0% 02/Jul/2017
170,471
1,000,265
350,664
0.02%
0.13%
0.05%
8,000,000
USD
Oil and Gas
Oil and Gas Producers
Tristan Oil Ltd 0% 01/Jan/2012 Defaulted
2,453,732
0.32%
Total Bonds
11,634,963
1.51%
Equities
20,737
EUR
Financials
Banks
TemirBank JSC - Gdr Reg S
199,076
0.02%
231,454
MXN
Financial Services
Hipotecaria - I
49,195
0.01%
Total Equities
248,271
0.03%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
346 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
500
USD
Warrants
The Central Bank of Nigeria - Central Bank of Nigeria - 15/Nov/2020
72,436
0.01%
Total Warrants
72,436
0.01%
Supranationals, Governments and Local Public Authorities, Debt Instruments
4,193,000
USD
Governments
Ecuador Government International Bond 0% 15/Aug/2030 Defaulted
407,485
0.05%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Other Transferable Securities
407,485
12,363,155
0.05%
1.60%
Total Securities
698,477,821
90.16%
Net Asset Value
774,692,466
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 261
Euro Bund
28-Mar-13 251
US Long Bond
28-Mar-13 809
US 10 Yr Note Future
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
USD
USD
Commitment
(in Trade Ccy)
38,012,040
36,881,313
107,104,020
Market Price
(in Trade Ccy)
145.64
146.94
132.39
Unrealised Gain/(Loss)
(in Fund Ccy)
370,620
(641,053)
(699,910)
(970,343)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 EUR
17,328,839
31-Jan-13 EUR
31,498,039
31-Jan-13 EUR
45,256,559
31-Jan-13 EUR
90,473
31-Jan-13 EUR
90,473
31-Jan-13 EUR
219,292
31-Jan-13 USD
729,273
31-Jan-13 USD
119,684
04-Mar-13 EUR
9,546,532
04-Mar-13 USD
81,023,848
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
USD
USD
USD
USD
USD
EUR
EUR
USD
EUR
Amount Sold
22,998,402
41,803,409
60,063,373
120,082
119,304
289,363
551,566
90,473
12,500,000
62,477,665
Unrealised Gain/(Loss)
(113,248)
(205,847)
(295,763)
(598)
(7)
(162)
1,517
296
68,825
(1,044,044)
(1,589,031)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
Underlying
20-Sep-14 Credit Default Swap Buyer South Africa
20-Sep-14 Credit Default Swap Buyer South Africa
20-Sep-14 Credit Default Swap Buyer Turkey
20-Jun-14 Credit Default Swap Buyer Turkey
20-Sep-15 Credit Default Swap Buyer Vimpel Communications
20-Apr-13 Credit Default Swap Seller CenterCredit Int.
12-May-15 Credit Default Swap Seller Croatia
31-Jul-15 Credit Default Swap Seller Dar al-Arkan
01-Jul-13 Credit Default Swap Seller Marfrig Overseas Ltd
20-Sep-13 Credit Default Swap Seller Ukraine
20-Jun-13 Credit Default Swap Seller Ukreximbank
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
-
-
-
-
-
7.600%
3.550%
6.000%
5.000%
4.800%
5.000%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
1.680% USD 2,000,000 (28,857)
1.700% USD 2,000,000 (29,384)
2.180% USD 2,500,000 (54,585)
2.715% USD 2,500,000 (63,081)
5.000% USD 2,000,000 (108,078)
- USD 10,000,000
75,671
- EUR 12,307,692 (159,620)
- USD 6,416,667 101,302
- USD 2,307,693 (31,844)
- USD 3,000,000
20,861
- USD 4,500,000
(5,894)
(283,509)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 347

Pioneer Funds - Emerging Markets Corporate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
200,000
200,000
300,000
USD
USD
USD
Basic Materials
Chemicals
Braskem Finance Ltd 5.75% 15/Apr/2021
Mexichem SAB de CV 4.875% 19/Sep/2022
PTT Global Chemical PCL 4.25% 19/Sep/2022
160,434
164,128
238,824
1.61%
1.65%
2.40%
100,000
USD
Forestry and Paper
Fibria Overseas Finance Ltd - Regs - 7.5% 04/May/2020
84,854
0.85%
100,000
USD
Industrial Metals and Mining
Southern Copper Corp 5.375% 16/Apr/2020
87,802
0.88%
225,000
50,000
250,000
200,000
USD
USD
USD
USD
Mining
Adaro Indonesia PT - Regs - 7.625% 22/Oct/2019
AngloGold Ashanti Holdings PLC 5.125% 01/Aug/2022
Vedanta Resources PLC 8.75% 15/Jan/2014
Yancoal International Resources Development Co Ltd - Regs - 5.73% 16/May/2022
191,484
38,581
200,859
157,455
1.92%
0.39%
2.02%
1.58%
100,000
USD
Consumer Goods
Food Producers
Grupo Bimbo SAB de CV 4.5% 25/Jan/2022
83,369
0.84%
100,000
USD
Personal Goods
Controladora Mabe SA de CV 7.875% 28/Oct/2019
88,726
0.89%
200,000
200,000
150,000
250,000
100,000
150,000
200,000
200,000
200,000
100,000
200,000
200,000
200,000
250,000
200,000
200,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Financials
Banks
Access Finance BV 7.25% 25/Jul/2017
Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.75% 28/Apr/2021
Banco de Credito del Peru Floating 24/Apr/2027
Banco Santander Chile 3.875% 20/Sep/2022
Bangkok Bank PCL/Hong Kong - - 4.8% 18/Oct/2020
Bank of China Hong Kong Ltd 5.55% 11/Feb/2020
BBVA Bancomer SA/Texas 6.75% 30/Sep/2022
ICICI Bank Ltd 5.75% 16/Nov/2020
Itau Unibanco Holding SA/Cayman Island 5.5% 06/Aug/2022
Kazkommertsbank JSC 7.5% 29/Nov/2016
National Bank of Abu Dhabi PJSC 3% 13/Aug/2019
Oversea-Chinese Banking Corp Ltd Floating 11/Mar/2023
QIB Sukuk Ltd 2.5% 10/Oct/2017
Turkiye Garanti Bankasi AS 5.25% 13/Sep/2022
VTB Bank OJSC Via VTB Capital SA - - 6.315% 22/Feb/2018
Woori Bank Co Ltd - - 5.875% 13/Apr/2021
160,936
169,524
125,261
196,391
84,039
129,249
171,420
166,062
159,683
70,013
154,003
155,627
152,304
205,698
167,813
176,458
1.62%
1.70%
1.26%
1.97%
0.84%
1.30%
1.72%
1.67%
1.60%
0.70%
1.55%
1.56%
1.53%
2.06%
1.68%
1.77%
200,000
100,000
200,000
200,000
200,000
USD
USD
USD
USD
USD
Financial Services
Gruposura Finance 5.7% 18/May/2021
Hyundai Capital America 3.75% 06/Apr/2016
MAF Global Securities Ltd 5.25% 05/Jul/2019
Sasol Financing International PLC 4.5% 14/Nov/2022
Schahin II Finance Co SPV Ltd 5.875% 25/Sep/2022
170,272
80,476
162,961
153,595
162,697
1.71%
0.81%
1.64%
1.54%
1.63%
200,000
100,000
USD
USD
Real Estate Investment and Services
Country Garden Holdings Co Ltd 11.125% 23/Feb/2018
Hopson Development Holdings Ltd 11.75% 21/Jan/2016
178,246
80,557
1.79%
0.81%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
348 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Corporate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
250,000
200,000
125,000
USD
USD
USD
Industrials
Construction and Materials
Cemex Espana Luxembourg 9.25% 12/May/2020
China Shanshui Cement Group Ltd 8.5% 25/May/2016
Votorantim Overseas IV 7.75% 24/Jun/2020
208,292
166,110
116,738
2.09%
1.67%
1.17%
150,000
200,000
100,000
150,000
USD
USD
USD
USD
General Industrials
DTEK Finance BV 9.5% 28/Apr/2015
Hutchison Whampoa International 10 Ltd - Regs - Floating Perpetual
Kuwait Projects Co 9.375% 15/Jul/2020
Noble Group Ltd 6.75% 29/Jan/2020
115,760
161,927
93,702
121,027
1.16%
1.63%
0.94%
1.21%
200,000
USD
Industrial Engineering
WPE International Cooperatief UA - Regs - 10.375% 30/Sep/2020
133,495
1.34%
200,000
200,000
200,000
100,000
100,000
200,000
200,000
475,000
250,000
200,000
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Oil and Gas
Oil and Gas Producers
Afren PLC 10.25% 08/Apr/2019
CNPC General Capital Ltd 3.95% 19/Apr/2022
Gazprom Neft OAO Via GPN Capital SA 4.375% 19/Sep/2022
Gazprom OAO Via Gaz Capital SA 6.51% 07/Mar/2022
Lukoil International Finance BV 6.656% 07/Jun/2022
MIE Holdings Corp 9.75% 12/May/2016
MOL Group Finance SA 6.25% 26/Sep/2019
Petroleos de Venezuela SA 8.5% 02/Nov/2017
Tupras Turkiye Petrol Rafinerileri AS 4.125% 02/May/2018
Zhaikmunai LP Via Zhaikmunai International BV 7.125% 13/Nov/2019
178,356
165,417
156,629
90,837
93,017
167,627
157,139
357,583
189,861
160,042
1.79%
1.66%
1.57%
0.91%
0.93%
1.68%
1.58%
3.58%
1.91%
1.61%
200,000
USD
Technology
Software and Computer Services
Halyk Savings Bank of Kazakhstan JSC 7.25% 28/Jan/2021
165,554
1.66%
225,000
200,000
200,000
200,000
USD
USD
USD
USD
Telecommunications
Fixed Line Telecommunications
Indosat Palapa Co BV - Regs - 7.375% 29/Jul/2020
Qtel International Finance Ltd 3.25% 21/Feb/2023
SingTel Group Treasury Pte Ltd 4.5% 08/Sep/2021
Telefonica Chile SA 3.875% 12/Oct/2022
194,813
152,204
174,839
152,577
1.96%
1.53%
1.76%
1.53%
200,000
USD
Mobile Telecommunications
VimpelCom Holdings BV 7.5043% 01/Mar/2022
174,644
1.75%
100,000
200,000
200,000
USD
USD
USD
Utilities
Electricity
Abu Dhabi National Energy Co 6.25% 16/Sep/2019
Empresa de Energia de Bogota SA - - 6.125% 10/Nov/2021
SMC Global Power Holdings Corp 7% 28/Jan/2016
91,423
171,799
167,327
0.92%
1.72%
1.68%
150,000
USD
Gas, Water and Multiutilities
Axiata SPV1 Labuan Ltd 5.375% 28/Apr/2020
131,317
1.32%
Total Bonds
9,339,857
93.75%
Supranationals, Governments and Local Public Authorities, Debt Instruments
100,000 USD
Local Public Authorities
DP World Ltd 6.85% 02/Jul/2037
89,597
0.90%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 349

Pioneer Funds - Emerging Markets Corporate Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
89,597
0.90%
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
9,429,454
94.65%
Total Securities
9,429,454
94.65%
Net Asset Value
9,961,984
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
350 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding
Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
28,716,651
24,786,721
DKK
DKK
Financials
Banks
Nykredit Realkredit A/S 3.5% 01/Oct/2044
Realkredit Danmark A/S 3.5% 01/Oct/2044
3,912,434
3,377,010
2.42%
2.09%
Total Bonds
7,289,444
4.51%
Supranationals, Governments and Local Public Authorities, Debt Instruments
8,200,000
32,770,000
3,155,000
2,000,000
14,200,000
3,500,000
10,600,000
7,000,000
8,500,000
14,000,000
9,200,000
53,950,000
11,000,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
NOK
EUR
Governments
Belgium Treasury Bill 0% 14/Nov/2013
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond Floating 15/Apr/2013
Deutsche Bundesrepublik Inflation Linked Bond Floating 15/Apr/2023
France Government Bond OAT 4% 25/Apr/2055
France Treasury Bill BTF 0% 10/Jan/2013
French Treasury Note BTAN 4.5% 12/Jul/2013
Ireland Government Bond 5% 18/Oct/2020
Italy Buoni Ordinari del Tesoro BOT 0% 12/Jul/2013
Italy Buoni Ordinari del Tesoro BOT 0% 14/Jun/2013
Italy Buoni Ordinari del Tesoro BOT 0% 30/Apr/2013
Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/Sep/2013
Norway Government Bond 4.5% 22/May/2019
Spain Letras del Tesoro 0% 20/Sep/2013
8,198,155
37,064,812
3,402,458
2,394,800
14,200,000
3,580,763
10,977,890
6,965,455
8,470,250
13,974,100
9,125,250
8,582,169
10,850,400
5.08%
22.96%
2.11%
1.48%
8.79%
2.22%
6.80%
4.31%
5.24%
8.65%
5.65%
5.31%
6.72%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
137,786,502
145,075,946
85.32%
89.83%
10,100
EUR
Investment funds
Pioneer Institutional Currency High Alpha - X ND
10,286,749
6.37%
Total Investment funds
10,286,749
6.37%
Total Securities
155,362,695
96.20%
Net Asset Value
161,499,274
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
11-Mar-13 (112)
Euro Bobl
11-Mar-13 (145)
Euro Bund
11-Mar-13 43
Euro Buxl
11-Mar-13 128
Euro Schatz
11-Mar-13 (30)
Euro-Oat Futures
21-Mar-13 (4)
Japanese 10y Bond
28-Mar-13 11
Long Gilt
28-Mar-13 (20)
US Long Bond
28-Mar-13 (1)
US 10 Yr Note Future
31-Mar-13 143
US 2 Yr Note Future
31-Mar-13 (122)
US 5 Yr Note Future
16-Jun-14 53
90 Day Euro$
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
EUR
EUR
EUR
EUR
JPY
GBP
USD
USD
USD
USD
USD
Commitment
(in Trade Ccy)
(14,315,840)
(21,117,800)
5,888,420
14,189,440
(4,084,800)
(574,600,000)
1,308,230
(2,953,750)
(132,766)
31,529,266
(15,175,657)
13,190,375
Market Price
(in Trade Ccy)
127.82
145.64
136.94
110.86
136.16
143.65
118.93
147.69
132.77
110.24
124.39
99.55
Unrealised Gain/(Loss)
(in Fund Ccy)
(92,865)
(205,901)
166,840
16,640
(54,000)
32,984
13,083
39,821
(296)
6,799
18,796
9,990
(48,109)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 351

Pioneer Funds - Absolute Return Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 EUR
7,112,574
04-Mar-13 EUR
8,853,045
04-Mar-13 EUR
1,285,918
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
DKK
NOK
USD
Amount Sold
53,000,000
65,445,143
1,660,042
Unrealised Gain/(Loss)
7,305
(41,275)
27,247
(6,723)
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
02-Aug-22 (4,630,000)
02-Aug-22 (4,630,000)
16-Oct-13 (16,900,000)
Call Swaption IRS 2.76% / Euribor 6M 2/Aug/2022
Put Swaption IRS 2.76% / Euribor 6M 2/Aug/2022
Call Swaption IRS 2.10% / Euribor 6M 16/Oct/2013
2.76
2.76
2.10
12,778,800 EUR (256,981)
81,683
12,778,800 EUR (321,747)
16,916
35,490,000 EUR (175,403) 257,238
(754,131) 355,837
Long Positions
02-Aug-22 20,650,000 Call Swaption IRS 3.03% / Euribor 3M 2/Aug/2022
02-Aug-22 970,000 Call Swaption IRS 2.60% / Euribor 6M 2/Aug/2022
02-Aug-22 20,650,000 Put Swaption IRS 3.03% / Euribor 3M 2/Aug/2022
02-Aug-22 970,000 Put Swaption IRS 2.60% / Euribor 6M 2/Aug/2022
16-Oct-13 33,800,000 Call Swaption IRS 2.50% / Euribor 6M 16/Oct/2013
16-Jun-14 219
Put 90 Day Euro$
Total Net Unrealised Gain/(Loss) on Options Contracts
3.03
2.60
3.03
2.60
2.50
99.00
EUR
EUR
EUR
EUR
EUR
USD
168,989
112,090
126,283
137,385
134,720
26,993
706,460
4,832
(36,324)
(37,873)
(11,030)
(287,780)
(101,638)
(469,813)
(113,976)
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date
20-Mar-22
20-Dec-17
20-Dec-17
04-Aug-21
16-Apr-20
14-Feb-14
14-Nov-15
11-Jul-17
03-Sep-14
11-Jul-14
03-Sep-17
04-Jun-42
18-Oct-20
17-Apr-23
03-Oct-15
16-Oct-16
17-Oct-21
03-Oct-15
18-Oct-20
22-Jun-17
04-Jun-42
31-Jul-13
Contract
Credit Default Swap Buyer
Credit Default Swap Seller
Credit Default Swap Seller
Cross Currency Swap Seller
Cross Currency Swap Seller
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Underlying
Ireland Republic
iTraxx Europe Series 18
iTraxx Europe Series 18
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Received Rate
-
1.000%
1.000%
Euribor 3M
Stibor 3M +0.47%
BBSW 3M
3.210%
China IRS 1W
2.860%
2.370%
China IRS 1W
Euribor 6M
Euribor 6M
2.060%
0.353%
Euribor 6M
2.360%
Euribor 6M
Euribor 6M
EUR-EXT-CPI
3.473%
Indian OIS 1D
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
1.000% USD 13,000,000 1,101,040
- EUR 9,800,000 (76,557)
- EUR 9,300,000 (72,651)
Libor 3M -0.36% EUR 23,076,923
14,688
Euribor 3M EUR 13,020,833 210,638
2.940% AUD 17,000,000 (24,229)
BBSW 3M AUD 17,810,000 (28,883)
2.600% CNY 38,500,000 203,770
China IRS 1W CNY 88,500,000 (91,141)
China IRS 1W CNY 92,500,000 (169,820)
2.850% CNY 36,800,000 155,629
1.800% EUR 4,700,000 339,264
1.582% EUR 5,100,000 (123,829)
EUR-EXT-CPI EUR 3,334,000 (18,685)
Eonia 1D EUR 77,000,000 219,446
1.000% EUR 51,000,000 (247,860)
Euribor 6M EUR 21,100,000 275,866
0.680% EUR 77,000,000 (327,557)
1.575% EUR 6,600,000 (156,465)
1.579% EUR 4,825,000
57,120
Libor 6M GBP 4,200,000 (188,792)
7.650% INR 1,600,000,000
65,533
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
352 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Bond
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Swaps as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date Contract
Underlying
28-Nov-32 Interest Rate Swap
-
28-Nov-42 Interest Rate Swap
-
28-May-15 Interest Rate Swap
-
30-Jul-17 Interest Rate Swap
-
26-Nov-17 Interest Rate Swap
-
26-Nov-22 Interest Rate Swap
-
26-Nov-22 Interest Rate Swap
-
26-Nov-17 Interest Rate Swap
-
26-Nov-22 Interest Rate Swap
-
26-Nov-17 Interest Rate Swap
-
29-Oct-14 Interest Rate Swap
-
29-Oct-15 Interest Rate Swap
-
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
2.505%
Libor 6M
Libor 6M
Kikrw 3M
3.350%
Klibor 3M
Klibor 3M
3.340%
Klibor 3M
3.345%
2.650%
BKBM 3M
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
Libor 6M JPY 480,000,000 (82,834)
2.343% JPY 600,000,000
85,618
0.390% JPY 5,000,000,000 (79,281)
2.788% KRW 6,600,000,000
18,105
Klibor 3M MYR 8,280,000
(8,698)
3.685% MYR 4,400,000
19,075
3.675% MYR 11,300,000
51,450
Klibor 3M MYR 21,100,000 (24,594)
3.680% MYR 4,600,000
20,443
Klibor 3M MYR 8,620,000
(9,551)
BKBM 3M NZD 40,975,100 (14,316)
2.830% NZD 20,720,350
5,395
1,097,337
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 353

Pioneer Funds - Absolute Return Currencies
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding
Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
3,700,000
8,000,000
10,000,000
11,500,000
4,300,000
3,500,000
5,000,000
10,000,000
2,000,000
3,000,000
2,800,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Governments
Belgium Treasury Bill 0% 16/May/2013
Dutch Treasury Certificate 0% 28/Feb/2013
France Treasury Bill BTF 0% 07/Feb/2013
France Treasury Bill BTF 0% 25/Jul/2013
German Treasury Bill 0% 28/Aug/2013
Italy Buoni Ordinari del Tesoro BOT 0% 12/Jul/2013
Italy Buoni Ordinari del Tesoro BOT 0% 14/Mar/2013
Italy Buoni Ordinari del Tesoro BOT 0% 30/Apr/2013
Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/Sep/2013
Spain Letras del Tesoro 0% 19/Jul/2013
Spain Letras del Tesoro 0% 20/Sep/2013
3,699,630
8,000,400
10,000,000
11,499,712
4,300,323
3,482,728
4,998,125
9,981,500
1,983,750
2,972,850
2,761,920
4.63%
10.01%
12.52%
14.41%
5.38%
4.36%
6.26%
12.49%
2.48%
3.72%
3.46%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
63,680,938
63,680,938
79.72%
79.72%
Total Securities
63,680,938
79.72%
Net Asset Value
79,885,400
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
13-Feb-13
13-Feb-13
28-Feb-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
Currency
KRW
USD
INR
AUD
AUD
AUD
CAD
CAD
CAD
CAD
CAD
CAD
CHF
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
GBP
GBP
Amount Purchased
3,451,520,000
3,200,000
180,832,000
2,020,000
4,010,000
3,100,000
5,292,342
3,117,120
478,349
8,192,408
623,862
904,855
4,961,984
4,100,000
2,400,000
7,186,427
4,000,000
2,439,150
1,600,000
3,300,000
2,500,000
2,400,000
2,500,000
2,500,000
1,600,000
210,000
4,019,344
Currency
USD
KRW
USD
MXN
NZD
USD
EUR
EUR
GBP
GBP
GBP
GBP
EUR
CAD
CAD
CHF
CHF
JPY
PLN
USD
USD
USD
USD
USD
USD
CAD
USD
Amount Sold
3,200,000
3,500,800,000
3,200,000
27,290,200
5,085,081
3,209,740
4,100,000
2,400,000
300,000
5,138,490
390,000
562,000
4,100,000
5,319,074
3,088,632
8,652,566
4,828,160
259,679,000
6,635,040
4,255,713
3,258,275
3,108,830
3,245,700
3,270,300
2,115,016
334,366
6,438,860
Unrealised Gain/(Loss)
11,988
(46,792)
52,040
(289)
(26,265)
(5,359)
(75,326)
(29,520)
(5,843)
(100,760)
(6,067)
(4,288)
12,623
54,997
51,184
14,953
(1,706)
161,234
(14,701)
73,248
29,522
42,833
39,057
20,404
(3,640)
4,454
69,956
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
354 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Currencies
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date Currency
Amount Purchased
04-Mar-13 JPY
264,060,000
04-Mar-13 JPY
15,717,140
04-Mar-13 JPY
267,716,480
04-Mar-13 MXN
27,910,175
04-Mar-13 MXN
41,623,700
04-Mar-13 MXN
28,677,533
04-Mar-13 MXN
26,047,000
04-Mar-13 NZD
5,104,409
04-Mar-13 PLN
6,600,320
04-Mar-13 PLN
6,673,485
04-Mar-13 USD
3,257,017
04-Mar-13 USD
3,222,140
04-Mar-13 USD
4,245,474
04-Mar-13 USD
3,247,570
04-Mar-13 USD
3,096,312
04-Mar-13 USD
3,230,488
04-Mar-13 USD
2,120,640
04-Mar-13 USD
2,073,058
04-Mar-13 USD
1,762,131
04-Mar-13 USD
1,143,992
04-Mar-13 USD
2,098,954
04-Mar-13 USD
3,200,000
04-Mar-13 USD
3,177,636
04-Mar-13 USD
2,100,000
23-Apr-13 CNY
50,000,000
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
USD
USD
AUD
AUD
USD
USD
AUD
EUR
USD
AUD
AUD
EUR
EUR
EUR
EUR
EUR
GBP
GBP
GBP
GBP
JPY
NZD
PLN
USD
Amount Sold
2,500,000
191,551
3,200,000
2,051,422
3,100,000
2,192,154
2,000,000
4,010,646
1,600,000
2,100,000
3,142,914
3,100,000
3,259,531
2,500,000
2,400,000
2,500,000
1,600,000
1,300,000
1,100,000
710,000
1,290,000
265,046,400
3,800,000
6,732,600
7,880,221
Unrealised Gain/(Loss)
(183,652)
(7,368)
(77,899)
11,688
(14,557)
958
(5,902)
37,858
6,252
31,814
7,601
14,810
(40,542)
(37,639)
(52,325)
(50,591)
7,904
(29,835)
(19,171)
(7,354)
2,143
101,331
42,652
(46,205)
27,433
37,341
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
17-Apr-13 (3,100,000)
14-Mar-13 (4,200,000)
07-Feb-13 (6,400,000)
Call USD/MXN
Put USD/INR
Put USD/INR
15.00
54.00
54.00
35,270,024 USD
(6,930)
9,609
172,026,699 USD
(25,555)
63,747
262,135,922 USD
(26,474)
35,242
(58,959)
108,598
Long Positions
11-Feb-13 7,000,000 Call GBP/CAD
18-Jan-13 4,100,000 Call USD/JPY
17-Jun-13 3,300,000 Put EUR/RON
01-Feb-13 4,100,000 Put EUR/USD
23-Jan-13 6,400,000 Put GBP/USD
07-Feb-13 6,400,000 Put USD/INR
14-Mar-13 4,200,000 Put USD/INR
17-Apr-13 3,100,000 Put USD/MXN
Total Net Unrealised Gain/(Loss) on Options Contracts
1.56
81.75
4.47
1.28
1.60
54.90
54.00
12.70
GBP
USD
EUR
EUR
GBP
USD
USD
USD
305,662
152,080
29,912
5,995
24,060
54,000
25,555
16,527
613,791
111,390
117,939
(778)
(46,977)
(75,878)
(46,353)
(18,450)
(21,275)
19,618
128,216
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 355

Pioneer Funds - Absolute Return Commodity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding
Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
400,000
100,000
300,000
EUR
EUR
EUR
Governments
French Treasury Note BTAN 4.5% 12/Jul/2013
State of Berlin 3% 09/Apr/2013
State of Berlin 3.75% 11/Jun/2013
409,230
100,748
304,792
17.00%
4.19%
12.66%
450,000
500,000
200,000
300,000
EUR
EUR
EUR
EUR
Local Public Authorities
Free State of Bavaria 3.375% 21/Jan/2013
State of Brandenburg 4% 20/Feb/2013
State of North Rhine-Westphalia 2.25% 17/Jun/2013
State of Saxony-Anhalt 4.125% 22/Apr/2013
450,810
502,650
201,926
303,587
18.73%
20.90%
8.39%
12.61%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
2,273,743
2,273,743
94.48%
94.48%
Total Securities
2,273,743
94.48%
Net Asset Value
2,406,619
100.00%
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date Contract
Underlying
09-Jan-13 Commodity Swap Credit Suisse Custom 54 Excess return Index
09-Jan-13 Commodity Swap Merrill Lynch Seasonal Roll P1.0 Index
09-Jan-13 Commodity Swap Goldman Sachs Commodity Carry Alpha Pairs Strategy
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
CS54E 1D
MLCXS 1D
ABGSC 1D
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
0.700% USD 2,400,000 (6,111)
0.600% USD 1,100,000
246
0.950% USD 500,000 (1,811)
(7,676)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
356 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return European Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding
Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
2,380,000
1,730,000
6,121,000
6,480,000
5,571,000
4,600,000
4,250,000
5,701,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Governments
Belgium Treasury Bill 0% 20/Jun/2013
Dutch Treasury Certificate 0% 28/Feb/2013
France Treasury Bill BTF 0% 07/Mar/2013
France Treasury Bill BTF 0% 25/Jul/2013
German Treasury Bill 0% 13/Feb/2013
Italy Buoni Ordinari del Tesoro BOT 0% 12/Apr/2013
Italy Buoni Ordinari del Tesoro BOT 0% 14/Mar/2013
Spain Letras del Tesoro 0% 18/Jan/2013
2,379,703
1,730,087
6,121,000
6,479,838
5,571,279
4,594,020
4,248,406
5,699,716
6.07%
4.42%
15.62%
16.54%
14.22%
11.73%
10.84%
14.55%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
36,824,049
36,824,049
93.99%
93.99%
Total Securities
36,824,049
93.99%
Net Asset Value
39,177,294
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 USD
560,575
31-Jan-13 USD
909,059
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
EUR
Amount Sold
422,381
684,957
Unrealised Gain/(Loss)
2,761
4,477
7,238
Outstanding Contracts For Differences as at 31 December 2012 (expressed in EUR)
The Fund has entered into following Contracts For Differences:
Quantity
Long/(Short)
(1,308)
(1,638)
(2,911)
(3,483)
1,059
22,634
(13,508)
3,353
(32,904)
(4,529)
7,642
(2,425)
(15,074)
63,901
9,561
34,905
(11,584)
26,111
37,233
(21,370)
(8,951)
CFD Type
CFD on Index
CFD on Index
CFD on Index
CFD on Index
CFD on Index
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Underlying
MSPIONCH Index
MSPIONCS Index
MSPIONNP Index
MSPIONRI Index
STOXX Europe 600 Industrial Goods & Services Price EUR
ABB Ltd
Accor SA
Adecco SA - Reg
Aggreko PLC
Air Liquide SA
Akzo Nobel NV - CVA
ASML Holding NV
Atlas Copco AB - A
Barclays PLC
Beiersdorf AG
BT Group PLC
Bunzl PLC
Burberry Group PLC
Capita PLC
Carnival PLC
Cie Financiere Richemont SA
Currency
EUR
EUR
GBP
EUR
EUR
CHF
EUR
CHF
GBP
EUR
EUR
EUR
SEK
GBP
EUR
GBP
GBP
GBP
GBP
GBP
CHF
Unrealised
Gain/(Loss)
(945)
2,940
1,216
(4,850)
(1,449)
(1,830)
(2,396)
3,556
(9,807)
(512)
10,858
1,241
(3,034)
(3,270)
6,171
(4,303)
1,571
(3,155)
(9,869)
27,227
5,714
Pioneer Funds - Annual Report 357

Pioneer Funds - Absolute Return European Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Contracts For Differences as at 31 December 2012 (expressed in EUR) (continued)
Quantity
Long/(Short) CFD Type
Underlying
(5,243) CFD on Single Equity
Deutsche Post AG - Reg
30,126 CFD on Single Equity
Drax Group PLC
(26,467) CFD on Single Equity
E.ON AG
11,500 CFD on Single Equity
European Aeronautic Defence and Space Co NV
(34,781) CFD on Single Equity
France Telecom SA
(125,498) CFD on Single Equity
GKN PLC
(12,743) CFD on Single Equity
H Lundbeck A/S
(3,615) CFD on Single Equity
Heineken NV
(4,043) CFD on Single Equity
Henkel AG & Co KGaA - Pfd
(4,944) CFD on Single Equity
Hugo Boss AG
40,945 CFD on Single Equity
InterContinental Hotels Group PLC
151,092 CFD on Single Equity
ITV PLC
34,676 CFD on Single Equity
Koninklijke Ahold NV
(17,679) CFD on Single Equity
Koninklijke Philips Electronics NV
(7,890) CFD on Single Equity
K+S AG - Reg
3,260 CFD on Single Equity
Linde AG
(3,634) CFD on Single Equity
LVMH Moet Hennessy Louis Vuitton SA
(5,367) CFD on Single Equity
Nestle SA
3,613 CFD on Single Equity
PPR
38,495 CFD on Single Equity
Reed Elsevier NV
7,216 CFD on Single Equity
Rio Tinto PLC
(9,763) CFD on Single Equity
Rolls-Royce Holdings PLC
(3,371) CFD on Single Equity
RWE AG
184,754 CFD on Single Equity
Ryanair Holdings PLC
5,213 CFD on Single Equity
SABMiller PLC
2,339 CFD on Single Equity
SAP AG
20,086 CFD on Single Equity
Shire PLC
(4,275) CFD on Single Equity
Siemens AG - Reg
(5,180) CFD on Single Equity
SKF AB - B
(24,779) CFD on Single Equity
Smiths Group PLC
14,701 CFD on Single Equity
Svenska Cellulosa AB - B
1,401 CFD on Single Equity
Swatch Group AG
(10,242) CFD on Single Equity
Tate & Lyle PLC
8,957 CFD on Single Equity
Unilever PLC
6,335 CFD on Single Equity
Vallourec SA
16,605 CFD on Single Equity
Vivendi SA
(23,563) CFD on Single Equity
Wolters Kluwer NV
1,789 CFD on Single Equity
Zurich Insurance Group AG
Total Net Unrealised Gain/(Loss) on Contracts For Difference
Currency
EUR
GBP
EUR
EUR
EUR
GBP
DKK
EUR
EUR
EUR
GBP
GBP
EUR
EUR
EUR
EUR
EUR
CHF
EUR
EUR
GBP
GBP
EUR
EUR
GBP
EUR
GBP
EUR
SEK
GBP
SEK
CHF
GBP
GBP
EUR
EUR
EUR
CHF
Unrealised
Gain/(Loss)
(344)
(8,357)
3,698
2,990
2,398
(1,657)
(1,855)
(4,605)
(3,543)
6,159
16,593
2,608
(3,196)
2,115
3,709
(3,865)
(1,809)
3,363
(3,992)
7,903
(1,330)
1,204
596
(11,640)
(514)
(843)
(8,331)
930
(2,870)
(2,138)
3,299
10,916
1,452
(6,515)
(6,646)
2,084
3,720
5,760
22,521
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
358 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Asian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding
Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
1,250,000
1,500,000
5,000,000
2,000,000
2,250,000
1,500,000
4,200,000
2,750,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Governments
Belgium Treasury Bill 0% 17/Jan/2013
Dutch Treasury Certificate 0% 28/Feb/2013
France Treasury Bill BTF 0% 24/Jan/2013
France Treasury Bill BTF 0% 25/Jul/2013
German Treasury Bill 0% 13/Feb/2013
Italy Buoni Ordinari del Tesoro BOT 0% 12/Jul/2013
Italy Buoni Ordinari del Tesoro BOT 0% 14/Mar/2013
Spain Letras del Tesoro 0% 23/Aug/2013
1,250,000
1,500,075
5,000,000
1,999,950
2,250,112
1,492,598
4,198,425
2,718,650
4.96%
5.95%
19.84%
7.93%
8.92%
5.92%
16.65%
10.78%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
20,409,810
20,409,810
80.95%
80.95%
Total Securities
20,409,810
80.95%
Net Asset Value
25,212,629
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
30-Jan-13 84
Ftse China A50
31-Jan-13 (15)
Hero Morocorp Usd
31-Jan-13 (33)
Hindustan Unilev Usd
31-Jan-13 (12)
Kl Composite Idx
15-Mar-13 (7)
Kospi 200 Index
30-Jan-13 (24)
MSCI Taiwan
08-Mar-13 (9)
Nikkei 225
31-Jan-13 (24)
Power Grid Corp Usd
28-Mar-13 (11)
Set 50 Futures
31-Jan-13 25
Sgx Cnx Nifty
31-Jan-13 (50)
Sgx Msci Indonesia
22-Mar-13 (6)
SPI 200 Futures
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
USD
USD
USD
MYR
USD
USD
USD
USD
THB
USD
USD
AUD
Commitment
(in Trade Ccy)
699,720
(65,344)
(158,896)
(1,010,700)
(872,655)
(660,960)
(470,025)
(101,248)
(10,443,400)
297,650
(522,000)
(692,400)
Market Price
(in Trade Ccy)
8,330.00
34.85
9.63
1,684.50
.25
275.40
10,445.00
2.11
949.40
5,953.00
5,220.00
4,616.00
Unrealised Gain/(Loss)
(in Fund Ccy)
23,255
(931)
(314)
(980)
(11,962)
(7,184)
(11,239)
(917)
(3,216)
57
(6,462)
(709)
(20,602)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 USD
4,371,743
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
Amount Sold
3,294,017
Unrealised Gain/(Loss)
21,530
21,530
Outstanding Contracts For Differences as at 31 December 2012 (expressed in EUR)
The Fund has entered into following Contracts For Differences:
Quantity
Long/(Short)
(241,755)
3,388
2,300
CFD Type
CFD on Fund
CFD on Single Equity
CFD on Single Equity
Underlying
iShares FTSE A50 China Index ETF
Aditya Birla Nuvo Ltd
Aisin Seiki Co Ltd
Currency
HKD
USD
JPY
Unrealised
Gain/(Loss)
(17,507)
1,840
335
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 359

Pioneer Funds - Absolute Return Asian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Contracts For Differences as at 31 December 2012 (expressed in EUR) (continued)
Quantity
Long/(Short)
(13,000)
19,827
24,000
(4,900)
59,300
(99,000)
156,000
(165,000)
43,300
312,500
244,000
12,000
47,000
18,046
23,116
3,900
110,000
(4,300)
(77,111)
806,000
111,000
120,000
66,000
(368,000)
270,000
439,000
290,000
174,000
113,000
(32,000)
(20,000)
138,000
(518,000)
32,000
234,000
422,000
(206,000)
(450,500)
274,000
402,700
100,000
212,500
(320,400)
90,000
(8,000)
(72,000)
31,000
(9,443)
56,000
225,890
380,000
CFD Type
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
Underlying
Ajinomoto Co Inc
Amcor Ltd/Australia
Angang Steel Co Ltd - H
Asahi Group Holdings Ltd
Astra Agro Lestari Tbk PT
Astra International Tbk PT
AviChina Industry & Technology Co Ltd - H
Bank of Communications Co Ltd
Bank Rakyat Indonesia Persero Tbk PT
Baoxin Auto Group Ltd
Beijing Capital International Airport Co Ltd - H
Beijing Enterprises Holdings Ltd
Belle International Holdings Ltd
Boral Ltd
Brambles Ltd
Bridgestone Corp
Brilliance China Automotive Holdings Ltd
Capcom Co Ltd
Cathay Financial
Central China Real Estate Ltd
Cheung Kong Infrastructure Holdings Ltd
China Communications Construction Co Ltd
China Construction Bank Corp - H
China COSCO Holdings Co Ltd - H
China High Speed Transmission Equipment Group Co Ltd
China Hongqiao Group Ltd
China ITS Holdings Co Ltd
China Liansu Group Holdings Ltd
China Machinery Engineering Corp
China Mengniu Dairy Co Ltd
China Merchants Holdings International Co Ltd
China National Building Material Co Ltd - H
China National Materials Co Ltd - H
China Oilfield Services Ltd
China Railway Construction Corp Ltd - A
China Railway Group Ltd
China Resources Cement Holdings Ltd
China Rongsheng Heavy Industry Group Co Ltd
China Shipping Container Lines Co Ltd
China Singyes Solar Technologies Holdings Ltd
China State Construction International Holdings Ltd
China ZhengTong Auto Services Holdings Ltd
China Zhongwang Holdings
Chipbond Technology Corp
Chiyoda Corp
Citic Pacific Ltd
CNOOC Ltd
Coca-Cola Amatil Ltd
COSCO Pacific Ltd
Country Garden Holdings Co Ltd
CSR - Corp Ltd - H
Currency
JPY
AUD
HKD
JPY
USD
USD
HKD
HKD
USD
HKD
HKD
HKD
HKD
AUD
AUD
JPY
HKD
JPY
USD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
HKD
USD
JPY
HKD
HKD
AUD
HKD
HKD
HKD
Unrealised
Gain/(Loss)
1,939
312
211
1,075
4,536
(1,245)
153
(1,917)
346
3,043
(2,032)
(1,057)
2,034
426
3,095
1,334
180
(604)
(675)
39,438
11,639
234
(65)
(2,521)
(3,240)
11,538
4,824
4,597
9,829
(5,105)
(1,174)
2,048
(2,562)
792
(1,241)
(1,712)
(2,621)
2,645
804
24,039
(1,889)
492
(3,135)
(572)
(1,474)
(6,210)
(61)
(1,338)
(2,411)
9,505
(804)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
360 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Asian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Contracts For Differences as at 31 December 2012 (expressed in EUR) (continued)
Quantity
Long/(Short)
56
187,000
46,000
(37,744)
1,900
161,000
6,430
5,500
(594)
(114,600)
210,000
(2,400)
(900)
123,000
(32,241)
9,097
30,200
61,000
152,000
23,834
28,000
345,000
(40,600)
(77,000)
124,000
35,000
320,000
(76,000)
(19,700)
4,000
56,000
(3,970)
92,000
(86,084)
(18,500)
176,000
3,200
53
12,000
226,000
(4,200)
606,000
992
(6,198)
(712)
(512,000)
(61,800)
29,000
77,724
21,000
(3,000)
CFD Type
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
Underlying
CyberAgent Inc
Dah Chong Hong Holdings Ltd
Daphne International Holdings Ltd
David Jones Ltd
Denso Corp
Dongyue Group
Doosan Infracore Co Ltd
Eisai Co Ltd
E-MART
Esprit Holdings Ltd
Ezion Holdings Ltd
FamilyMart Co Ltd
FANUC Corp
Far East Horizon Ltd
Far EasTone Telecommunications Co Ltd
Federal Bank Ltd
Ferrotec Corp
First Resources Ltd
First Tractor Co Ltd - H
Fortescue Metals Group Ltd
Galaxy Entertainment Group Ltd
Geely Automobile Holdings Ltd
Genting Plantations
Genting Singapore PLC
Giordano International Ltd
Golden Eagle Retail Group Ltd
Goodbaby International Holdings Ltd
Guangzhou Automobile Group Co Ltd - H
Gudang Garam Tbk PT
Haier Electronics Group Co Ltd
Haitian International Holdings Ltd
Hana Financial Group Inc
Harbin Electric Co Ltd
Harvey Norman Holdings Ltd
Hengan International Group Co Ltd
Hengdeli Holdings Ltd
Honda Motor Co Ltd
Hong Kong Exchanges and Clearing Ltd
Hongkong Land Holdings Ltd
Hopefluent Group Holdings Ltd
Hoya Corp
Huaneng Renewables Corp Ltd
Hyundai Engineering & Construction Co Ltd
Hyundai Merchant Marine Co Ltd
Hyundai Wia Corp
Industrial & Commercial Bank of China - H
IOI CORPORATION BHD
Isuzu Motors Ltd
Jaiprakash Ass
Japan Steel Works Ltd
JGC Corp
Currency
JPY
HKD
HKD
AUD
JPY
HKD
USD
JPY
USD
HKD
SGD
JPY
JPY
HKD
USD
USD
JPY
SGD
HKD
AUD
HKD
HKD
USD
SGD
HKD
HKD
HKD
HKD
USD
HKD
HKD
USD
HKD
AUD
HKD
HKD
JPY
HKD
USD
HKD
JPY
HKD
USD
USD
USD
HKD
USD
JPY
USD
JPY
JPY
Unrealised
Gain/(Loss)
(804)
(280)
540
3,269
900
8,981
1,623
739
(757)
3,150
32,954
316
(6,711)
1,204
(1,935)
539
3,444
728
(744)
3,378
(1,915)
(644)
(5,719)
(5,498)
(2,216)
1,220
3,453
(1,939)
(1,730)
(55)
548
1,353
(810)
(2,712)
(3,078)
(2,928)
3,649
5
637
(2,654)
(1,142)
5,763
(114)
307
962
(912)
(3,273)
5,786
340
6,263
184
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 361

Pioneer Funds - Absolute Return Asian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Contracts For Differences as at 31 December 2012 (expressed in EUR) (continued)
Quantity
Long/(Short)
110,000
13,000
17,000
104,000
(15,000)
40,000
(4,900)
900
(1,800)
(1,416)
(56,000)
(75,500)
281,000
27,000
74,328
9,358
700
66,000
16,000
3,831
800
91,600
392,000
990,000
6,800
8,000
18,000
4,500
3,000
(11,200)
158,536
9,000
256,000
(800)
(29,000)
14,100
14,700
(10,000)
(6,300)
1,200
6,700
(37)
(117)
(15,000)
20,500
(1,400)
(139,500)
699,000
(33,000)
(31,000)
231,000
CFD Type
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
Underlying
Jiangsu Express - H
Jiangxi Copper Co Ltd - H
Kajima Corp
Kingboard Laminates Holdings Ltd
Kirin Holdings Co Ltd
Kunlun Energy Co Ltd
Kurita Water Industries Ltd
Kyocera Corp
Lawson Inc
LG Electronics Inc
Li & Fung Ltd
Lifestyle International Holdings Ltd
Lonking Holdings Ltd
Luk Fook Holdings International Ltd
Magic Holdings International Ltd
Mahindra & Mahindra Ltd
Makita Corp
Man Wah Holdings Ltd
Marubeni Corp
Maruti Suzuki India Ltd
Melco Crown Entertainment Ltd
MGM China Holdings Ltd
MIE Holdings Corp
Minmetals Land Ltd
Mitsubishi Corp
Mitsubishi Estate Co Ltd
Mitsubishi Heavy Industries Ltd
Mitsui & Co Ltd
Mitsui Fudosan Co Ltd
Mori Seiki Co Ltd
Mount Gibson Iron Ltd
MS&AD Insurance Group Holdings
NagaCorp Ltd
Nintendo Co Ltd
Nippon Express Co Ltd
Nissan Chemical Industries Ltd
Nissan Motor Co Ltd
Nisshin Seifun Group Inc
Nissin Foods Holdings Co Ltd
Nitto Denko Corp
Nomura Holdings Inc
NTT Data Corp
NTT DoCoMo Inc
OKUMA Corp
Orient Overseas International Ltd
Oriental Land Co Ltd/Japan
Parkson Retail Group Ltd
Peak Sport Products Co Ltd
Power Assets Holdings Ltd
President Chain Store Corp
Prince Frog International Holdings Ltd
Currency
HKD
HKD
JPY
HKD
JPY
HKD
JPY
JPY
JPY
USD
HKD
HKD
HKD
HKD
HKD
USD
JPY
HKD
JPY
USD
USD
HKD
HKD
HKD
JPY
JPY
JPY
JPY
JPY
JPY
AUD
JPY
HKD
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
HKD
JPY
HKD
HKD
HKD
USD
HKD
Unrealised
Gain/(Loss)
2,716
(276)
1,044
1,120
658
397
(731)
947
(1,421)
(849)
(1,973)
(443)
(1,650)
(464)
3,055
377
522
(141)
281
563
(26)
(676)
(1,249)
2,665
(597)
14,387
2,053
908
2,553
(7,074)
6,655
3,158
(1,253)
(2,558)
(7,886)
4,824
4,648
(2,719)
276
(53)
4,349
(3,570)
(1,437)
(5,132)
1,844
983
(2,413)
534
(1,130)
1,268
4,036
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
362 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Asian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Contracts For Differences as at 31 December 2012 (expressed in EUR) (continued)
Quantity
Long/(Short)
15,881
2,150,000
(13,981)
18,956
33,025
41,400
297
133
(677)
30,400
227,000
12,000
(17,000)
152,000
(58,000)
3,000
481
(240,000)
228,500
(20,000)
70,000
(492,413)
626,000
57,000
44,000
(1,400)
(225,000)
(110)
(5,300)
7,000
32,000
3,000
(86,000)
179,000
128,000
18,300
6,400
17,767
51,959
100,000
76,500
6,460
32,000
(8,700)
4,000
7,000
(8,000)
(16,000)
(104,000)
(1,200)
96,000
CFD Type
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
CFD on Single Equity
Underlying
PTT Exploration & Production PCL
Quality House
Rakuten Inc
Regis Resources Ltd
Rural Electrification Corp Ltd
Samsonite International SA
Samsung Electr
Samsung Electronics Co Ltd
Samsung Engineering Co Ltd
Sands China Ltd
Sany Heavy Equipment International Holdings Co Ltd
Sekisui House Ltd
SembCorp Marine Ltd
Shanghai Electric Group Co Ltd
Shangri-La Asia Ltd
Shin-Etsu Chemical Co Ltd
Shinsegae Co Ltd
Shougang Fushan Resources Group Ltd
Shui On Land Ltd
Singapore Airlines Ltd
Sino Land Co Ltd
Sino-Ocean Land Holdings Ltd
Sinotrans Ltd - H
Sitoy Group Holdings Ltd
SJM Holdings Ltd
SMC Corp/Japan
SMRT Corp Ltd
StarHub Ltd
Sumitomo Corp
Sumitomo Heavy Industries Ltd
Sumitomo Osaka Cement Co Ltd
Sumitomo Realty & Development Co Ltd
Sun Art Retail Group Ltd
Sunny Optical Technology Group Co Ltd
Sunshine Oilsands Ltd
Takara Leben Co Ltd
Tamron Co Ltd
Tata Motors Ltd
Tata Motors Ltd - A - DVR
TCL Multimedia Technology Holdings Ltd
Techtronic Industries Co
Torrent Pharmaceuticals Ltd
Toshiba Corp
Toyota Boshoku Corp
Toyota Motor Corp
TPK Holding Co Ltd
Trend Micro Inc
Tsingtao Brewery Co Ltd - H
U Ming Marine Transport CORP
Unicharm Corp
Uni-President China Holdings Ltd
Currency
USD
USD
JPY
AUD
USD
HKD
USD
USD
USD
HKD
HKD
JPY
SGD
HKD
HKD
JPY
USD
HKD
HKD
SGD
HKD
HKD
HKD
HKD
HKD
JPY
SGD
SGD
JPY
JPY
JPY
JPY
HKD
HKD
HKD
JPY
JPY
USD
USD
HKD
HKD
USD
JPY
JPY
JPY
USD
JPY
HKD
USD
JPY
HKD
Unrealised
Gain/(Loss)
2,723
(2,184)
307
1,366
2,977
1,134
701
4,992
2,361
(1,450)
2,869
3,790
(1,161)
(149)
(1,022)
2,632
(258)
2,349
3,066
(869)
(548)
(6,934)
1,838
(457)
68
(1,597)
(699)
3
(325)
921
4,772
7,369
2,525
(196)
3,507
4,495
790
980
2,514
(1,945)
(4,227)
1,033
7,860
(6,386)
4,386
75
(9,223)
(548)
(755)
(684)
(1,246)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 363

Pioneer Funds - Absolute Return Asian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Contracts For Differences as at 31 December 2012 (expressed in EUR) (continued)
Quantity
Long/(Short)
(85,000)
(58,000)
214,000
19,423
38,000
(3,191)
(2,343)
(29,600)
247,800
162,000
(351)
(2,200)
(6,300)
(35,000)
(46,000)
10,000
9,000
44,000
CFD Type
Underlying
CFD on Single Equity
Vinda International Holdings Ltd
CFD on Single Equity
Want Want China Holdings Ltd
CFD on Single Equity
Wasion Group Holdings Ltd
CFD on Single Equity
Whitehaven Coal Ltd
CFD on Single Equity
Wilmar International Ltd
CFD on Single Equity
Woolworths Ltd
CFD on Single Equity
WorleyParsons Ltd
CFD on Single Equity
Wynn Macau Ltd
CFD on Single Equity
Xinjiang Goldwind Science & Technology Co Ltd
CFD on Single Equity
Xinyi Glass Holdings Ltd
CFD on Single Equity
Yahoo Japan Corp
CFD on Single Equity
Yakult Honsha Co Ltd
CFD on Single Equity
Yamato Holdings Co Ltd
CFD on Single Equity
Yanlord Land Group Ltd
CFD on Single Equity
Yanzhou Coal Mining Co Ltd
CFD on Single Equity
Yokogawa Electric Corp
CFD on Single Equity
Zhuzhou CSR Times Electric Co Ltd - H
CFD on Single Equity
Zoomlion Heavy Industry Science and Technology Co Ltd - H
Total Net Unrealised Gain/(Loss) on Contracts For Difference
Currency
HKD
HKD
HKD
AUD
SGD
AUD
AUD
HKD
HKD
HKD
JPY
JPY
JPY
SGD
HKD
JPY
HKD
HKD
Unrealised
Gain/(Loss)
0
1,703
(1,466)
5,047
4,247
(276)
(646)
1,303
(3,412)
2,537
677
482
(2,100)
(2,391)
(2,521)
2,632
3,303
(128)
185,407
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
364 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Multi-Strategy
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
196,000
EUR
Consumer Goods
Automobiles and Parts
Fiat Finance & Trade SA 7.75% 17/Oct/2016
207,515
0.26%
400,000
USD
Food Producers
Olam International Ltd 5.75% 20/Sep/2017
283,298
0.35%
100,000
EUR
Household Goods and Home Construction
Bormioli Rocco Holdings SA 10% 01/Aug/2018
106,500
0.13%
300,000
EUR
Consumer Services
Media
Mediaset SpA 5% 01/Feb/2017
297,516
0.37%
500,000
EUR
Travel, Leisure and Catering
Air France-KLM 6.25% 18/Jan/2018
521,875
0.65%
800,000
1,700,000
1,500,000
800,000
1,250,000
1,900,000
400,000
350,000
800,000
200,000
250,000
350,000
1,600,000
500,000
300,000
750,000
750,000
600,000
300,000
1,300,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
USD
USD
EUR
EUR
EUR
EUR
GBP
USD
USD
EUR
Financials
Banks
Abbey National Treasury Services PLC/London 2.875% 14/Jun/2013
Banca delle Marche SpA 4.375% 15/Apr/2013
Banca Monte dei Paschi di Siena SpA 4.125% 11/Nov/2013
Banca Piccolo Credito Valtellinese Scarl Euribor 3M 25/Jan/2013
Banca Piccolo Credito Valtellinese Scarl 4.5% 27/Nov/2013
Banca Popolare di Milano Scarl 4% 15/Apr/2013
Banca Popolare di Vicenza Euribor 3M 15/Mar/2013
Banca Popolare di Vicenza 4.75% 16/Sep/2013
Banco Santander SA 4.25% 06/May/2013
Caixa Geral de Depositos SA 5.625% 04/Dec/2015
Finansbank AS/Turkey 5.15% 01/Nov/2017
Finansbank AS/Turkey 5.5% 11/May/2016
Hypothekenbank Frankfurt International SA 2.25% 25/Mar/2013
ING Bank NV 3% 30/Sep/2014
Intesa Sanpaolo SpA 4.375% 15/Oct/2019
Lansforsakringar Hypotek AB 2.875% 23/Mar/2015
Mediobanca SpA 5.375% 11/Oct/2013
PKO Finance AB 4.63% 26/Sep/2022
Trade & Development Bank of Mongolia LLC 8.5% 20/Sep/2015
Veneto Banca SCPA Euribor 3M 04/Mar/2013
808,368
1,704,046
1,497,945
799,500
1,260,937
1,894,737
397,000
353,619
806,144
205,250
186,779
266,562
1,604,864
522,870
308,337
790,005
833,359
479,297
226,411
1,299,655
1.01%
2.12%
1.86%
0.99%
1.57%
2.37%
0.49%
0.44%
1.00%
0.26%
0.23%
0.33%
2.00%
0.65%
0.38%
0.98%
1.04%
0.60%
0.28%
1.62%
9,000,000
300,000
278,000
300,000
RUB
EUR
EUR
EUR
Financial Services
Caterpillar International Finance Ltd 7.5% 20/Dec/2015
FGA Capital Ireland PLC 5.25% 28/Feb/2014
IPIC GMTN Ltd 3.625% 30/May/2023
Santander Consumer Finance SA 3.25% 20/Jun/2014
227,118
308,574
288,634
301,998
0.28%
0.38%
0.36%
0.38%
372,000
EUR
Industrials
Aerospace and Defense
Finmeccanica Finance SA 4.375% 05/Dec/2017
390,273
0.49%
175,000
GBP
Industrial Transportation
Heathrow Finance PLC 5.375% 02/Sep/2019
217,951
0.27%
200,000
EUR
Oil and Gas
Alternative Energy
EP Energy AS 5.875% 01/Nov/2019
214,800
0.27%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 365

Pioneer Funds - Absolute Return Multi-Strategy
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
250,000 USD
429,000 EUR
343,000 EUR
285,000 USD
300,000 USD
Description of Securities
Oil and Gas Producers
National JSC Naftogaz of Ukraine 9.5% 30/Sep/2014
Petrobras Global Finance BV 3.25% 01/Apr/2019
Petrobras Global Finance BV 4.25% 02/Oct/2023
Petroleos de Venezuela SA 8.5% 02/Nov/2017
Tupras Turkiye Petrol Rafinerileri AS 4.125% 02/May/2018
Market Value
194,645
444,864
360,829
211,657
226,411
Net Assets %
0.24%
0.55%
0.45%
0.26%
0.28%
1,413,000
EUR
Technology
Technology Hardware and Equipment
Solarworld AG 6.125% 21/Jan/2017
289,736
0.36%
250,000
150,000
EUR
EUR
Telecommunications
Fixed Line Telecommunications
Koninklijke KPN NV 3.25% 01/Feb/2021
Koninklijke KPN NV 5.625% 30/Sep/2024
250,791
174,367
0.31%
0.22%
Total Bonds
21,765,037
27.08%
Equities
951
422
2,674
2,959
USD
USD
USD
USD
Basic Materials
Chemicals
Airgas Inc
CF Industries Holdings Inc
Eastman Chemical Co
LyondellBasell Industries NV - A
65,244
64,212
136,316
126,696
0.08%
0.08%
0.17%
0.16%
11,781
EUR
Industrial Metals and Mining
ArcelorMittal
152,387
0.19%
10,082
5,894
4,516
7,479
13,554
GBP
USD
USD
GBP
GBP
Mining
BHP Billiton PLC
Goldcorp Inc
Newmont Mining Corp
Rio Tinto PLC
Vedanta Resources PLC
264,698
161,164
155,888
323,789
193,342
0.33%
0.20%
0.19%
0.40%
0.24%
3,383
2,470
1,378
EUR
EUR
EUR
Consumer Goods
Automobiles and Parts
Bayerische Motoren Werke AG
Cie Generale des Etablissements Michelin
Volkswagen AG - Pfd
246,722
176,827
237,223
0.31%
0.22%
0.30%
19,200
7,436
HKD
EUR
Personal Goods
Prada SpA
Salvatore Ferragamo Italia SpA
138,945
123,735
0.17%
0.15%
3,808
1,198
3,306
GBP
USD
USD
Tobacco
Imperial Tobacco Group PLC
Lorillard Inc
Reynolds American Inc
111,409
105,179
102,585
0.14%
0.13%
0.13%
8,351
2,259
27,279
EUR
EUR
GBP
Consumer Services
Food and Drug Retailers
Carrefour SA
Casino Guichard Perrachon SA
Tesco PLC
161,550
162,874
113,004
0.20%
0.20%
0.14%
647
3,932
USD
SEK
General Retailers
Amazon.com Inc
Hennes & Mauritz AB - B
121,499
102,922
0.15%
0.13%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
366 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Multi-Strategy
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,553 USD
1,455 EUR
2,275 USD
Description of Securities
Home Depot Inc
Inditex SA
Wal-Mart Stores Inc
Market Value
164,876
153,503
116,683
Net Assets %
0.21%
0.19%
0.15%
6,637
5,107
6,720
USD
EUR
CAD
Media
News Corp - B
SES SA
Shaw Communications Inc
129,377
110,847
115,643
0.16%
0.14%
0.14%
13,019
92,081
3,281
EUR
GBP
USD
Travel, Leisure and Catering
Autogrill SpA
International Consolidated Airlines Group SA - DI
Starbucks Corp
113,070
209,796
131,051
0.14%
0.26%
0.16%
28,934
9,689
8,481
5,529
14,885
EUR
CHF
EUR
USD
CHF
Financials
Banks
Banco Bilbao Vizcaya Argentaria SA
Credit Suisse Group AG - Reg
Societe Generale SA
State Street Corp
UBS AG - Reg
201,381
178,718
240,352
193,582
176,010
0.25%
0.22%
0.30%
0.24%
0.22%
14,192
USD
Financial Services
Blackstone Group LP
164,805
0.21%
13,160
4,497
EUR
EUR
Real Estate Investment and Services
Deutsche Wohnen AG - BR
GSW Immobilien AG
184,240
143,904
0.23%
0.18%
4,340
EUR
Real Estate Investment Trusts
Deutsche Euroshop AG
137,318
0.17%
2,950
4,113
6,129
690
1,567
GBP
USD
GBP
CHF
EUR
Health Care
Pharmaceuticals and Biotechnology
AstraZeneca PLC
Bristol-Myers Squibb Co
GlaxoSmithKline PLC
Roche Holding AG - Genusschein
Sanofi
105,820
100,641
100,878
105,204
111,868
0.13%
0.13%
0.13%
0.13%
0.14%
5,039
3,277
EUR
EUR
Industrials
Construction and Materials
Lafarge SA
Vinci SA
243,031
117,841
0.30%
0.15%
5,311
3,403
CHF
USD
Electronic and Electrical Equipment
ABB Ltd
Honeywell International Inc
82,517
161,710
0.10%
0.20%
3,995
USD
General Industrials
General Electric Co
62,513
0.08%
9,051
9,052
2,732
600
1,616
2,967
1,989
1,309
11,201
EUR
SEK
USD
JPY
USD
EUR
EUR
USD
SEK
Industrial Engineering
Alstom SA
Atlas Copco AB - A
Caterpillar Inc
FANUC Corp
Fluor Corp
KUKA AG
MAN SE
Rockwell Automation Inc
Volvo AB - B
272,752
188,180
182,810
83,793
70,602
82,097
160,612
82,081
115,970
0.34%
0.23%
0.23%
0.10%
0.09%
0.10%
0.20%
0.10%
0.14%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 367

Pioneer Funds - Absolute Return Multi-Strategy
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
13,000 JPY
Description of Securities
Yaskawa Electric Corp
Market Value
93,855
Net Assets %
0.12%
4,039
GBP
Oil and Gas
Oil and Gas Producers
Royal Dutch Shell PLC - A
105,668
0.13%
2,249
USD
Technology
Software and Computer Services
IAC/InterActiveCorp
80,926
0.10%
253
9,140
USD
USD
Technology Hardware and Equipment
Apple Inc
Corning Inc
100,789
85,826
0.13%
0.11%
3,219
6,407
19,569
3,199
CAD
EUR
DKK
USD
Telecommunications
Fixed Line Telecommunications
BCE Inc
Elisa OYJ
TDC A/S
Verizon Communications Inc
103,998
107,189
105,019
103,560
0.13%
0.13%
0.13%
0.13%
4,836
45,491
2,587
2,976
USD
EUR
USD
USD
Utilities
Electricity
Calpine Corp
Iberdrola SA
Pinnacle West Capital Corp
Southern Co
65,475
190,835
98,857
95,167
0.08%
0.24%
0.12%
0.12%
8,550
19,539
1,850
EUR
EUR
USD
Gas, Water and Multiutilities
Enagas SA
Gas Natural SDG SA
Sempra Energy
137,997
265,340
98,309
0.17%
0.33%
0.12%
Total Equities
10,683,096
13.29%
Supranationals, Governments and Local Public Authorities, Debt Instruments
200,000
1,700,000
USD
EUR
Supranationals
Eurasian Development Bank 4.767% 20/Sep/2022
International Bank for Reconstruction & Development 0% 20/Dec/2015
157,630
863,099
0.20%
1.07%
250
60,000
40,000
2,000,000
1,650,000
250,000
1,500,000
1,500,000
250,000
420,000
600,000
100,000
700,000
1,250,000
2,000,000
1,100,000
5,000,000
2,000,000
EUR
USD
USD
EUR
EUR
EUR
EUR
EUR
USD
EUR
EUR
USD
EUR
EUR
EUR
EUR
EUR
EUR
Governments
Austria Government International Bond 0% 28/May/2016
Brazilian Government International Bond 10.125% 15/May/2027
Brazilian Government International Bond 7.125% 20/Jan/2037
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond Floating 15/Apr/2013
Bundesrepublik Deutschland 1.75% 04/Jul/2022
Bundesrepublik Deutschland 4% 04/Jan/2037
Deutsche Bundesrepublik Inflation Linked Bond Floating 15/Apr/2016
Deutsche Bundesrepublik Inflation Linked Bond Floating 15/Apr/2023
Egypt Government International Bond 6.875% 30/Apr/2040
Finland Government Bond 3.5% 15/Apr/2021
Hungary Government International Bond 4.5% 29/Jan/2014
Indonesia Government International Bond 7.75% 17/Jan/2038
Ireland Government Bond 5.4% 13/Mar/2025
Italy Buoni Poliennali Del Tesoro Floating 26/Mar/2016
Italy Buoni Poliennali Del Tesoro 3.5% 01/Jun/2014
Italy Buoni Poliennali Del Tesoro 5.5% 01/Sep/2022
Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/May/2014
Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/Sep/2013
125,138
83,510
46,496
2,262,118
1,719,919
338,638
1,878,437
1,617,650
179,466
492,797
609,000
114,367
716,765
1,289,826
2,048,000
1,193,665
4,884,375
1,983,750
0.16%
0.10%
0.06%
2.81%
2.14%
0.42%
2.34%
2.01%
0.22%
0.61%
0.76%
0.14%
0.89%
1.60%
2.55%
1.49%
6.09%
2.47%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
368 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Multi-Strategy
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
3,100,000 EUR
110,000 USD
52,000 USD
55,000 USD
600,000 USD
175,000 EUR
6,685,000 NOK
8,300,000 NOK
100,000 USD
95,000 USD
1,200,000 EUR
1,500,000 EUR
730,000 USD
500,000 EUR
500,000 EUR
200,000 USD
310,000 USD
400,000 EUR
600,000 EUR
100,000 USD
55,000 USD
85,000 USD
150,000 USD
550,000 EUR
100,000 EUR
Description of Securities
Italy Certificati di Credito del Tesoro Zero Coupon 0% 31/Jan/2014
Mexico Government International Bond 5.125% 15/Jan/2020
Mexico Government International Bond 6.05% 11/Jan/2040
Mexico Government International Bond 6.75% 27/Sep/2034
Mongolia Government International Bond 5.125% 05/Dec/2022
Morocco Government International Bond 4.5% 05/Oct/2020
Norway Government Bond 2% 24/May/2023
Norway Government Bond 3.75% 25/May/2021
Philippine Government International Bond 7.75% 14/Jan/2031
Poland Government International Bond 6.375% 15/Jul/2019
Portugal Obrigacoes do Tesouro OT 3.35% 15/Oct/2015
Portugal Obrigacoes do Tesouro OT 3.6% 15/Oct/2014
Republic of Latvia 2.75% 12/Jan/2020
Romanian Government International Bond 4.875% 07/Nov/2019
Romanian Government International Bond 5% 18/Mar/2015
Russian Foreign Bond - Eurobond 3.25% 04/Apr/2017
Russian Foreign Bond - Eurobond 7.5% 31/Mar/2030
Slovenia Government Bond 4.125% 26/Jan/2020
Slovenia Government Bond 4.625% 09/Sep/2024
South Africa Government International Bond 6.875% 27/May/2019
Turkey Government International Bond 6.875% 17/Mar/2036
Turkey Government International Bond 7.375% 05/Feb/2025
Venezuela Government International Bond 9.25% 15/Sep/2027
Local Public Authorities
Autonomous Community of Valencia Spain 5.5% 26/Apr/2013
Parpublica - Participacoes Publicas SGPS SA 3.5% 08/Jul/2013
Market Value
3,050,787
99,748
53,098
59,804
442,127
178,143
902,614
1,292,053
115,860
90,105
1,173,360
1,497,300
547,207
526,575
528,125
161,501
233,919
380,990
542,088
95,447
56,318
87,305
113,029
546,890
99,409
Net Assets %
3.81%
0.12%
0.07%
0.07%
0.55%
0.22%
1.12%
1.61%
0.14%
0.11%
1.46%
1.86%
0.68%
0.66%
0.66%
0.20%
0.29%
0.47%
0.67%
0.12%
0.07%
0.11%
0.14%
0.68%
0.12%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
35,478,448
67,926,581
44.14%
84.51%
Other Transferable Securities
Bonds
500,000
USD
Basic Materials
Industrial Metals and Mining
Zhidao International Holdings Ltd 0% 07/Dec/2049 Defaulted
921
0.00%
Total Bonds
921
0.00%
2,700
2,700
GBP
GBP
Warrants
VisioCorp PLC ex Schefenacker AG - VisioCorp PLC - A - 01/Jan/2012
VisioCorp PLC ex Schefenacker AG - VisioCorp PLC - B - 01/Jan/2012
0
0
0.00%
0.00%
Total Warrants
0
0.00%
5,000,000
USD
Mortgages and Asset Backed securities
Millennium Park CDO Ltd - 1X SUB - 0% 21/Mar/2014
379
0.00%
Total Mortgages and Asset Backed securities
Total Other Transferable Securities
379
1,300
0.00%
0.00%
93
105
EUR
EUR
Investment funds
Beni Stabili Gestioni - Immobilium 2001 - D
Beni Stabili Gestioni - Invest Real Security - D
142,290
103,110
0.18%
0.13%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 369

Pioneer Funds - Absolute Return Multi-Strategy
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
155
68
322
11,503
104,285
50,358
10,875
8,545
32,031
16,187
3,209
2,516
5,149
2,623
7,165
558
203
16,396
19,342
8,419
11,797
223
440
430
528
21
Currency
EUR
EUR
EUR
USD
USD
EUR
USD
USD
USD
EUR
USD
EUR
EUR
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Description of Securities
Bipiemme - Investietico - D
BNL - Estense - Grande Distribuzione - D
BNL Portfolio Immobiliare - D
DB X-TRACKERS - S&P SELECT FRONTIER ETF - C
DB X-TRACKERS MSCI PHILIPPINES IM TRN INDEX ETF - C
ETFS Agriculture DJ-UBSCI
ETFS Comodity USD
ETFS Copper
ETFS Corn
ETFS Physical Gold/Jersey
ETFS Physical Palladium
ETFS Physical Platinum
ETFS Physical Silver
ETFS Sugar
ETFS WTI Crude Oil - USD
Fimit SGR - Alpha Immobiliare Fund - D
Fimit SGR - Beta Immobiliare - D
iShares MSCI Brazil - C
LYXOR ETF Commodities CRB - AD
Lyxor ETF PAN AFRICA - A
Lyxor ETF RUSSIA Dow Jones Russia GDR - D EUR
Polis Fund - D
QF Amundi RE Europa - D
QF Amundi RE Italia - D
UniCredito Immobiliare Uno - D
Valore Immobiliare Globale - D
Market Value
211,110
113,016
300,909
81,038
142,459
307,939
58,318
246,874
55,078
1,983,069
165,780
280,886
113,638
40,547
124,045
590,364
64,006
550,250
407,246
82,927
370,898
134,915
290,400
397,320
753,984
35,700
Net Assets %
0.26%
0.14%
0.37%
0.10%
0.18%
0.38%
0.07%
0.31%
0.07%
2.48%
0.21%
0.35%
0.14%
0.05%
0.15%
0.73%
0.08%
0.68%
0.51%
0.10%
0.46%
0.17%
0.36%
0.49%
0.95%
0.04%
Total Investment funds
8,148,116
10.14%
Total Securities
76,075,997
94.65%
Net Asset Value
80,373,944
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
18-Mar-13
21-Jan-13
15-Mar-13
15-Mar-13
15-Mar-13
15-Mar-13
15-Mar-13
15-Mar-13
15-Mar-13
11-Mar-13
11-Mar-13
11-Mar-13
18-Mar-13
11-Mar-13
11-Mar-13
15-Mar-13
31-Jan-13
21-Jan-13
Long/(Short)
Quantity
27
(15)
3
86
19
22
(22)
(24)
25
(21)
40
(6)
16
8
(12)
7
15
(7)
Contract
Aust 3yr Bond Fut
Cac 40
Dax Index
DJ Euro Stoxx Bank
Dj Stox600 Basic Res
E-Mini Health Care S
E-Mini Xaf Financial
E-Mini Xai Industria
E-Mini Xau Utilities
Euro Bobl
Euro Bund
Euro Schatz
Euro Stoxx 50
Euro-Btp Future
Euro-Oat Futures
FTSE MIB Index Future
H-Shares Index
Ibex 35 Index Future
Trade
Currency
AUD
EUR
EUR
EUR
EUR
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
HKD
EUR
Commitment
(in Trade Ccy)
7,973,588
(546,225)
571,388
478,590
436,050
869,220
(887,150)
(893,280)
862,500
(2,684,220)
5,825,600
(665,130)
418,400
885,440
(1,633,920)
570,640
8,588,250
(564,970)
Market Price
(in Trade Ccy)
97.33
3,641.50
7,618.50
111.30
459.00
395.10
161.30
372.20
345.00
127.82
145.64
110.86
2,615.00
110.68
136.16
16,304.00
11,451.00
8,071.00
Unrealised Gain/(Loss)
(in Fund Ccy)
2,252
(600)
(1,875)
(645)
(2,185)
(14,366)
(3,337)
910
(15,928)
(18,900)
50,503
(540)
(2,400)
8,925
(3,450)
8,540
9,386
(3,850)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
370 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Multi-Strategy
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date
Long/(Short)
Quantity Contract
28-Mar-13 19
Long Gilt
15-Mar-13 4
Mini Msci Eme Mkt
08-Mar-13 24
Nikkei 225 (Simex)
15-Mar-13 (18)
S&P 500 Emini
28-Mar-13 (4)
US Long Bond
28-Mar-13 12
US 10 Yr Note Future
31-Mar-13 33
US 2 Yr Note Future
31-Mar-13 (19)
US 5 Yr Note Future
15-Mar-13 (23)
Xab Materials
15-Mar-13 25
Xap Cons Staples
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
GBP
USD
JPY
USD
USD
USD
USD
USD
USD
USD
Commitment
(in Trade Ccy)
2,259,670
212,960
124,500,000
(1,260,900)
(590,750)
1,593,188
7,275,985
(2,363,422)
(899,760)
860,250
Market Price
(in Trade Ccy)
118.93
1,064.80
10,375.00
1,401.00
147.69
132.77
110.24
124.39
391.20
344.10
Unrealised Gain/(Loss)
(in Fund Ccy)
9,025
1,047
53,992
17,783
5,665
(9,386)
1,955
4,053
(14,468)
(23,703)
58,403
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
09-Jan-13 EUR
120,697
09-Jan-13 EUR
441,945
09-Jan-13 EUR
905,000
09-Jan-13 EUR
251,822
09-Jan-13 EUR
175,090
09-Jan-13 HKD
10,000,000
09-Jan-13 NOK
16,000,000
09-Jan-13 NOK
1,200,000
09-Jan-13 SEK
4,700,000
09-Jan-13 SEK
2,500,000
09-Jan-13 SEK
4,700,000
07-Feb-13 EUR
76,925
07-Feb-13 EUR
90,826
07-Feb-13 EUR
616,540
07-Feb-13 NZD
850,000
07-Feb-13 USD
1,511,670
08-Feb-13 EUR
311,981
08-Feb-13 EUR
468,411
08-Feb-13 EUR
1,550,563
08-Feb-13 EUR
774,123
08-Feb-13 MXN
13,800,000
08-Feb-13 PLN
1,758,461
08-Feb-13 SGD
2,900,000
08-Feb-13 USD
1,400,000
21-Feb-13 KRW
1,900,000,000
22-Feb-13 CNY
18,000,000
22-Feb-13 IDR
6,900,000,000
07-Mar-13 CHF
900,000
07-Mar-13 EUR
330,232
07-Mar-13 EUR
275,641
07-Mar-13 EUR
2,093,171
07-Mar-13 EUR
2,091,059
07-Mar-13 GBP
400,000
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
HKD
NOK
NOK
SEK
SEK
EUR
EUR
EUR
EUR
EUR
NOK
CAD
JPY
USD
AUD
JPY
USD
USD
USD
USD
EUR
CZK
EUR
EUR
JPY
USD
USD
EUR
CHF
GBP
GBP
GBP
EUR
Amount Sold
1,200,000
3,250,000
6,650,000
2,150,000
1,500,000
1,026,203
2,179,896
161,964
549,431
289,454
4,077,154
100,000
10,000,000
800,000
686,408
125,000,000
400,000
600,000
2,000,000
1,000,000
814,500
10,600,000
1,841,510
1,088,478
132,867,133
2,824,637
708,055
747,071
400,000
220,000
1,700,000
1,700,000
492,001
Unrealised Gain/(Loss)
3,266
(827)
(980)
1,213
247
(47,609)
(94)
1,521
(1,589)
1,952
(7,622)
821
3,103
9,833
(8,391)
49,904
8,629
13,383
33,803
15,743
(11,809)
6,781
(41,244)
(26,746)
167,696
21,038
797
(1,119)
(1,302)
4,603
(1,213)
(3,324)
795
191,259
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 371

Pioneer Funds - Absolute Return Multi-Strategy
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
15-Mar-13 (34)
15-Mar-13 (168)
17-Jan-13 (843,882)
15-Mar-13 (34)
15-Mar-13 (168)
16-Mar-13 (8)
05-Feb-13 (1,000,000)
Call Dj Euro Stoxx 50 Eur
Call Euro Stoxx Banks
Call EUR/ZAR
Put Dj Euro Stoxx 50 Eur
Put Euro Stoxx Banks
Put S&P 500 Index
Put USD/TRY
2,750.00
120.00
11.85
2,250.00
80.00
1,325.00
1.75
250,076 EUR
(11,118)
5,558
4,732 EUR
(18,480)
24,360
10,000,000 EUR
(347)
13,253
82,168 EUR
(5,100)
16,927
526 EUR
(1,680)
25,201
2,417 USD
(14,126)
6,071
1,327,367 USD
(456)
2,282
(51,307)
93,652
Long Positions
15-Mar-13 34
Call Dj Euro Stoxx 50 Eur
15-Mar-13 168
Call Euro Stoxx Banks
16-Mar-13 8
Call S&P 500 Index
05-Feb-13 1,000,000 Call USD/TRY
Total Net Unrealised Gain/(Loss) on Options Contracts
2,600.00
110.00
1,475.00
1.82
EUR
EUR
USD
USD
33,422
53,759
7,919
3,258
98,358
(1,201)
(23,520)
(21,729)
(6,365)
(52,815)
40,837
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date
20-Dec-17
20-Dec-17
20-Dec-17
30-Jul-22
27-Nov-22
03-Jul-22
21-Nov-17
25-Jul-22
26-Oct-22
19-Jul-22
18-Nov-37
27-Sep-15
07-Dec-37
31-Aug-17
18-Nov-37
07-Dec-37
07-Sep-22
21-Sep-17
29-Dec-21
13-Jul-17
31-Aug-22
30-Nov-17
23-Jul-17
31-Oct-17
30-Aug-22
05-Jul-22
01-Jun-22
06-Nov-17
10-Oct-17
19-Dec-22
Contract
Credit Default Swap Seller
Credit Default Swap Seller
Credit Default Swap Seller
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Underlying
iTraxx Europe Series 18
iTraxx Europe Series 18
iTraxx Europe Series 18
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Received Rate
1.000%
1.000%
1.000%
3.755%
3.843%
2.166%
1.683%
0.895%
Libor 6M
0.960%
Euribor 6M
EUR-EXT-CPI
Euribor 6M
EUR-EXT-CPI
3.750%
3.825%
UK-RPI
UK-RPI
Libor 6M
5.040%
5.965%
3.360%
2.620%
2.530%
3.145%
3.883%
3.748%
3.108%
8.140%
Sibor 6M
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 1,850,000 (14,452)
- EUR 1,700,000 (13,280)
- EUR 2,600,000 (20,311)
BBSW 6M AUD 1,100,000
(3,236)
BBSW 6M AUD 1,000,000
724
Cdor 3M CAD 1,200,000
791
Cdor 3M CAD 1,800,000
1,147
Libor 6M CHF 1,200,000
(1,509)
0.914% CHF 1,000,000
2,054
Libor 6M CHF 1,100,000
4,274
2.802% EUR 500,000
177
1.680% EUR 2,650,000
6,675
2.840% EUR 500,000
(1,868)
1.695% EUR 1,500,000
11,027
Libor 6M GBP 400,000
(9,263)
Libor 6M GBP 400,000
(5,917)
2.910% GBP 600,000
(326)
2.810% GBP 2,500,000
(5,462)
0.979% JPY 96,100,000 (19,142)
TIIE 1M MXN 27,500,000 (14,945)
TIIE 1M MXN 15,000,000
11,332
Klibor 3M MYR 6,500,000
(6,114)
Nibor 6M NOK 13,200,000
15,703
Nibor 6M NOK 11,000,000
4,610
Nibor 6M NOK 6,600,000
4,069
BKBM 3M NZD 1,500,000
13,818
BKBM 3M NZD 1,700,000
4,803
BKBM 3M NZD 5,250,000
4,648
Moscow Mibor 3M RUB 71,000,000
48,247
1.798% SGD 1,300,000
(1,156)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
372 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Multi-Strategy
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Swaps as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date Contract
Underlying
29-Oct-15 Interest Rate Swap
-
21-Sep-15 Interest Rate Swap
-
02-Nov-17 Interest Rate Swap
-
16-Jul-22 Interest Rate Swap
-
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
USA-CPI-U
USA-CPI-U
6.055%
6.860%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
2.000% USD 3,000,000
2,164
2.200% USD 6,600,000 (12,183)
Jibar 3M ZAR 18,500,000
23,942
Jibar 3M ZAR 9,500,000
14,189
45,230
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 373

Pioneer Funds - Absolute Return Multi-Strategy Growth
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
196,000
EUR
Consumer Goods
Automobiles and Parts
Fiat Finance & Trade SA 7.75% 17/Oct/2016
207,515
0.33%
400,000
USD
Food Producers
Olam International Ltd 5.75% 20/Sep/2017
283,298
0.45%
100,000
EUR
Household Goods and Home Construction
Bormioli Rocco Holdings SA 10% 01/Aug/2018
106,500
0.17%
250,000
EUR
Consumer Services
Media
Mediaset SpA 5% 01/Feb/2017
247,930
0.40%
400,000
EUR
Travel, Leisure and Catering
Air France-KLM 6.25% 18/Jan/2018
417,500
0.67%
200,000
1,200,000
700,000
950,000
350,000
300,000
900,000
200,000
250,000
350,000
1,200,000
300,000
600,000
800,000
340,000
700,000
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
USD
USD
EUR
EUR
GBP
USD
USD
EUR
Financials
Banks
Banca delle Marche SpA 4.375% 15/Apr/2013
Banca Monte dei Paschi di Siena SpA 4.125% 11/Nov/2013
Banca Piccolo Credito Valtellinese Scarl Euribor 3M 25/Jan/2013
Banca Piccolo Credito Valtellinese Scarl 4.5% 27/Nov/2013
Banca Popolare di Vicenza Euribor 3M 15/Mar/2013
Banca Popolare di Vicenza 4.75% 16/Sep/2013
Banco Santander SA 4.25% 06/May/2013
Caixa Geral de Depositos SA 5.625% 04/Dec/2015
Finansbank AS/Turkey 5.15% 01/Nov/2017
Finansbank AS/Turkey 5.5% 11/May/2016
Hypothekenbank Frankfurt International SA 2.25% 25/Mar/2013
Intesa Sanpaolo SpA 4.375% 15/Oct/2019
Mediobanca SpA 5.375% 11/Oct/2013
PKO Finance AB 4.63% 26/Sep/2022
Trade & Development Bank of Mongolia LLC 8.5% 20/Sep/2015
Veneto Banca SCPA Euribor 3M 04/Mar/2013
200,476
1,198,356
699,563
958,312
347,375
303,102
906,912
205,250
186,779
266,562
1,203,648
308,337
666,687
639,063
256,599
699,814
0.32%
1.93%
1.12%
1.54%
0.56%
0.49%
1.45%
0.33%
0.30%
0.43%
1.94%
0.49%
1.07%
1.03%
0.41%
1.12%
11,000,000
250,000
324,000
300,000
RUB
EUR
EUR
EUR
Financial Services
Caterpillar International Finance Ltd 7.5% 20/Dec/2015
FGA Capital Ireland PLC 5.25% 28/Feb/2014
IPIC GMTN Ltd 3.625% 30/May/2023
Santander Consumer Finance SA 3.25% 20/Jun/2014
277,589
257,145
336,393
301,998
0.45%
0.41%
0.54%
0.48%
343,000
EUR
Industrials
Aerospace and Defense
Finmeccanica Finance SA 4.375% 05/Dec/2017
359,848
0.58%
175,000
GBP
Industrial Transportation
Heathrow Finance PLC 5.375% 02/Sep/2019
217,951
0.35%
3,000,000
221,000
EUR
EUR
Oil and Gas
Alternative Energy
Breeze Finance 11.75% 19/Apr/2027 - Defaulted
EP Energy AS 5.875% 01/Nov/2019
112,714
237,354
0.18%
0.38%
250,000
476,000
USD
EUR
Oil and Gas Producers
National JSC Naftogaz of Ukraine 9.5% 30/Sep/2014
Petrobras Global Finance BV 3.25% 01/Apr/2019
194,645
493,602
0.31%
0.79%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
374 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Multi-Strategy Growth
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
381,000 EUR
315,000 USD
300,000 USD
Description of Securities
Petrobras Global Finance BV 4.25% 02/Oct/2023
Petroleos de Venezuela SA 8.5% 02/Nov/2017
Tupras Turkiye Petrol Rafinerileri AS 4.125% 02/May/2018
Market Value
400,804
233,937
226,411
Net Assets %
0.64%
0.38%
0.36%
1,137,000
EUR
Technology
Technology Hardware and Equipment
Solarworld AG 6.125% 21/Jan/2017
233,142
0.37%
200,000
150,000
EUR
EUR
Telecommunications
Fixed Line Telecommunications
Koninklijke KPN NV 3.25% 01/Feb/2021
Koninklijke KPN NV 5.625% 30/Sep/2024
200,633
174,367
0.32%
0.28%
Total Bonds
14,568,111
23.37%
Equities
1,081
479
3,039
3,277
USD
USD
USD
USD
Basic Materials
Chemicals
Airgas Inc
CF Industries Holdings Inc
Eastman Chemical Co
LyondellBasell Industries NV - A
74,163
72,885
154,924
140,311
0.12%
0.12%
0.25%
0.23%
11,681
EUR
Industrial Metals and Mining
ArcelorMittal
151,094
0.24%
9,737
6,231
4,774
7,228
13,091
GBP
USD
USD
GBP
GBP
Mining
BHP Billiton PLC
Goldcorp Inc
Newmont Mining Corp
Rio Tinto PLC
Vedanta Resources PLC
255,640
170,379
164,794
312,923
186,738
0.41%
0.27%
0.26%
0.51%
0.30%
3,324
2,533
1,386
EUR
EUR
EUR
Consumer Goods
Automobiles and Parts
Bayerische Motoren Werke AG
Cie Generale des Etablissements Michelin
Volkswagen AG - Pfd
242,419
181,337
238,600
0.39%
0.29%
0.38%
17,400
6,725
HKD
EUR
Personal Goods
Prada SpA
Salvatore Ferragamo Italia SpA
125,919
111,904
0.20%
0.18%
4,285
1,348
3,720
GBP
USD
USD
Tobacco
Imperial Tobacco Group PLC
Lorillard Inc
Reynolds American Inc
125,364
118,349
115,432
0.20%
0.19%
0.19%
8,566
2,350
30,690
EUR
EUR
GBP
Consumer Services
Food and Drug Retailers
Carrefour SA
Casino Guichard Perrachon SA
Tesco PLC
165,709
169,435
127,134
0.27%
0.27%
0.20%
668
4,424
3,651
1,346
2,347
USD
SEK
USD
EUR
USD
General Retailers
Amazon.com Inc
Hennes & Mauritz AB - B
Home Depot Inc
Inditex SA
Wal-Mart Stores Inc
125,443
115,800
169,424
142,003
120,376
0.20%
0.19%
0.27%
0.23%
0.19%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 375

Pioneer Funds - Absolute Return Multi-Strategy Growth
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
6,767 USD
5,746 EUR
7,560 CAD
Description of Securities
Media
News Corp - B
SES SA
Shaw Communications Inc
Market Value
131,911
124,717
130,099
Net Assets %
0.21%
0.20%
0.21%
13,544
94,466
3,385
EUR
GBP
USD
Travel, Leisure and Catering
Autogrill SpA
International Consolidated Airlines Group SA - DI
Starbucks Corp
117,630
215,230
135,205
0.19%
0.35%
0.22%
25,960
6,867
9,701
8,388
5,497
13,627
EUR
USD
CHF
EUR
USD
CHF
Financials
Banks
Banco Bilbao Vizcaya Argentaria SA
BTA Bank JSC - Gdr Reg S
Credit Suisse Group AG - Reg
Societe Generale SA
State Street Corp
UBS AG - Reg
180,682
5,714
178,940
237,716
192,462
161,135
0.29%
0.01%
0.29%
0.38%
0.31%
0.26%
14,012
USD
Financial Services
Blackstone Group LP
162,715
0.26%
14,338
5,086
EUR
EUR
Real Estate Investment and Services
Deutsche Wohnen AG - BR
GSW Immobilien AG
200,732
162,752
0.32%
0.26%
4,835
EUR
Real Estate Investment Trusts
Deutsche Euroshop AG
152,979
0.25%
3,319
4,627
6,895
776
1,763
GBP
USD
GBP
CHF
EUR
Health Care
Pharmaceuticals and Biotechnology
AstraZeneca PLC
Bristol-Myers Squibb Co
GlaxoSmithKline PLC
Roche Holding AG - Genusschein
Sanofi
119,056
113,218
113,486
118,316
125,861
0.19%
0.18%
0.18%
0.19%
0.20%
4,693
3,258
EUR
EUR
Industrials
Construction and Materials
Lafarge SA
Vinci SA
226,343
117,158
0.36%
0.19%
6,183
3,867
CHF
USD
Electronic and Electrical Equipment
ABB Ltd
Honeywell International Inc
96,065
183,759
0.15%
0.29%
4,541
USD
General Industrials
General Electric Co
71,056
0.11%
9,293
9,100
3,121
700
1,837
3,454
1,921
1,524
11,260
15,000
EUR
SEK
USD
JPY
USD
EUR
EUR
USD
SEK
JPY
Industrial Engineering
Alstom SA
Atlas Copco AB - A
Caterpillar Inc
FANUC Corp
Fluor Corp
KUKA AG
MAN SE
Rockwell Automation Inc
Volvo AB - B
Yaskawa Electric Corp
280,045
189,178
208,840
97,758
80,257
95,572
155,121
95,562
116,581
108,294
0.46%
0.30%
0.34%
0.16%
0.13%
0.15%
0.25%
0.15%
0.19%
0.17%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
376 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Multi-Strategy Growth
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
4,544
GBP
Oil and Gas
Oil and Gas Producers
Royal Dutch Shell PLC - A
118,880
0.19%
2,150
USD
Technology
Software and Computer Services
IAC/InterActiveCorp
77,363
0.12%
258
9,320
USD
USD
Technology Hardware and Equipment
Apple Inc
Corning Inc
102,781
87,516
0.16%
0.14%
3,621
7,208
22,016
3,461
CAD
EUR
DKK
USD
Telecommunications
Fixed Line Telecommunications
BCE Inc
Elisa OYJ
TDC A/S
Verizon Communications Inc
116,985
120,590
118,151
112,041
0.19%
0.19%
0.19%
0.18%
5,497
46,851
2,911
3,348
USD
EUR
USD
USD
Utilities
Electricity
Calpine Corp
Iberdrola SA
Pinnacle West Capital Corp
Southern Co
74,425
196,540
111,238
107,063
0.12%
0.32%
0.18%
0.17%
7,899
18,387
2,119
EUR
EUR
USD
Gas, Water and Multiutilities
Enagas SA
Gas Natural SDG SA
Sempra Energy
127,490
249,695
112,604
0.20%
0.40%
0.18%
Total Equities
11,114,006
17.83%
Supranationals, Governments and Local Public Authorities, Debt Instruments
200,000
USD
Supranationals
Eurasian Development Bank 4.767% 20/Sep/2022
157,630
0.25%
65,000
45,000
275,000
1,600,000
1,700,000
300,000
410,000
600,000
100,000
1,000,000
1,250,000
2,500,000
2,100,000
130,000
58,000
60,000
700,000
175,000
7,700,000
9,300,000
USD
USD
EUR
EUR
EUR
USD
EUR
EUR
USD
EUR
EUR
EUR
EUR
USD
USD
USD
USD
EUR
NOK
NOK
Governments
Brazilian Government International Bond 10.125% 15/May/2027
Brazilian Government International Bond 7.125% 20/Jan/2037
Bundesrepublik Deutschland 4% 04/Jan/2037
Deutsche Bundesrepublik Inflation Linked Bond Floating 15/Apr/2016
Deutsche Bundesrepublik Inflation Linked Bond Floating 15/Apr/2023
Egypt Government International Bond 6.875% 30/Apr/2040
Finland Government Bond 3.5% 15/Apr/2021
Hungary Government International Bond 4.5% 29/Jan/2014
Indonesia Government International Bond 7.75% 17/Jan/2038
Ireland Government Bond 5.4% 13/Mar/2025
Italy Buoni Poliennali Del Tesoro Floating 26/Mar/2016
Italy Certificati di Credito del Tesoro Zero Coupon 0% 30/May/2014
Italy Certificati di Credito del Tesoro Zero Coupon 0% 31/Jan/2014
Mexico Government International Bond 5.125% 15/Jan/2020
Mexico Government International Bond 6.05% 11/Jan/2040
Mexico Government International Bond 6.75% 27/Sep/2034
Mongolia Government International Bond 5.125% 05/Dec/2022
Morocco Government International Bond 4.5% 05/Oct/2020
Norway Government Bond 2% 24/May/2023
Norway Government Bond 3.75% 25/May/2021
90,470
52,308
372,501
2,003,666
1,833,337
215,359
481,063
609,000
114,367
1,023,950
1,289,826
2,442,187
2,066,662
117,884
59,225
65,240
515,815
178,143
1,039,661
1,447,722
0.15%
0.08%
0.60%
3.21%
2.94%
0.35%
0.77%
0.98%
0.18%
1.64%
2.07%
3.91%
3.32%
0.19%
0.10%
0.10%
0.83%
0.29%
1.67%
2.32%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 377

Pioneer Funds - Absolute Return Multi-Strategy Growth
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
100,000 USD
105,000 USD
1,200,000 EUR
1,500,000 EUR
730,000 USD
500,000 EUR
500,000 EUR
200,000 USD
360,000 USD
500,000 EUR
700,000 EUR
100,000 USD
60,000 USD
100,000 USD
175,000 USD
Description of Securities
Philippine Government International Bond 7.75% 14/Jan/2031
Poland Government International Bond 6.375% 15/Jul/2019
Portugal Obrigacoes do Tesouro OT 3.35% 15/Oct/2015
Portugal Obrigacoes do Tesouro OT 3.6% 15/Oct/2014
Republic of Latvia 2.75% 12/Jan/2020
Romanian Government International Bond 4.875% 07/Nov/2019
Romanian Government International Bond 5% 18/Mar/2015
Russian Foreign Bond - Eurobond 3.25% 04/Apr/2017
Russian Foreign Bond - Eurobond 7.5% 31/Mar/2030
Slovenia Government Bond 4.125% 26/Jan/2020
Slovenia Government Bond 4.625% 09/Sep/2024
South Africa Government International Bond 6.875% 27/May/2019
Turkey Government International Bond 6.875% 17/Mar/2036
Turkey Government International Bond 7.375% 05/Feb/2025
Venezuela Government International Bond 9.25% 15/Sep/2027
Market Value
115,860
99,590
1,173,360
1,497,300
547,207
526,575
528,125
161,501
271,648
476,238
632,436
95,447
61,438
102,712
131,867
Net Assets %
0.19%
0.16%
1.88%
2.40%
0.88%
0.84%
0.85%
0.26%
0.44%
0.76%
1.01%
0.15%
0.10%
0.16%
0.21%
450,000
100,000
EUR
EUR
Local Public Authorities
Autonomous Community of Valencia Spain 5.5% 26/Apr/2013
Parpublica - Participacoes Publicas SGPS SA 3.5% 08/Jul/2013
447,455
99,409
0.72%
0.16%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
23,144,184
48,826,301
37.12%
78.32%
Other Transferable Securities
Bonds
1,500,000
EUR
Financials
Financial Services
Profilo Telra Elektronik Sanayi Ve Ticaret AS Via HD Capital SA 0% 07/Dec/2013 Defaulted
15,000
0.02%
Total Bonds
Total Other Transferable Securities
15,000
15,000
0.02%
0.02%
57
88
225
40
315
13,345
119,589
88,057
13,077
11,334
36,657
18,921
3,705
2,888
6,108
3,135
19,087
470
195
18,455
EUR
EUR
EUR
EUR
EUR
USD
USD
EUR
USD
USD
USD
EUR
USD
EUR
EUR
USD
USD
EUR
EUR
EUR
Investment funds
Beni Stabili Gestioni - Immobilium 2001 - D
Beni Stabili Gestioni - Invest Real Security - D
Bipiemme - Investietico - D
BNL - Estense - Grande Distribuzione - D
BNL Portfolio Immobiliare - D
db x-trackers - S&P SELECT FRONTIER ETF - C
db x-trackers MSCI PHILIPPINES IM TRN INDEX ETF - C
ETFS Agriculture DJ-UBSCI
ETFS Comodity USD
ETFS Copper
ETFS Corn
ETFS Physical Gold/Jersey
ETFS Physical Palladium
ETFS Physical Platinum
ETFS Physical Silver
ETFS Sugar
ETFS WTI Crude Oil - USD
Fimit SGR - Alpha Immobiliare Fund - D
Fimit SGR - Beta Immobiliare - D
iShares MSCI Brazil - C
87,210
86,416
306,450
66,480
294,368
94,014
163,365
538,469
70,126
327,452
63,032
2,318,011
191,404
322,416
134,804
48,461
330,447
497,260
61,484
619,350
0.14%
0.14%
0.49%
0.11%
0.47%
0.15%
0.26%
0.86%
0.11%
0.53%
0.10%
3.71%
0.31%
0.52%
0.22%
0.08%
0.53%
0.80%
0.10%
0.99%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
378 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Multi-Strategy Growth
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
9,767 EUR
13,186 EUR
1,736 EUR
100 EUR
430 EUR
295 EUR
530 EUR
48 EUR
Description of Securities
Lyxor ETF PAN AFRICA - A
Lyxor ETF RUSSIA Dow Jones Russia GDR - D EUR
Pioneer Institutional 17 - I ND
Polis Fund - D
QF Amundi RE Europa - D
QF Amundi RE Italia - D
UniCredito Immobiliare Uno - D
Valore Immobiliare Globale - D
Market Value
96,205
414,568
1,778,081
60,500
283,800
272,580
756,840
81,600
Net Assets %
0.15%
0.67%
2.85%
0.10%
0.46%
0.44%
1.21%
0.13%
Total Investment funds
10,365,193
16.63%
Total Securities
59,206,494
94.97%
Net Asset Value
62,339,432
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
18-Mar-13 29
Aust 3yr Bond Fut
21-Jan-13 (16)
Cac 40
15-Mar-13 3
Dax Index
15-Mar-13 82
DJ Euro Stoxx Bank
15-Mar-13 34
Dj Stox600 Basic Res
15-Mar-13 34
E-Mini Health Care S
15-Mar-13 (34)
E-Mini Xaf Financial
15-Mar-13 (36)
E-Mini Xai Industria
15-Mar-13 39
E-Mini Xau Utilities
11-Mar-13 (14)
Euro Bobl
11-Mar-13 70
Euro Bund
11-Mar-13 (8)
Euro Schatz
18-Mar-13 38
Euro Stoxx 50
11-Mar-13 23
Euro-Btp Future
11-Mar-13 (19)
Euro-Oat Futures
15-Mar-13 6
Footsie 100
15-Mar-13 11
FTSE MIB Index Future
31-Jan-13 20
H-Shares Index
21-Jan-13 (7)
Ibex 35 Index Future
28-Mar-13 26
Long Gilt
15-Mar-13 19
Mini Msci Eme Mkt
08-Mar-13 33
Nikkei 225 (Simex)
11-Mar-13 22
Short Euro Btp
15-Mar-13 16
S&P 500 Emini
28-Mar-13 (4)
US Long Bond
28-Mar-13 20
US 10 Yr Note Future
31-Mar-13 36
US 2 Yr Note Future
31-Mar-13 (17)
US 5 Yr Note Future
15-Mar-13 (35)
Xab Materials
15-Mar-13 39
Xap Cons Staples
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
AUD
EUR
EUR
EUR
EUR
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
GBP
EUR
HKD
EUR
GBP
USD
JPY
EUR
USD
USD
USD
USD
USD
USD
USD
Commitment
(in Trade Ccy)
8,564,225
(582,640)
571,388
456,330
780,300
1,343,340
(1,371,050)
(1,339,920)
1,345,500
(1,789,480)
10,194,800
(886,840)
993,700
2,545,640
(2,587,040)
350,550
896,720
11,451,000
(564,970)
3,092,180
1,011,560
171,187,500
2,356,640
1,120,800
(590,750)
2,655,313
7,937,438
(2,114,641)
(1,369,200)
1,341,990
Market Price
(in Trade Ccy)
97.33
3,641.50
7,618.50
111.30
459.00
395.10
161.30
372.20
345.00
127.82
145.64
110.86
2,615.00
110.68
136.16
5,842.50
16,304.00
11,451.00
8,071.00
118.93
1,064.80
10,375.00
107.12
1,401.00
147.69
132.77
110.24
124.39
391.20
344.10
Unrealised Gain/(Loss)
(in Fund Ccy)
2,419
(640)
(1,875)
(615)
(5,170)
(22,925)
(104)
5,249
(26,009)
(12,600)
87,080
(720)
(10,920)
585
(5,475)
(5,585)
7,570
14,308
(3,850)
17,926
8,188
67,809
660
(16,607)
5,665
(8,818)
2,133
3,627
(18,440)
(34,549)
48,317
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 379

Pioneer Funds - Absolute Return Multi-Strategy Growth
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
09-Jan-13 EUR
110,639
09-Jan-13 EUR
489,539
09-Jan-13 EUR
979,849
09-Jan-13 EUR
245,965
09-Jan-13 EUR
169,254
09-Jan-13 HKD
13,050,000
09-Jan-13 NOK
17,600,000
09-Jan-13 NOK
1,100,000
09-Jan-13 NOK
6,900,000
09-Jan-13 SEK
5,150,000
09-Jan-13 SEK
2,400,000
09-Jan-13 SEK
5,400,000
09-Jan-13 SEK
5,150,000
07-Feb-13 EUR
50,001
07-Feb-13 EUR
136,238
07-Feb-13 EUR
809,209
07-Feb-13 EUR
305,845
07-Feb-13 EUR
84,036
07-Feb-13 NZD
950,000
07-Feb-13 USD
1,753,537
07-Feb-13 USD
1,608,202
08-Feb-13 EUR
538,167
08-Feb-13 EUR
858,753
08-Feb-13 EUR
1,550,563
08-Feb-13 EUR
464,474
08-Feb-13 EUR
112,812
08-Feb-13 MXN
15,700,000
08-Feb-13 PLN
1,974,121
08-Feb-13 SGD
2,700,000
08-Feb-13 SGD
1,500,000
08-Feb-13 USD
1,300,000
08-Feb-13 USD
1,200,000
08-Feb-13 USD
1,650,000
21-Feb-13 KRW
1,850,000,000
22-Feb-13 CNY
19,800,000
22-Feb-13 IDR
7,600,000,000
07-Mar-13 CHF
800,000
07-Mar-13 CHF
750,000
07-Mar-13 EUR
330,232
07-Mar-13 EUR
288,170
07-Mar-13 EUR
2,093,171
07-Mar-13 EUR
1,845,052
07-Mar-13 GBP
300,000
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
HKD
NOK
NOK
SEK
SEK
EUR
EUR
EUR
EUR
EUR
EUR
EUR
NOK
CAD
JPY
USD
USD
USD
AUD
JPY
JPY
USD
USD
USD
USD
USD
EUR
CZK
EUR
EUR
EUR
EUR
EUR
JPY
USD
USD
EUR
EUR
CHF
GBP
GBP
GBP
EUR
Amount Sold
1,100,000
3,600,000
7,200,000
2,100,000
1,450,000
1,339,195
2,397,886
148,467
934,750
602,036
277,875
623,059
4,467,519
65,000
15,000,000
1,050,000
400,000
110,000
767,162
145,000,000
135,000,000
690,000
1,100,000
2,000,000
600,000
150,000
926,642
11,900,000
1,714,509
929,617
1,010,729
940,399
1,246,235
129,370,629
3,107,101
779,887
664,063
621,558
400,000
230,000
1,700,000
1,500,000
369,001
Unrealised Gain/(Loss)
2,994
(916)
(1,061)
1,185
239
(62,131)
(103)
1,394
5,289
(1,741)
1,874
6,377
(8,352)
534
4,655
12,906
2,492
614
(9,378)
57,888
35,387
14,885
24,535
33,803
9,446
(945)
(13,434)
7,613
(38,399)
1,555
(24,835)
(30,343)
5,092
163,282
23,142
878
(995)
68
(1,302)
4,812
(1,213)
(2,933)
596
225,454
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
15-Mar-13 (38)
15-Mar-13 (185)
Call Dj Euro Stoxx 50 Eur
Call Euro Stoxx Banks
2,750.00
120.00
279,497 EUR
(12,426)
6,212
5,211 EUR
(20,350)
26,825
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
380 Pioneer Funds - Annual Report

Pioneer Funds - Absolute Return Multi-Strategy Growth
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
17-Jan-13 (928,270)
15-Mar-13 (38)
15-Mar-13 (185)
16-Mar-13 (9)
05-Feb-13 (1,200,000)
Call EUR/ZAR
Put Dj Euro Stoxx 50 Eur
Put Euro Stoxx Banks
Put S&P 500 Index
Put USD/TRY
11.85
2,250.00
80.00
1,325.00
1.75
11,000,000 EUR
(382)
14,578
91,835 EUR
(5,700)
18,919
579 EUR
(1,850)
27,751
2,719 USD
(15,892)
6,830
1,592,840 USD
(547)
2,738
(57,147)
103,853
Long Positions
15-Mar-13 38
Call Dj Euro Stoxx 50 Eur
15-Mar-13 185
Call Euro Stoxx Banks
16-Mar-13 9
Call S&P 500 Index
05-Feb-13 1,200,000 Call USD/TRY
Total Net Unrealised Gain/(Loss) on Options Contracts
2,600.00
110.00
1,475.00
1.82
EUR
EUR
USD
USD
37,354
59,200
8,909
3,909
109,372
(1,343)
(25,900)
(24,445)
(7,638)
(59,326)
44,527
Outstanding Swaps as at 31 December 2012 (expressed in EUR)
Maturity Date
20-Dec-17
20-Dec-17
20-Dec-17
20-Dec-17
20-Mar-15
30-Jul-22
27-Nov-22
03-Jul-22
21-Nov-17
25-Jul-22
26-Oct-22
19-Jul-22
31-Aug-17
18-Nov-37
07-Dec-37
27-Dec-17
03-Jan-38
27-Sep-15
03-Jan-38
07-Dec-37
21-Sep-17
07-Sep-22
27-Dec-17
18-Nov-37
29-Dec-21
31-Aug-22
13-Jul-17
30-Nov-17
31-Oct-17
23-Jul-17
30-Aug-22
Contract
Credit Default Swap Seller
Credit Default Swap Seller
Credit Default Swap Seller
Credit Default Swap Seller
Credit Default Swap Seller
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Interest Rate Swap
Underlying
iTraxx Europe Series 18
iTraxx Europe Series 18
iTraxx Europe Series 18
iTraxx Europe Series 18
Telecom Italia
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Received Rate
1.000%
1.000%
1.000%
1.000%
1.000%
3.755%
3.843%
2.166%
1.683%
0.895%
Libor 6M
0.960%
EUR-EXT-CPI
Euribor 6M
Euribor 6M
EUR-EXT-CPI
Euribor 6M
EUR-EXT-CPI
3.868%
3.825%
UK-RPI
UK-RPI
UK-RPI
3.750%
Libor 6M
5.965%
5.040%
3.360%
2.530%
2.620%
3.145%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
- EUR 1,950,000 (15,233)
- EUR 2,900,000 (22,655)
- EUR 1,200,000
(9,374)
- EUR 1,900,000 (14,843)
- EUR 2,000,000
(5,105)
BBSW 6M AUD 1,200,000
(3,530)
BBSW 6M AUD 1,150,000
832
Cdor 3M CAD 1,300,000
857
Cdor 3M CAD 2,000,000
1,274
Libor 6M CHF 1,200,000
(1,509)
0.914% CHF 1,150,000
2,362
Libor 6M CHF 1,200,000
4,663
1.695% EUR 1,700,000
12,498
2.802% EUR 600,000
212
2.840% EUR 600,000
(2,242)
1.715% EUR 300,000
2,439
2.800% EUR 425,000
35
1.680% EUR 2,950,000
7,431
Libor 6M GBP 350,000
(3,609)
Libor 6M GBP 500,000
(7,396)
2.810% GBP 2,700,000
(5,899)
2.910% GBP 650,000
(353)
2.650% GBP 450,000
(879)
Libor 6M GBP 500,000 (11,578)
0.979% JPY 101,300,000 (20,178)
TIIE 1M MXN 16,500,000
12,465
TIIE 1M MXN 30,200,000 (16,413)
Klibor 3M MYR 7,500,000
(7,055)
Nibor 6M NOK 13,000,000
5,448
Nibor 6M NOK 14,500,000
17,250
Nibor 6M NOK 7,300,000
4,500
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 381

Pioneer Funds - Absolute Return Multi-Strategy Growth
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Swaps as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date Contract
Underlying
01-Jun-22 Interest Rate Swap
-
05-Jul-22 Interest Rate Swap
-
06-Nov-17 Interest Rate Swap
-
10-Oct-17 Interest Rate Swap
-
19-Dec-22 Interest Rate Swap
-
29-Oct-15 Interest Rate Swap
-
27-Dec-15 Interest Rate Swap
-
21-Sep-15 Interest Rate Swap
-
16-Jul-22 Interest Rate Swap
-
02-Nov-17 Interest Rate Swap
-
Total Net Unrealised Gain/(Loss) on Swaps
Received Rate
3.748%
3.883%
3.108%
8.140%
Sibor 6M
USA-CPI-U
USA-CPI-U
USA-CPI-U
6.860%
6.055%
Paid Rate Currency Nominal
Unrealised
Gain/(Loss)
BKBM 3M NZD 1,700,000
4,803
BKBM 3M NZD 1,600,000
14,740
BKBM 3M NZD 5,900,000
5,223
Moscow Mibor 3M RUB 79,000,000
53,683
1.798% SGD 1,500,000
(1,334)
2.000% USD 3,500,000
2,525
2.115% USD 1,800,000
(4,705)
2.200% USD 7,300,000 (13,475)
Jibar 3M ZAR 10,000,000
14,936
Jibar 3M ZAR 21,000,000
27,178
27,989
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
382 Pioneer Funds - Annual Report

Pioneer Funds - Global Multi-Asset
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
250,000
EUR
Consumer Goods
Automobiles and Parts
Daimler AG 4.625% 02/Sep/2014
266,358
0.23%
250,000
EUR
Consumer Services
Food and Drug Retailers
Casino Guichard Perrachon SA 4.379% 08/Feb/2017
276,181
0.24%
250,000
EUR
Media
Bertelsmann AG 4.75% 26/Sep/2016
282,428
0.24%
800,000
272,000
1,100,000
USD
EUR
USD
Financials
Banks
Citigroup Inc 6% 13/Dec/2013
UBS AG/Jersey Floating Perpetual
Unicredit Luxembourg Finance SA 6% 31/Oct/2017
635,986
260,840
855,724
0.55%
0.23%
0.74%
250,000
EUR
Utilities
Electricity
Enel SpA 4.75% 12/Jun/2018
270,549
0.23%
Total Bonds
2,848,066
2.46%
Equities
5,116
6,720
EUR
USD
Basic Materials
Chemicals
Akzo Nobel NV - CVA
Mosaic Co
254,495
288,597
0.22%
0.25%
25,364
73,000
91,230
USD
JPY
USD
Industrial Metals and Mining
Freeport-McMoRan Copper & Gold Inc - B
Sumitomo Metal Mining Co Ltd
Vale SA - Adr
657,956
773,575
1,451,071
0.57%
0.67%
1.25%
15,640
6,383
17,572
10,710
19,717
20,273
21,937
USD
GBP
GBP
USD
GBP
USD
GBP
Mining
Agnico-Eagle Mines Ltd
Anglo American PLC
BHP Billiton PLC
Goldcorp Inc
Rio Tinto PLC
Silver Wheaton Corp
Xstrata PLC
622,563
149,049
461,344
298,051
853,609
554,955
286,417
0.54%
0.13%
0.40%
0.26%
0.74%
0.48%
0.25%
5,539
87,990
20,400
2,240
EUR
EUR
JPY
EUR
Consumer Goods
Automobiles and Parts
Bayerische Motoren Werke AG
Fiat SpA
Suzuki Motor Corp
Volkswagen AG - Pfd
403,959
333,482
401,216
385,616
0.35%
0.29%
0.35%
0.33%
33,190
GBP
Food Producers
Tate & Lyle PLC
311,808
0.27%
33,384
19,450
USD
USD
Leisure Goods
Activision Blizzard Inc
Comcast Corp - A
268,915
549,244
0.23%
0.47%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 383

Pioneer Funds - Global Multi-Asset
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
24,412 USD
Description of Securities
Take-Two Interactive Software Inc
Market Value
204,236
Net Assets %
0.18%
4,743
2,171
EUR
EUR
Personal Goods
Henkel AG & Co KGaA
LVMH Moet Hennessy Louis Vuitton SA
246,304
301,335
0.21%
0.26%
18,902
5,400
5,902
8,455
GBP
JPY
USD
USD
Tobacco
Imperial Tobacco Group PLC
Japan Tobacco Inc
Lorillard Inc
Philip Morris International Inc
553,008
115,584
522,334
536,454
0.48%
0.10%
0.45%
0.46%
15,019
11,954
538
9,803
85,631
EUR
USD
CHF
USD
GBP
Consumer Services
Food and Drug Retailers
Carrefour SA
CVS Caremark Corp
Galenica AG - Reg
Magnit OJSC - SP Gdr Regs
Tesco PLC
290,543
438,664
236,501
298,165
354,728
0.25%
0.38%
0.20%
0.26%
0.31%
5,210
1,000
16,410
370,000
7,477
USD
JPY
USD
HKD
USD
General Retailers
Amazon.com Inc
Fast Retailing Co Ltd
Macy’s Inc
SA SA International Holdings Ltd
Target Corp
990,508
191,587
485,678
230,284
335,512
0.86%
0.17%
0.42%
0.20%
0.29%
6,010
8,069
EUR
USD
Media
Publicis Groupe SA
Walt Disney Co
271,953
304,791
0.23%
0.26%
5,615
24,547
301,000
EUR
EUR
HKD
Travel, Leisure and Catering
Accor SA
Deutsche Lufthansa AG - Reg
Galaxy Entertainment Group Ltd
149,892
349,549
893,983
0.13%
0.30%
0.77%
105,710
469
1,720,000
11,395
41,371
1,063,000
531,645
30,189
78,153
844,100
161,100
185,800
57,674
12,144
31,806
115,960
78,600
19,996
17,043
27,300
25,464
EUR
EUR
HKD
EUR
USD
HKD
EUR
USD
USD
THB
JPY
JPY
USD
USD
USD
PHP
THB
EUR
GBP
JPY
CHF
Financials
Banks
Banco Bilbao Vizcaya Argentaria SA
Banco Santander SA
Bank of China Ltd - H
BNP Paribas SA
Citigroup Inc
Industrial & Commercial Bank of China - H
Intesa Sanpaolo SpA
JPMorgan Chase & Co
KeyCorp
Krung Thai Bank PCL
Mitsubishi UFJ Financial Group Inc
Mizuho Financial Group Inc
Morgan Stanley
PNC Financial Services Group Inc
Sberbank of Russia - Adr
Security Bank Corp
Siam Commercial Bank PCL - F
Societe Generale SA
Standard Chartered PLC
Sumitomo Mitsui Financial Group Inc
UBS AG - Reg
735,742
2,861
582,383
485,256
1,241,380
572,137
691,139
1,007,062
499,719
410,226
651,492
255,893
836,850
537,195
296,734
334,149
353,731
566,687
330,627
745,990
301,103
0.64%
0.00%
0.50%
0.42%
1.07%
0.49%
0.60%
0.87%
0.43%
0.35%
0.56%
0.22%
0.72%
0.46%
0.26%
0.29%
0.31%
0.49%
0.29%
0.64%
0.26%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
384 Pioneer Funds - Annual Report

Pioneer Funds - Global Multi-Asset
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
19,000 SGD
33,413 USD
Description of Securities
United Overseas Bank Ltd
Wells Fargo & Co
Market Value
233,717
867,005
Net Assets %
0.20%
0.75%
24,025
8,740
CHF
JPY
Financial Services
GAM Holding AG
ORIX Corp
245,864
742,930
0.21%
0.64%
16,877
47,988
GBP
USD
Life Insurance
Prudential PLC
Unum Group
180,089
757,820
0.16%
0.65%
32,879
EUR
Nonlife Insurance
AXA SA
438,935
0.38%
15,000
100,000
75,000
27,000
176,000
HKD
HKD
HKD
JPY
JPY
Real Estate Investment and Services
Cheung Kong Holdings Ltd
China Overseas Land & Investment Ltd
Henderson Land Development Co Ltd
Mitsubishi Estate Co Ltd
Tokyo Tatemono Co Ltd
174,680
226,056
401,470
485,309
677,781
0.15%
0.20%
0.35%
0.42%
0.59%
9,907
USD
Health Care
Health Care Equipment and Services
UnitedHealth Group Inc
407,657
0.35%
8,426
12,142
10,328
18,732
7,669
27,612
2,714
5,331
8,194
8,736
USD
GBP
USD
USD
CHF
USD
CHF
EUR
USD
USD
Pharmaceuticals and Biotechnology
Express Scripts Holding Co
GlaxoSmithKline PLC
Merck & Co Inc
Mylan Inc/PA
Novartis AG - Reg
Pfizer Inc
Roche Holding AG - Genusschein
Sanofi
Vertex Pharmaceuticals Inc
Watson Pharmaceuticals Inc
343,712
199,847
320,792
388,877
365,085
525,684
413,802
380,580
260,600
569,788
0.30%
0.17%
0.28%
0.34%
0.32%
0.45%
0.36%
0.33%
0.23%
0.49%
12,140
USD
Industrials
Aerospace and Defense
United Technologies Corp
755,251
0.65%
84,500
406,500
317
194,000
17,014
HKD
HKD
CHF
IDR
USD
Construction and Materials
Anhui Conch Cement Co Ltd
China Railway Construction Corp Ltd - A
Forbo Holding AG
Indocement Tunggal Prakarsa Tbk PT
KBR Inc
233,190
350,462
153,667
342,773
386,119
0.20%
0.30%
0.13%
0.30%
0.33%
24,966
14,155
121,000
9,198
9,056
8,600
12,853
227,000
CHF
USD
TWD
EUR
USD
JPY
EUR
HKD
Electronic and Electrical Equipment
ABB Ltd
Emerson Electric Co
Hon Hai Precision Industry Co Ltd
Koninklijke Philips Electronics NV
M/A-COM Technology Solutions Holdings Inc
Murata Manufacturing Co Ltd
Prysmian SpA
Zhuzhou CSR Times Electric Co Ltd - H
387,896
568,927
280,969
182,994
102,278
380,980
192,924
637,547
0.34%
0.49%
0.24%
0.16%
0.09%
0.33%
0.17%
0.55%
37,870
17,369
11,239
PHP
GBP
USD
General Industrials
Ayala Corp
Smiths Group PLC
SPX Corp
361,654
255,042
598,095
0.31%
0.22%
0.52%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 385

Pioneer Funds - Global Multi-Asset
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
17,460 EUR
5,620 USD
10,092 USD
32,100 JPY
108,000 JPY
758,200 HKD
Description of Securities
Industrial Engineering
Alstom SA
Caterpillar Inc
Joy Global Inc
Komatsu Ltd
Mitsubishi Heavy Industries Ltd
Zoomlion Heavy Industry Science and Technology Co Ltd - H
Market Value
526,157
381,814
488,066
614,993
393,174
847,333
Net Assets %
0.45%
0.33%
0.42%
0.53%
0.34%
0.73%
126,400
59
794
THB
DKK
CHF
Industrial Transportation
Airports of Thailand PCL
AP Moeller - Maersk A/S - B
Flughafen Zuerich AG
304,797
336,874
278,143
0.26%
0.29%
0.24%
101,000
JPY
Support Services
Marubeni Corp
544,004
0.47%
20,733
8,168
24,311
39,531
5,486
14,786
4,640
24,228
12,935
21,268
6,418
15,687
18,422
18,422
100,161
21,459
USD
USD
GBP
GBP
USD
EUR
USD
EUR
USD
USD
USD
USD
EUR
EUR
GBP
GBP
Oil and Gas
Oil and Gas Producers
Anadarko Petroleum Corp
Apache Corp
BG Group PLC
BP PLC
Chevron Corp
Eni SpA
Exxon Mobil Corp
Galp Energia SGPS SA - B
Lukoil OAO - Adr
Marathon Oil Corp
Occidental Petroleum Corp
Petroleo Brasileiro SA - SP Adr
Repsol SA - 10/Jan/2013
Repsol YPF SA
Soco International PLC
Tullow Oil PLC
1,168,904
486,400
303,475
207,037
450,231
271,175
304,887
284,921
649,007
494,597
372,988
229,879
8,511
282,501
441,963
333,619
1.01%
0.42%
0.26%
0.18%
0.39%
0.23%
0.26%
0.25%
0.56%
0.43%
0.32%
0.20%
0.01%
0.24%
0.38%
0.29%
23,294
11,008
USD
EUR
Oil Equipment, Services and Distribution
Halliburton Co
Saipem SpA
613,093
322,534
0.53%
0.28%
6,998
860
43,018
130
19,213
35,222
35,200
USD
USD
USD
JPY
USD
CHF
JPY
Technology
Software and Computer Services
Citrix Systems Inc
Google Inc - A
Microsoft Corp
NTT Data Corp
Oracle Corp
Temenos Group AG - Reg
Toyota Motor Corp
347,883
460,763
869,561
306,425
484,988
466,980
1,236,680
0.30%
0.40%
0.75%
0.26%
0.42%
0.40%
1.07%
9,806
3,877
73,801
37,463
11,989
541
227,000
USD
USD
USD
USD
USD
KRW
TWD
Technology Hardware and Equipment
Analog Devices Inc
Apple Inc
Applied Materials Inc
Intel Corp
Qualcomm Inc
Samsung Electronics Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
311,644
1,569,502
638,146
584,365
561,621
583,375
575,134
0.27%
1.35%
0.55%
0.50%
0.49%
0.50%
0.50%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
386 Pioneer Funds - Annual Report

Pioneer Funds - Global Multi-Asset
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
408,987
18,977
18,316
32,166
EUR
EUR
USD
EUR
Telecommunications
Fixed Line Telecommunications
Telecom Italia SpA - RSP
Telefonica SA
Verizon Communications Inc
Vivendi SA
244,370
193,376
601,133
545,214
0.21%
0.17%
0.52%
0.47%
9,329
120,202
USD
EUR
Utilities
Electricity
American Electric Power Co Inc
Enel SpA
302,004
377,194
0.26%
0.33%
4,158,000
73,118
PHP
EUR
Gas, Water and Multiutilities
Metro Pacific Investments Corp
Snam SpA
341,784
256,937
0.30%
0.22%
Total Equities
68,624,875
59.28%
Supranationals, Governments and Local Public Authorities, Debt Instruments
780,000
290,000
284,000
2,900,000
2,500,000
400,000
1,062,000
2,386,000
145,300,000
320,000,000
34,900,000
183,300,000
35,550,000
199,350,000
619,000
201,000
545,000
503,000
2,800,000
1,222,000
1,500,000
1,217,000
503,000
917,000
CAD
CAD
EUR
EUR
EUR
EUR
EUR
EUR
JPY
JPY
JPY
JPY
JPY
JPY
EUR
GBP
GBP
GBP
USD
USD
USD
USD
USD
USD
Governments
Canadian Government Bond 4.5% 01/Jun/2015
Canadian Government Bond 5.75% 01/Jun/2029
France Government Bond OAT 8.5% 25/Oct/2019
Italy Buoni Poliennali Del Tesoro Floating 26/Mar/2016
Italy Buoni Poliennali Del Tesoro 5% 01/Mar/2022
Italy Buoni Poliennali Del Tesoro 5% 01/Sep/2040
Italy Buoni Poliennali Del Tesoro 6% 01/May/2031
Italy Certificati di Credito del Tesoro Zero Coupon 0% 31/Jan/2014
Japan Government Five Year Bond - 85 - 0.7% 20/Sep/2014
Japan Government Five Year Bond 0.3% 20/Mar/2017
Japan Government Thirty Year Bond - 32 - 2.3% 20/Mar/2040
Japan Government Twenty Year Bond - 118 - 2% 20/Jun/2030
Japan Government Twenty Year Bond - 36 - 3% 20/Sep/2017
Japan Government Twenty Year Bond - 81 - 2% 20/Sep/2025
Spain Government Bond 3% 30/Apr/2015
United Kingdom Gilt 3.75% 07/Sep/2020
United Kingdom Gilt 4.25% 07/Dec/2040
United Kingdom Gilt 4.75% 07/Dec/2030
United States Treasury Note/Bond 2% 15/Feb/2022
United States Treasury Note/Bond 3% 31/Aug/2016
United States Treasury Note/Bond 3.875% 15/Aug/2040
United States Treasury Note/Bond 6.25% 15/May/2030
United States Treasury Note/Bond 6.875% 15/Aug/2025
United States Treasury Note/Bond 8.875% 15/Aug/2017
641,440
329,379
419,312
2,994,292
2,633,500
400,350
1,184,103
2,348,122
1,287,773
2,825,488
331,197
1,706,615
353,231
1,935,538
618,443
289,394
818,693
811,801
2,196,626
1,011,604
1,367,602
1,427,470
587,665
956,694
0.55%
0.28%
0.36%
2.60%
2.27%
0.35%
1.02%
2.03%
1.11%
2.44%
0.29%
1.47%
0.31%
1.67%
0.53%
0.25%
0.71%
0.70%
1.90%
0.87%
1.18%
1.23%
0.51%
0.83%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
29,476,332
100,949,273
25.46%
87.20%
148,694
USD
Investment funds
iShares MSCI Canada Index Fund - D
3,204,184
2.77%
Total Investment funds
3,204,184
2.77%
Total Securities
104,153,457
89.97%
Net Asset Value
115,769,549
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 387

Pioneer Funds - Global Multi-Asset
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
18-Mar-13 25
Cac 40
18-Mar-13 83
Euro Stoxx 50
15-Mar-13 57
FTSE MIB Index
08-Mar-13 52
Nikkei 225 (Simex)
15-Mar-13 4
S&P 500
22-Mar-13 30
SPI 200
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
EUR
EUR
JPY
USD
AUD
Commitment
(in Trade Ccy)
910,750
2,170,450
4,646,640
269,750,000
1,420,500
3,462,000
Market Price
(in Trade Ccy)
3,643.00
2,615.00
16,304.00
10,375.00
1,420.50
4,616.00
Unrealised Gain/(Loss)
(in Fund Ccy)
(5,770)
(6,124)
19,415
118,668
(986)
2,362
127,565
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
17-Jan-13
17-Jan-13
15-Jan-13
17-Jan-13
17-Jan-13
17-Jan-13
17-Jan-13
17-Jan-13
17-Jan-13
17-Jan-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
Currency
EUR
EUR
EUR
EUR
EUR
EUR
EUR
IDR
INR
TWD
AUD
AUD
CAD
CAD
CAD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Amount Purchased
2,500,000
500,000
1,200,000
1,300,000
2,966,012
900,000
850,000
47,770,600,000
241,423,989
43,342,800
4,086,314
765,076
308,599
1,509,284
18,066,862
1,047,430
641,078
1,161,233
464,514
1,388,952
7,412,924
796,027
1,150,609
1,117,950
4,096,106
1,163,483
1,160,558
2,042,265
1,647,308
686,832
1,781,867
896,350
881,197
659,197
352,367
746,342
1,741,920
1,160,520
1,179,180
3,495,025
Currency
IDR
INR
TWD
IDR
INR
KRW
TWD
EUR
EUR
EUR
EUR
USD
AUD
AUD
EUR
CAD
CHF
GBP
HKD
HKD
HKD
HKD
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
NOK
SGD
USD
USD
USD
USD
Amount Sold
31,150,000,000
35,890,000
44,542,800
16,624,400,000
209,000,000
1,284,975,000
32,763,250
3,810,977
3,407,537
1,150,592
3,262,742
792,942
299,004
1,462,898
13,979,571
1,349,187
771,912
942,763
4,645,660
13,970,623
74,544,539
8,207,089
121,322,128
119,020,233
436,185,303
125,045,336
125,772,470
220,101,823
180,000,000
75,469,397
197,298,327
99,737,389
100,239,907
75,179,930
2,604,831
1,190,000
2,247,235
1,502,062
1,522,250
4,544,993
Unrealised Gain/(Loss)
94,101
4,128
41,809
16,020
78,313
(5,507)
(1,914)
(121,383)
(71,866)
(23,584)
(61,778)
(1,919)
462
1,833
(240,241)
21,412
1,297
(281)
10,026
22,196
120,180
(6,878)
86,365
73,899
269,866
66,579
57,276
111,521
68,339
24,811
51,157
21,449
1,888
(285)
(1,643)
7,744
38,029
21,632
24,985
48,936
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
388 Pioneer Funds - Annual Report

Pioneer Funds - Global Multi-Asset
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date Currency
Amount Purchased
04-Mar-13 EUR
1,163,067
04-Mar-13 EUR
2,363,364
04-Mar-13 EUR
2,347,547
04-Mar-13 EUR
1,726,796
04-Mar-13 EUR
1,136,269
04-Mar-13 HKD
18,866,976
04-Mar-13 HKD
26,000,000
04-Mar-13 JPY
374,003,033
04-Mar-13 JPY
187,001,517
04-Mar-13 JPY
240,568,450
04-Mar-13 JPY
162,461,099
04-Mar-13 JPY
438,882,591
04-Mar-13 NOK
4,211,493
04-Mar-13 NOK
284,937
04-Mar-13 NOK
8,584,976
04-Mar-13 SEK
9,331,873
04-Mar-13 USD
21,026,392
04-Mar-13 USD
3,788,810
04-Mar-13 USD
3,788,810
04-Mar-13 USD
3,043,023
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
AUD
SEK
SEK
EUR
CAD
EUR
EUR
EUR
Amount Sold
1,523,960
3,071,367
3,062,561
2,275,529
1,503,625
1,885,305
2,563,513
3,546,242
1,772,221
2,253,398
1,529,879
3,978,489
710,065
334,191
10,074,701
1,075,497
20,932,614
2,935,867
2,935,708
2,356,304
Unrealised Gain/(Loss)
7,576
34,603
25,463
1,453
(3,804)
(39,535)
(19,914)
(265,469)
(131,834)
(143,119)
(104,763)
(128,589)
16,227
(162)
(5,548)
10,342
23,914
(63,129)
(62,970)
(49,034)
(49,318)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 389

Pioneer Funds - Multi Asset Real Return
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
200,000
USD
Basic Materials
Chemicals
Celanese US Holdings LLC 5.875% 15/Jun/2021
168,576
0.64%
150,000
EUR
Forestry and Paper
Smurfit Kappa Acquisitions 7.75% 15/Nov/2019
165,750
0.63%
200,000
50,000
USD
USD
Industrial Metals and Mining
ArcelorMittal Floating 05/Aug/2020
ArcelorMittal 6.125% 01/Jun/2018
152,163
38,578
0.58%
0.15%
200,000
100,000
USD
USD
Mining
Adaro Indonesia PT - 144A - 7.625% 22/Oct/2019
AngloGold Ashanti Holdings PLC 5.375% 15/Apr/2020
168,765
78,233
0.64%
0.30%
150,000
USD
Consumer Goods
Personal Goods
Reynolds Group Issuer Inc 7.875% 15/Aug/2019
127,569
0.49%
150,000
150,000
100,000
300,000
300,000
210,000
150,000
200,000
USD
USD
USD
USD
USD
USD
USD
USD
Financials
Banks
Akbank TAS 5% 24/Oct/2022
Bangkok Bank PCL/Hong Kong - 144A - 4.8% 18/Oct/2020
Bank of China Hong Kong Ltd 5.55% 11/Feb/2020
Bank of East Asia Ltd 6.125% 16/Jul/2020
Industrial & Commercial Bank of China Asia Ltd 5.125% 30/Nov/2020
Intesa Sanpaolo SpA 6.5% 24/Feb/2021
PNC Financial Services Group Inc Floating Perpetual
Turkiye Is Bankasi 6% 24/Oct/2022
120,146
125,143
85,561
262,742
253,186
169,672
130,110
159,909
0.46%
0.48%
0.33%
0.99%
0.96%
0.65%
0.50%
0.61%
300,000
100,000
120,000
200,000
150,000
200,000
150,000
50,000
USD
USD
USD
USD
USD
USD
USD
USD
Financial Services
Apollo Investment Corp 5.75% CV 15/Jan/2016
Ares Capital Corp 5.125% CV 01/Jun/2016
Blackstone Holdings Finance Co LLC 4.75% 15/Feb/2023
China Merchants Finance Co Ltd 5% 04/May/2022
Fifth Street Finance Corp 5.375% CV 01/Apr/2016
Macquarie Group Ltd 6% 14/Jan/2020
Prospect Capital Corp 5.5% CV 15/Aug/2016
Prospect Capital Corp 5.75% CV 15/Mar/2018
235,228
80,400
96,186
164,208
115,765
165,092
115,765
37,071
0.89%
0.31%
0.37%
0.63%
0.44%
0.63%
0.44%
0.14%
100,000
EUR
Industrials
Construction and Materials
Obrascon Huarte Lain SA 7.625% 15/Mar/2020
103,688
0.40%
100,000
150,000
100,000
USD
USD
USD
General Industrials
Crown Cork & Seal Co Inc 7.375% 15/Dec/2026
Sealed Air Corp 6.875% 15/Jul/2033
Sonoco Products Co 5.75% 01/Nov/2040
83,055
109,792
86,884
0.32%
0.42%
0.33%
150,000
200,000
200,000
300,000
100,000
USD
USD
USD
USD
USD
Oil and Gas
Oil and Gas Producers
Cimarex Energy Co 5.875% 01/May/2022
Concho Resources Inc 7% 15/Jan/2021
Gazprom OAO Via Gaz Capital SA 6.51% 07/Mar/2022
Lukoil International Finance BV 7.25% 05/Nov/2019
Precision Drilling Corp 6.625% 15/Nov/2020
124,441
169,144
181,660
279,317
81,538
0.47%
0.65%
0.69%
1.06%
0.31%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
390 Pioneer Funds - Annual Report

Pioneer Funds - Multi Asset Real Return
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
100,000
100,000
USD
USD
Utilities
Electricity
Calpine Corp 7.25% 15/Oct/2017
Southern Power Co 5.15% 15/Sep/2041
81,159
86,458
0.31%
0.33%
Total Bonds
4,602,954
17.55%
Equities
4,194
1,401
2,200
USD
USD
JPY
Basic Materials
Chemicals
Ecolab Inc
PPG Industries Inc
Shin-Etsu Chemical Co Ltd
225,701
143,182
100,934
0.86%
0.55%
0.38%
698
2,868
32,400
EUR
EUR
MYR
Consumer Goods
Automobiles and Parts
Bayerische Motoren Werke AG
Cie Generale des Etablissements Michelin
UMW Holdings Bhd
50,905
205,320
95,955
0.19%
0.78%
0.37%
2,561
1,718
DKK
EUR
Beverages
Carlsberg A/S - B
Pernod-Ricard SA
190,163
150,222
0.73%
0.57%
181,470
111,665
179,000
4,300
30,659
4,961
5,556
621,915
4,037
155,480
IDR
HKD
PHP
JPY
IDR
USD
CHF
IDR
GBP
PHP
Food Producers
Charoen Pokphand Indonesia Tbk PT
First Pacific Co Ltd/Hong Kong
JG Summit Holdings Inc
Kewpie Corp
Mayora Indah Tbk PT
Mondelez International
Nestle SA
Salim Ivomas Pratama Tbk PT
Unilever PLC
Universal Robina Corp
52,130
92,993
130,604
45,001
48,259
94,148
274,393
56,288
117,760
240,816
0.20%
0.35%
0.50%
0.17%
0.18%
0.36%
1.05%
0.21%
0.45%
0.92%
316,000
THB
Household Goods and Home Construction
Asian Property Development PCL
66,601
0.25%
288
1,809
2,200
990
EUR
CHF
BRL
USD
Personal Goods
Christian Dior SA
Cie Financiere Richemont SA
Natura Cosmeticos SA
VF Corp
36,936
107,029
47,790
111,653
0.14%
0.41%
0.18%
0.43%
7,592
3,289
USD
USD
Tobacco
Altria Group Inc
Philip Morris International Inc
178,974
206,386
0.68%
0.79%
880
JPY
Consumer Services
Food and Drug Retailers
Tsuruha Holdings Inc
52,571
0.20%
1,867,700
581,000
1,445
170,000
47,432
11,931
IDR
HKD
USD
THB
HKD
BRL
General Retailers
Ace Hardware Indonesia Tbk PT
Emperor Watch & Jewellery Ltd
Home Depot Inc
Home Product Center PCL
L’Occitane International SA
Lojas Americanas SA
120,534
54,014
67,055
53,112
113,953
78,761
0.46%
0.21%
0.26%
0.20%
0.43%
0.30%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 391

Pioneer Funds - Multi Asset Real Return
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
162,638 IDR
46,357 THB
8,493 CLP
912 AUD
Description of Securities
Mitra Adiperkasa Tbk PT
Robinson Department Store PCL
SACI Falabella
Wesfarmers Ltd
Market Value
85,120
76,438
66,195
26,464
Net Assets %
0.32%
0.29%
0.25%
0.10%
84,000
4,619
3,950
10,900
3,049
MYR
USD
USD
SGD
USD
Media
Astro Malaysia Holdings Bhd
CBS Corp - B
News Corp - A
Singapore Press Holdings Ltd
Walt Disney Co
62,505
130,610
74,782
27,276
112,996
0.24%
0.50%
0.29%
0.10%
0.43%
68,793
163,700
19,400
231,000
HKD
THB
HKD
HKD
Travel, Leisure and Catering
Galaxy Entertainment Group Ltd
Major Cineplex Group PCL
MGM China Holdings Ltd
NagaCorp Ltd
204,318
77,122
26,617
106,246
0.78%
0.29%
0.10%
0.41%
4,909
421,300
97,980
90,998
2,956
28,526
14,008
106,199
319,465
77,000
218,000
44,000
31,900
15,853
42,540
20,968
38,500
15,415
1,883
3,900
BRL
IDR
PHP
HKD
USD
AED
MXN
MXN
HKD
THB
THB
PHP
MYR
USD
PHP
THB
THB
HKD
GBP
JPY
Financials
Banks
Banco Bradesco SA - Pfd
Bank Mandiri Persero Tbk PT
BDO Unibank Inc
BOC Hong Kong Holdings Ltd
Capital One Financial Corp
First Gulf Bank PJSC
Grupo Financiero Banorte SAB de CV
Grupo Financiero Santander Mexico SAB de CV - B
Industrial & Commercial Bank of China - H
Krung Thai Bank PCL
Krung Thai Bank PCL - FRGN
Metropolitan Bank & Trust
Public Bank Bhd
Sberbank of Russia - Adr
Security Bank Corp
Siam Commercial Bank PCL
Siam Commercial Bank PCL - F
Standard Chartered PLC
Standard Chartered PLC
Sumitomo Mitsui Financial Group Inc
63,957
268,575
131,758
214,612
127,912
68,332
68,433
261,020
171,945
37,421
108,109
82,901
128,972
147,900
122,583
94,364
173,265
295,668
36,529
106,570
0.24%
1.02%
0.50%
0.82%
0.49%
0.26%
0.26%
1.00%
0.66%
0.14%
0.41%
0.32%
0.49%
0.56%
0.47%
0.36%
0.66%
1.13%
0.14%
0.41%
25,800
2,028,000
3,177
56,574
GBP
IDR
USD
HKD
Financial Services
Aberdeen Asset Management PLC
Alam Sutera Realty Tbk PT
Intercorp Financial Services Corp
Swire Properties Ltd
116,770
95,765
86,269
143,114
0.45%
0.37%
0.33%
0.55%
4,091
5,573
2,518
6,947
EUR
EUR
EUR
CHF
Nonlife Insurance
Allianz SE - Reg
Hannover Rueckversicherung AG - Reg
Muenchener Rueckversicherungs AG - Reg
Swiss Re AG
428,736
328,584
342,448
379,356
1.64%
1.26%
1.32%
1.46%
179,300
219,000
3,408
1,070,177
THB
PHP
BRL
IDR
Real Estate Investment and Services
Amata Corp PCL
Ayala Land Inc
BR Properties SA
Bumi Serpong Damai PT
72,023
106,998
32,193
93,490
0.27%
0.41%
0.12%
0.36%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
392 Pioneer Funds - Annual Report

Pioneer Funds - Multi Asset Real Return
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
86,121 AED
13,500 SGD
4,080 HKD
6,932 BRL
64,800 THB
173,852 MYR
2,212,420 PHP
146,000 THB
1,084,300 THB
751,800 THB
17,000 HKD
122,436 AED
669,200 IDR
31,300 THB
104,048 THB
210,900 THB
50,400 MYR
20,226 HKD
7,000 USD
Description of Securities
Emaar Properties PJSC
Global Logistic Properties Ltd
Henderson Land Development Co Ltd
Iguatemi Empresa de Shopping Centers SA
LPN Development PCL
Mah Sing Group Bhd
Megaworld Corp
Pruksa Real Estate PCL
Quality Houses PCL
Sansiri PCL
Sino Land Co Ltd
Sorouh Real Estate Co
Summarecon Agung Tbk PT
Supalai PCL
Supalai PCL - NVDR
Ticon Industrial Connection PCL
UEM Land Holdings Bhd
Wharf Holdings Ltd
Wheeler Real Estate Investment Trust LLC
Market Value
66,691
23,304
21,840
69,950
28,761
89,262
113,202
76,385
57,536
65,617
23,191
31,604
100,069
13,737
45,665
75,826
26,252
119,946
30,795
Net Assets %
0.25%
0.09%
0.08%
0.27%
0.11%
0.34%
0.43%
0.29%
0.22%
0.25%
0.09%
0.12%
0.38%
0.05%
0.17%
0.29%
0.10%
0.46%
0.12%
1,600
64,371
85,000
59,349
18
16,500
USD
SGD
SGD
SGD
JPY
HKD
Real Estate Investment Trusts
American Campus Communities Inc
Ascendas Real Estate Investment Trust
CapitaCommercial Trust
CapitaMall Trust
Daiwa House REIT Investment Corp
Link REIT
55,704
94,731
88,935
78,496
86,688
62,488
0.21%
0.36%
0.34%
0.30%
0.33%
0.24%
22,499
SGD
Health Care
Health Care Equipment and Services
Raffles Medical Group Ltd
36,603
0.14%
3,043
3,501
4,429
6,252
1,919
2,088
USD
USD
CHF
USD
CHF
EUR
Pharmaceuticals and Biotechnology
Johnson & Johnson
Merck & Co Inc
Novartis AG - Reg
Pfizer Inc
Roche Holding AG - Genusschein
Sanofi
160,575
108,052
210,844
117,747
292,589
149,062
0.61%
0.41%
0.80%
0.45%
1.12%
0.57%
123,442
607,000
48,010
37
1,289,562
84,000
1,991
IDR
SGD
HKD
CHF
IDR
JPY
USD
Industrials
Construction and Materials
Indocement Tunggal Prakarsa Tbk PT
Nam Cheong Ltd
NWS Holdings Ltd
Sika AG - BR
Surya Semesta Internusa Tbk PT
Taiheiyo Cement Corp
Valspar Corp
218,106
99,882
61,547
64,692
109,611
173,902
94,506
0.83%
0.38%
0.23%
0.25%
0.42%
0.66%
0.36%
4,781
280,400
2,561
2,258
76,000
CHF
PHP
USD
USD
HKD
Electronic and Electrical Equipment
ABB Ltd
Bloomberry Resorts Corp
Honeywell International Inc
Thermo Fisher Scientific Inc
Wasion Group Holdings Ltd
74,282
68,369
121,698
107,608
26,998
0.28%
0.26%
0.46%
0.41%
0.10%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 393

Pioneer Funds - Multi Asset Real Return
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,033,100 PHP
7,750 PHP
26,363 HKD
3,928 USD
56,257 ZAR
9,000 HKD
606 EUR
1,380 USD
Description of Securities
General Industrials
Alliance Global Group Inc
Ayala Corp
Beijing Enterprises Holdings Ltd
Jardine Matheson Holdings Ltd
Nampak Ltd
Shanghai Industrial Holdings Ltd
Siemens AG - Reg
3M Co
Market Value
319,833
74,012
130,284
184,721
160,184
24,000
49,813
96,089
Net Assets %
1.23%
0.28%
0.50%
0.70%
0.61%
0.09%
0.19%
0.37%
34,000
1,351
1,251
HKD
USD
USD
Industrial Engineering
CIMC Enric Holdings Ltd
Pentair Ltd
Stanley Black & Decker Inc
23,024
49,689
68,898
0.09%
0.19%
0.26%
134,023
79,000
HKD
IDR
Industrial Transportation
Beijing Capital International Airport Co Ltd - H
Jasa Marga Persero Tbk PT
72,791
33,885
0.28%
0.13%
2,535
342,429
1,452
USD
HKD
JPY
Support Services
ADT Corp
China Everbright International Ltd
Secom Co Ltd
87,275
131,359
55,216
0.33%
0.50%
0.21%
126,000
34,000
HKD
HKD
Oil and Gas
Alternative Energy
China Longyuan Power Group Corp
China Singyes Solar Technologies Holdings Ltd
66,091
21,960
0.25%
0.08%
1,473
1,242
USD
EUR
Oil and Gas Producers
Chevron Corp
Total SA
118,732
48,450
0.45%
0.18%
14,344
21,600
GBP
SGD
Oil Equipment, Services and Distribution
AMEC PLC
Keppel Corp Ltd
177,377
147,536
0.68%
0.56%
6,756
5,868
USD
HKD
Technology
Software and Computer Services
Microsoft Corp
Tencent Holdings Ltd
135,438
142,986
0.52%
0.55%
3,037
USD
Technology Hardware and Equipment
Qualcomm Inc
140,263
0.53%
98,000
8,825
23,400
3,533
IDR
GBP
SGD
SEK
Telecommunications
Mobile Telecommunications
Indosat Tbk PT
Inmarsat PLC
Singapore Telecommunications Ltd
Tele2 AB - B
49,748
63,595
47,949
48,237
0.19%
0.24%
0.18%
0.18%
26,000
33,146
HKD
EUR
Utilities
Electricity
China Resources Power Holdings Co Ltd
Terna Rete Elettrica Nazionale SpA
50,327
100,234
0.19%
0.38%
1,178,156
59,394
PHP
EUR
Gas, Water and Multiutilities
Metro Pacific Investments Corp
Snam SpA
96,843
208,711
0.37%
0.80%
Total Equities
16,692,302
63.66%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
394 Pioneer Funds - Annual Report

Pioneer Funds - Multi Asset Real Return
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
100,000,000
132
490,000
29,000
14,000,000
130,000
200,000
CLP
BRL
EUR
MXN
PHP
EUR
USD
Governments
Bonos del Banco Central de Chile en Pesos 0% 01/Sep/2013
Brazil Notas do Tesouro Nacional Serie F 10% 01/Jan/2018
Ireland Government Bond 4.5% 18/Apr/2020
Mexican Bonos 6.5% 09/Jun/2022
Philippine Government International Bond 4.95% 15/Jan/2021
Portugal Obrigacoes do Tesouro OT 4.2% 15/Oct/2016
Sri Lanka Government International Bond 5.875% 25/Jul/2022
162,294
51,567
491,685
183,799
286,837
128,765
162,056
0.62%
0.20%
1.87%
0.70%
1.09%
0.49%
0.62%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
1,467,003
22,762,259
5.59%
86.80%
Other Transferable Securities
Equities
2,820
ZAR
Industrials
General Industrials
Remgro Ltd
40,135
0.15%
Total Equities
Total Other Transferable Securities
40,135
40,135
0.15%
0.15%
5,900
2,400
1,200
4,700
1,300
11,797
111,467
15,257
84,700
USD
USD
USD
USD
USD
USD
SGD
USD
SGD
Investment funds
Global X FTSE Colombia 20 ETF - D
iShares MSCI All Peru Capped Index Fund - D
iShares MSCI Chile Investable Market Index Fund - D
iShares MSCI Mexico Investable Market Index Fund - D
iShares MSCI South Korea Index Fund - D
iShares MSCI Taiwan Index Fund - D
Keppel REIT - D
PowerShares Buyback Achievers Portfolio - D
Suntec Real Estate Investment Trust - D
98,945
83,265
57,015
248,118
61,993
120,619
89,633
340,342
87,569
0.38%
0.32%
0.22%
0.95%
0.24%
0.46%
0.34%
1.29%
0.33%
Total Investment funds
1,187,499
4.53%
Total Securities
23,989,893
91.48%
Net Asset Value
26,223,260
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
18-Mar-13 8
Dj Stoxx 600 Auto .
20-Mar-13 15
Dollar Index
11-Mar-13 (1)
Euro-Oat Futures
18-Apr-13 (54)
Vstoxx Mini Future
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
USD
EUR
EUR
Commitment
(in Trade Ccy)
140,000
1,198,275
(136,160)
(126,900)
Market Price
(in Trade Ccy)
350.00
79.89
136.16
23.50
Unrealised Gain/(Loss)
(in Fund Ccy)
28,177
3,396
(320)
7,510
38,763
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 395

Pioneer Funds - Multi Asset Real Return
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
11-Jan-13 USD
229,358
31-Jan-13 EUR
329,047
31-Jan-13 EUR
334,395
31-Jan-13 EUR
335,025
31-Jan-13 EUR
388,658
31-Jan-13 EUR
5,025
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
IDR
USD
USD
USD
USD
USD
Amount Sold
2,250,000,000
436,703
443,801
444,637
515,818
6,630
Unrealised Gain/(Loss)
(2,878)
(2,150)
(2,185)
(2,189)
(2,540)
(4)
(11,946)
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Long Positions
19-Jan-13 10
Call Carlyle Gp
19-Jan-13 200
Call Kkr & Co Lp
31-Dec-12 67
Put Spdr S&P 500 Etf Trust
Total Net Unrealised Gain/(Loss) on Options Contracts
25.00
14.00
145.00
USD
USD
USD
379
15,170
9,605
25,154
(1)
7,477
(856)
6,620
6,620
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
396 Pioneer Funds - Annual Report

Pioneer Funds - Euroland Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
87,098
153,268
645,327
542,042
EUR
EUR
EUR
EUR
Basic Materials
Chemicals
Air Liquide Prime de Fidelite 2013
Air Liquide SA
Bayer AG
K+S AG - Reg
8,278,665
14,568,123
46,392,558
18,971,470
0.82%
1.45%
4.61%
1.89%
625,636
SEK
Forestry and Paper
Svenska Cellulosa AB - B
10,285,327
1.02%
417,390
270,314
EUR
EUR
Consumer Goods
Automobiles and Parts
Cie Generale des Etablissements Michelin
Continental AG
29,880,950
23,676,803
2.98%
2.36%
466,016
383,496
1,016,055
EUR
EUR
EUR
Food Producers
Danone SA
Kerry Group PLC
Unilever NV
23,256,528
15,324,500
29,297,946
2.32%
1.53%
2.92%
439,039
615,289
EUR
EUR
Personal Goods
Adidas AG - Reg
Brunello Cucinelli SpA
29,560,496
8,220,261
2.94%
0.82%
289,704
EUR
Consumer Services
General Retailers
Inditex SA
30,563,772
3.04%
498,002
EUR
Media
Publicis Groupe SA
22,534,591
2.24%
404,624
298,224
4,662,020
GBP
EUR
EUR
Travel, Leisure and Catering
Carnival PLC
Paddy Power PLC
Ryanair Holdings PLC
11,763,080
18,639,000
22,037,369
1.17%
1.86%
2.19%
6,002,218
869,670
991,055
4,925,893
EUR
EUR
EUR
EUR
Financials
Banks
Banco Bilbao Vizcaya Argentaria SA
BNP Paribas SA
Deutsche Bank AG - Reg
UniCredit SpA
41,775,437
37,034,897
32,655,262
18,255,359
4.16%
3.69%
3.25%
1.82%
362,385
2,312,221
EUR
EUR
Nonlife Insurance
Allianz SE - Reg
AXA SA
37,977,948
30,868,150
3.78%
3.07%
310,806
EUR
Health Care
Health Care Equipment and Services
Fresenius Medical Care AG & Co KGaA
16,258,262
1.62%
898,412
EUR
Industrials
Aerospace and Defense
Thales SA
23,578,823
2.35%
1,261,449
420,532
GBP
EUR
Construction and Materials
CRH PLC
Sa des Ciments Vicat
19,409,300
19,840,700
1.93%
1.98%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 397

Pioneer Funds - Euroland Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
1,534,726
924,705
393,072
Currency
CHF
EUR
EUR
Description of Securities
Electronic and Electrical Equipment
ABB Ltd
Koninklijke Philips Electronics NV
Schneider Electric SA
Market Value
23,844,972
18,397,006
21,552,138
Net Assets %
2.37%
1.83%
2.15%
1,801,612
SEK
General Industrials
Trelleborg AB - B
16,920,144
1.68%
1,022,589
EUR
Industrial Engineering
Alstom SA
30,815,720
3.07%
8,157,074
98,145
GBP
EUR
Support Services
G4S PLC
Sodexo Prime 2016
25,795,703
6,253,799
2.57%
0.62%
2,113,784
1,901,464
1,901,464
1,307,809
EUR
EUR
EUR
GBP
Oil and Gas
Oil and Gas Producers
Eni SpA
Repsol SA - 10/Jan/2013
Repsol YPF SA
Tullow Oil PLC
38,766,799
878,476
29,158,950
20,332,230
3.86%
0.09%
2.90%
2.02%
154,652
EUR
Oil Equipment, Services and Distribution
Technip SA
13,429,980
1.34%
701,033
EUR
Technology
Software and Computer Services
RIB Software AG
3,077,535
0.31%
3,178,740
SEK
Technology Hardware and Equipment
Telefonaktiebolaget LM Ericsson - B
24,127,551
2.40%
38,624,433
578,511
EUR
EUR
Telecommunications
Fixed Line Telecommunications
Telecom Italia SpA - RSP
Ziggo NV
23,078,099
14,323,932
2.30%
1.43%
924,162
4,628,424
EUR
EUR
Utilities
Gas, Water and Multiutilities
Enagas SA
Snam SpA
14,915,975
16,264,282
1.49%
1.62%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
982,838,868
982,838,868
97.86%
97.86%
Total Securities
982,838,868
97.86%
Net Asset Value
1,004,335,812
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 EUR
22,879,488
04-Mar-13 EUR
2,776,389
04-Mar-13 EUR
63,614,929
04-Mar-13 EUR
5,187,518
04-Mar-13 EUR
53,489,215
04-Mar-13 EUR
4,675,681
04-Mar-13 SEK
63,083,077
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
CHF
CHF
GBP
GBP
SEK
SEK
GBP
Amount Sold
27,548,825
3,349,455
51,583,883
4,177,145
463,456,714
40,599,077
5,874,476
Unrealised Gain/(Loss)
46,298
273
61,972
41,145
(437,728)
(48,350)
102,761
(233,629)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
398 Pioneer Funds - Annual Report

Pioneer Funds - Core European Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
297,650
GBP
Basic Materials
Chemicals
Johnson Matthey PLC
8,719,226
1.61%
452,017
355,792
GBP
GBP
Mining
Anglo American PLC
Rio Tinto PLC
10,555,051
15,403,324
1.95%
2.85%
107,639
EUR
Consumer Goods
Automobiles and Parts
Continental AG
9,428,100
1.74%
197,973
EUR
Beverages
Anheuser-Busch InBev NV
13,014,745
2.40%
191,958
403,647
EUR
GBP
Food Producers
Kerry Group PLC
Unilever PLC
7,670,642
11,774,489
1.42%
2.18%
23,593
CHF
Personal Goods
Swatch Group AG
9,016,483
1.67%
376,407
356,801
254,456
GBP
GBP
SEK
Tobacco
British American Tobacco PLC
Imperial Tobacco Group PLC
Swedish Match AB
14,483,618
10,438,772
6,473,583
2.68%
1.93%
1.20%
415,485
EUR
Consumer Services
Food and Drug Retailers
Jeronimo Martins SGPS SA
6,066,081
1.12%
105,514
EUR
General Retailers
Inditex SA
11,131,727
2.06%
897,353
201,297
GBP
EUR
Media
British Sky Broadcasting Group PLC
Publicis Groupe SA
8,485,634
9,108,689
1.57%
1.68%
1,011,447
109,300
1,752,247
GBP
EUR
EUR
Travel, Leisure and Catering
Compass Group PLC
Paddy Power PLC
Ryanair Holdings PLC
9,040,797
6,831,250
8,221,543
1.67%
1.26%
1.52%
3,941,418
294,211
322,981
855,429
2,931,289
308,915
325,136
GBP
EUR
EUR
NOK
GBP
CHF
SEK
Financials
Banks
Barclays PLC
BNP Paribas SA
Deutsche Bank AG - Reg
DNB ASA
HSBC Holdings PLC
Julius Baer Group Ltd
Svenska Handelsbanken AB - A
12,750,932
12,528,975
10,642,224
8,207,791
23,378,755
8,275,789
8,810,051
2.36%
2.32%
1.97%
1.52%
4.31%
1.53%
1.63%
909,334
GBP
Life Insurance
Prudential PLC
9,703,225
1.79%
452,411
721,679
52,267
GBP
EUR
CHF
Nonlife Insurance
Admiral Group PLC
AXA SA
Zurich Insurance Group AG
6,470,186
9,634,415
10,541,753
1.20%
1.78%
1.95%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 399

Pioneer Funds - Core European Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
745,850
104,662
SEK
EUR
Health Care
Health Care Equipment and Services
Elekta AB - B
Fresenius SE & Co KGaA
8,817,931
9,116,060
1.63%
1.68%
84,499
409,540
352,053
153,141
EUR
CHF
GBP
EUR
Pharmaceuticals and Biotechnology
Merck KGaA
Novartis AG - Reg
Shire PLC
UCB SA
8,435,535
19,496,249
8,190,408
6,618,754
1.56%
3.59%
1.51%
1.22%
876,093
74,158,520
GBP
GBP
Industrials
Aerospace and Defense
Rolls-Royce Holdings PLC
Rolls-Royce Holdings PLC - C
9,434,931
91,430
1.74%
0.02%
153,245
EUR
Construction and Materials
Sa des Ciments Vicat
7,230,099
1.34%
828,164
203,042
CHF
EUR
Electronic and Electrical Equipment
ABB Ltd
Schneider Electric SA
12,867,149
11,132,793
2.38%
2.06%
313,294
EUR
Industrial Engineering
Alstom SA
9,441,115
1.74%
204,582
440,080
2,173,736
CHF
EUR
GBP
Support Services
Adecco SA - Reg
Amadeus IT Holding SA - A
G4S PLC
8,143,950
8,383,524
6,874,162
1.50%
1.55%
1.27%
913,748
3,564,887
700,404
626,946
GBP
GBP
EUR
GBP
Oil and Gas
Oil and Gas Producers
BG Group PLC
BP PLC
Eni SpA
Tullow Oil PLC
11,406,360
18,670,497
12,845,409
9,746,997
2.11%
3.45%
2.37%
1.80%
454,061
NOK
Oil Equipment, Services and Distribution
Subsea 7 SA
8,174,979
1.51%
574,244
GBP
Technology
Software and Computer Services
Telecity Group PLC
5,568,276
1.03%
1,374,612
SEK
Technology Hardware and Equipment
Telefonaktiebolaget LM Ericsson - B
10,433,701
1.93%
12,869,964
269,139
EUR
USD
Telecommunications
Fixed Line Telecommunications
Telecom Italia SpA - RSP
Virgin Media Inc
7,689,803
7,432,760
1.42%
1.37%
1,042,051
503,352
GBP
EUR
Utilities
Gas, Water and Multiutilities
National Grid PLC
Suez Environnement Co
9,031,708
4,585,033
1.67%
0.85%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
400 Pioneer Funds - Annual Report

Pioneer Funds - Core European Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
536,667,463
536,667,463
99.17%
99.17%
Total Securities
536,667,463
99.17%
Net Asset Value
541,166,194
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 CHF
10,490,077
04-Mar-13 EUR
37,990,888
04-Mar-13 EUR
7,074,550
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
GBP
SEK
Amount Sold
8,713,383
30,805,937
61,297,360
Unrealised Gain/(Loss)
(18,932)
37,010
(57,894)
(39,816)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 401

Pioneer Funds - Top European Players
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
198,811
362,715
300,685
EUR
EUR
EUR
Basic Materials
Chemicals
Air Liquide Prime de Fidelite 2013
Akzo Nobel NV - CVA
Bayer AG
18,896,986
18,043,258
21,616,245
2.23%
2.13%
2.55%
999,652
SEK
Forestry and Paper
Svenska Cellulosa AB - B
16,434,073
1.94%
589,500
GBP
Mining
Rio Tinto PLC
25,521,258
3.01%
176,137
EUR
Consumer Goods
Automobiles and Parts
Continental AG
15,427,840
1.82%
368,406
726,742
EUR
EUR
Food Producers
Kerry Group PLC
Unilever NV
14,721,504
20,955,606
1.74%
2.47%
243,363
66,568
EUR
CHF
Personal Goods
Henkel AG & Co KGaA - Pfd
Swatch Group AG
15,137,179
25,440,141
1.79%
3.00%
665,442
997,285
GBP
GBP
Tobacco
British American Tobacco PLC
Imperial Tobacco Group PLC
25,605,282
29,177,133
3.02%
3.45%
6,639,302
GBP
Consumer Services
General Retailers
Kingfisher PLC
23,255,156
2.75%
1,045,259
2,493,390
EUR
GBP
Media
Wolters Kluwer NV
WPP PLC
16,175,383
27,297,870
1.91%
3.22%
231,961
4,258,337
EUR
EUR
Travel, Leisure and Catering
Paddy Power PLC
Ryanair Holdings PLC
14,497,563
20,129,159
1.71%
2.38%
1,975,757
863,559
3,382,208
EUR
EUR
GBP
Financials
Banks
Banco Bilbao Vizcaya Argentaria SA
BNP Paribas SA
HSBC Holdings PLC
13,751,269
36,774,659
26,975,099
1.62%
4.35%
3.19%
2,331,726
GBP
Life Insurance
Prudential PLC
24,881,135
2.94%
258,685
93,204
EUR
CHF
Nonlife Insurance
Allianz SE - Reg
Zurich Insurance Group AG
27,110,188
18,798,354
3.20%
2.22%
223,121
EUR
Health Care
Health Care Equipment and Services
Fresenius Medical Care AG & Co KGaA
11,671,460
1.38%
582,985
179,499
CHF
DKK
Pharmaceuticals and Biotechnology
Novartis AG - Reg
Novo Nordisk A/S - B
27,753,138
22,049,583
3.28%
2.60%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
402 Pioneer Funds - Annual Report

Pioneer Funds - Top European Players
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
751,116
EUR
Industrials
Aerospace and Defense
Thales SA
19,713,039
2.33%
881,461
474,210
335,664
SEK
GBP
EUR
Construction and Materials
Assa Abloy AB - B
CRH PLC
Sa des Ciments Vicat
24,963,637
7,296,438
15,836,628
2.95%
0.86%
1.87%
1,475,042
CHF
Electronic and Electrical Equipment
ABB Ltd
22,917,664
2.71%
731,771
773,960
EUR
SEK
Industrial Engineering
Alstom SA
Atlas Copco AB - B
22,051,919
14,275,859
2.60%
1.69%
6,380,546
GBP
Support Services
G4S PLC
20,177,661
2.38%
1,949,203
1,666,441
1,666,441
1,506,912
GBP
EUR
EUR
GBP
Oil and Gas
Oil and Gas Producers
BG Group PLC
Repsol SA - 10/Jan/2013
Repsol YPF SA
Tullow Oil PLC
24,331,994
769,896
25,554,872
23,427,642
2.87%
0.09%
3.02%
2.77%
173,053
EUR
Oil Equipment, Services and Distribution
Technip SA
15,027,923
1.77%
2,329,925
SEK
Technology
Technology Hardware and Equipment
Telefonaktiebolaget LM Ericsson - B
17,684,801
2.09%
26,561,139
EUR
Telecommunications
Fixed Line Telecommunications
Telecom Italia SpA - RSP
15,870,281
1.87%
1,959,140
GBP
Utilities
Gas, Water and Multiutilities
National Grid PLC
16,980,341
2.01%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
844,977,116
844,977,116
99.78%
99.78%
Total Securities
844,977,116
99.78%
Net Asset Value
846,851,876
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 CZK
168,682,145
04-Mar-13 CHF
27,061,175
04-Mar-13 EUR
4,258,305
04-Mar-13 EUR
24,369,397
04-Mar-13 GBP
9,170,545
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
EUR
CHF
SEK
EUR
Amount Sold
6,726,042
22,477,851
5,145,659
211,305,336
11,321,157
Unrealised Gain/(Loss)
(5,156)
(48,839)
(6,552)
(217,691)
(22,759)
(300,997)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 403

Pioneer Funds - European Equity Value
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
2,250,000
EUR
Financials
Banks
Intesa Sanpaolo SpA - PERP - Floating Perpetual
2,272,500
1.82%
Total Bonds
2,272,500
1.82%
Equities
36,095
41,182
EUR
EUR
Basic Materials
Chemicals
Akzo Nobel NV - CVA
Bayer AG
1,795,546
2,960,574
1.44%
2.37%
217,867
SEK
Forestry and Paper
Svenska Cellulosa AB - B
3,581,689
2.86%
59,845
28,827
EUR
EUR
Consumer Goods
Automobiles and Parts
Bayerische Motoren Werke AG
Continental AG
4,364,496
2,524,957
3.49%
2.02%
63,455
CHF
Food Producers
Nestle SA
3,133,840
2.51%
81,105
GBP
Tobacco
Imperial Tobacco Group PLC
2,372,854
1.90%
268,983
EUR
Consumer Services
Food and Drug Retailers
Koninklijke Ahold NV
2,726,143
2.18%
746,171
GBP
General Retailers
Kingfisher PLC
2,613,576
2.09%
119,216
325,600
1,059,933
EUR
NOK
GBP
Financials
Banks
BNP Paribas SA
DNB ASA
HSBC Holdings PLC
5,076,813
3,124,113
8,453,589
4.06%
2.50%
6.75%
203,440
GBP
Life Insurance
Prudential PLC
2,170,846
1.74%
49,489
17,782
EUR
CHF
Nonlife Insurance
Allianz SE - Reg
Zurich Insurance Group AG
5,186,447
3,586,459
4.15%
2.87%
102,442
62,825
91,735
GBP
CHF
EUR
Health Care
Pharmaceuticals and Biotechnology
GlaxoSmithKline PLC
Novartis AG - Reg
Sanofi
1,686,106
2,990,799
6,548,961
1.35%
2.39%
5.23%
93,909
51,279
51,730
EUR
CHF
EUR
Industrials
Construction and Materials
Cie de St-Gobain
Holcim Ltd - Reg
Imerys SA
3,025,748
2,842,696
2,492,869
2.42%
2.27%
1.99%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
404 Pioneer Funds - Annual Report

Pioneer Funds - European Equity Value
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
161,966
Currency
EUR
Description of Securities
Electronic and Electrical Equipment
Koninklijke Philips Electronics NV
Market Value
3,222,314
Net Assets %
2.58%
424,326
878
GBP
CHF
General Industrials
Rexam PLC
Vetropack Holding AG - BR
2,280,929
1,226,639
1.82%
0.98%
122,794
7,394
87,235
SEK
CHF
EUR
Industrial Engineering
Atlas Copco AB - A
Georg Fischer AG - Reg
RHI AG
2,552,735
2,254,717
2,172,152
2.04%
1.80%
1.74%
725,732
191,931
191,931
227,097
76,115
GBP
EUR
EUR
GBP
EUR
Oil and Gas
Oil and Gas Producers
BP PLC
Repsol SA - 10/Jan/2013
Repsol YPF SA
Royal Dutch Shell PLC - A
Total SA
3,800,899
88,672
2,943,262
5,941,312
2,969,246
3.04%
0.07%
2.35%
4.75%
2.37%
26,460
577,473
CHF
SEK
Technology
Technology Hardware and Equipment
AMS AG
Telefonaktiebolaget LM Ericsson - B
2,148,724
4,383,186
1.72%
3.50%
4,614,091
EUR
Telecommunications
Fixed Line Telecommunications
Telecom Italia SpA - RSP
2,756,919
2.20%
3,190,046
GBP
Mobile Telecommunications
Vodafone Group PLC
6,074,499
4.85%
351,529
GBP
Utilities
Gas, Water and Multiutilities
National Grid PLC
3,046,787
2.44%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
121,122,113
123,394,613
96.83%
98.65%
Total Securities
123,394,613
98.65%
Net Asset Value
125,077,756
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
15-Mar-13 452
DJ Euro Stoxx Bank
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
Commitment
(in Trade Ccy)
2,515,380
Market Price
(in Trade Ccy)
111.30
Unrealised Gain/(Loss)
(in Fund Ccy)
(65,540)
(65,540)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 405

Pioneer Funds - European Research
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
125,806
EUR
Basic Materials
Chemicals
Akzo Nobel NV - CVA
6,258,219
0.93%
718,059
SEK
Forestry and Paper
Svenska Cellulosa AB - B
11,804,742
1.75%
620,055
GBP
Mining
Rio Tinto PLC
26,844,077
4.00%
164,967
70,634
EUR
EUR
Consumer Goods
Automobiles and Parts
Cie Generale des Etablissements Michelin
Continental AG
11,809,988
6,186,832
1.75%
0.92%
218,917
129,360
638,116
278,796
GBP
EUR
CHF
EUR
Food Producers
Associated British Foods PLC
Kerry Group PLC
Nestle SA
Unilever NV
4,221,257
5,169,226
31,514,511
8,039,083
0.63%
0.77%
4.69%
1.19%
157,207
112,682
310,716
159,869
EUR
EUR
EUR
CHF
Personal Goods
Adidas AG - Reg
Henkel AG & Co KGaA
Powerland AG
Swatch Group AG - Reg
10,584,747
5,851,576
2,255,487
10,432,287
1.57%
0.87%
0.34%
1.55%
338,224
GBP
Tobacco
Imperial Tobacco Group PLC
9,895,272
1.47%
1,234,198
304,187
GBP
EUR
Consumer Services
General Retailers
Kingfisher PLC
Yoox SpA
4,322,965
3,625,909
0.64%
0.54%
228,143
153,726
104,422
GBP
EUR
NOK
Media
Pearson PLC
Publicis Groupe SA
Schibsted ASA
3,341,559
6,956,102
3,351,603
0.50%
1.03%
0.50%
143,593
226,663
22,715
USD
EUR
EUR
Travel, Leisure and Catering
Carnival Corp
Deutsche Lufthansa AG - Reg
Paddy Power PLC
3,937,263
3,227,681
1,419,688
0.59%
0.48%
0.21%
515,213
262,383
979,023
741,832
1,485,106
2,004,966
EUR
EUR
GBP
SEK
CHF
EUR
Financials
Banks
BNP Paribas SA
Societe Generale SA
Standard Chartered PLC
Swedbank AB - A
UBS AG - Reg
UniCredit SpA
21,940,346
7,435,934
18,992,636
10,984,658
17,560,874
7,430,404
3.26%
1.10%
2.82%
1.63%
2.61%
1.10%
190,481
814,186
EUR
CHF
Financial Services
Deutsche Boerse AG
GAM Holding AG
8,802,127
8,332,116
1.31%
1.24%
980,033
GBP
Life Insurance
Prudential PLC
10,457,632
1.55%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
406 Pioneer Funds - Annual Report

Pioneer Funds - European Research
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
882,704 GBP
900,921 EUR
75,373 CHF
Description of Securities
Nonlife Insurance
Amlin PLC
AXA SA
Zurich Insurance Group AG
Market Value
4,124,582
12,027,295
15,202,012
Net Assets %
0.61%
1.79%
2.26%
950,073
385,358
SEK
DKK
Health Care
Health Care Equipment and Services
Elekta AB - B
GN Store Nord A/S
11,232,390
4,224,969
1.67%
0.63%
181,285
368,003
355,630
DKK
EUR
EUR
Pharmaceuticals and Biotechnology
Novo Nordisk A/S - B
Sanofi
UCB SA
22,268,974
26,271,733
15,370,329
3.31%
3.91%
2.28%
162,399
312,098
GBP
EUR
Industrials
Aerospace and Defense
Cobham PLC
Thales SA
442,087
8,191,012
0.07%
1.22%
133,916
773,970
326,116
SEK
GBP
EUR
Construction and Materials
Assa Abloy AB - B
CRH PLC
Sa des Ciments Vicat
3,792,602
11,908,699
15,386,153
0.56%
1.77%
2.29%
1,036,978
322,188
CHF
EUR
Electronic and Electrical Equipment
ABB Ltd
Koninklijke Philips Electronics NV
16,111,483
6,409,930
2.39%
0.95%
608,533
SEK
General Industrials
Trelleborg AB - B
5,715,141
0.85%
293,181
247,276
EUR
SEK
Industrial Engineering
Alstom SA
Atlas Copco AB - B
8,835,009
4,561,059
1.31%
0.68%
127,515
3,509,603
3,469,580
EUR
GBP
GBP
Support Services
Amadeus IT Holding SA - A
G4S PLC
SIG PLC
2,429,161
11,098,671
5,175,924
0.36%
1.65%
0.77%
1,382,834
3,143,777
819,296
819,296
746,741
GBP
GBP
EUR
EUR
GBP
Oil and Gas
Oil and Gas Producers
BG Group PLC
BP PLC
Repsol SA - 10/Jan/2013
Repsol YPF SA
Tullow Oil PLC
17,261,983
16,465,004
378,515
12,563,904
11,609,424
2.56%
2.45%
0.06%
1.87%
1.73%
414,109
52,855
NOK
EUR
Oil Equipment, Services and Distribution
Petroleum Geo-Services ASA
Technip SA
5,381,521
4,589,928
0.80%
0.68%
624,273
1,387,555
EUR
SEK
Technology
Technology Hardware and Equipment
Dialog Semiconductor PLC
Telefonaktiebolaget LM Ericsson - B
8,299,710
10,531,942
1.23%
1.56%
38,568,344
290,040
EUR
USD
Telecommunications
Fixed Line Telecommunications
Telecom Italia SpA - RSP
Virgin Media Inc
23,044,586
8,009,979
3.42%
1.19%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 407

Pioneer Funds - European Research
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
354,527
Currency
SEK
Description of Securities
Mobile Telecommunications
Millicom International Cellular SA - SDR
Market Value
23,251,399
Net Assets %
3.45%
211,809
2,391,216
EUR
EUR
Utilities
Electricity
Red Electrica Corp SA
Terna Rete Elettrica Nazionale SpA
7,900,476
7,231,037
1.17%
1.07%
706,878
EUR
Gas, Water and Multiutilities
Gas Natural SDG SA
9,599,403
1.43%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
669,884,827
669,884,827
99.54%
99.54%
Total Securities
669,884,827
99.54%
Net Asset Value
672,987,927
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
15-Mar-13 108
Dax Index
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
Commitment
(in Trade Ccy)
20,569,950
Market Price
(in Trade Ccy)
7,618.50
Unrealised Gain/(Loss)
(in Fund Ccy)
(57,912)
(57,912)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 DKK
24,242,660
04-Mar-13 EUR
10,444,013
04-Mar-13 EUR
17,967,254
04-Mar-13 EUR
4,034,021
04-Mar-13 EUR
40,781,054
04-Mar-13 EUR
3,330,671
04-Mar-13 GBP
3,799,582
04-Mar-13 GBP
53,103,339
04-Mar-13 NOK
11,913,723
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
CHF
DKK
SEK
SEK
SEK
EUR
EUR
EUR
Amount Sold
3,252,803
12,575,469
133,884,647
34,866,715
353,609,667
29,237,046
4,684,550
65,556,764
1,611,624
Unrealised Gain/(Loss)
(2,791)
21,134
18,453
(23,004)
(364,294)
(71,296)
(3,346)
(131,790)
7,510
(549,424)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
408 Pioneer Funds - Annual Report

Pioneer Funds - European Potential
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
70,284
944,664
144,854
EUR
GBP
GBP
Basic Materials
Chemicals
Arkema SA
AZ Electronic Materials SA
Croda International PLC
5,567,196
4,068,193
4,243,288
2.13%
1.56%
1.62%
933,198
GBP
Mining
African Minerals Ltd
3,655,821
1.40%
813,080
EUR
Consumer Goods
Beverages
Davide Campari-Milano SpA
4,715,864
1.80%
181,932
DKK
Food Producers
Chr Hansen Holding A/S
4,479,444
1.71%
2,870,491
912,524
195,443
GBP
GBP
GBP
Household Goods and Home Construction
Barratt Developments PLC
Howden Joinery Group PLC
Persimmon PLC
7,346,985
1,945,203
1,927,683
2.82%
0.74%
0.74%
90,055
32,705
EUR
EUR
Personal Goods
Brunello Cucinelli SpA
Tod’s SpA
1,203,135
3,128,233
0.46%
1.20%
191,905
EUR
Consumer Services
General Retailers
Tom Tailor Holding AG
3,093,509
1.18%
91,752
626,965
EUR
EUR
Media
GFK SE
Havas SA
3,540,710
2,613,817
1.35%
1.00%
872,593
832,470
GBP
GBP
Travel, Leisure and Catering
Restaurant Group PLC
Stagecoach Group PLC
4,162,326
3,152,938
1.59%
1.21%
271,694
EUR
Financials
Banks
Aareal Bank AG
4,268,313
1.63%
861,401
400,721
514,272
842,988
26,453
212,454
GBP
EUR
CHF
GBP
CHF
GBP
Financial Services
Aberdeen Asset Management PLC
Banca Generali SpA
GAM Holding AG
IG Group Holdings PLC
Partners Group Holding AG
Provident Financial PLC
3,898,660
5,173,308
5,262,893
4,676,915
4,629,494
3,557,053
1.49%
1.98%
2.01%
1.79%
1.77%
1.36%
1,258,459
NOK
Life Insurance
Storebrand ASA
4,600,102
1.76%
815,452
7,818
17,537
GBP
CHF
DKK
Nonlife Insurance
Amlin PLC
Helvetia Holding AG - Reg
Topdanmark A/S
3,810,335
2,244,727
2,851,163
1.46%
0.86%
1.09%
306,731
226,610
83,652
SEK
EUR
EUR
Real Estate Investment and Services
Castellum AB
Deutsche Wohnen AG - BR
GSW Immobilien AG
3,300,932
3,172,540
2,676,864
1.26%
1.21%
1.02%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 409

Pioneer Funds - European Potential
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
187,684 GBP
104,855 EUR
Description of Securities
Real Estate Investment Trusts
Derwent London PLC
Deutsche Euroshop AG
Market Value
4,873,166
3,317,612
Net Assets %
1.86%
1.27%
384,777
2,460,195
74,899
SEK
EUR
EUR
Health Care
Health Care Equipment and Services
Elekta AB - B
Sorin SpA
STRATEC Biomedical AG
4,549,088
4,130,667
2,819,573
1.74%
1.58%
1.08%
2,228,104
GBP
Industrials
Aerospace and Defense
Senior PLC
5,483,042
2.10%
267,933
307,178
EUR
EUR
Construction and Materials
Astaldi SpA
Obrascon Huarte Lain SA
1,355,741
6,742,557
0.52%
2.58%
181,150
EUR
Electronic and Electrical Equipment
Leoni AG
5,171,833
1.98%
428,307
SEK
General Industrials
Trelleborg AB - B
4,022,518
1.54%
112,034
40,060
1,357,448
86,845
63,147
164,766
EUR
EUR
GBP
EUR
EUR
GBP
Industrial Engineering
Andritz AG
Bilfinger Berger SE
Fenner PLC
Rheinmetall AG
Semperit AG Holding
Spirax-Sarco Engineering PLC
5,438,130
2,924,380
6,632,433
3,161,158
1,979,974
4,607,191
2.08%
1.12%
2.54%
1.21%
0.76%
1.76%
86,950
408,810
EUR
EUR
Industrial Transportation
Fraport AG Frankfurt Airport Services Worldwide
Societa Iniziative Autostradali e Servizi SpA
3,820,148
2,890,287
1.46%
1.11%
1,310,916
253,716
529,147
271,681
249,516
167,154
GBP
GBP
GBP
SEK
EUR
GBP
Support Services
Ashtead Group PLC
Babcock International Group PLC
Filtrona PLC
Loomis AB - B
Royal Imtech NV
Travis Perkins PLC
6,889,946
3,020,131
3,588,101
3,310,189
4,339,083
2,242,184
2.64%
1.16%
1.37%
1.27%
1.66%
0.86%
2,650,065
994,478
GBP
GBP
Oil and Gas
Oil and Gas Producers
Afren PLC
Premier Oil PLC
4,283,362
4,125,778
1.64%
1.58%
385,363
375,312
741,707
GBP
NOK
GBP
Oil Equipment, Services and Distribution
John Wood Group PLC
Petroleum Geo-Services ASA
RPC Group PLC
3,451,686
4,877,337
3,630,350
1.32%
1.87%
1.39%
92,687
404,194
293,987
216,659
EUR
EUR
GBP
EUR
Technology
Software and Computer Services
AtoS
RIB Software AG
Telecity Group PLC
Unit 4 NV
4,899,435
1,774,412
2,850,706
4,918,159
1.87%
0.68%
1.09%
1.88%
68,676
CHF
Technology Hardware and Equipment
AMS AG
5,576,937
2.13%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
410 Pioneer Funds - Annual Report

Pioneer Funds - European Potential
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
371,131 EUR
106,394 EUR
Description of Securities
Dialog Semiconductor PLC
Neopost SA
Market Value
4,934,187
4,255,760
Net Assets %
1.89%
1.63%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
259,854,885
259,854,885
99.42%
99.42%
Total Securities
259,854,885
99.42%
Net Asset Value
261,365,603
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 411

Pioneer Funds - European Equity Target Income
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
12,925
EUR
Basic Materials
Chemicals
BASF SE - Reg
919,614
2.60%
5,202
26,410
EUR
EUR
Consumer Goods
Automobiles and Parts
Bayerische Motoren Werke AG
Daimler AG
379,382
1,091,261
1.07%
3.08%
148
CHF
Personal Goods
Swatch Group AG
56,561
0.16%
15,634
35,128
GBP
GBP
Tobacco
British American Tobacco PLC
Imperial Tobacco Group PLC
601,575
1,027,725
1.70%
2.91%
7,578
EUR
Consumer Services
Food and Drug Retailers
Casino Guichard Perrachon SA
546,374
1.54%
38,402
GBP
General Retailers
Marks & Spencer Group PLC
181,002
0.51%
30,386
71,705
EUR
EUR
Media
ProSiebenSat.1 Media AG
Reed Elsevier NV
647,222
802,020
1.83%
2.27%
7,867
148,342
EUR
GBP
Financials
Banks
BNP Paribas SA
HSBC Holdings PLC
335,016
1,183,115
0.95%
3.34%
4,280
102,812
8,210
8,887
17,013
3,517
EUR
EUR
EUR
CHF
EUR
CHF
Nonlife Insurance
Allianz SE - Reg
AXA SA
Muenchener Rueckversicherungs AG - Reg
Swiss Re AG
Talanx AG
Zurich Insurance Group AG
448,544
1,372,540
1,116,560
485,294
365,439
709,345
1.27%
3.89%
3.16%
1.37%
1.03%
2.01%
144,910
29,491
67,319
531
GBP
EUR
EUR
EUR
Real Estate Investment Trusts
British Land Co PLC
Eurocommercial Properties NV - CVA
Hamborner REIT AG
Unibail-Rodamco SE
1,004,061
888,859
503,815
96,615
2.84%
2.51%
1.42%
0.27%
53,117
10,481
9,302
GBP
CHF
EUR
Health Care
Pharmaceuticals and Biotechnology
GlaxoSmithKline PLC
Novartis AG - Reg
Sanofi
874,260
498,950
664,070
2.47%
1.41%
1.88%
40,966
CHF
Industrials
Electronic and Electrical Equipment
ABB Ltd
636,487
1.80%
11,782
EUR
Industrial Engineering
Bilfinger Berger SE
860,086
2.43%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
412 Pioneer Funds - Annual Report

Pioneer Funds - European Equity Target Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
49,867 EUR
38,530 EUR
82,031 EUR
63,312 EUR
Description of Securities
Industrial Transportation
Abertis Infraestructuras SA
Atlantia SpA
Deutsche Post AG - Reg
Societa Iniziative Autostradali e Servizi SpA
Market Value
619,348
526,705
1,361,715
447,616
Net Assets %
1.75%
1.49%
3.85%
1.27%
198,872
60,047
31,819
12,240
GBP
EUR
EUR
EUR
Oil and Gas
Oil and Gas Producers
BP PLC
Eni SpA
Royal Dutch Shell PLC - A
Total SA
1,041,559
1,101,262
826,499
477,482
2.94%
3.11%
2.34%
1.35%
33,823
86,486
13,792
EUR
EUR
EUR
Telecommunications
Fixed Line Telecommunications
France Telecom SA
Freenet AG
Ziggo NV
282,050
1,210,804
341,490
0.80%
3.42%
0.97%
35,591
87,825
303,279
EUR
EUR
GBP
Mobile Telecommunications
Deutsche Telekom AG - Reg
Telefonica Deutschland Holding AG
Vodafone Group PLC
305,905
507,102
577,505
0.86%
1.43%
1.63%
9,072
108,282
EUR
EUR
Utilities
Electricity
RWE AG
Terna Rete Elettrica Nazionale SpA
283,409
327,445
0.80%
0.93%
47,887
41,218
29,464
286,692
19,096
EUR
EUR
EUR
EUR
EUR
Gas, Water and Multiutilities
Enagas SA
Gas Natural SDG SA
GDF Suez
Snam SpA
Suez Environnement Co
772,896
559,740
458,902
1,007,436
173,945
2.18%
1.58%
1.30%
2.85%
0.49%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
31,506,607
31,506,607
89.06%
89.06%
Total Securities
31,506,607
89.06%
Net Asset Value
35,376,062
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 413

Pioneer Funds - German Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
6,684
5,080
1,555
EUR
EUR
EUR
Basic Materials
Chemicals
BASF SE - Reg
Bayer AG
Linde AG
475,566
365,201
205,260
8.12%
6.24%
3.51%
801
6,361
4,299
EUR
EUR
EUR
Industrial Metals and Mining
Aurubis AG
Kloeckner & Co SE
ThyssenKrupp AG
43,126
57,045
76,350
0.74%
0.98%
1.31%
3,170
1,261
6,849
1,384
EUR
EUR
EUR
EUR
Consumer Goods
Automobiles and Parts
Bayerische Motoren Werke AG
Continental AG
Daimler AG
Volkswagen AG - Pfd
231,188
110,451
283,001
238,256
3.95%
1.89%
4.83%
4.08%
142
EUR
Food Producers
KWS Saat AG
34,435
0.59%
2,674
EUR
Personal Goods
Adidas AG - Reg
180,040
3.08%
4,483
EUR
Consumer Services
General Retailers
Tom Tailor Holding AG
72,266
1.24%
38,546
7,640
EUR
EUR
Financials
Banks
Commerzbank AG
Deutsche Bank AG - Reg
55,275
251,738
0.95%
4.31%
1,995
EUR
Financial Services
Deutsche Boerse AG
92,189
1.58%
2,665
1,664
1,594
EUR
EUR
EUR
Nonlife Insurance
Allianz SE - Reg
Muenchener Rueckversicherungs AG - Reg
Talanx AG
279,292
226,304
34,239
4.78%
3.87%
0.59%
756
645
EUR
EUR
Health Care
Health Care Equipment and Services
Draegerwerk AG & Co KGaA - Pfd
Fresenius SE & Co KGaA
57,849
56,180
0.99%
0.96%
2,513
EUR
Industrials
Construction and Materials
HeidelbergCement AG
115,171
1.97%
3,942
6,636
EUR
EUR
Electronic and Electrical Equipment
Jenoptik AG
Suss Microtec AG
29,100
56,008
0.50%
0.96%
5,235
EUR
General Industrials
Siemens AG - Reg
430,317
7.35%
708
6,377
EUR
EUR
Industrial Engineering
Bilfinger Berger SE
Deutz AG
51,684
22,575
0.88%
0.39%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
414 Pioneer Funds - Annual Report

Pioneer Funds - German Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,063 EUR
1,170 EUR
1,534 EUR
355 EUR
767 EUR
409 EUR
Description of Securities
Duerr AG
GEA Group AG
Jungheinrich AG
MAN SE
MAN SE
Vossloh AG
Market Value
71,753
28,630
45,192
28,666
57,909
30,458
Net Assets %
1.23%
0.49%
0.77%
0.49%
0.99%
0.52%
12,385
2,273
EUR
EUR
Industrial Transportation
Deutsche Post AG - Reg
Fraport AG Frankfurt Airport Services Worldwide
205,591
99,864
3.52%
1.71%
2,107
EUR
Oil and Gas
Alternative Energy
Centrotec Sustainable AG
28,381
0.49%
4,702
2,821
4,978
EUR
EUR
EUR
Technology
Software and Computer Services
SAP AG
Software AG
United Internet AG - Reg
285,364
90,568
81,191
4.87%
1.55%
1.39%
6,901
EUR
Technology Hardware and Equipment
Dialog Semiconductor PLC
91,749
1.57%
16,858
EUR
Telecommunications
Mobile Telecommunications
Deutsche Telekom AG - Reg
144,895
2.48%
1,288
EUR
Utilities
Electricity
RWE AG
40,237
0.69%
10,901
EUR
Gas, Water and Multiutilities
E.ON AG
153,595
2.63%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
5,614,149
5,614,149
96.03%
96.03%
Total Securities
5,614,149
96.03%
Net Asset Value
5,846,148
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 415

Pioneer Funds - Italian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
172,254
EUR
Basic Materials
Industrial Metals and Mining
Tenaris SA
2,683,717
3.25%
12,182
207,225
223,292
95,496
EUR
EUR
EUR
EUR
Consumer Goods
Automobiles and Parts
Brembo SpA
Fiat Industrial SpA
Fiat SpA
Pirelli & C. SpA
118,835
1,710,642
846,277
826,518
0.14%
2.07%
1.02%
1.00%
183,192
EUR
Beverages
Davide Campari-Milano SpA
1,062,514
1.29%
549,208
EUR
Food Producers
Parmalat SpA
966,606
1.17%
50,284
EUR
Household Goods and Home Construction
De’Longhi SpA
549,101
0.66%
46,309
2,645
36,126
6,181
EUR
EUR
EUR
EUR
Personal Goods
Brunello Cucinelli SpA
Geox SpA
Salvatore Ferragamo Italia SpA
Tod’s SpA
618,688
5,750
601,137
591,213
0.75%
0.01%
0.73%
0.72%
27,641
EUR
Consumer Services
Food and Drug Retailers
MARR SpA
218,364
0.26%
25,071
EUR
General Retailers
Yoox SpA
298,846
0.36%
78,308
106,044
EUR
EUR
Media
Gruppo Editoriale L’Espresso SpA
Mediaset SpA
68,911
165,004
0.08%
0.20%
51,525
33,429
EUR
EUR
Travel, Leisure and Catering
Autogrill SpA
Lottomatica Group SpA
447,495
574,979
0.54%
0.70%
25,466
70,078
519,723
334,289
36,347
2,537,395
170,029
1,044,140
80,215
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Financials
Banks
Banca Monte dei Paschi di Siena SpA
Banca Popolare dell’Emilia Romagna Scrl
Banca Popolare di Milano Scarl
Banco Popolare SC
Credito Emiliano SpA
Intesa Sanpaolo SpA
Mediobanca SpA
UniCredit SpA
Unione di Banche Italiane SCPA
5,748
366,508
234,915
420,536
150,186
3,298,614
792,675
3,869,583
281,234
0.01%
0.44%
0.28%
0.51%
0.18%
3.99%
0.96%
4.68%
0.34%
87,489
73,716
17,286
16,161
EUR
EUR
EUR
EUR
Financial Services
Azimut Holding SpA
Banca Generali SpA
Exor SpA
Exor SpA - Pfd
949,256
951,674
328,434
267,949
1.15%
1.15%
0.40%
0.32%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
416 Pioneer Funds - Annual Report

Pioneer Funds - Italian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
297,716 EUR
4,880 EUR
Description of Securities
Life Insurance
Mediolanum SpA
Societa Cattolica di Assicurazioni SCRL
Market Value
1,141,443
56,998
Net Assets %
1.38%
0.07%
224,932
185,795
8,562
EUR
EUR
EUR
Nonlife Insurance
Assicurazioni Generali SpA
Fondiaria-Sai SpA
Generali Deutschland Holding AG
3,090,566
176,319
631,876
3.74%
0.21%
0.76%
25,189
32,928
85,186
102,205
EUR
EUR
EUR
EUR
Health Care
Health Care Equipment and Services
Amplifon SpA
DiaSorin SpA
Luxottica Group SpA
Sorin SpA
94,560
997,060
2,646,729
171,602
0.11%
1.21%
3.20%
0.21%
104,313
EUR
Pharmaceuticals and Biotechnology
Recordati SpA
720,803
0.87%
1,526
EUR
Industrials
Aerospace and Defense
Finmeccanica SpA
6,641
0.01%
60,653
36,081
84,760
EUR
EUR
EUR
Construction and Materials
Astaldi SpA
Buzzi Unicem SpA
Impregilo SpA
306,904
380,294
299,542
0.37%
0.46%
0.36%
133,541
41,893
22,108
EUR
EUR
EUR
Electronic and Electrical Equipment
Datalogic SpA
Prysmian SpA
SAES Getters SpA - RSP
882,038
628,814
123,805
1.07%
0.76%
0.15%
9,302
981
EUR
EUR
Industrial Engineering
Danieli & C Officine Meccaniche SpA - RSP
Interpump Group SpA
118,507
5,685
0.14%
0.01%
32,458
130,562
1,377,509
311,557
EUR
EUR
EUR
EUR
Industrial Transportation
Ansaldo STS SpA
Atlantia SpA
Gemina SpA
Societa Iniziative Autostradali e Servizi SpA
228,829
1,784,783
1,479,445
2,202,708
0.28%
2.16%
1.79%
2.66%
270,711
30,246
103,652
EUR
EUR
EUR
Oil and Gas
Oil and Gas Producers
Eni SpA
ERG SpA
Saras SpA
4,964,839
230,626
102,615
6.01%
0.28%
0.12%
68,254
EUR
Oil Equipment, Services and Distribution
Saipem SpA
1,999,842
2.42%
187,026
EUR
Technology
Technology Hardware and Equipment
STMicroelectronics NV
999,654
1.21%
2,782,907
1,251,449
EUR
EUR
Telecommunications
Fixed Line Telecommunications
Telecom Italia SpA
Telecom Italia SpA - RSP
1,900,725
747,741
2.30%
0.90%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 417

Pioneer Funds - Italian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
729,583
1,413,506
502,137
EUR
EUR
EUR
Utilities
Electricity
Enel Green Power SpA
Enel SpA
Terna Rete Elettrica Nazionale SpA
1,025,064
4,435,581
1,518,462
1.24%
5.37%
1.84%
235,369
EUR
Gas, Water and Multiutilities
Snam SpA
827,087
1.00%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
61,200,096
61,200,096
74.03%
74.03%
Total Securities
61,200,096
74.03%
Net Asset Value
82,668,496
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
15-Mar-13 5
Dax Index
15-Mar-13 251
FTSE MIB Index Future
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
EUR
Commitment
(in Trade Ccy)
952,313
20,461,520
Market Price
(in Trade Ccy)
7,618.50
16,304.00
Unrealised Gain/(Loss)
(in Fund Ccy)
(8,063)
(16,980)
(25,043)
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Long Positions
17-Jan-13 200
Put Mini Ftse / Mib Index
Total Net Unrealised Gain/(Loss) on Options Contracts
15,000.00
EUR
23,500
23,500
(11,275)
(11,275)
(11,275)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
418 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Pioneer Fund
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
141,497
171,113
131,103
USD
USD
USD
Basic Materials
Chemicals
Airgas Inc
Ecolab Inc
Mosaic Co
9,796,607
9,331,785
5,630,349
0.87%
0.83%
0.50%
68,251
USD
Forestry and Paper
International Paper Co
2,062,957
0.18%
188,988
USD
Industrial Metals and Mining
Freeport-McMoRan Copper & Gold Inc - B
4,902,450
0.44%
76,949
1,173,360
297,319
USD
USD
USD
Consumer Goods
Automobiles and Parts
BorgWarner Inc
Ford Motor Co
Johnson Controls Inc
4,178,382
11,534,243
6,918,801
0.37%
1.03%
0.62%
69,976
119,091
USD
USD
Beverages
Coca-Cola Enterprises Inc
Dr Pepper Snapple Group Inc
1,685,708
3,989,874
0.15%
0.36%
167,637
278,409
440,356
351,703
133,675
401,033
USD
USD
USD
USD
USD
USD
Food Producers
Campbell Soup Co
General Mills Inc
Hershey Co
HJ Heinz Co
Kraft Foods Group Inc
Mondelez International
4,436,328
8,535,567
24,132,069
15,392,342
4,594,571
7,714,045
0.40%
0.76%
2.17%
1.37%
0.41%
0.69%
109,121
USD
Leisure Goods
Comcast Corp - A
3,081,443
0.28%
79,617
209,469
285,787
96,573
USD
USD
USD
USD
Personal Goods
Clorox Co
Coach Inc
Colgate-Palmolive Co
Procter & Gamble Co
4,422,294
8,824,263
22,665,267
4,974,418
0.39%
0.79%
2.03%
0.44%
171,853
236,453
524,321
USD
USD
USD
Consumer Services
Food and Drug Retailers
Cardinal Health Inc
CVS Caremark Corp
Walgreen Co
5,369,103
8,676,878
14,722,666
0.48%
0.77%
1.31%
60,327
183,630
78,491
129,871
243,377
148,428
58,115
297,198
280,588
83,682
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
General Retailers
Costco Wholesale Corp
eBay Inc
Home Depot Inc
Lowe’s Cos Inc
Macy’s Inc
Nordstrom Inc
Ross Stores Inc
Target Corp
TJX Cos Inc
Wal-Mart Stores Inc
4,510,798
7,081,120
3,682,242
3,497,967
7,203,103
6,024,258
2,381,639
13,336,039
9,032,278
4,333,260
0.40%
0.63%
0.33%
0.31%
0.64%
0.54%
0.21%
1.19%
0.81%
0.39%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 419

Pioneer Funds - U.S. Pioneer Fund
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
351,275 USD
413,577 GBP
261,015 USD
81,755 USD
347,096 USD
Description of Securities
Media
John Wiley & Sons Inc - A
Pearson PLC
Scripps Networks Interactive Inc
Time Warner Inc
Walt Disney Co
Market Value
10,391,175
6,057,570
11,464,941
2,966,595
13,110,877
Net Assets %
0.93%
0.54%
1.02%
0.26%
1.17%
63,990
136,697
156,902
USD
USD
USD
Travel, Leisure and Catering
Marriott International Inc/DE - A
McDonald’s Corp
Starbucks Corp
1,809,426
9,150,114
6,358,673
0.16%
0.82%
0.57%
746,535
77,874
148,215
432,173
281,128
382,715
522,619
847,008
USD
CAD
USD
USD
USD
USD
USD
USD
Financials
Banks
Bank of America Corp
Canadian Imperial Bank of Commerce/Canada
Capital One Financial Corp
Citigroup Inc
JPMorgan Chase & Co
PNC Financial Services Group Inc
US Bancorp
Wells Fargo & Co
6,579,746
4,745,883
6,513,636
12,967,812
9,378,041
16,929,565
12,665,107
21,978,264
0.59%
0.42%
0.58%
1.16%
0.84%
1.51%
1.13%
1.97%
133,510
254,220
85,790
251,396
10,506
84,518
225,846
39,655
USD
USD
USD
USD
USD
USD
USD
USD
Financial Services
American Express Co
Discover Financial Services
Franklin Resources Inc
Invesco Ltd
Mastercard Inc
Motorola Solutions Inc
T Rowe Price Group Inc
Visa Inc - A
5,818,784
7,435,318
8,181,414
4,974,910
3,918,155
3,568,808
11,102,154
4,557,438
0.52%
0.66%
0.73%
0.44%
0.35%
0.32%
0.99%
0.41%
209,159
USD
Life Insurance
Aflac Inc
8,427,280
0.75%
324,559
151,921
USD
USD
Nonlife Insurance
Chubb Corp
Travelers Cos Inc
18,544,470
8,278,220
1.66%
0.74%
149,326
137,156
154,125
214,542
217,956
53,248
710,686
122,431
USD
USD
USD
USD
USD
USD
GBP
USD
Health Care
Health Care Equipment and Services
Aetna Inc
Baxter International Inc
Becton Dickinson and Co
Covidien PLC
CR Bard Inc
DaVita Inc
Smith & Nephew PLC
UnitedHealth Group Inc
5,246,344
6,934,784
9,144,158
9,394,349
16,156,584
4,463,720
5,953,781
5,037,835
0.47%
0.62%
0.82%
0.84%
1.44%
0.40%
0.53%
0.45%
367,264
167,883
73,291
119,222
62,594
329,541
179,404
USD
USD
USD
USD
USD
USD
USD
Pharmaceuticals and Biotechnology
Abbott Laboratories
Amgen Inc
Celgene Corp
Eli Lilly & Co
Express Scripts Holding Co
Johnson & Johnson
Merck & Co Inc
18,251,773
10,966,387
4,366,107
4,461,782
2,553,326
17,524,362
5,572,356
1.63%
0.98%
0.39%
0.40%
0.23%
1.57%
0.50%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
420 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Pioneer Fund
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
871,752 USD
246,779 USD
80,005 USD
Description of Securities
Pfizer Inc
Vertex Pharmaceuticals Inc
Watson Pharmaceuticals Inc
Market Value
16,596,613
7,848,486
5,218,166
Net Assets %
1.48%
0.70%
0.47%
266,876
USD
Industrials
Aerospace and Defense
United Technologies Corp
16,602,829
1.48%
301,819
USD
Construction and Materials
KBR Inc
6,849,533
0.61%
92,257
90,570
USD
USD
Electronic and Electrical Equipment
Agilent Technologies Inc
Thermo Fisher Scientific Inc
2,865,537
4,381,489
0.26%
0.39%
829,972
125,856
217,786
USD
USD
USD
General Industrials
General Electric Co
SPX Corp
3M Co
13,213,829
6,697,555
15,341,160
1.18%
0.60%
1.37%
113,973
280,556
102,842
298,238
79,787
USD
USD
USD
USD
USD
Industrial Engineering
Cummins Inc
Ingersoll-Rand PLC
Joy Global Inc
PACCAR Inc
Rockwell Automation Inc
9,362,315
10,205,905
4,973,609
10,193,116
5,084,727
0.84%
0.91%
0.44%
0.91%
0.45%
213,508
93,382
94,145
USD
USD
USD
Industrial Transportation
Norfolk Southern Corp
Union Pacific Corp
United Parcel Service Inc - B
10,011,426
8,908,971
5,265,665
0.89%
0.80%
0.47%
257,779
USD
Support Services
Automatic Data Processing Inc
11,097,949
0.99%
161,120
244,824
68,282
297,874
175,438
68,312
314,324
384,651
149,158
76,910
141,609
125,852
392,817
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Oil and Gas
Oil and Gas Producers
Apache Corp
Cabot Oil & Gas Corp
Chevron Corp
ConocoPhillips
Ensco PLC
EQT Corp
Exxon Mobil Corp
Marathon Oil Corp
Marathon Petroleum Corp
Occidental Petroleum Corp
Phillips 66
QEP Resources Inc
Southwestern Energy Co
9,594,608
9,240,323
5,603,847
13,108,806
7,886,992
3,055,490
20,653,738
8,945,236
7,127,544
4,469,694
5,703,457
2,889,518
9,951,523
0.86%
0.83%
0.50%
1.17%
0.70%
0.27%
1.84%
0.80%
0.64%
0.40%
0.51%
0.26%
0.89%
63,320
66,956
116,149
156,615
USD
USD
USD
USD
Oil Equipment, Services and Distribution
Halliburton Co
Helmerich & Payne Inc
National Oilwell Varco Inc
Schlumberger Ltd
1,666,569
2,844,513
6,024,172
8,232,266
0.15%
0.25%
0.54%
0.74%
255,416
113,302
USD
USD
Technology
Software and Computer Services
Adobe Systems Inc
DST Systems Inc
7,272,692
5,209,623
0.65%
0.47%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 421

Pioneer Funds - U.S. Pioneer Fund
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
214,736
111,292
16,004
89,754
932,535
210,086
535,938
506
426,295
Currency
USD
USD
USD
USD
USD
USD
USD
USD
USD
Description of Securities
Facebook Inc
Fiserv Inc
Google Inc - A
International Business Machines Corp
Microsoft Corp
Nuance Communications Inc
Oracle Corp
Palo Alto Networks Inc
Symantec Corp
Market Value
4,332,507
6,646,793
8,574,473
13,039,655
18,850,165
3,543,926
13,528,532
20,541
6,062,675
Net Assets %
0.39%
0.59%
0.77%
1.16%
1.68%
0.32%
1.21%
0.00%
0.54%
181,498
398,371
58,134
103,877
485,036
172,004
24,304
196,120
33,549
168,439
51,089
289,481
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Technology Hardware and Equipment
Altera Corp
Analog Devices Inc
Apple Inc
ASML Holding NV
Cisco Systems Inc
EMC Corp/MA
F5 Networks Inc
Intel Corp
Maxim Integrated Products Inc
Qualcomm Inc
SanDisk Corp
Xilinx Inc
4,727,428
12,660,607
23,534,039
5,065,422
7,214,469
3,303,354
1,785,747
3,059,169
745,081
7,890,468
1,686,821
7,850,723
0.42%
1.13%
2.11%
0.45%
0.64%
0.30%
0.16%
0.27%
0.07%
0.70%
0.15%
0.70%
142,822
256,635
USD
USD
Telecommunications
Fixed Line Telecommunications
AT&T Inc
Verizon Communications Inc
3,652,881
8,422,783
0.33%
0.75%
129,746
USD
Utilities
Electricity
American Electric Power Co Inc
4,200,212
0.38%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
1,103,155,100
1,103,155,100
98.53%
98.53%
Total Securities
1,103,155,100
98.53%
Net Asset Value
1,119,662,940
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
31-Jan-13
Currency
CZK
CZK
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
USD
Amount Purchased
243,819,803
2,808,417
2,643,167
10,748,211
38,155,579
52,915,778
141,322
1,905,701
5,192,027
141,322
1,905,701
148,696
Currency
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
CZK
Amount Sold
12,870,556
147,951
3,507,946
14,264,756
50,639,130
70,228,497
187,572
2,529,374
6,864,826
186,357
2,512,977
2,808,417
Unrealised Gain/(Loss)
(46,450)
(310)
(17,274)
(70,242)
(249,356)
(345,817)
(933)
(12,587)
(14,284)
(11)
(150)
874
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
422 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Pioneer Fund
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date
Currency
Amount Purchased
Currency
Amount Sold
Unrealised Gain/(Loss)
31-Jan-13
USD
147,384
CZK
2,808,417
(121)
31-Jan-13
USD
223,423
CZK
4,259,837
(282)
31-Jan-13
USD
86,818
EUR
65,629
215
31-Jan-13
USD
186,951
EUR
141,322
462
31-Jan-13
USD
551,071
EUR
416,572
1,362
31-Jan-13
USD
650,929
EUR
492,058
1,609
31-Jan-13
USD
2,520,996
EUR
1,905,701
6,233
31-Jan-13
USD
257,235
EUR
194,944
144
31-Jan-13
USD
627,935
EUR
475,877
351
31-Jan-13
USD
687,123
EUR
520,732
384
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
(746,183)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 423

Pioneer Funds - U.S. Research
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
428,900
521,800
USD
USD
Basic Materials
Chemicals
Ecolab Inc
Mosaic Co
23,390,405
22,409,220
1.32%
1.27%
521,200
USD
Industrial Metals and Mining
Freeport-McMoRan Copper & Gold Inc - B
13,520,206
0.77%
740,520
236,500
154,500
USD
USD
USD
Consumer Goods
Beverages
Constellation Brands Inc - A
Fomento Economico Mexicano SAB de CV - Adr
Monster Beverage Corp
19,883,501
18,067,567
6,181,641
1.13%
1.02%
0.35%
504,600
217,800
USD
USD
Food Producers
Campbell Soup Co
Hershey Co
13,353,682
11,935,718
0.76%
0.68%
1,000,700
USD
Leisure Goods
Comcast Corp - A
28,258,541
1.60%
230,900
371,500
450,900
USD
USD
USD
Personal Goods
Colgate-Palmolive Co
Estee Lauder Cos Inc - A
True Religion Apparel Inc
18,312,275
16,870,225
8,666,418
1.04%
0.95%
0.49%
694,900
399,490
USD
USD
Tobacco
Altria Group Inc
Philip Morris International Inc
16,571,341
25,346,889
0.94%
1.43%
124,900
573,600
322,200
USD
USD
USD
Consumer Services
Food and Drug Retailers
Cardinal Health Inc
CVS Caremark Corp
Whole Foods Market Inc
3,902,178
21,048,823
22,219,678
0.22%
1.19%
1.26%
101,500
474,500
609,700
369,300
316,300
USD
USD
USD
USD
USD
General Retailers
Amazon.com Inc
Home Depot Inc
Lowe’s Cos Inc
Macy’s Inc
Ross Stores Inc
19,296,856
22,260,183
16,421,759
10,929,980
12,962,446
1.09%
1.26%
0.93%
0.62%
0.73%
524,100
732,400
USD
USD
Media
Time Warner Inc
Walt Disney Co
19,017,706
27,664,988
1.08%
1.57%
49,300
312,453
378,800
USD
USD
USD
Travel, Leisure and Catering
Chipotle Mexican Grill Inc
Marriott International Inc/DE - A
Starbucks Corp
11,112,693
8,835,139
15,351,399
0.63%
0.50%
0.87%
341,700
1,388,300
246,900
794,472
1,339,500
USD
USD
USD
USD
USD
Financials
Banks
Capital One Financial Corp
Citigroup Inc
Goldman Sachs Group Inc
PNC Financial Services Group Inc
Regions Financial Corp
15,016,761
41,657,424
23,901,583
35,143,816
7,244,110
0.85%
2.36%
1.35%
1.99%
0.41%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
424 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Research
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
927,400 USD
Description of Securities
Wells Fargo & Co
Market Value
24,064,286
Net Assets %
1.36%
432,169
279,000
1,136,400
424,300
114,000
200,000
USD
USD
USD
USD
USD
USD
Financial Services
Carlyle Group LP
Discover Financial Services
E*Trade Financial Corp
Invesco Ltd
Visa Inc - A
Walter Investment Management Corp
8,522,750
8,160,073
7,667,080
8,396,531
13,101,699
6,520,024
0.48%
0.46%
0.43%
0.48%
0.74%
0.37%
463,500
517,700
USD
USD
Life Insurance
Aflac Inc
Unum Group
18,675,000
8,175,451
1.06%
0.46%
297,700
448,100
447,600
USD
USD
USD
Nonlife Insurance
ACE Ltd
Allstate Corp
MetLife Inc
18,023,676
13,656,446
11,183,210
1.02%
0.77%
0.63%
444,100
USD
Real Estate Investment Trusts
American Campus Communities Inc
15,542,153
0.88%
282,200
216,800
132,100
131,200
USD
USD
USD
USD
Health Care
Health Care Equipment and Services
Aetna Inc
Covidien PLC
DaVita Inc
Humana Inc
9,914,672
9,493,222
11,073,796
6,831,675
0.56%
0.54%
0.63%
0.39%
157,900
129,600
202,400
316,599
290,900
132,091
623,000
1,940,800
230,600
368,000
211,800
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
Pharmaceuticals and Biotechnology
Allergan Inc/United States
Amgen Inc
Celgene Corp
Express Scripts Holding Co
Gilead Sciences Inc
Jazz Pharmaceuticals Plc
Johnson & Johnson
Pfizer Inc
Teva Pharmaceutical Industries Ltd - Adr
Vertex Pharmaceuticals Inc
Watson Pharmaceuticals Inc
10,984,973
8,465,680
12,057,415
12,914,665
16,193,227
5,309,589
33,129,953
36,949,393
6,532,850
11,703,762
13,814,231
0.62%
0.48%
0.68%
0.73%
0.92%
0.30%
1.87%
2.09%
0.37%
0.66%
0.78%
494,367
USD
Industrials
Aerospace and Defense
United Technologies Corp
30,755,447
1.74%
595,204
USD
Construction and Materials
KBR Inc
13,507,664
0.76%
177,400
USD
Electronic and Electrical Equipment
Agilent Technologies Inc
5,510,111
0.31%
117,879
474,566
USD
USD
General Industrials
SPX Corp
3M Co
6,273,051
33,429,114
0.36%
1.89%
218,700
386,600
339,100
1,405,100
USD
USD
USD
USD
Industrial Engineering
Cummins Inc
Ingersoll-Rand PLC
Joy Global Inc
Manitowoc Co Inc
17,965,117
14,063,513
16,399,436
16,711,141
1.02%
0.80%
0.93%
0.95%
161,000
USD
Industrial Transportation
Union Pacific Corp
15,359,967
0.87%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 425

Pioneer Funds - U.S. Research
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
252,000 USD
Description of Securities
United Parcel Service Inc - B
Market Value
14,094,721
Net Assets %
0.80%
631,800
247,100
1,070,700
285,800
306,200
USD
USD
USD
USD
USD
Oil and Gas
Oil and Gas Producers
Chevron Corp
Ensco PLC
Marathon Oil Corp
Marathon Petroleum Corp
Occidental Petroleum Corp
51,851,305
11,108,629
24,899,622
13,657,009
17,795,088
2.93%
0.63%
1.41%
0.77%
1.01%
938,600
266,100
590,500
USD
USD
USD
Oil Equipment, Services and Distribution
Halliburton Co
National Oilwell Varco Inc
Schlumberger Ltd
24,703,747
13,801,515
31,038,873
1.40%
0.78%
1.76%
206,583
80,358
1,792,052
647,592
1,237,252
1,238,347
USD
USD
USD
USD
USD
USD
Technology
Software and Computer Services
Citrix Systems Inc
Google Inc - A
Microsoft Corp
Nuance Communications Inc
Oracle Corp
Yahoo! Inc
10,269,607
43,053,456
36,224,352
10,924,185
31,231,604
18,625,926
0.58%
2.44%
2.05%
0.62%
1.77%
1.05%
505,500
211,468
154,300
401,200
440,200
370,800
500,200
USD
USD
USD
USD
USD
USD
USD
Technology Hardware and Equipment
Analog Devices Inc
Apple Inc
F5 Networks Inc
Maxim Integrated Products Inc
Qualcomm Inc
SanDisk Corp
Xilinx Inc
16,065,269
85,607,328
11,337,258
8,910,146
20,621,019
12,242,813
13,565,421
0.91%
4.83%
0.64%
0.50%
1.17%
0.69%
0.77%
471,500
1,185,824
USD
USD
Telecommunications
Fixed Line Telecommunications
CenturyLink Inc
Verizon Communications Inc
13,994,080
38,918,844
0.79%
2.20%
832,200
709,800
736,000
USD
USD
USD
Utilities
Electricity
Ameren Corp
American Electric Power Co Inc
PPL Corp
19,397,380
22,978,052
15,982,767
1.10%
1.30%
0.90%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
1,746,687,210
1,746,687,210
98.85%
98.85%
Total Securities
1,746,687,210
98.85%
Net Asset Value
1,767,041,857
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
426 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Research
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 EUR
291,856
31-Jan-13 EUR
47,832,139
31-Jan-13 EUR
62,318,642
31-Jan-13 EUR
73,823,334
31-Jan-13 EUR
125,931
31-Jan-13 EUR
171,090
31-Jan-13 USD
167,144
31-Jan-13 USD
227,082
31-Jan-13 USD
163,616
31-Jan-13 USD
166,061
31-Jan-13 USD
225,610
31-Jan-13 USD
553,901
31-Jan-13 USD
720,227
31-Jan-13 USD
777,257
31-Jan-13 USD
7,135
31-Jan-13 USD
606,999
31-Jan-13 USD
869,960
31-Jan-13 USD
939,274
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
USD
USD
USD
USD
USD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
Amount Sold
387,344
63,481,619
82,707,744
97,976,483
166,591
226,330
125,931
171,090
123,746
125,931
171,090
418,711
544,442
587,553
5,407
460,011
659,294
711,824
Unrealised Gain/(Loss)
(1,907)
(312,595)
(407,268)
(482,454)
(412)
(560)
832
1,130
340
10
14
1,369
1,781
1,922
4
340
487
525
(1,196,442)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 427

Pioneer Funds - U.S. Fundamental Growth
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
172,114
85,174
165,058
USD
USD
USD
Basic Materials
Chemicals
Ecolab Inc
Monsanto Co
Praxair Inc
9,386,375
6,114,775
13,698,913
1.93%
1.26%
2.82%
666,196
111,961
USD
USD
Consumer Goods
Beverages
Coca-Cola Co
Fomento Economico Mexicano SAB de CV - Adr
18,327,464
8,553,331
3.77%
1.76%
63,800
117,845
USD
USD
Personal Goods
Colgate-Palmolive Co
Procter & Gamble Co
5,059,867
6,070,126
1.04%
1.25%
301,709
USD
Tobacco
Philip Morris International Inc
19,142,869
3.94%
420,970
80,577
USD
USD
Consumer Services
Food and Drug Retailers
CVS Caremark Corp
Whole Foods Market Inc
15,447,913
5,556,782
3.18%
1.14%
397,705
USD
General Retailers
Ross Stores Inc
16,298,545
3.35%
339,758
USD
Media
Walt Disney Co
12,833,699
2.64%
435,617
USD
Travel, Leisure and Catering
Starbucks Corp
17,653,987
3.63%
68,818
64,417
USD
USD
Financials
Financial Services
IntercontinentalExchange Inc
Mastercard Inc
6,462,649
24,023,963
1.33%
4.94%
428,865
USD
Nonlife Insurance
Progressive Corp
6,866,915
1.41%
286,866
184,937
USD
USD
Health Care
Health Care Equipment and Services
Covidien PLC
DaVita Inc
12,561,267
15,503,062
2.59%
3.19%
193,612
143,467
173,480
100,563
USD
USD
USD
USD
Pharmaceuticals and Biotechnology
Allergan Inc/United States
Celgene Corp
Express Scripts Holding Co
Vertex Pharmaceuticals Inc
13,469,427
8,546,646
7,076,573
3,198,276
2.77%
1.76%
1.46%
0.66%
247,314
USD
Industrials
Aerospace and Defense
United Technologies Corp
15,385,842
3.17%
289,267
USD
Electronic and Electrical Equipment
Thermo Fisher Scientific Inc
13,993,818
2.88%
218,389
USD
General Industrials
3M Co
15,383,637
3.17%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
428 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Fundamental Growth
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
75,278
Currency
USD
Description of Securities
Industrial Engineering
Cummins Inc
Market Value
6,183,713
Net Assets %
1.27%
217,072
USD
Industrial Transportation
United Parcel Service Inc - B
12,141,148
2.50%
32,906
USD
Support Services
WW Grainger Inc
5,051,960
1.04%
181,219
84,091
USD
USD
Oil and Gas
Oil and Gas Producers
Exxon Mobil Corp
Occidental Petroleum Corp
11,907,617
4,887,024
2.45%
1.01%
243,128
USD
Oil Equipment, Services and Distribution
National Oilwell Varco Inc
12,610,052
2.60%
41,593
1,159,813
725,439
USD
USD
USD
Technology
Software and Computer Services
Google Inc - A
Microsoft Corp
Oracle Corp
22,284,308
23,444,338
18,312,052
4.59%
4.82%
3.77%
136,600
78,793
230,300
412,051
295,298
USD
USD
USD
USD
USD
Technology Hardware and Equipment
Analog Devices Inc
Apple Inc
Maxim Integrated Products Inc
Qualcomm Inc
Xilinx Inc
4,341,277
31,897,299
5,114,672
19,302,389
8,008,480
0.89%
6.56%
1.05%
3.97%
1.65%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
482,103,050
482,103,050
99.21%
99.21%
Total Securities
482,103,050
99.21%
Net Asset Value
485,920,405
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 EUR
7,865,935
31-Jan-13 EUR
8,542,684
31-Jan-13 USD
137,127
31-Jan-13 USD
175,372
31-Jan-13 USD
195,022
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
USD
EUR
EUR
EUR
Amount Sold
10,439,472
11,337,636
103,712
132,905
147,797
Unrealised Gain/(Loss)
(51,406)
(55,828)
285
98
109
(106,742)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 429

Pioneer Funds - U.S. Research Value
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
71,054
USD
Basic Materials
Chemicals
Mosaic Co
3,051,485
2.23%
103,623
USD
Industrial Metals and Mining
Freeport-McMoRan Copper & Gold Inc - B
2,688,036
1.96%
51,600
USD
Consumer Goods
Beverages
Constellation Brands Inc - A
1,385,498
1.01%
96,599
USD
Food Producers
Campbell Soup Co
2,556,386
1.86%
88,433
USD
Leisure Goods
Comcast Corp - A
2,497,240
1.82%
133,681
USD
Tobacco
Altria Group Inc
3,187,902
2.33%
81,986
USD
Consumer Services
Food and Drug Retailers
CVS Caremark Corp
3,008,558
2.19%
102,038
USD
General Retailers
Macy’s Inc
3,019,966
2.20%
69,636
45,025
USD
USD
Media
Time Warner Inc
Walt Disney Co
2,526,840
1,700,732
1.84%
1.24%
71,469
172,869
40,882
108,900
48,899
259,800
179,745
USD
USD
USD
USD
USD
USD
USD
Financials
Banks
Capital One Financial Corp
Citigroup Inc
Goldman Sachs Group Inc
JPMorgan Chase & Co
PNC Financial Services Group Inc
Regions Financial Corp
Wells Fargo & Co
3,140,863
5,187,119
3,957,653
3,632,753
2,163,069
1,405,017
4,664,045
2.29%
3.78%
2.89%
2.65%
1.58%
1.02%
3.40%
89,319
104,706
12,400
USD
USD
USD
Financial Services
Discover Financial Services
Invesco Ltd
Visa Inc - A
2,612,364
2,072,042
1,425,097
1.91%
1.51%
1.04%
75,346
USD
Life Insurance
Aflac Inc
3,035,785
2.21%
106,096
95,244
USD
USD
Nonlife Insurance
Allstate Corp
MetLife Inc
3,233,417
2,379,655
2.36%
1.74%
95,633
USD
Health Care
Health Care Equipment and Services
Aetna Inc
3,359,922
2.45%
41,900
73,895
128,507
USD
USD
USD
Pharmaceuticals and Biotechnology
Amgen Inc
Johnson & Johnson
Merck & Co Inc
2,736,975
3,929,595
3,991,476
2.00%
2.87%
2.91%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
430 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Research Value
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
333,288 USD
Description of Securities
Pfizer Inc
Market Value
6,345,212
Net Assets %
4.64%
29,183
USD
Industrials
Aerospace and Defense
United Technologies Corp
1,815,526
1.32%
238,173
USD
General Industrials
General Electric Co
3,791,908
2.77%
81,641
USD
Industrial Engineering
Ingersoll-Rand PLC
2,969,890
2.17%
29,813
USD
Industrial Transportation
Union Pacific Corp
2,844,265
2.07%
73,288
32,354
72,144
145,589
50,291
53,723
USD
USD
USD
USD
USD
USD
Oil and Gas
Oil and Gas Producers
Chevron Corp
Ensco PLC
Exxon Mobil Corp
Marathon Oil Corp
Marathon Petroleum Corp
Occidental Petroleum Corp
6,014,685
1,454,507
4,740,469
3,385,739
2,403,165
3,122,160
4.39%
1.06%
3.46%
2.47%
1.75%
2.28%
58,258
26,800
USD
USD
Oil Equipment, Services and Distribution
Halliburton Co
National Oilwell Varco Inc
1,533,338
1,390,006
1.12%
1.01%
94,600
USD
Technology
Software and Computer Services
Yahoo! Inc
1,422,875
1.04%
85,153
5,799
USD
USD
Technology Hardware and Equipment
Analog Devices Inc
Apple Inc
2,706,243
2,347,575
1.97%
1.71%
107,059
USD
Telecommunications
Fixed Line Telecommunications
AT&T Inc
2,738,190
2.00%
100,201
92,900
USD
USD
Utilities
Electricity
American Electric Power Co Inc
PPL Corp
3,243,764
2,017,390
2.37%
1.47%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
134,836,397
134,836,397
98.36%
98.36%
Total Securities
134,836,397
98.36%
Net Asset Value
137,078,400
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 431

Pioneer Funds - North American Basic Value
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
145,283
96,772
USD
USD
Basic Materials
Chemicals
LyondellBasell Industries NV - A
Mosaic Co
6,293,319
4,155,970
1.89%
1.25%
202,441
USD
Industrial Metals and Mining
Freeport-McMoRan Copper & Gold Inc - B
5,251,428
1.58%
142,000
USD
Consumer Goods
Beverages
Coca-Cola Enterprises Inc
3,420,752
1.03%
243,782
USD
Consumer Services
General Retailers
Macy’s Inc
7,215,089
2.17%
198,462
USD
Media
CBS Corp - B
5,730,771
1.72%
189,496
420,593
75,400
371,230
143,436
567,005
USD
USD
USD
USD
USD
USD
Financials
Banks
Capital One Financial Corp
Citigroup Inc
Goldman Sachs Group Inc
JPMorgan Chase & Co
PNC Financial Services Group Inc
Wells Fargo & Co
8,327,820
12,620,342
7,299,228
12,383,719
6,344,954
14,712,713
2.51%
3.80%
2.20%
3.73%
1.91%
4.43%
270,433
USD
Financial Services
Discover Financial Services
7,909,509
2.38%
110,116
USD
Life Insurance
Aflac Inc
4,436,713
1.34%
127,378
161,700
144,617
USD
USD
USD
Nonlife Insurance
ACE Ltd
Allstate Corp
MetLife Inc
7,711,857
4,928,023
3,613,231
2.32%
1.48%
1.09%
177,218
246,936
155,316
USD
USD
USD
Health Care
Health Care Equipment and Services
Aetna Inc
Covidien PLC
UnitedHealth Group Inc
6,226,288
10,812,815
6,390,999
1.87%
3.25%
1.92%
91,700
198,951
457,039
797,952
USD
USD
USD
USD
Pharmaceuticals and Biotechnology
AstraZeneca PLC - Adr
Johnson & Johnson
Merck & Co Inc
Pfizer Inc
3,287,122
10,579,835
14,195,803
15,191,593
0.99%
3.18%
4.27%
4.57%
123,498
USD
Industrials
Aerospace and Defense
United Technologies Corp
7,683,029
2.31%
516,600
USD
General Industrials
General Electric Co
8,224,692
2.48%
80,846
USD
Industrial Engineering
Cummins Inc
6,641,097
2.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
432 Pioneer Funds - Annual Report

Pioneer Funds - North American Basic Value
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
356,805
Currency
USD
Description of Securities
Industrial Transportation
CSX Corp
Market Value
5,339,626
Net Assets %
1.61%
55,626
321,019
188,782
158,252
366,615
210,257
115,222
USD
USD
USD
USD
USD
USD
USD
Oil and Gas
Oil and Gas Producers
Apache Corp
BP PLC - Adr
Chevron Corp
Ensco PLC
Marathon Oil Corp
Marathon Petroleum Corp
Occidental Petroleum Corp
3,312,498
10,138,980
15,493,184
7,114,378
8,525,801
10,047,172
6,696,230
1.00%
3.05%
4.67%
2.14%
2.57%
3.02%
2.02%
259,000
USD
Oil Equipment, Services and Distribution
Halliburton Co
6,816,823
2.05%
501,386
298,653
USD
USD
Technology
Software and Computer Services
Microsoft Corp
Oracle Corp
10,134,964
7,538,814
3.05%
2.27%
8,700
507,320
236,631
USD
USD
USD
Technology Hardware and Equipment
Apple Inc
Cisco Systems Inc
Intel Corp
3,521,969
7,545,923
3,691,077
1.06%
2.27%
1.11%
342,040
USD
Telecommunications
Mobile Telecommunications
Vodafone Group PLC - Adr
6,524,807
1.96%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
324,030,957
324,030,957
97.52%
97.52%
Total Securities
324,030,957
97.52%
Net Asset Value
332,257,516
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 EUR
1,448,207
31-Jan-13 EUR
3,308,493
31-Jan-13 USD
55,770
31-Jan-13 USD
35,023
31-Jan-13 USD
46,135
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
USD
EUR
EUR
EUR
Amount Sold
1,922,025
4,390,949
42,158
26,542
34,963
Unrealised Gain/(Loss)
(9,464)
(21,623)
138
20
26
(30,903)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 433

Pioneer Funds - U.S. Mid Cap Value
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
71,100
49,700
USD
USD
Basic Materials
Chemicals
Eastman Chemical Co
Mosaic Co
3,672,026
2,134,416
1.87%
1.09%
44,900
USD
Industrial Metals and Mining
Allegheny Technologies Inc
1,033,953
0.53%
77,400
71,000
60,600
USD
USD
USD
Consumer Goods
Food Producers
Campbell Soup Co
Green Mountain Coffee Roasters Inc
Ingredion Inc
2,048,306
2,230,059
2,962,891
1.04%
1.14%
1.51%
85,700
USD
Household Goods and Home Construction
Jarden Corp
3,361,307
1.71%
71,610
USD
Personal Goods
Hanesbrands Inc
1,946,136
0.99%
63,190
USD
Consumer Services
Food and Drug Retailers
CVS Caremark Corp
2,318,820
1.18%
106,900
124,100
135,200
61,700
145,900
USD
USD
USD
USD
USD
General Retailers
Best Buy Co Inc
Macy’s Inc
Rent-A-Center Inc/TX
Ross Stores Inc
Sally Beauty Holdings Inc
960,024
3,672,923
3,501,007
2,528,558
2,609,468
0.49%
1.87%
1.79%
1.29%
1.33%
207,600
USD
Media
Interpublic Group of Cos Inc
1,736,823
0.89%
55,400
309,550
63,840
USD
USD
USD
Travel, Leisure and Catering
Penn National Gaming Inc
Southwest Airlines Co
Wyndham Worldwide Corp
2,061,952
2,406,620
2,576,552
1.05%
1.23%
1.31%
84,960
126,740
107,467
60,300
278,200
USD
USD
USD
USD
USD
Financials
Banks
Capital One Financial Corp
CIT Group Inc
First Republic Bank/CA
PNC Financial Services Group Inc
Regions Financial Corp
3,733,755
3,715,489
2,672,818
2,667,397
1,504,525
1.90%
1.89%
1.36%
1.36%
0.77%
69,640
84,100
122,300
44,300
USD
USD
USD
USD
Financial Services
Ameriprise Financial Inc
Discover Financial Services
Invesco Ltd
Walter Investment Management Corp
3,308,745
2,459,721
2,420,212
1,444,185
1.69%
1.25%
1.23%
0.74%
109,690
162,757
USD
USD
Life Insurance
Aflac Inc
Unum Group
4,419,550
2,570,237
2.26%
1.31%
106,040
95,500
USD
USD
Nonlife Insurance
Allstate Corp
Willis Group Holdings PLC
3,231,711
2,428,064
1.65%
1.24%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
434 Pioneer Funds - Annual Report

Pioneer Funds - U.S. Mid Cap Value
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
58,700 USD
166,770 USD
29,279 USD
238,630 USD
87,100 USD
42,700 USD
196,060 USD
117,000 USD
Description of Securities
Real Estate Investment Trusts
American Campus Communities Inc
BioMed Realty Trust Inc
Boston Properties Inc
Duke Realty Corp
HCP Inc
Home Properties Inc
Kimco Realty Corp
Pebblebrook Hotel Trust
Market Value
2,054,322
2,446,399
2,350,270
2,512,276
2,984,153
1,986,664
2,874,575
2,049,985
Net Assets %
1.05%
1.25%
1.20%
1.28%
1.52%
1.01%
1.47%
1.05%
117,500
94,420
41,700
100,000
49,450
USD
USD
USD
USD
USD
Health Care
Health Care Equipment and Services
CareFusion Corp
Cigna Corp
DaVita Inc
Hospira Inc
Humana Inc
2,547,140
3,828,651
3,495,664
2,368,780
2,574,896
1.30%
1.96%
1.78%
1.21%
1.31%
66,845
65,980
39,890
USD
USD
USD
Pharmaceuticals and Biotechnology
Jazz Pharmaceuticals Plc
Teva Pharmaceutical Industries Ltd - Adr
Watson Pharmaceuticals Inc
2,686,932
1,869,200
2,601,745
1.37%
0.95%
1.33%
56,800
USD
Industrials
Construction and Materials
Owens Corning
1,592,761
0.81%
88,900
79,600
55,700
USD
USD
USD
General Industrials
Crown Holdings Inc
Eaton Corp PLC
SPX Corp
2,481,432
3,272,995
2,964,132
1.27%
1.67%
1.51%
60,930
49,300
USD
USD
Industrial Engineering
Fluor Corp
Joy Global Inc
2,715,600
2,384,229
1.38%
1.22%
104,300
USD
Support Services
Robert Half International Inc
2,516,522
1.28%
84,500
153,700
36,810
68,700
130,620
USD
USD
USD
USD
USD
Oil and Gas
Oil and Gas Producers
Ensco PLC
Marathon Oil Corp
Noble Energy Inc
Southwestern Energy Co
Valero Energy Corp
3,798,783
3,574,364
2,840,602
1,740,428
3,379,436
1.94%
1.82%
1.45%
0.89%
1.72%
46,700
USD
Oil Equipment, Services and Distribution
National Oilwell Varco Inc
2,422,137
1.24%
165,100
USD
Technology
Software and Computer Services
Nuance Communications Inc
2,785,061
1.42%
113,848
93,900
122,600
USD
USD
USD
Technology Hardware and Equipment
Analog Devices Inc
SanDisk Corp
Xilinx Inc
3,618,197
3,100,324
3,324,911
1.85%
1.58%
1.70%
88,190
USD
Telecommunications
Fixed Line Telecommunications
CenturyLink Inc
2,617,472
1.33%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 435

Pioneer Funds - U.S. Mid Cap Value
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
109,260
87,700
65,590
60,800
113,900
152,400
USD
USD
USD
USD
USD
USD
Utilities
Electricity
Ameren Corp
American Electric Power Co Inc
Northeast Utilities
Pinnacle West Capital Corp
PNM Resources Inc
PPL Corp
2,546,693
2,839,075
1,944,218
2,351,019
1,771,912
3,309,475
1.30%
1.45%
0.99%
1.20%
0.90%
1.69%
71,900
USD
Gas, Water and Multiutilities
AGL Resources Inc
2,179,796
1.11%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
189,641,476
189,641,476
96.72%
96.72%
Other Transferable Securities
Equities
94,100
USD
Consumer Goods
Personal Goods
Crocs Inc
1,024,223
0.52%
Total Equities
Total Other Transferable Securities
1,024,223
1,024,223
0.52%
0.52%
Total Securities
190,665,699
97.24%
Net Asset Value
196,081,985
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 EUR
1,856,115
31-Jan-13 USD
25,917
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
EUR
Amount Sold
2,463,390
19,592
Unrealised Gain/(Loss)
(12,130)
64
(12,066)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
436 Pioneer Funds - Annual Report

Pioneer Funds - Global Equity Target Income
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
18,682
USD
Basic Materials
Chemicals
EI du Pont de Nemours & Co
637,518
1.01%
55,389
27,691
16,103
USD
GBP
USD
Mining
Arch Coal Inc
BHP Billiton PLC
Newmont Mining Corp
307,530
727,013
567,343
0.49%
1.16%
0.90%
284,000
24,338
HKD
USD
Consumer Goods
Food Producers
Chaoda Modern Agriculture Holdings Ltd
ConAgra Foods Inc
7,539
544,762
0.01%
0.87%
45,090
USD
Leisure Goods
Hasbro Inc
1,221,644
1.94%
9,072
USD
Personal Goods
Kimberly-Clark Corp
580,969
0.92%
33,786
USD
Tobacco
Reynolds American Inc
1,061,707
1.69%
7,747
10,400
352,785
59,576
EUR
JPY
GBP
AUD
Consumer Services
Food and Drug Retailers
Casino Guichard Perrachon SA
Lawson Inc
Tesco PLC
Woolworths Ltd
558,559
535,530
1,461,420
1,375,986
0.89%
0.85%
2.32%
2.19%
34,166
7,317
280,581
USD
USD
GBP
General Retailers
Best Buy Co Inc
Ltd Brands Inc
Marks & Spencer Group PLC
306,831
261,123
1,322,477
0.49%
0.42%
2.10%
96,899
6,196
97,990
USD
USD
GBP
Media
Gannett Co Inc
McGraw-Hill Cos Inc
Reed Elsevier PLC
1,322,954
256,929
775,608
2.10%
0.41%
1.23%
13,287
825
74,050
80,654
73,032
CAD
GBP
AUD
USD
AUD
Financials
Banks
Bank of Montreal
HSBC Holdings PLC
National Australia Bank Ltd
New York Community Bancorp Inc
Westpac Banking Corp
615,512
6,580
1,457,792
800,789
1,497,561
0.98%
0.01%
2.32%
1.27%
2.38%
31,168
145,492
50,270
EUR
GBP
USD
Financial Services
Deutsche Boerse AG
ICAP PLC
TD Ameritrade Holding Corp
1,440,273
550,685
641,720
2.29%
0.88%
1.02%
6,571
118,819
4,518
EUR
EUR
EUR
Nonlife Insurance
Allianz SE - Reg
CNP Assurances
Muenchener Rueckversicherungs AG - Reg
688,641
1,378,895
614,448
1.09%
2.19%
0.98%
72,945
USD
Real Estate Investment Trusts
Annaly Capital Management Inc
776,811
1.23%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 437

Pioneer Funds - Global Equity Target Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
72,863
AUD
Health Care
Health Care Equipment and Services
Sonic Healthcare Ltd
764,835
1.22%
39,832
16,910
94,419
17,471
11,005
17,300
GBP
USD
GBP
USD
EUR
JPY
Pharmaceuticals and Biotechnology
AstraZeneca PLC
Eli Lilly & Co
GlaxoSmithKline PLC
Johnson & Johnson
Sanofi
Takeda Pharmaceutical Co Ltd
1,428,815
632,842
1,554,054
929,074
785,647
585,037
2.27%
1.01%
2.47%
1.48%
1.25%
0.93%
207,212
GBP
Industrials
Aerospace and Defense
Cobham PLC
564,079
0.90%
50,544
7,200
40,293
GBP
JPY
EUR
Construction and Materials
CRH PLC
Daito Trust Construction Co Ltd
Vinci SA
777,696
514,757
1,448,936
1.24%
0.82%
2.30%
15,814
11,268
USD
EUR
Electronic and Electrical Equipment
Emerson Electric Co
Schneider Electric SA
635,607
617,824
1.01%
0.98%
9,294
16,671
USD
USD
Industrial Engineering
Caterpillar Inc
CNH Global NV
631,420
509,462
1.00%
0.81%
221,260
SEK
Support Services
Securitas AB - B
1,462,727
2.33%
15,433
30,546
39,129
19,606
61,703
40,163
USD
CAD
EUR
EUR
GBP
EUR
Oil and Gas
Oil and Gas Producers
ConocoPhillips
Penn West Petroleum Ltd
Repsol SA - 10/Jan/2013
Repsol YPF SA
Royal Dutch Shell PLC - A
Total SA
679,174
250,614
18,078
300,658
1,614,273
1,566,758
1.08%
0.40%
0.03%
0.48%
2.56%
2.49%
83,000
SGD
Oil Equipment, Services and Distribution
Keppel Corp Ltd
566,922
0.90%
42,902
46,688
USD
USD
Technology
Software and Computer Services
CA Inc
Microsoft Corp
712,972
943,746
1.13%
1.50%
22,300
36,590
28,713
98,755
70,984
23,202
5,620
82,256
JPY
USD
USD
USD
USD
USD
EUR
SEK
Technology Hardware and Equipment
Canon Inc
Diebold Inc
Hewlett-Packard Co
Intel Corp
Lexmark International Inc - A
Microchip Technology Inc
Neopost SA
Telefonaktiebolaget LM Ericsson - B
653,377
848,975
310,128
1,540,424
1,249,650
571,251
224,800
624,347
1.04%
1.35%
0.49%
2.45%
1.99%
0.91%
0.36%
0.99%
36,275
USD
Telecommunications
Fixed Line Telecommunications
AT&T Inc
927,786
1.47%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
438 Pioneer Funds - Annual Report

Pioneer Funds - Global Equity Target Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
19,583 USD
36,049 NOK
Description of Securities
CenturyLink Inc
Telenor ASA
Market Value
581,222
551,259
Net Assets %
0.92%
0.88%
521
251,000
4,902
449,569
JPY
SGD
KRW
GBP
Mobile Telecommunications
NTT DoCoMo Inc
Singapore Telecommunications Ltd
SK Telecom Co Ltd
Vodafone Group PLC
566,724
514,328
529,638
856,071
0.90%
0.82%
0.84%
1.36%
17,502
45,695
13,917
USD
EUR
USD
Utilities
Electricity
American Electric Power Co Inc
Electricite de France SA
Exelon Corp
566,585
638,816
313,935
0.90%
1.02%
0.50%
15,464
77,987
80,204
62,275
EUR
EUR
EUR
GBP
Gas, Water and Multiutilities
Enagas SA
Gas Natural SDG SA
GDF Suez
United Utilities Group PLC
249,589
1,059,063
1,249,177
517,103
0.40%
1.68%
1.99%
0.82%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
59,943,404
59,943,404
95.30%
95.30%
Total Securities
59,943,404
95.30%
Net Asset Value
62,901,022
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
22-Mar-13 (14)
SPI 200 Futures
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
AUD
Commitment
(in Trade Ccy)
(1,615,600)
Market Price
(in Trade Ccy)
4,616.00
Unrealised Gain/(Loss)
(in Fund Ccy)
(9,922)
(9,922)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 AUD
1,574,980
04-Mar-13 CAD
2,500,000
04-Mar-13 CHF
1,200,000
04-Mar-13 EUR
1,259,252
04-Mar-13 EUR
1,935,552
04-Mar-13 EUR
993,255
04-Mar-13 EUR
1,082,997
04-Mar-13 EUR
1,526,934
04-Mar-13 GBP
880,000
04-Mar-13 USD
2,000,000
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
EUR
EUR
AUD
CAD
CHF
GBP
USD
EUR
EUR
Amount Sold
1,257,552
1,934,375
996,757
1,574,980
2,500,000
1,200,000
880,000
2,000,000
1,086,371
1,536,253
Unrealised Gain/(Loss)
(23,811)
(33,196)
(2,166)
25,510
34,375
(1,337)
(1,191)
10,501
(2,184)
(19,820)
(13,319)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 439

Pioneer Funds - Global Equity Target Income
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
18-Jan-13 (150)
Call Marks And Spencer Group
18-Jan-13 (65)
Call Sanofi
Total Net Unrealised Gain/(Loss) on Options Contracts
410.00
72.00
707 GBP
(2,774)
4,687
464,035 EUR
(5,850)
585
(8,624)
5,272
5,272
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
440 Pioneer Funds - Annual Report

Pioneer Funds - Global Select
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
103,339
83,186
511,000
28,100
95,678
EUR
EUR
JPY
JPY
USD
Basic Materials
Chemicals
Akzo Nobel NV - CVA
Koninklijke DSM NV
Mitsubishi Chemical Holdings Corp
Nitto Denko Corp
PPG Industries Inc
5,140,599
3,809,087
1,909,603
1,040,235
9,821,073
0.95%
0.71%
0.35%
0.19%
1.81%
53,794
256,223
EUR
SEK
Forestry and Paper
Asian Bamboo AG - BR
Svenska Cellulosa AB - B
282,419
4,212,253
0.05%
0.78%
85,132
EUR
Industrial Metals and Mining
Voestalpine AG
2,354,751
0.44%
496,583
2,440,000
201,297
1,556,000
USD
HKD
USD
HKD
Mining
Arch Coal Inc
China Coal Energy Co Ltd - H
Newmont Mining Corp
Yanzhou Coal Mining Co Ltd - H
2,757,120
2,010,510
7,092,116
1,952,100
0.51%
0.37%
1.31%
0.36%
90,200
91,420
39,271
22,729
46,047
89,600
2,024,000
86,900
96,900
13,006
5,776,000
JPY
USD
EUR
EUR
EUR
JPY
HKD
JPY
JPY
EUR
HKD
Consumer Goods
Automobiles and Parts
Aisin Seiki Co Ltd
Autoliv Inc
Bayerische Motoren Werke AG
Cie Generale des Etablissements Michelin
Continental AG
Denso Corp
Dongfeng Motor Group Co Ltd
Honda Motor Co Ltd
Toyota Industries Corp
Volkswagen AG - Pfd
Xingda International Holdings Ltd
2,107,916
4,672,932
2,864,034
1,627,169
4,033,257
2,336,767
2,368,896
2,397,469
2,321,443
2,238,983
2,260,953
0.39%
0.87%
0.53%
0.30%
0.75%
0.43%
0.44%
0.44%
0.43%
0.41%
0.42%
113,647
USD
Beverages
PepsiCo Inc
5,898,714
1.09%
54,879
3,222,000
67,999
USD
HKD
EUR
Food Producers
Bunge Ltd
Chaoda Modern Agriculture Holdings Ltd
Unilever NV
3,022,841
85,536
1,960,751
0.56%
0.02%
0.36%
36,530
USD
Household Goods and Home Construction
Whirlpool Corp
2,820,657
0.52%
240,324
162,700
USD
USD
Leisure Goods
Comcast Corp - A
Hasbro Inc
6,786,455
4,408,104
1.26%
0.82%
6,468,000
HKD
Personal Goods
Bosideng International Holdings Ltd
1,455,802
0.27%
288,698
108,640
USD
GBP
Tobacco
Altria Group Inc
Imperial Tobacco Group PLC
6,884,606
3,178,433
1.27%
0.59%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 441

Pioneer Funds - Global Select
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
141,976
308,348
67,675
109,664
USD
USD
USD
EUR
Consumer Services
Food and Drug Retailers
CVS Caremark Corp
Kroger Co
McKesson Corp
Metro AG
5,209,951
6,085,570
4,977,069
2,302,944
0.96%
1.13%
0.92%
0.43%
292,883
15,830
233,964
USD
CHF
USD
General Retailers
Best Buy Co Inc
Dufry Group - Reg
Staples Inc
2,630,260
1,568,833
2,012,403
0.49%
0.29%
0.37%
58,638
237,175
EUR
GBP
Media
Publicis Groupe SA
WPP PLC
2,653,370
2,596,614
0.49%
0.48%
368,094
170,410
342,000
339,653
GBP
EUR
SGD
EUR
Travel, Leisure and Catering
Compass Group PLC
Deutsche Lufthansa AG - Reg
Singapore Airlines Ltd
TUI AG
3,290,200
2,426,638
2,282,902
2,665,936
0.61%
0.45%
0.42%
0.49%
778,634
1,010,247
129,757
1,525,000
339,000
318,157
158,566
264,855
113,916
252,795
886,000
522,057
178,333
898,868
46,626
60,700
966,993
USD
GBP
EUR
HKD
JPY
USD
USD
EUR
EUR
NOK
JPY
GBP
USD
USD
EUR
JPY
EUR
Financials
Banks
Bank of America Corp
Barclays PLC
BNP Paribas SA
BOC Hong Kong Holdings Ltd
Chiba Bank Ltd
Citigroup Inc
Comerica Inc
Credit Agricole SA
Deutsche Bank AG - Reg
DNB ASA
Fukuoka Financial Group Inc
HSBC Holdings PLC
JPMorgan Chase & Co
KeyCorp
Raiffeisen Bank International AG
Sumitomo Mitsui Financial Group Inc
UniCredit SpA
6,862,657
3,268,263
5,525,702
3,596,593
1,498,797
9,546,640
3,647,836
1,611,378
3,753,532
2,425,553
2,673,651
4,163,712
5,948,942
5,747,465
1,466,621
1,658,667
3,583,676
1.27%
0.61%
1.02%
0.67%
0.28%
1.77%
0.68%
0.30%
0.69%
0.45%
0.49%
0.77%
1.10%
1.06%
0.27%
0.31%
0.66%
31,909
USD
Financial Services
BlackRock Inc
5,007,080
0.93%
65,507
166,319
54,933
122,122
USD
USD
USD
USD
Life Insurance
Aflac Inc
Lincoln National Corp
Prudential Financial Inc
Unum Group
2,639,360
3,267,341
2,221,653
1,928,535
0.49%
0.60%
0.41%
0.36%
35,097
88,748
322,768
21,145
261,285
62,445
8,812
EUR
USD
EUR
EUR
AUD
CHF
CHF
Nonlife Insurance
Allianz SE - Reg
Allstate Corp
AXA SA
Muenchener Rueckversicherungs AG - Reg
QBE Insurance Group Ltd
Swiss Re AG
Zurich Insurance Group AG
3,678,166
2,704,714
4,308,953
2,875,720
2,242,701
3,409,948
1,777,296
0.68%
0.50%
0.80%
0.53%
0.42%
0.63%
0.33%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
442 Pioneer Funds - Annual Report

Pioneer Funds - Global Select
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
616,099 HKD
Description of Securities
Real Estate Investment and Services
Henderson Land Development Co Ltd
Market Value
3,297,936
Net Assets %
0.61%
61,301
63,232
84,752
EUR
USD
USD
Health Care
Health Care Equipment and Services
Fresenius SE & Co KGaA
HCA Holdings Inc
Medtronic Inc
5,339,317
1,446,988
2,637,572
0.99%
0.27%
0.49%
98,856
51,871
77,600
60,149
105,992
88,733
36,105
71,491
305,555
70,398
68,770
USD
USD
JPY
USD
USD
USD
EUR
CHF
USD
EUR
EUR
Pharmaceuticals and Biotechnology
Abbott Laboratories
Amgen Inc
Astellas Pharma Inc
Eli Lilly & Co
Johnson & Johnson
Merck & Co Inc
Merck KGaA
Novartis AG - Reg
Pfizer Inc
Sanofi
UCB SA
4,912,807
3,388,297
2,637,825
2,251,025
5,636,453
2,756,080
3,604,362
3,403,346
5,817,226
5,025,713
2,972,239
0.91%
0.63%
0.49%
0.42%
1.04%
0.51%
0.67%
0.63%
1.08%
0.93%
0.55%
56,242
USD
Industrials
Aerospace and Defense
United Technologies Corp
3,498,914
0.65%
218,877
247,014
138,756
142,231
43,773
EUR
USD
AUD
USD
EUR
Construction and Materials
CRH PLC
KBR Inc
Leighton Holdings Ltd
Quanta Services Inc
Sa des Ciments Vicat
3,348,818
5,605,779
1,953,664
2,944,087
2,065,210
0.62%
1.04%
0.36%
0.55%
0.38%
234,363
70,800
101,200
210,196
82,962
50,849
106,200
24,473
102,843
132,900
CHF
JPY
JPY
EUR
EUR
EUR
JPY
EUR
USD
JPY
Electronic and Electrical Equipment
ABB Ltd
Hoya Corp
Ibiden Co Ltd
Koninklijke Philips Electronics NV
Legrand SA
Nexans SA
Omron Corp
Schneider Electric SA
Thermo Fisher Scientific Inc
Yokogawa Electric Corp
3,641,288
1,050,242
1,212,673
4,181,849
2,644,414
1,703,696
1,915,403
1,341,855
4,975,217
1,097,052
0.67%
0.19%
0.22%
0.77%
0.49%
0.32%
0.35%
0.25%
0.92%
0.20%
62,295
29,650
385,869
NOK
EUR
SEK
General Industrials
Aker ASA - A
Mayr Melnhof Karton AG
Trelleborg AB - B
1,799,943
2,398,092
3,623,954
0.33%
0.44%
0.67%
120,752
353,000
55,492
18,582
25,900
4,605
484,000
125,140
EUR
JPY
EUR
EUR
JPY
CHF
JPY
GBP
Industrial Engineering
Alstom SA
Amada Co Ltd
Andritz AG
Bilfinger Berger SE
Disco Corp
Georg Fischer AG - Reg
Hino Motors Ltd
IMI PLC
3,638,862
1,718,621
2,693,582
1,356,486
1,016,729
1,404,243
3,281,991
1,692,499
0.67%
0.32%
0.50%
0.25%
0.19%
0.26%
0.61%
0.31%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 443

Pioneer Funds - Global Select
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
35,645 USD
62,700 USD
328,000 JPY
1,212,600 HKD
Description of Securities
Ingersoll-Rand PLC
Stanley Black & Decker Inc
Sumitomo Heavy Industries Ltd
Weichai Power Co Ltd - H
Market Value
1,296,673
3,518,790
1,171,064
4,082,069
Net Assets %
0.24%
0.65%
0.22%
0.76%
235,715
671,000
EUR
JPY
Industrial Transportation
Deutsche Post AG - Reg
Nippon Yusen KK
3,912,869
1,183,126
0.72%
0.22%
182,217
308,200
472,000
204,400
EUR
JPY
JPY
JPY
Support Services
Amadeus IT Holding SA - A
Itochu Corp
Marubeni Corp
Mitsui & Co Ltd
3,471,234
2,452,180
2,542,277
2,300,488
0.64%
0.45%
0.47%
0.43%
366,435
4,334,000
121,027
219,073
261,968
130,984
113,150
59,740
220,219
220,219
211,074
216,126
85,910
GBP
HKD
USD
EUR
USD
USD
EUR
EUR
EUR
EUR
GBP
CAD
EUR
Oil and Gas
Oil and Gas Producers
BP PLC
China Petroleum & Chemical Corp - H
Diamond Offshore Drilling Inc
Eni SpA
Marathon Oil Corp
Marathon Petroleum Corp
Neste Oil OYJ
OMV AG
Repsol SA - 10/Jan/2013
Repsol YPF SA
Royal Dutch Shell PLC - A
Suncor Energy Inc
Total SA
1,919,142
3,723,812
6,238,619
4,017,799
6,092,187
6,259,096
1,105,476
1,634,188
101,741
3,377,058
5,522,118
5,388,744
3,351,349
0.36%
0.69%
1.15%
0.74%
1.13%
1.16%
0.20%
0.30%
0.02%
0.63%
1.02%
1.00%
0.62%
76,475
NOK
Oil Equipment, Services and Distribution
Fred Olsen Energy ASA
2,520,260
0.47%
336,091
279,371
72,000
538,603
USD
USD
JPY
USD
Technology
Software and Computer Services
Microsoft Corp
Nuance Communications Inc
Toyota Motor Corp
Yahoo! Inc
6,793,708
4,712,690
2,529,575
8,101,105
1.26%
0.87%
0.47%
1.50%
39,046
61,800
407,969
100,230
8,344
319,528
USD
JPY
USD
KRW
KRW
SEK
Technology Hardware and Equipment
Apple Inc
Canon Inc
Intel Corp
LG Display Co Ltd
Samsung Electronics Co Ltd
Telefonaktiebolaget LM Ericsson - B
15,806,758
1,810,704
6,363,685
2,204,931
8,997,557
2,425,309
2.92%
0.34%
1.18%
0.41%
1.67%
0.45%
111,316
2,956,412
270,512
119,756
USD
EUR
USD
EUR
Telecommunications
Fixed Line Telecommunications
CenturyLink Inc
Telecom Italia SpA - RSP
Verizon Communications Inc
Vivendi SA
3,303,849
1,766,456
8,878,226
2,029,864
0.61%
0.33%
1.64%
0.38%
256,548
USD
Utilities
Electricity
Xcel Energy Inc
5,197,510
0.96%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
444 Pioneer Funds - Annual Report

Pioneer Funds - Global Select
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
74,747
57,478
178,565
2,060,000
Currency
USD
EUR
EUR
HKD
Description of Securities
Gas, Water and Multiutilities
Atmos Energy Corp
E.ON AG
Gas Natural SDG SA
Guangdong Investment Ltd
Market Value
1,992,271
809,865
2,424,913
1,227,690
Net Assets %
0.37%
0.15%
0.45%
0.23%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
539,348,800
539,348,800
99.84%
99.84%
Total Securities
539,348,800
99.84%
Net Asset Value
540,193,921
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
18-Mar-13 198
Euro Stoxx 50
18-Mar-13 73
Footsie 100
15-Mar-13 47
S&P 500
08-Mar-13 34
Topix Index
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
EUR
GBP
USD
JPY
Commitment
(in Trade Ccy)
5,177,700
4,269,040
16,690,875
292,910,000
Market Price
(in Trade Ccy)
2,615.00
5,848.00
1,420.50
861.50
Unrealised Gain/(Loss)
(in Fund Ccy)
(14,608)
(2,250)
99,818
210,666
293,626
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 AUD
13,149,195
04-Mar-13 CAD
22,399,363
04-Mar-13 CHF
13,000,000
04-Mar-13 EUR
16,099,321
04-Mar-13 GBP
15,000,000
04-Mar-13 USD
24,000,000
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
EUR
EUR
HKD
EUR
EUR
Amount Sold
10,499,055
17,331,924
10,797,800
161,895,146
18,534,559
18,435,035
Unrealised Gain/(Loss)
(198,794)
(297,851)
(23,058)
261,005
(54,090)
(237,838)
(550,626)
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
15-Mar-13 (600)
Put Dj Euro Stoxx 50 Eur
2,400.00
15,761,100 EUR
(184,800)
(52,800)
(184,800)
(52,800)
Long Positions
15-Mar-13 600
Put Dj Euro Stoxx 50 Eur
Total Net Unrealised Gain/(Loss) on Options Contracts
2,650.00
EUR
637,800
637,800
108,600
108,600
55,800
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 445

Pioneer Funds - Global Ecology
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
247,487
222,263
110,113
336,075
291,306
81,376
328,611
USD
EUR
USD
USD
EUR
EUR
EUR
Basic Materials
Chemicals
Agrium Inc
BASF SE - Reg
CF Industries Holdings Inc
Ecolab Inc
Lanxess AG
Linde AG
Umicore SA
18,747,366
15,814,012
16,954,596
18,328,119
19,304,849
10,741,632
13,699,793
2.08%
1.75%
1.88%
2.03%
2.14%
1.19%
1.52%
1,448,361
SEK
Forestry and Paper
Svenska Cellulosa AB - B
23,810,756
2.64%
262,243
241,008
1,391,956
1,894,348
372,087
EUR
EUR
USD
EUR
EUR
Consumer Goods
Automobiles and Parts
Cie Generale des Etablissements Michelin
Continental AG
LKQ Corp
Pirelli & C. SpA
Renault SA
18,773,976
21,109,891
22,266,651
16,395,582
15,138,360
2.08%
2.34%
2.47%
1.82%
1.68%
204,421
432,310
USD
USD
Food Producers
Bunge Ltd
Hain Celestial Group Inc
11,259,901
17,664,244
1.25%
1.96%
2,522,778
250,131
GBP
USD
Household Goods and Home Construction
Persimmon PLC
Whirlpool Corp
24,882,534
19,313,817
2.76%
2.14%
290,923
EUR
Personal Goods
Henkel AG & Co KGaA - Pfd
18,095,411
2.01%
374,895
123,151
USD
USD
Consumer Services
Food and Drug Retailers
United Natural Foods Inc
Whole Foods Market Inc
15,156,177
8,492,786
1.68%
0.94%
574,152
502,169
2,466,385
USD
USD
ZAR
General Retailers
eBay Inc
Home Depot Inc
Woolworths Holdings Ltd/South Africa
22,140,388
23,558,217
15,654,967
2.46%
2.61%
1.74%
33,648,367
GBP
Financials
Banks
Lloyds Banking Group PLC
19,877,469
2.21%
159,695
435,833
EUR
CHF
Nonlife Insurance
Muenchener Rueckversicherungs AG - Reg
Swiss Re AG
21,718,520
23,799,631
2.41%
2.64%
56,181
HKD
Real Estate Investment Trusts
Sunlight Real Estate Investment Trust
18,143
0.00%
386,835
25,361
DKK
EUR
Health Care
Health Care Equipment and Services
Coloplast A/S
Draegerwerk AG & Co KGaA - Pfd
14,335,960
1,940,624
1.59%
0.22%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
446 Pioneer Funds - Annual Report

Pioneer Funds - Global Ecology
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
179,733 USD
191,475 EUR
Description of Securities
Pharmaceuticals and Biotechnology
Abbott Laboratories
Merck KGaA
Market Value
8,932,119
19,114,949
Net Assets %
0.99%
2.12%
635,008
349,216
2,022,895
4,043,000
1,618,000
EUR
EUR
USD
JPY
JPY
Industrials
Construction and Materials
Kingspan Group PLC
Lafarge SA
Louisiana-Pacific Corp
Taiheiyo Cement Corp
Takuma Co Ltd
5,287,712
16,842,688
29,643,758
8,370,053
6,912,258
0.59%
1.87%
3.30%
0.93%
0.77%
1,104,490
1,219,934
274,313
273,924
EUR
EUR
EUR
USD
Electronic and Electrical Equipment
Koninklijke Philips Electronics NV
Prysmian SpA
Schneider Electric SA
Thermo Fisher Scientific Inc
21,973,829
18,311,209
15,040,582
13,251,572
2.44%
2.03%
1.67%
1.47%
5,116,242
GBP
General Industrials
DS Smith PLC
12,905,722
1.43%
299,630
292,080
1,024,615
620,073
102,770
EUR
EUR
GBP
USD
USD
Industrial Engineering
Andritz AG
GEA Group AG
Halma PLC
Ingersoll-Rand PLC
Roper Industries Inc
14,544,040
7,147,198
5,803,330
22,556,660
8,689,147
1.61%
0.79%
0.64%
2.50%
0.96%
224,000
299,491
190,308
JPY
USD
USD
Industrial Transportation
East Japan Railway Co
Kansas City Southern
Union Pacific Corp
10,964,648
18,963,523
18,156,053
1.22%
2.10%
2.01%
14,474,000
376,296
HKD
GBP
Support Services
China Everbright International Ltd
Intertek Group PLC
5,552,378
14,377,282
0.62%
1.60%
609,472
USD
Oil and Gas
Oil Equipment, Services and Distribution
Williams Cos Inc
15,135,098
1.68%
406,441
EUR
Technology
Software and Computer Services
SAP AG
24,666,904
2.74%
25,677
KRW
Technology Hardware and Equipment
Samsung Electronics Co Ltd
27,688,193
3.07%
383,492
556,238
18,716,000
USD
BRL
HKD
Utilities
Gas, Water and Multiutilities
American Water Works Co Inc
Cia de Saneamento Basico do Estado de Sao Paulo
Guangdong Investment Ltd
10,794,439
17,900,089
11,154,104
1.20%
1.99%
1.24%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
899,673,909
899,673,909
99.82%
99.82%
Total Securities
899,673,909
99.82%
Net Asset Value
901,280,616
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 447

Pioneer Funds - Gold and Mining
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
63,995
3,320
AUD
EUR
Basic Materials
Chemicals
Incitec Pivot Ltd
Umicore SA
162,772
138,411
0.44%
0.38%
1,200
72,116
2,704
217,379
55,140
4,551
7,000
22,954
55,286
9,000
4,134
1,908
30,300
165,000
5,300
551,910
102,916
15,989
265
1,620
33,000
22,577
40,260
772
6,949
500
EUR
USD
USD
AUD
EUR
USD
JPY
CAD
USD
JPY
CAD
CAD
JPY
JPY
JPY
JPY
NOK
USD
EUR
SEK
JPY
EUR
CAD
USD
EUR
JPY
Industrial Metals and Mining
Acerinox SA
Alcoa Inc
Allegheny Technologies Inc
Alumina Ltd
ArcelorMittal
Cliffs Natural Resources Inc
Daido Steel Co Ltd
First Quantum Minerals Ltd
Freeport-McMoRan Copper & Gold Inc - B
Hitachi Metals Ltd
HudBay Minerals Inc
Inmet Mining Corp
JFE Holdings Inc
Kobe Steel Ltd
Maruichi Steel Tube Ltd
Nippon Steel Corp
Norsk Hydro ASA
Nucor Corp
Salzgitter AG
SSAB AB - A
Sumitomo Metal Mining Co Ltd
ThyssenKrupp AG
Turquoise Hill Resources Ltd
United States Steel Corp
Voestalpine AG
Yamato Kogyo Co Ltd
10,018
474,793
62,267
154,060
713,236
133,140
26,650
382,946
1,434,148
57,713
31,524
107,573
425,812
157,769
92,056
1,016,717
391,062
523,548
10,448
10,681
349,698
400,968
231,556
13,966
192,209
11,000
0.03%
1.29%
0.17%
0.42%
1.94%
0.36%
0.07%
1.04%
3.91%
0.16%
0.09%
0.29%
1.16%
0.43%
0.25%
2.77%
1.07%
1.43%
0.03%
0.03%
0.95%
1.09%
0.63%
0.04%
0.52%
0.03%
9,126
89,120
20,510
65,177
118,891
131,662
761
5,185
584
42,922
25,355
97,081
8,067
272,047
53,634
10,270
26,364
CAD
GBP
GBP
CAD
AUD
GBP
SEK
CAD
CAD
CAD
GBP
AUD
GBP
GBP
CAD
CAD
AUD
Mining
Agnico-Eagle Mines Ltd
Anglo American PLC
Antofagasta PLC
Barrick Gold Corp
BHP Billiton Ltd
BHP Billiton PLC
Boliden AB
Centerra Gold Inc
Detour Gold Corp
Eldorado Gold Corp
Eurasian Natural Resources Corp PLC
Fortescue Metals Group Ltd
Fresnillo PLC
Glencore International PLC
Goldcorp Inc
IAMGOLD Corp
Iluka Resources Ltd
361,856
2,081,042
334,795
1,724,879
3,473,390
3,456,716
10,834
36,694
11,095
418,201
88,778
355,482
183,698
1,178,278
1,488,040
89,032
187,261
0.99%
5.67%
0.91%
4.70%
9.47%
9.42%
0.03%
0.10%
0.03%
1.14%
0.24%
0.97%
0.50%
3.21%
4.06%
0.24%
0.51%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
448 Pioneer Funds - Annual Report

Pioneer Funds - Gold and Mining
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
6,667
1,120
75,541
22,707
13,104
57,932
30,369
19,342
31,812
5,656
3,632
44,450
61,331
17,210
37,317
386
127,855
33,489
Currency
ZAR
GBP
CAD
AUD
CAD
AUD
USD
CAD
AUD
CAD
GBP
AUD
GBP
CAD
CAD
USD
GBP
CAD
Description of Securities
Impala Platinum Holdings Ltd
Kazakhmys PLC
Kinross Gold Corp
Lynas Corp Ltd
New Gold Inc
Newcrest Mining Ltd
Newmont Mining Corp
Osisko Mining Corp
OZ Minerals Ltd
Pan American Silver Corp
Randgold Resources Ltd
Rio Tinto Ltd
Rio Tinto PLC
Silver Wheaton Corp
Teck Resources Ltd - B
Walter Energy Inc
Xstrata PLC
Yamana Gold Inc
Market Value
99,953
10,743
555,322
10,282
109,707
1,011,837
1,069,964
117,139
167,840
80,141
266,433
2,310,532
2,655,207
469,876
1,025,670
10,511
1,669,319
434,972
Net Assets %
0.27%
0.03%
1.51%
0.03%
0.30%
2.76%
2.92%
0.32%
0.46%
0.22%
0.73%
6.30%
7.24%
1.28%
2.80%
0.03%
4.55%
1.19%
5,419
CAD
Financials
Financial Services
Franco-Nevada Corp
234,395
0.64%
229
EUR
Industrials
Construction and Materials
Sa des Ciments Vicat
10,804
0.03%
12,000
JPY
General Industrials
Mitsubishi Materials Corp
30,738
0.08%
24,463
AUD
Support Services
Sims Metal Management Ltd
178,189
0.49%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
35,726,386
35,726,386
97.39%
97.39%
Total Securities
35,726,386
97.39%
Net Asset Value
36,684,567
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
18-Mar-13 5
Footsie 100
22-Mar-13 6
SPI 200 Futures
15-Mar-13 5
S&P/Tse 60 Ix Fut
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
GBP
AUD
CAD
Commitment
(in Trade Ccy)
292,400
692,400
710,900
Market Price
(in Trade Ccy)
5,848.00
4,616.00
710.90
Unrealised Gain/(Loss)
(in Fund Ccy)
(3,680)
256
6,554
3,130
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 449

Pioneer Funds - Japanese Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
257,000
36,500
79,900
224,500
23,400
42,600
256,000
204,000
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
Basic Materials
Chemicals
Asahi Kasei Corp
JSR Corp
Kuraray Co Ltd
Mitsubishi Chemical Holdings Corp
Nitto Denko Corp
Shin-Etsu Chemical Co Ltd
Sumitomo Chemical Co Ltd
Toray Industries Inc
1,144,718
525,569
789,690
840,202
867,533
1,957,352
604,992
944,492
0.57%
0.26%
0.39%
0.42%
0.43%
0.97%
0.30%
0.47%
76,000
28,800
576,105
75,000
240,000
JPY
JPY
JPY
JPY
CAD
Industrial Metals and Mining
Hitachi Metals Ltd
JFE Holdings Inc
Nippon Steel Corp
Sumitomo Metal Mining Co Ltd
Uranium One Inc
488,077
405,334
1,062,866
795,950
424,811
0.24%
0.20%
0.53%
0.40%
0.21%
32,300
118,500
25,000
171,000
233,500
522,000
215,000
13,100
81,400
24,200
42,400
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
Consumer Goods
Automobiles and Parts
Aisin Seiki Co Ltd
Bridgestone Corp
Denso Corp
Fuji Heavy Industries Ltd
Honda Motor Co Ltd
Mitsubishi Motors Corp
Nissan Motor Co Ltd
Sumitomo Electric Industries Ltd
Suzuki Motor Corp
Toyota Industries Corp
Yamaha Motor Co Ltd
755,952
2,315,318
652,969
1,616,464
6,451,565
408,148
1,531,852
113,707
1,603,310
580,624
353,500
0.38%
1.15%
0.33%
0.81%
3.20%
0.20%
0.76%
0.06%
0.80%
0.29%
0.18%
46,700
17,300
102,000
JPY
JPY
JPY
Beverages
Asahi Group Holdings Ltd
Coca-Cola West Co Ltd
Kirin Holdings Co Ltd
753,674
202,597
906,856
0.38%
0.10%
0.45%
85,000
8,600
JPY
JPY
Food Producers
Ajinomoto Co Inc
Kato Sangyo Co Ltd
853,538
116,353
0.43%
0.06%
135,000
JPY
Household Goods and Home Construction
Sekisui House Ltd
1,117,229
0.56%
49,500
21,600
48,800
49,600
173,600
JPY
JPY
JPY
JPY
JPY
Leisure Goods
Konami Corp
Namco Bandai Holdings Inc
Nikon Corp
Sega Sammy Holdings Inc
Sony Corp
840,175
211,965
1,082,956
634,019
1,461,076
0.42%
0.11%
0.54%
0.32%
0.73%
86,546
30,500
14,000
JPY
JPY
JPY
Personal Goods
Kao Corp
Pola Orbis Holdings Inc
Unicharm Corp
1,709,992
663,718
552,860
0.85%
0.33%
0.28%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
450 Pioneer Funds - Annual Report

Pioneer Funds - Japanese Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
132,000 JPY
Description of Securities
Tobacco
Japan Tobacco Inc
Market Value
2,829,576
Net Assets %
1.41%
27,100
8,000
JPY
JPY
Consumer Services
Food and Drug Retailers
Arcs Co Ltd
Lawson Inc
420,215
412,559
0.21%
0.21%
27,900
34,100
6,400
15,000
90,600
83,100
16,210
JPY
JPY
JPY
JPY
JPY
JPY
JPY
General Retailers
Dena Co Ltd
Don Quijote Co Ltd
Fast Retailing Co Ltd
Meiko Network Japan Co Ltd
Rakuten Inc
Seven & I Holdings Co Ltd
Yamada Denki Co Ltd
696,604
949,667
1,227,977
127,168
536,470
1,779,156
473,513
0.35%
0.47%
0.61%
0.06%
0.27%
0.89%
0.24%
129,000
35,300
56,700
JPY
JPY
JPY
Media
Dai Nippon Printing Co Ltd
Dentsu Inc
Nippon Television Network Corp
762,715
714,831
573,345
0.38%
0.36%
0.29%
17,900
205,000
78,000
137,000
21,300
JPY
JPY
JPY
JPY
JPY
Travel, Leisure and Catering
Central Japan Railway Co
Kintetsu Corp
Odakyu Electric Railway Co Ltd
Tokyu Corp
West Japan Railway Co
1,100,801
637,551
615,359
584,944
636,233
0.55%
0.32%
0.31%
0.29%
0.32%
219,000
1,751,240
2,048,100
282,000
319,200
39,000
140,000
191,700
476,000
34,000
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
Financials
Banks
Bank of Yokohama Ltd
Mitsubishi UFJ Financial Group Inc
Mizuho Financial Group Inc
Nishi-Nippon City Bank Ltd
Resona Holdings Inc
Shikoku Bank Ltd
Shizuoka Bank Ltd
Sumitomo Mitsui Financial Group Inc
Sumitomo Mitsui Trust Holdings Inc
Yamanashi Chuo Bank Ltd
769,594
7,092,579
2,824,934
527,699
1,099,275
79,147
1,034,384
5,246,114
1,258,725
107,234
0.38%
3.52%
1.41%
0.26%
0.55%
0.04%
0.52%
2.61%
0.63%
0.05%
105
16,000
21,200
418,200
JPY
JPY
JPY
JPY
Financial Services
Activia Properties Inc
GCA Savvian Group Corp
IBJ Leasing Co Ltd
Nomura Holdings Inc
499,973
134,802
449,046
1,848,032
0.25%
0.07%
0.22%
0.92%
1,148
178,500
JPY
JPY
Life Insurance
Dai-ichi Life Insurance Co Ltd
T&D Holdings Inc
1,209,257
1,632,475
0.60%
0.81%
70,000
46,400
117,900
JPY
JPY
JPY
Nonlife Insurance
MS&AD Insurance Group Holdings
NKSJ Holdings Inc
Tokio Marine Holdings Inc
1,048,528
748,017
2,468,286
0.52%
0.37%
1.23%
111,200
186,000
130,000
JPY
JPY
JPY
Real Estate Investment and Services
Hulic Co Ltd
Mitsubishi Estate Co Ltd
Mitsui Fudosan Co Ltd
569,549
3,348,208
2,386,971
0.28%
1.67%
1.19%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 451

Pioneer Funds - Japanese Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
46,000 JPY
Description of Securities
Sumitomo Realty & Development Co Ltd
Market Value
1,150,543
Net Assets %
0.57%
243
83
80
JPY
JPY
JPY
Real Estate Investment Trusts
Japan Prime Realty Investment Corp
Japan Real Estate Investment Corp
Nippon Building Fund Inc
532,000
619,804
627,623
0.26%
0.31%
0.31%
16,500
16,500
24,200
JPY
JPY
JPY
Health Care
Health Care Equipment and Services
Nihon Kohden Corp
Paramount Bed Holdings Co Ltd
Terumo Corp
379,499
375,006
723,919
0.19%
0.19%
0.36%
54,900
132,600
45,200
25,400
16,100
63,100
109,700
7,200
27,000
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
Pharmaceuticals and Biotechnology
Astellas Pharma Inc
Daiichi Sankyo Co Ltd
Eisai Co Ltd
Kissei Pharmaceutical Co Ltd
Nichi-iko Pharmaceutical Co Ltd
Otsuka Holdings Co Ltd
Takeda Pharmaceutical Co Ltd
Towa Pharmaceutical Co Ltd
Tsumura & Co
1,868,967
1,540,042
1,429,547
354,134
236,352
1,349,297
3,715,255
286,542
619,101
0.93%
0.77%
0.71%
0.18%
0.12%
0.67%
1.85%
0.14%
0.31%
153,000
475,000
142,000
53,900
49,900
278,000
508,000
JPY
JPY
JPY
JPY
JPY
JPY
JPY
Industrials
Construction and Materials
Asahi Glass Co Ltd
Haseko Corp
Kandenko Co Ltd
Kyowa Exeo Corp
LIXIL Group Corp
Obayashi Corp
Taiheiyo Cement Corp
841,440
283,766
484,036
410,549
840,389
1,182,082
1,053,254
0.42%
0.14%
0.24%
0.20%
0.42%
0.59%
0.52%
576,000
62,900
22,700
6,219
28,700
40,800
48,000
2,100
54,000
30,800
15,900
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
Electronic and Electrical Equipment
Hitachi Ltd
Hoya Corp
Ibiden Co Ltd
Keyence Corp
Kyocera Corp
Murata Manufacturing Co Ltd
NGK Insulators Ltd
Nidec Corp
Nissin Electric Co Ltd
Omron Corp
TDK Corp
2,550,413
934,441
272,417
1,304,159
1,959,118
1,810,127
428,442
92,615
208,739
556,329
434,425
1.27%
0.47%
0.14%
0.65%
0.98%
0.90%
0.21%
0.05%
0.10%
0.28%
0.22%
505,000
144,000
402,700
178,000
JPY
JPY
JPY
JPY
General Industrials
IHI Corp
Mitsubishi Materials Corp
Sojitz Corp
Toshiba Corp
984,922
369,405
449,307
526,996
0.49%
0.18%
0.22%
0.26%
34,900
19,700
158,000
82,300
202,000
JPY
JPY
JPY
JPY
JPY
Industrial Engineering
Daikin Industries Ltd
FANUC Corp
Isuzu Motors Ltd
Komatsu Ltd
Kubota Corp
902,040
2,755,287
709,309
1,579,101
1,749,790
0.45%
1.37%
0.35%
0.79%
0.87%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
452 Pioneer Funds - Annual Report

Pioneer Funds - Japanese Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
37,600 JPY
30,000 JPY
127,000 JPY
356,000 JPY
73,000 JPY
58,600 JPY
7,600 JPY
113,000 JPY
23,900 JPY
137,000 JPY
Description of Securities
Kurita Water Industries Ltd
Maeda Corp
Mitsubishi Electric Corp
Mitsubishi Heavy Industries Ltd
Nachi-Fujikoshi Corp
OSG Corp
SMC Corp/Japan
Sumitomo Heavy Industries Ltd
THK Co Ltd
Tsubakimoto Chain Co
Market Value
624,981
119,656
815,603
1,297,943
223,182
613,150
1,038,917
404,046
322,513
582,537
Net Assets %
0.31%
0.06%
0.41%
0.65%
0.11%
0.31%
0.52%
0.20%
0.16%
0.29%
41,300
8,000
74,200
JPY
JPY
JPY
Industrial Transportation
East Japan Railway Co
Mitsui OSK Lines Ltd
Yamato Holdings Co Ltd
2,024,612
17,852
852,647
1.01%
0.01%
0.42%
134,700
205,000
174,300
216,000
24,900
149,300
JPY
JPY
JPY
JPY
JPY
JPY
Support Services
Itochu Corp
Marubeni Corp
Mitsubishi Corp
Mitsui & Co Ltd
Secom Co Ltd
Sumitomo Corp
1,073,328
1,105,808
2,522,020
2,434,658
948,301
1,442,813
0.53%
0.55%
1.26%
1.21%
0.47%
0.72%
425
448,880
JPY
JPY
Oil and Gas
Oil and Gas Producers
Inpex Corp
JX Holdings Inc
1,708,196
1,904,737
0.85%
0.95%
14,900
29,400
22,500
29,700
36,000
17,200
397
5,600
9,600
14,500
364,200
1,934
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
Technology
Software and Computer Services
Internet Initiative Japan Inc
IT Holdings Corp
NET One Systems Co Ltd
Nexon Co Ltd
Nihon Unisys Ltd
NS Solutions Corp
NTT Data Corp
Oracle Corp Japan
Otsuka Corp
SCSK Corp
Toyota Motor Corp
Yahoo Japan Corp
258,661
268,878
168,019
226,482
181,540
231,648
937,164
176,620
549,891
171,718
12,814,453
473,364
0.13%
0.13%
0.08%
0.11%
0.09%
0.12%
0.47%
0.09%
0.27%
0.09%
6.37%
0.24%
31,300
14,700
174,050
62,200
255,000
97,500
19,200
121,000
22,700
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
Technology Hardware and Equipment
Brother Industries Ltd
Canon Electronics Inc
Canon Inc
FUJIFILM Holdings Corp
Fujitsu Ltd
Konica Minolta Holdings Inc
NEC Networks & System Integration Corp
Ricoh Co Ltd
Tokyo Electron Ltd
252,982
243,824
5,107,144
941,528
806,492
527,646
258,415
964,162
784,744
0.13%
0.12%
2.54%
0.47%
0.40%
0.26%
0.13%
0.48%
0.39%
51,400
JPY
Telecommunications
Fixed Line Telecommunications
KDDI Corp
2,750,033
1.37%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 453

Pioneer Funds - Japanese Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
61,700
Currency
JPY
Description of Securities
Nippon Telegraph & Telephone Corp
Market Value
1,967,657
Net Assets %
0.98%
1,443
67,900
JPY
JPY
Mobile Telecommunications
NTT DoCoMo INC
Softbank Corp
1,571,975
1,873,083
0.78%
0.93%
39,100
43,900
21,500
97,600
27,400
58,500
JPY
JPY
JPY
JPY
JPY
JPY
Utilities
Electricity
Chubu Electric Power Co Inc
Electric Power Development Co Ltd
Hokuriku Electric Power Co
Kansai Electric Power Co Inc
Kyushu Electric Power Co Inc
Tohoku Electric Power Co Inc
395,032
789,864
193,040
777,705
236,626
412,695
0.20%
0.39%
0.10%
0.39%
0.12%
0.21%
214,000
421,000
JPY
JPY
Gas, Water and Multiutilities
Osaka Gas Co Ltd
Tokyo Gas Co Ltd
590,338
1,460,955
0.29%
0.73%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
192,725,923
192,725,923
96.00%
96.00%
Other Transferable Securities
Equities
2,543
JPY
Financials
Real Estate Investment and Services
Zecs Co Ltd
156
0.00%
Total Equities
Total Other Transferable Securities
156
156
0.00%
0.00%
Total Securities
192,726,079
96.00%
Net Asset Value
200,764,675
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
08-Mar-13 90
Nikkei 225 (Sgx)
08-Mar-13 15
Topix Index
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
JPY
JPY
Commitment
(in Trade Ccy)
469,350,000
129,225,000
Market Price
(in Trade Ccy)
10,430.00
861.50
Unrealised Gain/(Loss)
(in Fund Ccy)
184,997
29,299
214,296
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
31-Jan-13
31-Jan-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
04-Mar-13
Currency
EUR
EUR
CAD
EUR
EUR
EUR
EUR
GBP
Amount Purchased
430,264
10,351
670,000
518,926
506,329
519,080
523,073
410,000
Currency
JPY
JPY
EUR
AUD
GBP
SEK
USD
EUR
Amount Sold
48,512,301
1,179,109
518,425
650,000
410,000
4,500,000
680,000
507,414
Unrealised Gain/(Loss)
4,060
(8)
(10,387)
11,323
5,749
(2,577)
8,937
(6,834)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
454 Pioneer Funds - Annual Report

Pioneer Funds - Japanese Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR) (continued)
Maturity Date Currency
Amount Purchased
04-Mar-13 NOK
3,900,000
04-Mar-13 NZD
810,000
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
EUR
Amount Sold
527,571
510,015
Unrealised Gain/(Loss)
(1,141)
(11,103)
(1,981)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 455

Pioneer Funds - Emerging Markets Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
1,401
1,401
BRL
BRL
Consumer Goods
Food Producers
Hypermarcas SA Floating 15/Oct/2015
Hypermarcas 11.3% 15/Oct/2018
401,155
372,955
0.05%
0.06%
Total Bonds
774,110
0.11%
Equities
19,040
119,068
2,185,000
69,109
KRW
USD
TWD
USD
Basic Materials
Chemicals
LG Chem Ltd
Sociedad Quimica y Minera de Chile SA - Adr
Taiwan Fertilizer Co Ltd
Uralkali OJSC - Gdr
4,451,605
5,206,516
4,326,055
2,002,924
0.66%
0.77%
0.64%
0.30%
2,970,000
946,164
24,852
328,729
308,174
679,053
HKD
USD
KRW
USD
USD
USD
Industrial Metals and Mining
Jiangxi Copper Co Ltd - H
MMC Norilsk Nickel OJSC - Adr
POSCO
Ternium SA - Adr
Vale SA - Adr
Vale SA - Adr Pfd
5,929,130
13,226,489
6,145,008
5,871,942
4,901,706
10,455,686
0.88%
1.96%
0.91%
0.87%
0.73%
1.55%
23,582,500
327,400
283,959
IDR
ZAR
GBP
Mining
Adaro Energy Tbk PT
AngloGold Ashanti Ltd
Rio Tinto PLC
2,951,042
7,678,496
12,293,454
0.44%
1.14%
1.82%
2,269,500
22,542
61,466
715,339
HKD
KRW
KRW
TRY
Consumer Goods
Automobiles and Parts
Great Wall Motor Co Ltd
Hyundai Mobis
Hyundai Motor Co
Tofas Turk Otomobil Fabrikasi AS
5,430,170
4,599,606
9,515,291
3,176,987
0.81%
0.68%
1.41%
0.47%
252,260
BRL
Beverages
Cia de Bebidas das Americas - Pfd
7,997,337
1.19%
571,278
BRL
Food Producers
BRF - Brasil Foods SA
8,928,566
1.32%
33,837
KRW
Leisure Goods
NCSoft Corp
3,607,979
0.54%
127,009
KRW
Personal Goods
Able C&C Co Ltd
7,099,818
1.05%
1,145,043
74,733
INR
KRW
Tobacco
ITC Ltd
KT&G Corp
4,546,240
4,278,184
0.67%
0.63%
119,844
250,932
BRL
USD
Consumer Services
Food and Drug Retailers
Cia Brasileira de Distribuicao Grupo Pao de Acucar - Pfd
Magnit OJSC - SP Gdr Regs
4,017,812
7,632,261
0.60%
1.13%
493,577
ZAR
General Retailers
Mr Price Group Ltd
6,177,545
0.92%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
456 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
2,655,986 MXN
Description of Securities
Wal-Mart de Mexico SAB de CV
Market Value
6,552,800
Net Assets %
0.97%
81,974
ZAR
Media
Naspers Ltd
3,980,786
0.59%
101,845
2,621,000
63,616
USD
HKD
USD
Travel, Leisure and Catering
Copa Holdings SA - A
SJM Holdings Ltd
Yum! Brands Inc
7,673,137
4,616,830
3,204,926
1.14%
0.68%
0.48%
27,822,000
176,813
321,900
23,684,000
12,384,500
26,330,000
6,561,000
1,822,248
1,140,216
694,948
957,785
671,772
31,611,000
1,413,484
871,900
419,730
3,102,000
6,041,280
155,175
1,250,332
946,200
1,418,618
HKD
INR
BRL
HKD
IDR
HKD
HKD
EUR
ZAR
USD
INR
INR
HKD
USD
THB
KRW
MYR
TWD
HUF
USD
THB
TRY
Financials
Banks
Agricultural Bank of China Ltd
Axis Bank Ltd
Banco Bradesco SA - Pfd
Bank of China Ltd - H
Bank Rakyat Indonesia Persero Tbk PT
China Construction Bank Corp - H
China Minsheng Banking Corp Ltd - H
Commerzbank AG
FirstRand Ltd
Grupo Financiero Santander Mexico SAB de CV
HDFC Bank Ltd
ICICI Bank Ltd
Industrial & Commercial Bank of China - H
Itau Unibanco Holding SA - Adr
Kasikornbank PCL
KB Financial Group Inc
Malayan Banking Bhd
Mega Financial Holding Co Ltd
OTP Bank PLC
Sberbank of Russia - Adr
Siam Commercial Bank PCL - F
Turkiye Halk Bankasi AS
10,427,771
3,320,484
4,193,900
8,019,282
6,774,101
16,026,754
5,752,841
2,613,104
3,159,961
8,533,987
8,997,737
10,585,490
17,013,954
17,657,828
4,183,320
11,270,545
7,078,591
3,566,225
2,211,343
11,664,960
4,258,268
10,550,932
1.55%
0.49%
0.62%
1.19%
1.00%
2.38%
0.85%
0.39%
0.47%
1.27%
1.33%
1.57%
2.52%
2.62%
0.62%
1.67%
1.05%
0.53%
0.33%
1.73%
0.63%
1.57%
487,018
304,203
USD
BRL
Financial Services
Gerdau SA - Adr
Grupo BTG Pactual
3,320,913
3,493,413
0.49%
0.52%
1,344,500
HKD
Life Insurance
Ping An Insurance Group Co - H
8,539,056
1.27%
6,838,000
3,026,000
18,860,000
2,356,264
HKD
HKD
HKD
BRL
Real Estate Investment and Services
Agile Property Holdings Ltd
China Overseas Land & Investment Ltd
Country Garden Holdings Co Ltd
PDG Realty SA Empreendimentos e Participacoes
7,293,902
6,840,459
7,493,282
2,889,194
1.08%
1.01%
1.11%
0.43%
1,254,325
ZAR
Health Care
Health Care Equipment and Services
Life Healthcare Group Holdings Ltd
3,812,606
0.57%
7,014,000
2,923,000
30,285
HKD
IDR
KRW
Industrials
Construction and Materials
China Communications Construction Co Ltd
Indocement Tunggal Prakarsa Tbk PT
Samsung Engineering Co Ltd
5,134,187
5,164,562
3,551,087
0.76%
0.77%
0.53%
6,814,400
TWD
Electronic and Electrical Equipment
Hon Hai Precision Industry Co Ltd
15,823,434
2.35%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 457

Pioneer Funds - Emerging Markets Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
1,284,466
33,527
1,095,932
6,541,200
Currency
INR
KRW
INR
HKD
Description of Securities
Industrial Engineering
Bharat Heavy Electricals Ltd
Hyundai Heavy Industries Co Ltd
Tata Motors Ltd
Zoomlion Heavy Industry Science and Technology Co Ltd - H
Market Value
4,058,680
5,748,384
4,743,441
7,310,177
Net Assets %
0.60%
0.85%
0.70%
1.08%
153,139
ZAR
Support Services
Bidvest Group Ltd
2,950,162
0.44%
2,395,000
2,016,055
175,543
3,746,000
1,432,808
245,867
1,119,447
453,800
387,127
1,728,516
HKD
USD
USD
HKD
BRL
USD
BRL
THB
INR
USD
Oil and Gas
Oil and Gas Producers
CNOOC Ltd
Gazprom OAO - Adr Reg
Lukoil OAO - Adr
PetroChina Co Ltd - H
Petroleo Brasileiro SA
Petroleo Brasileiro SA - Adr
Petroleo Brasileiro SA - Pfd
PTT PCL
Reliance Industries Ltd
Rosneft Oil Co - Gdr
3,932,800
14,465,929
8,807,774
4,025,080
10,376,705
3,629,075
8,094,836
3,735,734
4,499,367
11,681,643
0.58%
2.15%
1.31%
0.60%
1.54%
0.54%
1.20%
0.55%
0.67%
1.73%
263,200
HKD
Technology
Software and Computer Services
Tencent Holdings Ltd
6,413,419
0.95%
22,469
695,910
1,203,948
24,535,000
4,932,000
KRW
KRW
USD
TWD
TWD
Technology Hardware and Equipment
Samsung Electronics Co Ltd
SK Hynix Inc
Taiwan Semiconductor Manufacturing Co Ltd - Adr
United Microelectronics Corp
Wistron Corp
24,228,921
12,695,974
15,679,450
7,497,963
3,877,581
3.60%
1.88%
2.33%
1.11%
0.58%
27,115,000
EUR
Telecommunications
Fixed Line Telecommunications
Telecom Italia SpA - RSP
16,201,212
2.40%
822,500
243,208
15,947,403
756,456
651,322
HKD
SEK
EGP
USD
TRY
Mobile Telecommunications
China Mobile Ltd
Millicom International Cellular SA - SDR
Orascom Telecom Holding SAE
Orascom Telecom Holding SAE
Turkcell Iletisim Hizmetleri AS
7,264,195
15,950,621
7,545,310
1,800,485
3,197,165
1.08%
2.37%
1.12%
0.27%
0.47%
275,892
1,689,500
USD
MYR
Utilities
Electricity
Cia Energetica de Minas Gerais - Adr
Tenaga Nasional Bhd
2,272,593
2,908,271
0.34%
0.43%
Total Equities
665,286,748
98.69%
1,401
BRL
Warrants
Hypermarcas SA - Hypermarcas - 15/Oct/2015
55,387
0.01%
Total Warrants
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
55,387
666,116,245
0.01%
98.81%
Total Securities
666,116,245
98.81%
Net Asset Value
674,130,000
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
458 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Markets Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
30-Jan-13 3,521
Ftse China A50
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
USD
Commitment
(in Trade Ccy)
29,329,930
Market Price
(in Trade Ccy)
8,330.00
Unrealised Gain/(Loss)
(in Fund Ccy)
1,126,354
1,126,354
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 MXN
408,379,642
04-Mar-13 ZAR
115,617,769
04-Mar-13 ZAR
75,626,538
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
EUR
EUR
Amount Sold
24,023,930
9,890,331
6,624,938
Unrealised Gain/(Loss)
(340,932)
357,208
78,062
94,338
Outstanding Options Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Quantity
Contract
Strike Price
(in Trade Ccy)
Commitment
(in Trade Ccy)
Trade
Currency
Market Price
(in Fund Ccy)
Unrealised
Gain/(Loss)
Short Positions
19-Mar-13 (8,800,000) Call USD/ZAR
Total Net Unrealised Gain/(Loss) on Options Contracts
8.80
58,737,864 USD
(106,625)
14,629
(106,625)
14,629
14,629
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 459

Pioneer Funds - Emerging Markets Equity Unconstrained
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding
Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
1,650,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
USD
USD
USD
USD
USD
USD
Governments
United States Treasury Bill 0% 07/Feb/2013
United States Treasury Bill 0% 10/Jan/2013
United States Treasury Bill 0% 14/Feb/2013
United States Treasury Bill 0% 17/Jan/2013
United States Treasury Bill 0% 24/Jan/2013
United States Treasury Bill 0% 31/Jan/2013
1,251,489
1,137,736
1,137,709
1,137,729
1,137,737
1,137,722
13.83%
12.58%
12.58%
12.58%
12.58%
12.58%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
6,940,122
6,940,122
76.73%
76.73%
Total Securities
6,940,122
76.73%
Net Asset Value
9,045,231
100.00%
Outstanding Contracts for Differences as at 31 December 2012 (expressed in EUR)
The Fund has entered into following Contracts For Differences:
Quantity CFD Type
Underlying
4,100 CFD on Single Equity
CCR SA
6,483 CFD on Single Equity
Gazprom OAO
4,000 CFD on Single Equity
Itau Unibanco Holding SA - ADR
9,999 CFD on Single Equity
M Video OJSC
2,356 CFD on Single Equity
MMC Norilsk Nickel OJSC - ADR
21,003 CFD on Single Equity
Orascom Telecom Holding SAE
900 CFD on Single Equity
Teva Pharmaceutical Industries Ltd - ADR
5,600 CFD on Fund
iShares MSCI Emerging Markets Index Fund
Total Net Unrealised Gain/(Loss) on Contracts For Difference
Currency
USD
USD
USD
USD
USD
USD
USD
USD
Unrealised
Gain/(Loss)
1,814
1,850
3,519
6,432
1,024
4,253
(3,425)
4,131
19,598
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
460 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Europe and Mediterranean Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
191,550
USD
Basic Materials
Chemicals
Uralkali OJSC - Gdr
5,551,521
1.09%
1,136,907
193,376
864,364
USD
USD
USD
Industrial Metals and Mining
MMC Norilsk Nickel OJSC - Adr
Severstal OAO - Gdr
TMK OAO - Reg
15,892,897
1,785,032
10,037,479
3.11%
0.35%
1.97%
340,840
GBP
Mining
Polymetal International PLC
4,937,579
0.97%
301,202
367,786
497,076
806,233
USD
EGP
USD
TRY
Consumer Goods
Automobiles and Parts
Banque Audi sal- Audi Saradar Group - Gdr Reg S
Ghabbour Auto
Sollers OJSC
Tofas Turk Otomobil Fabrikasi AS
1,438,157
1,216,778
8,505,998
3,580,669
0.28%
0.24%
1.67%
0.70%
181,407
535,841
TRY
TRY
Food Producers
Pinar SUT Mamulleri Sanayii AS
Ulker Biskuvi Sanayi AS
1,241,273
2,199,887
0.24%
0.43%
1,384,169
TRY
Household Goods and Home Construction
Arcelik AS
6,882,755
1.35%
247,030
273,514
400,593
131,246
175,906
TRY
TRY
PLN
USD
USD
Consumer Services
Food and Drug Retailers
BIM Birlesik Magazalar AS
Bizim Toptan Satis Magazalari AS
Eurocash SA
Magnit OJSC
X5 Retail Group NV - Adr
9,160,147
3,231,556
4,290,350
15,833,104
2,381,616
1.80%
0.63%
0.84%
3.10%
0.47%
186,061
USD
General Retailers
M Video OJSC
1,117,430
0.22%
2,302,552
186,304
245,859
347,555
24,713
1,244,076
17,828,823
2,384,329
1,140,828
3,225,490
1,022,086
3,352,232
TRY
PLN
USD
EUR
CZK
PLN
USD
TRY
TRY
TRY
USD
TRY
Financials
Banks
Akbank TAS
Bank Pekao SA
BLOM Bank SAL - Gdr Reg S
Erste Group Bank AG
Komercni Banka AS
Powszechna Kasa Oszczednosci Bank Polski SA
Sberbank of Russia
Turkiye Garanti Bankasi AS
Turkiye Halk Bankasi AS
Turkiye Is Bankasi - C
VTB Bank OJSC - Gdr Reg S
Yapi ve Kredi Bankasi AS
8,611,512
7,647,947
1,473,215
8,350,009
3,948,880
11,250,742
41,409,280
9,383,492
8,484,876
8,471,718
2,682,356
7,408,405
1.69%
1.50%
0.29%
1.64%
0.77%
2.20%
8.13%
1.84%
1.66%
1.66%
0.53%
1.45%
2,100,754
SEK
Financial Services
EOS Russia
5,633,526
1.10%
117,378
PLN
Nonlife Insurance
Powszechny Zaklad Ubezpieczen SA
12,571,180
2.46%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 461

Pioneer Funds - Emerging Europe and Mediterranean Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
643,659 USD
Description of Securities
Real Estate Investment and Services
Etalon Group Ltd - Gdr Reg S
Market Value
2,660,757
Net Assets %
0.52%
2,288,289
TRY
Real Estate Investment Trusts
Emlak Konut Gayrimenkul Yatirim Ortakligi AS
3,034,260
0.59%
80,323
51,548
GBP
HUF
Health Care
Pharmaceuticals and Biotechnology
Hikma Pharmaceuticals PLC
Richter Gedeon Nyrt
753,616
6,409,536
0.15%
1.26%
3,665,683
1,305,825
839,922
TRY
EGP
USD
Industrials
Construction and Materials
Enka Insaat ve Sanayi AS
Lecico Egypt SAE
Mostotrest - CLS
8,256,920
1,167,194
3,822,461
1.62%
0.23%
0.75%
544,042
23,140,954
USD
USD
Industrial Engineering
Hydraulic Machines and Systems Group PLC - Gdr Reg S
Siloviye Mashiny - CLS
1,741,397
2,369,561
0.34%
0.46%
111,410
USD
Industrial Transportation
Globaltrans Investment PLC
1,395,160
0.27%
188,301
PLN
Support Services
KRUK SA
2,033,317
0.40%
5,107,176
927,921
150,075
141,689
5,018,768
3,104,470
2,926,187
1,544,193
247,164
2,532,446
USD
USD
USD
PLN
PLN
USD
USD
USD
TRY
TRY
Oil and Gas
Oil and Gas Producers
Gazprom OAO - Adr Reg
Lukoil OAO - Adr
NovaTek OAO - Gdr Reg
Polski Koncern Naftowy Orlen S.A.
Polskie Gornictwo Naftowe i Gazownictwo SA
Rosneft Oil Co - Gdr
Surgutneftegas OJSC - Adr
Surgutneftegas OJSC - Adr Pfd
Tupras Turkiye Petrol Rafinerileri AS
Turcas Petrol AS
36,645,846
46,557,928
13,636,973
1,718,895
6,408,299
20,980,604
19,531,588
7,671,772
5,409,782
3,497,928
7.18%
9.13%
2.67%
0.34%
1.26%
4.11%
3.83%
1.50%
1.06%
0.69%
9,892
942,433
179,863
USD
EUR
USD
Oil Equipment, Services and Distribution
AK Transneft OAO - Pfd
CAT Oil AG
Eurasia Drilling Co Ltd - Gdr Reg S
16,985,118
6,351,998
4,870,380
3.33%
1.24%
0.95%
3,505,950
79,228
172,588
PLN
USD
TRY
Telecommunications
Fixed Line Telecommunications
Netia SA
Rostelecom OJSC - Adr
Turk Telekomunikasyon AS
3,677,540
1,435,046
507,579
0.72%
0.28%
0.10%
97,392
907,434
608,731
USD
USD
TRY
Mobile Telecommunications
MegaFon OAO
Mobile Telesystems OJSC - Adr
Turkcell Iletisim Hizmetleri AS
1,758,138
12,664,431
2,988,097
0.34%
2.48%
0.59%
4,161,484
4,161,484
3,292,867
111,705
TRY
TRY
TRY
CZK
Utilities
Electricity
Akenerji Elektrik Uretim AS
Akenerji Elektrik Uretim AS - 28/Dec/2012
Aksa Enerji Uretim AS
CEZ AS
2,900,543
1,078,861
6,381,552
3,026,814
0.57%
0.21%
1.25%
0.59%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
462 Pioneer Funds - Annual Report

Pioneer Funds - Emerging Europe and Mediterranean Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
21,863,800 RUB
47,068,263 USD
12,006,322 USD
690,468 PLN
721,708,000 RUB
Description of Securities
Enel OGK-5 OJSC
Federal Hydrogenerating Co JSC
IDGC Holding JSC - BRD
PGE SA
TGK-5
Market Value
879,449
863,251
588,477
3,081,495
63,973
Net Assets %
0.17%
0.17%
0.12%
0.60%
0.01%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
502,417,902
502,417,902
98.46%
98.46%
Total Securities
502,417,902
98.46%
Net Asset Value
510,254,455
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 463

Pioneer Funds - Asia (Ex. Japan) Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
12,000,000
3,926
12,550
2,857
PHP
KRW
KRW
KRW
Basic Materials
Chemicals
D&L Industries Inc
Honam Petrochemical Corp
Huchems Fine Chemical Corp
LG Chem Ltd
975,307
682,869
230,292
667,975
0.90%
0.63%
0.21%
0.61%
845,000
HKD
Forestry and Paper
Nine Dragons Paper Holdings Ltd
578,841
0.53%
320,043
599,000
1,424,000
3,466
39,010
INR
HKD
HKD
KRW
INR
Industrial Metals and Mining
Hindalco Industries Ltd
Jiangxi Copper Co Ltd - H
Maanshan Iron & Steel - H
POSCO
Tata Steel Ltd
578,190
1,195,808
327,478
857,017
231,408
0.53%
1.10%
0.30%
0.79%
0.21%
209,500
746,000
HKD
HKD
Mining
China Shenhua Energy Co Ltd - H
Real Gold Mining Ltd
696,030
102,205
0.64%
0.09%
2,656,000
4,755,000
77,740
7,999
3,352
239,000
HKD
HKD
KRW
KRW
KRW
TWD
Consumer Goods
Automobiles and Parts
AviChina Industry & Technology Co Ltd - H
Geely Automobile Holdings Ltd
Halla Climate Control Corp
Hyundai Motor Co
Korea Zinc Co Ltd
Yulon Motor Co Ltd
888,912
1,707,737
1,305,355
1,238,291
961,822
343,346
0.82%
1.57%
1.20%
1.14%
0.88%
0.32%
258,000
TWD
Food Producers
Standard Foods Corp
535,745
0.49%
1,205,000
719,000
500,800
498,500
HKD
HKD
HKD
HKD
Household Goods and Home Construction
Goodbaby International Holdings Ltd
Haier Electronics Group Co Ltd
Man Wah Holdings Ltd
Techtronic Industries Co
330,179
797,896
316,593
700,526
0.30%
0.73%
0.29%
0.64%
129,000
80,000
1,016,000
TWD
TWD
HKD
Leisure Goods
Giant Manufacturing Co Ltd
Merida Industry Co Ltd
TCL Multimedia Technology Holdings Ltd
561,016
271,647
429,518
0.52%
0.25%
0.40%
29,916
16,518
150,000
KRW
INR
HKD
Personal Goods
Able C&C Co Ltd
Aditya Birla Nuvo Ltd
Belle International Holdings Ltd
1,672,308
250,554
246,900
1.54%
0.23%
0.23%
459,500
116,000
443,200
1,024,000
HKD
HKD
THB
HKD
Consumer Services
General Retailers
Biostime International Holdings Ltd
Intime Department Store Group Co Ltd
Robinson Department Store PCL
SA SA International Holdings Ltd
1,088,191
103,755
730,794
637,326
1.00%
0.10%
0.67%
0.59%
11,075,000
IDR
Media
Indosiar Karya Media Tbk PT
897,779
0.83%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
464 Pioneer Funds - Annual Report

Pioneer Funds - Asia (Ex. Japan) Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
2,127,500 IDR
Description of Securities
Surya Citra Media Tbk PT
Market Value
376,739
Net Assets %
0.35%
112,200
198,000
18,616
37,900
1,500,000
120,684
TWD
HKD
KRW
USD
HKD
KRW
Travel, Leisure and Catering
Formosa International Hotels Corp
Galaxy Entertainment Group Ltd
Hotel Shilla Co Ltd
Melco Crown Entertainment Ltd
NagaCorp Ltd
Paradise Co Ltd
1,141,489
588,069
579,670
472,600
689,912
1,470,665
1.05%
0.54%
0.53%
0.43%
0.63%
1.35%
396,400
14,363
906,500
98,310
4,805,000
3,939,000
74,160
480,000
79,956
52,360
3,326,000
394,000
117,827
33,863
6,603,400
43,000
MYR
INR
IDR
INR
HKD
HKD
KRW
TWD
INR
KRW
HKD
TWD
INR
INR
THB
HKD
Financials
Banks
Alliance Financial Group Bhd
Axis Bank Ltd
Bank Mandiri Persero Tbk PT
Bank of Baroda
Bank of China Ltd - H
China Construction Bank Corp - H
DGB Financial Group Inc
E.Sun Financial Holding Co Ltd
Federal Bank Ltd
Hana Financial Group Inc
Industrial & Commercial Bank of China - H
King’s Town Bank
Oriental Bank of Commerce
State Bank of India
TMB Bank PCL
Wing Hang Bank Ltd
432,617
269,732
577,885
1,179,214
1,626,949
2,397,622
764,484
203,735
595,725
1,287,256
1,790,149
223,834
571,150
1,118,295
304,547
340,425
0.40%
0.25%
0.53%
1.08%
1.50%
2.21%
0.70%
0.19%
0.55%
1.18%
1.65%
0.21%
0.53%
1.03%
0.28%
0.31%
371,000
597,000
619,600
87,100
180,354
31,240
682,000
419,000
TWD
HKD
HKD
HKD
INR
KRW
TWD
TWD
Financial Services
Chailease Holding Co Ltd
Far East Horizon Ltd
Haitong Securities Co Ltd
Hong Kong Exchanges and Clearing Ltd
LIC Housing Finance Ltd
Samsung Securities Co Ltd
SinoPac Financial Holdings Co Ltd
Yuanta Financial Holding Co Ltd
645,386
364,555
806,431
1,124,261
727,432
1,181,920
221,781
163,616
0.59%
0.34%
0.74%
1.03%
0.67%
1.09%
0.20%
0.15%
184,400
526,000
1,622,000
222,000
77,600
143,500
HKD
HKD
TWD
HKD
HKD
HKD
Life Insurance
AIA Group Ltd
China Life Insurance Co Ltd - H
China Life Insurance Co Ltd/Taiwan
China Pacific Insurance Group Co Ltd - H
New China Life Insurance Co Ltd - H
Ping An Insurance Group Co - H
545,872
1,302,299
1,110,001
622,418
223,641
911,383
0.50%
1.20%
1.02%
0.57%
0.21%
0.84%
983,600
435,000
850,000
184,000
2,486,000
27,000,000
9,878,300
4,829,200
PHP
SGD
SGD
HKD
HKD
IDR
THB
PHP
Real Estate Investment and Services
Ayala Land Inc
CapitaLand Ltd
CapitaMalls Asia Ltd
China Resources Land Ltd
Country Garden Holdings Co Ltd
Pakuwon Jati Tbk PT
Quality Houses PCL
Vista Land & Lifescapes Inc
480,564
999,410
1,023,937
379,931
987,715
478,118
529,065
433,530
0.44%
0.92%
0.94%
0.35%
0.91%
0.44%
0.49%
0.40%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 465

Pioneer Funds - Asia (Ex. Japan) Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
741,000 SGD
Description of Securities
Real Estate Investment Trusts
CapitaCommercial Trust
Market Value
775,302
Net Assets %
0.71%
239,000
TWD
Health Care
Health Care Equipment and Services
CHC Healthcare Group
745,997
0.69%
21,934
54,511
1,464,000
222,000
47,199
INR
INR
HKD
TWD
INR
Pharmaceuticals and Biotechnology
Dr Reddy’s Laboratories Ltd
Lupin Ltd
Sino Biopharmaceutical
TTY Biopharm Co Ltd
Wockhardt Ltd
555,598
463,231
530,087
649,445
1,027,647
0.51%
0.43%
0.49%
0.60%
0.95%
35,000
514,400
467,600
3,615,000
500,000
748,000
2,700,000
1,788,000
345,100
54,360
22,446
13,033
3,672
293,000
564,900
3,702,000
HKD
THB
THB
HKD
HKD
HKD
HKD
HKD
MYR
KRW
KRW
KRW
KRW
IDR
THB
IDR
Industrials
Construction and Materials
Anhui Conch Cement Co Ltd
CH Karnchang PCL
CH Karnchang PCL
China Machinery Engineering Corp
China National Building Material Co Ltd - H
China Railway Construction Corp Ltd - A
China Railway Group Ltd
China State Construction International Holdings Ltd
Gamuda Bhd
Hyundai Development Co
Hyundai Engineering & Construction Co Ltd
Samsung C&T Corp
Samsung Engineering Co Ltd
Semen Gresik Persero Tbk PT
Sino Thai Engineering & Construction PCL
Wijaya Karya Persero Tbk PT
96,588
170,915
155,365
2,249,934
554,865
644,884
1,196,923
1,627,252
311,576
833,821
1,113,199
578,035
430,563
365,498
381,691
431,208
0.09%
0.16%
0.14%
2.07%
0.51%
0.59%
1.10%
1.50%
0.29%
0.77%
1.02%
0.53%
0.40%
0.34%
0.35%
0.40%
46,940
26,000
INR
TWD
Electronic and Electrical Equipment
Bajaj Electricals Ltd
TPK Holding Co Ltd
136,203
348,387
0.13%
0.32%
136,000
HKD
General Industrials
Hutchison Whampoa Ltd
1,076,693
0.99%
704,000
21,350
2,869
712,000
11,249
184,897
2,820,000
HKD
KRW
KRW
HKD
KRW
INR
HKD
Industrial Engineering
CIMC Enric Holdings Ltd
Doosan Heavy Industries & Construction Co Ltd
Hyundai Heavy Industries Co Ltd
Shanghai Electric Group Co Ltd
Sung Kwang Bend Co Ltd
Tata Motors Ltd
Tiangong International Co Ltd
476,742
683,710
491,905
230,628
195,261
800,276
513,294
0.44%
0.63%
0.45%
0.21%
0.18%
0.74%
0.47%
542,000
464,000
122,611
71,500
TWD
IDR
INR
HKD
Industrial Transportation
Evergreen Marine Corp Taiwan Ltd
Jasa Marga Persero Tbk PT
Mundra Port and Special Economic Zone Ltd
Orient Overseas International Ltd
245,624
199,023
229,147
351,248
0.23%
0.18%
0.21%
0.32%
49,350
KRW
Support Services
Daewoo International Corp
1,386,328
1.28%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
466 Pioneer Funds - Annual Report

Pioneer Funds - Asia (Ex. Japan) Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
471,294
HKD
Oil and Gas
Alternative Energy
China Longyuan Power Group Corp
247,207
0.23%
915,000
642,000
1,062,000
327,249
67,008
700,000
HKD
HKD
HKD
THB
INR
HKD
Oil and Gas Producers
CNOOC Ltd
Kunlun Energy Co Ltd
PetroChina Co Ltd - H
PTT Exploration & Production PCL
Reliance Industries Ltd
SPT Energy Group Inc
1,502,510
1,016,525
1,141,120
1,330,747
778,798
267,157
1.38%
0.94%
1.05%
1.22%
0.72%
0.25%
904,497
MYR
Oil Equipment, Services and Distribution
Sapurakencana Petroleum Bhd
706,700
0.65%
26,164
53,800
INR
HKD
Technology
Software and Computer Services
Tata Consultancy Services Ltd
Tencent Holdings Ltd
454,876
1,310,950
0.42%
1.21%
630,000
58,000
7,163
1,300,000
1,254,500
TWD
TWD
KRW
TWD
IDR
Technology Hardware and Equipment
Chipbond Technology Corp
Hermes Microvision Inc
Samsung Electronics Co Ltd
Taiwan Semiconductor Manufacturing Co Ltd
Tower Bersama Infrastructure Tbk PT
939,611
805,955
7,724,053
3,293,717
562,774
0.86%
0.74%
7.10%
3.02%
0.52%
208,700
1,216,295
314,500
MYR
INR
HKD
Telecommunications
Mobile Telecommunications
Axiata Group Bhd
Bharti Infratel Ltd
China Mobile Ltd
341,134
3,247,206
2,777,616
0.31%
2.99%
2.56%
558,000
14,870
HKD
KRW
Utilities
Electricity
China Resources Power Holdings Co Ltd
Korea Electric Power Corp
1,080,102
320,800
0.99%
0.30%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
110,509,290
110,509,290
101.68%
101.68%
18,182
NZD
Investment funds
Fonterra Shareholders’ Fund - D
81,009
0.07%
Total Investment funds
81,009
0.07%
Total Securities
110,590,299
101.75%
Net Asset Value
108,690,464
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 467

Pioneer Funds - Latin American Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
253,125
MXN
Basic Materials
Chemicals
Mexichem SAB de CV
1,070,412
1.48%
146,008
103,959
CLP
USD
Forestry and Paper
Empresas CMPC SA
Fibria Celulose SA - Adr
408,915
896,552
0.57%
1.24%
533,497
48,552
48,494
161,625
213,026
23,420
MXN
USD
USD
USD
USD
BRL
Industrial Metals and Mining
Grupo Mexico SAB de CV - B
Southern Copper Corp
Ternium SA - Adr
Vale SA - Adr
Vale SA - Adr Pfd
Vale SA - Pfd - A
1,456,458
1,393,145
866,227
2,570,750
3,280,057
354,582
2.02%
1.93%
1.20%
3.56%
4.56%
0.49%
52,237
USD
Mining
Cia de Minas Buenaventura SA - Adr
1,423,997
1.97%
68,067
BRL
Consumer Goods
Automobiles and Parts
Iochpe-Maxion SA
689,634
0.96%
85,753
22,871
54,028
19,886
CLP
USD
BRL
USD
Beverages
Cia Cervecerias Unidas SA
Cia de Bebidas das Americas - Adr
Cia de Bebidas das Americas - Pfd
Fomento Economico Mexicano SAB de CV - Adr
1,023,982
728,423
1,712,836
1,519,204
1.42%
1.01%
2.38%
2.11%
111,126
64,300
50,235
77,605
BRL
USD
COP
BRL
Food Producers
BRF - Brasil Foods SA
Cosan Ltd
Grupo Nutresa SA
SLC Agricola SA
1,736,800
844,230
548,148
570,657
2.41%
1.17%
0.76%
0.79%
149,475
BRL
Personal Goods
Alpargatas SA
836,123
1.16%
23,527
BRL
Consumer Services
Food and Drug Retailers
Cia Brasileira de Distribuicao Grupo Pao de Acucar - Pfd
788,751
1.09%
10,851
42,562
24,877
436,815
1,082,013
BRL
BRL
BRL
CLP
MXN
General Retailers
Anhanguera Educacional Participacoes SA
Localiza Rent a Car SA
Lojas Renner SA
Ripley Corp SA
Wal-Mart de Mexico SAB de CV
138,961
591,259
734,943
315,925
2,669,523
0.19%
0.82%
1.02%
0.44%
3.70%
80,301
BRL
Travel, Leisure and Catering
International Meal Co Holdings SA
752,603
1.04%
141,032
69,882
18,025
241,914
8,940,700
USD
BRL
CLP
USD
CLP
Financials
Banks
Banco Bradesco SA - Adr
Banco Bradesco SA - Pfd
Banco de Credito e Inversiones
Banco Santander Brasil SA/Brazil - Adr 1 UNIT
Banco Santander Chile
1,858,105
910,463
940,755
1,335,812
477,593
2.58%
1.26%
1.30%
1.85%
0.66%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
468 Pioneer Funds - Annual Report

Pioneer Funds - Latin American Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
73,408 COP
15,423 USD
421,772 MXN
70,484 USD
242,840 USD
141,607 BRL
Description of Securities
Bancolombia SA
Credicorp Ltd
Grupo Financiero Banorte SAB de CV
Grupo Financiero Santander Mexico SAB de CV
Itau Unibanco Holding SA - Adr
Itau Unibanco Holding SA - Pfd
Market Value
945,324
1,713,095
2,051,860
865,546
3,033,658
1,751,563
Net Assets %
1.31%
2.38%
2.85%
1.20%
4.22%
2.43%
197,165
80,578
42,518
36,705
304,742
BRL
USD
BRL
COP
BRL
Financial Services
Bradespar SA - Pfd
Gerdau SA - Adr
Grupo BTG Pactual
Grupo de Inversiones Suramericana SA
Itausa - Investimentos Itau SA - Pfd
2,397,869
549,451
488,269
598,722
1,093,908
3.33%
0.76%
0.68%
0.83%
1.52%
116,039
502,158
BRL
BRL
Real Estate Investment and Services
MRV Engenharia e Participacoes SA
PDG Realty SA Empreendimentos e Participacoes
514,974
615,734
0.71%
0.85%
16,152
BRL
Health Care
Health Care Equipment and Services
Fleury SA
137,918
0.19%
33,930
USD
Industrials
Aerospace and Defense
Embraer SA - Adr
733,469
1.02%
356,588
MXN
Construction and Materials
Corp GEO SAB de CV
314,917
0.44%
107,485
65,619
BRL
BRL
Industrial Engineering
Autometal SA
Randon Participacoes SA - Pfd
836,961
308,472
1.16%
0.43%
26,797
BRL
Industrial Transportation
Santos Brasil Participacoes SA
289,864
0.40%
11,007
133,311
149,205
34,378
46,277
127,000
145,806
191,131
USD
BRL
BRL
CAD
BRL
USD
BRL
USD
Oil and Gas
Oil and Gas Producers
Ecopetrol SA - Adr
HRT Participacoes em Petroleo SA
OGX Petroleo e Gas Participacoes SA
Pacific Rubiales Energy Corp
Petroleo Brasileiro SA
Petroleo Brasileiro SA - Adr
Petroleo Brasileiro SA - Pfd
Petroleo Brasileiro SA - SP Adr
498,003
233,589
242,093
605,484
335,148
1,874,560
1,054,338
2,800,858
0.69%
0.32%
0.34%
0.84%
0.46%
2.60%
1.46%
3.89%
579,864
EUR
Telecommunications
Fixed Line Telecommunications
Telecom Italia SpA - RSP
346,469
0.48%
162,803
21,711
USD
SEK
Mobile Telecommunications
America Movil SAB de CV - Adr - L
Millicom International Cellular SA - SDR
2,858,684
1,423,900
3.97%
1.97%
63,462
81,368
53,333
415,319
2,135,772
USD
BRL
USD
CLP
CLP
Utilities
Electricity
Cia Energetica de Minas Gerais - Adr
Cia Energetica de Sao Paulo - Pfd B
Cia Paranaense de Energia - Adr
Empresa Nacional de Electricidad SA/Chile
Enersis SA
522,753
584,462
620,951
511,943
594,870
0.72%
0.81%
0.86%
0.71%
0.82%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 469

Pioneer Funds - Latin American Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
41,975 BRL
Description of Securities
Tractebel Energia SA
Market Value
518,575
Net Assets %
0.72%
1,905,800
CLP
Gas, Water and Multiutilities
Aguas Andinas SA - A
1,025,675
1.42%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
71,339,754
71,339,754
98.93%
98.93%
4,348
USD
Investment funds
iShares MSCI Mexico Investable Market Index Fund - D
232,406
0.32%
Total Investment funds
232,406
0.32%
Total Securities
71,572,160
99.25%
Net Asset Value
72,115,863
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
04-Mar-13 MXN
59,681,798
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
EUR
Amount Sold
3,510,928
Unrealised Gain/(Loss)
(50,006)
(50,006)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
470 Pioneer Funds - Annual Report

Pioneer Funds - China Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
904,000
HKD
Basic Materials
Chemicals
Dongyue Group
453,827
0.12%
1,298,000
3,133,000
HKD
HKD
Forestry and Paper
Lee & Man Paper Manufacturing Ltd
Nine Dragons Paper Holdings Ltd
619,868
2,146,163
0.17%
0.58%
1,997,000
HKD
Industrial Metals and Mining
Jiangxi Copper Co Ltd - H
3,986,691
1.07%
1,736,000
1,475,500
28,590
6,654,000
HKD
HKD
HKD
HKD
Mining
China Coal Energy Co Ltd - H
China Shenhua Energy Co Ltd - H
Inner Mongolia Yitai Coal Co Ltd
Zijin Mining Group Co Ltd - H
1,430,429
4,902,113
125,902
1,986,035
0.39%
1.32%
0.03%
0.53%
2,524,000
3,462,000
3,580,000
1,024,750
HKD
HKD
HKD
HKD
Consumer Goods
Automobiles and Parts
AviChina Industry & Technology Co Ltd - H
Brilliance China Automotive Holdings Ltd
Geely Automobile Holdings Ltd
Great Wall Motor Co Ltd
844,734
3,232,063
1,285,741
2,451,891
0.23%
0.87%
0.35%
0.66%
1,806,000
HKD
Beverages
Uni-President China Holdings Ltd
1,450,993
0.39%
1,188,000
2,495,000
3,527,000
HKD
HKD
HKD
Food Producers
Tingyi Cayman Islands Holding Corp
Want Want China Holdings Ltd
Yashili International Holdings Ltd
2,505,348
2,607,631
704,109
0.67%
0.70%
0.19%
1,863,000
HKD
Household Goods and Home Construction
Haier Electronics Group Co Ltd
2,067,427
0.56%
1,488,000
HKD
Leisure Goods
TCL Multimedia Technology Holdings Ltd
629,058
0.17%
2,122,000
981,000
HKD
HKD
Personal Goods
Belle International Holdings Ltd
Stella International Holdings Ltd
3,492,816
2,016,010
0.94%
0.54%
402,300
USD
Consumer Services
Food and Drug Retailers
Dairy Farm International Holdings Ltd
3,326,054
0.90%
4,385,000
3,438,500
1,674,000
6,376,000
998,000
HKD
HKD
HKD
HKD
HKD
General Retailers
China Dongxiang Group Co
China ZhengTong Auto Services Holdings Ltd
Giordano International Ltd
Hengdeli Holdings Ltd
SA SA International Holdings Ltd
441,989
1,813,686
1,220,439
1,734,592
621,144
0.12%
0.49%
0.33%
0.47%
0.17%
231,700
USD
Media
Phoenix New Media Ltd - ADS
625,646
0.17%
305,000
1,954,471
HKD
HKD
Travel, Leisure and Catering
Galaxy Entertainment Group Ltd
NagaCorp Ltd
905,864
898,942
0.24%
0.24%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 471

Pioneer Funds - China Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
66,385,200
3,247,000
52,061,900
1,920,000
5,341,000
1,567,000
37,891,800
HKD
HKD
HKD
HKD
HKD
HKD
HKD
Financials
Banks
Bank of China Ltd - H
Bank of Communications Co Ltd
China Construction Bank Corp - H
China Merchants Bank Co Ltd - H
China Minsheng Banking Corp Ltd - H
Chongqing Rural Commercial Bank - H
Industrial & Commercial Bank of China - H
22,477,692
1,855,665
31,689,452
3,212,933
4,683,116
650,188
20,394,463
6.05%
0.50%
8.54%
0.86%
1.26%
0.18%
5.49%
899,000
HKD
Financial Services
CITIC Securities Co Ltd - H
1,724,329
0.46%
301,400
2,616,000
3,579,000
803,200
1,258,500
HKD
HKD
HKD
HKD
HKD
Life Insurance
AIA Group Ltd
China Life Insurance Co Ltd - H
China Pacific Insurance Group Co Ltd - H
New China Life Insurance Co Ltd - H
Ping An Insurance Group Co - H
892,222
6,476,832
10,034,383
2,314,799
7,992,861
0.24%
1.74%
2.70%
0.62%
2.15%
2,870,559
4,856,000
2,552,000
1,590,500
5,336,000
4,996,000
HKD
HKD
HKD
HKD
HKD
HKD
Real Estate Investment and Services
China Vanke Co Ltd - B
Country Garden Holdings Co Ltd
Franshion Properties China Ltd
Greentown China Holdings Ltd
Poly Hong Kong Investments Ltd
Sunac China Holdings Ltd
3,511,404
1,929,341
696,770
2,210,174
3,164,410
2,933,446
0.95%
0.52%
0.19%
0.59%
0.85%
0.79%
2,200,000
HKD
Health Care
Health Care Equipment and Services
Shandong Weigao Group Medical Polymer Co Ltd - H
1,659,898
0.45%
992,500
450,300
5,356,000
HKD
HKD
HKD
Pharmaceuticals and Biotechnology
Shanghai Fosun Pharmaceutical Group Co Ltd
Shanghai Pharmaceuticals Holding Co Ltd - H
Sino Biopharmaceutical
1,138,315
652,181
1,939,307
0.31%
0.18%
0.52%
1,222,000
2,958,000
1,457,000
4,100,000
2,816,000
2,368,000
HKD
HKD
HKD
HKD
HKD
HKD
Industrials
Construction and Materials
Anhui Conch Cement Co Ltd
China Communications Construction Co Ltd
China Machinery Engineering Corp
China National Building Material Co Ltd - H
China Railway Construction Corp Ltd - A
China State Construction International Holdings Ltd
3,372,288
2,165,230
906,820
4,549,894
2,427,800
2,155,108
0.91%
0.58%
0.24%
1.22%
0.65%
0.58%
479,500
1,849,000
84,000
HKD
HKD
TWD
Electronic and Electrical Equipment
AAC Technologies Holdings Inc
China Overseas Grand Oceans Group Ltd
TPK Holding Co Ltd
1,271,634
1,686,387
1,125,558
0.34%
0.45%
0.30%
444,000
1,982,000
1,066,000
542,000
HKD
HKD
HKD
HKD
General Industrials
Beijing Enterprises Holdings Ltd
CPMC Holdings Ltd
Greatview Aseptic Packaging Co Ltd
Shanghai Industrial Holdings Ltd
2,194,213
1,043,495
437,095
1,445,340
0.59%
0.28%
0.12%
0.39%
2,238,000
1,224,000
HKD
HKD
Industrial Engineering
CIMC Enric Holdings Ltd
CSR Corp Ltd - H
1,515,551
809,716
0.41%
0.22%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
472 Pioneer Funds - Annual Report

Pioneer Funds - China Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
1,666,000 HKD
5,488,000 HKD
Description of Securities
First Tractor Co Ltd - H
Tiangong International Co Ltd
Market Value
1,237,431
998,922
Net Assets %
0.33%
0.27%
2,152,000
910,000
3,677,000
4,174,000
HKD
HKD
HKD
HKD
Industrial Transportation
Beijing Capital International Airport Co Ltd - H
China Shipping Development Co Ltd - H
SITC International Holdings Co Ltd
Yuexiu Transport Infrastructure Ltd
1,168,798
395,393
935,559
1,531,751
0.31%
0.11%
0.25%
0.41%
1,385,000
697,000
HKD
HKD
Oil and Gas
Alternative Energy
China Longyuan Power Group Corp
China Singyes Solar Technologies Holdings Ltd
726,472
450,175
0.20%
0.12%
11,830,000
11,072,000
4,016,000
4,572,000
12,998,000
1,822,000
HKD
HKD
HKD
HKD
HKD
HKD
Oil and Gas Producers
China Petroleum & Chemical Corp - H
CNOOC Ltd
Kunlun Energy Co Ltd
MIE Holdings Corp
PetroChina Co Ltd - H
SPT Energy Group Inc
10,164,444
18,181,193
6,358,821
1,087,219
13,966,360
695,372
2.74%
4.89%
1.71%
0.29%
3.76%
0.19%
850,000
2,870,000
HKD
HKD
Oil Equipment, Services and Distribution
China Oilfield Services Ltd
Hilong Holding Ltd
1,329,230
763,933
0.36%
0.21%
7,800
689,400
USD
HKD
Technology
Software and Computer Services
Baidu Inc - Adr
Tencent Holdings Ltd
591,804
16,798,673
0.16%
4.52%
7,162,000
197,000
381,400
HKD
TWD
HKD
Technology Hardware and Equipment
Lenovo Group Ltd
MediaTek Inc
ZTE Corp
4,920,121
1,664,608
487,448
1.32%
0.45%
0.13%
13,478,000
HKD
Telecommunications
Fixed Line Telecommunications
China Telecom Corp Ltd
5,684,694
1.53%
3,286,000
1,854,000
HKD
HKD
Mobile Telecommunications
China Mobile Ltd
China Unicom Hong Kong Ltd
29,021,451
2,253,386
7.81%
0.61%
1,567,000
2,356,000
HKD
HKD
Utilities
Electricity
China Power International Development Ltd
China Resources Power Holdings Co Ltd
377,232
4,560,431
0.10%
1.23%
632,000
754,000
HKD
HKD
Gas, Water and Multiutilities
China Resources Gas Group Ltd
ENN Energy Holdings Ltd
989,558
2,490,287
0.27%
0.67%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
341,698,281
341,698,281
91.98%
91.98%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 473

Pioneer Funds - China Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding
Currency
Description of Securities
Market Value
Net Assets %
Other Transferable Securities
Equities
11,748,000
HKD
Consumer Goods
Automobiles and Parts
Norstar Founders Group Ltd
609,203
0.16%
Total Equities
Total Other Transferable Securities
609,203
609,203
0.16%
0.16%
Total Securities
342,307,484
92.14%
Net Asset Value
371,493,845
100.00%
Outstanding Financial Futures Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date
Long/(Short)
Quantity Contract
31-Jan-13 401
H-Shares Index
Total Net Unrealised Gain/(Loss) on Financial Futures Contracts
Trade
Currency
HKD
Commitment
(in Trade Ccy)
229,592,550
Market Price
(in Trade Ccy)
11,451.00
Unrealised Gain/(Loss)
(in Fund Ccy)
258,996
258,996
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
474 Pioneer Funds - Annual Report

Pioneer Funds - Indian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Bonds
1,666,800
INR
Health Care
Pharmaceuticals and Biotechnology
Dr Reddy’s Laboratories Ltd 9.25% 24/Mar/2014
24,136
0.02%
Total Bonds
24,136
0.02%
Equities
766,005
331,602
302,828
1,256,330
INR
INR
INR
INR
Basic Materials
Industrial Metals and Mining
Hindalco Industries Ltd
Hindustan Zinc Ltd
Sesa Goa Ltd
Sterlite Industries India Ltd
1,383,864
624,779
819,376
2,029,673
1.07%
0.48%
0.63%
1.57%
55,195
64,703
2,240
70,214
INR
INR
INR
INR
Consumer Goods
Automobiles and Parts
Bajaj Auto Ltd
Bajaj Holdings and Investment Ltd
Bosch Ltd
Cummins India Ltd
1,628,415
876,917
295,111
504,867
1.26%
0.68%
0.23%
0.39%
29,398
INR
Beverages
United Spirits Ltd
773,011
0.60%
18,417
INR
Food Producers
GlaxoSmithKline Consumer Healthcare Ltd
969,940
0.75%
97,309
15,426
166,353
40,827
370,504
INR
INR
INR
INR
INR
Personal Goods
Aditya Birla Nuvo Ltd
Colgate-Palmolive India Ltd
Dabur India Ltd
Emami Ltd
Hindustan Unilever Ltd
1,476,033
334,658
296,849
338,778
2,692,028
1.14%
0.26%
0.23%
0.26%
2.08%
1,489,224
INR
Tobacco
ITC Ltd
5,912,765
4.57%
473,164
20,359
INR
INR
Consumer Services
Media
Dish TV India Ltd
Sun TV Network Ltd
497,825
120,375
0.38%
0.09%
124,270
21,142
152,755
1,073,690
334,568
211,533
85,375
136,388
INR
INR
INR
INR
INR
INR
INR
INR
Financials
Banks
Axis Bank Ltd
Bank of Baroda
Federal Bank Ltd
HDFC Bank Ltd
ICICI Bank Ltd
Oriental Bank of Commerce
State Bank of India
Yes Bank Ltd
2,333,746
253,595
1,138,127
10,086,587
5,271,977
1,025,377
2,819,432
876,178
1.80%
0.20%
0.88%
7.78%
4.07%
0.79%
2.18%
0.68%
584,905
374,924
INR
INR
Financial Services
Housing Development Finance Corp
Infrastructure Development Finance Co Ltd
6,711,393
889,103
5.18%
0.69%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 475

Pioneer Funds - Indian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
571,852 INR
Description of Securities
LIC Housing Finance Ltd
Market Value
2,306,482
Net Assets %
1.78%
304,301
175,930
62,680
INR
INR
INR
Real Estate Investment and Services
DLF Ltd
Housing Development & Infrastructure Ltd
Oberoi Realty Ltd
971,436
271,560
250,034
0.75%
0.21%
0.19%
205,784
INR
Health Care
Health Care Equipment and Services
Apollo Hospitals Enterprise Ltd
2,243,008
1.73%
46,948
213,994
207,383
30,733
135,735
156,629
23,480
INR
INR
INR
INR
INR
INR
INR
Pharmaceuticals and Biotechnology
Cadila Healthcare Ltd
Dr Reddy’s Laboratories Ltd
Glenmark Pharmaceuticals Ltd
Ipca Laboratories Ltd
Lupin Ltd
Sun Pharmaceutical Industries Ltd
Torrent Pharmaceuticals Ltd
586,207
5,420,568
1,517,437
220,642
1,153,468
1,596,426
235,482
0.45%
4.19%
1.17%
0.17%
0.89%
1.23%
0.18%
6,821
INR
Industrials
Aerospace and Defense
Bharat Electronics Ltd
123,493
0.10%
169,438
INR
Construction and Materials
Larsen & Toubro Ltd
3,769,803
2.91%
39,051
183,155
215,982
17,782
2,499,054
52,438
INR
INR
INR
INR
INR
INR
Industrial Engineering
Bharat Forge Ltd
Bharat Heavy Electricals Ltd
Mahindra & Mahindra Ltd
SKF India Ltd
Tata Motors Ltd - DVR
Thermax Ltd
136,234
578,737
2,785,619
157,523
6,009,341
447,829
0.11%
0.45%
2.15%
0.12%
4.64%
0.35%
113,880
33,506
586,318
789,314
INR
INR
INR
INR
Oil and Gas
Oil and Gas Producers
Bharat Petroleum Corp Ltd
Hindustan Petroleum Corp Ltd
Oil & Natural Gas Corp Ltd
Reliance Industries Ltd
561,792
134,933
2,175,301
9,173,769
0.43%
0.10%
1.68%
7.09%
447,757
INR
Oil Equipment, Services and Distribution
Ambuja Cements Ltd
1,245,299
0.96%
29,499
123,271
231,978
217,989
1,016,277
305,759
76,068
INR
INR
INR
INR
INR
INR
INR
Technology
Software and Computer Services
CMC Ltd
HCL Technologies Ltd
Infosys Ltd
NIIT Technologies Ltd
OnMobile Global Ltd
Tata Consultancy Services Ltd
Tech Mahindra Ltd
489,804
1,055,826
7,446,339
731,356
602,857
5,315,798
981,716
0.38%
0.82%
5.75%
0.56%
0.47%
4.11%
0.76%
348,899
207,000
INR
INR
Telecommunications
Mobile Telecommunications
Bharti Airtel Ltd
Bharti Infratel Ltd
1,531,607
552,639
1.18%
0.43%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
476 Pioneer Funds - Annual Report

Pioneer Funds - Indian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
Description of Securities
Market Value
Net Assets %
990,403
1,516,903
INR
INR
Utilities
Electricity
Power Grid Corp of India Ltd
Rural Electrification Corp Ltd
1,573,316
5,149,081
1.22%
3.98%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
122,483,541
122,507,677
94.61%
94.63%
Other Transferable Securities
Equities
68,145
INR
Basic Materials
Mining
Gujarat Mineral Development Corp Ltd
204,100
0.16%
Total Equities
Total Other Transferable Securities
204,100
204,100
0.16%
0.16%
Total Securities
122,711,777
94.79%
Net Asset Value
129,457,821
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 477

Pioneer Funds - Russian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Equities
17,050
USD
Basic Materials
Chemicals
Uralkali OJSC - Gdr
494,145
2.78%
68,733
17,568
58,717
31,107
USD
USD
USD
USD
Industrial Metals and Mining
MMC Norilsk Nickel OJSC - Adr
Novolipetsk Steel OJSC - Adr
Severstal OAO - Gdr
TMK OAO - Reg
960,823
269,836
542,010
361,232
5.40%
1.52%
3.05%
2.03%
25,542
63,751
GBP
GBP
Mining
Polymetal International PLC
Polyus Gold International Ltd
370,014
160,930
2.08%
0.90%
9,949
USD
Consumer Goods
Automobiles and Parts
Sollers OJSC
170,248
0.96%
3,346
15,326
14,671
USD
USD
USD
Consumer Services
Food and Drug Retailers
Magnit OJSC
Magnit OJSC - SP Gdr Regs
X5 Retail Group NV - Adr
403,651
466,150
198,633
2.27%
2.62%
1.12%
50,522
USD
General Retailers
M Video OJSC
303,421
1.71%
704,957
126,829
USD
USD
Financials
Banks
Sberbank of Russia
VTB Bank OJSC - Gdr Reg S
1,637,334
332,849
9.19%
1.87%
28,633
SEK
Financial Services
EOS Russia
76,784
0.43%
29,248
USD
Real Estate Investment and Services
Etalon Group Ltd - Gdr Reg S
120,905
0.68%
23,307
22,988
USD
USD
Industrials
Construction and Materials
LSR Group - Gdr
Mostotrest - CLS
73,648
104,618
0.41%
0.59%
38,747
USD
Industrial Engineering
Hydraulic Machines and Systems Group PLC - Gdr Reg S
124,023
0.70%
6,601
USD
Industrial Transportation
Globaltrans Investment PLC
82,663
0.46%
171,803
27,677
9,305
130,080
550,135
17,169
1,398,342
21,136
USD
USD
USD
USD
USD
USD
USD
USD
Oil and Gas
Oil and Gas Producers
Gazprom OAO - Adr Reg
Lukoil OAO - Adr
NovaTek OAO - Gdr Reg
Rosneft Oil Co - Gdr
Surgutneftegas OJSC
Surgutneftegas OJSC - Adr
Surgutneftegas OJSC - Pfd
Tatneft - Adr Reg
1,232,749
1,388,678
845,524
879,106
366,242
114,599
691,524
698,495
6.93%
7.80%
4.75%
4.94%
2.06%
0.64%
3.89%
3.93%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
478 Pioneer Funds - Annual Report

Pioneer Funds - Russian Equity
Schedule of Investments as at 31 December 2012 (expressed in EUR) (continued)
Holding Currency
497 USD
34,100 EUR
15,309 USD
Description of Securities
Oil Equipment, Services and Distribution
AK Transneft OAO - Pfd
CAT Oil AG
Eurasia Drilling Co Ltd - Gdr Reg S
Market Value
853,377
229,834
414,541
Net Assets %
4.80%
1.29%
2.33%
11,268
USD
Telecommunications
Fixed Line Telecommunications
Rostelecom OJSC - Adr
204,096
1.15%
12,000
11,389
60,323
17,751
USD
USD
USD
USD
Mobile Telecommunications
KCell JSC
MegaFon OAO
Mobile Telesystems OJSC - Adr
Sistema JSFC - Gdr Reg
106,948
205,596
841,887
271,974
0.60%
1.16%
4.73%
1.53%
4,600,386
68,121,581
23,963,661
USD
USD
USD
Utilities
Electricity
E.ON Russia JSC
Federal Grid Co Unified Energy System JSC
Federal Hydrogenerating Co JSC
255,003
340,505
439,503
1.43%
1.91%
2.47%
Total Equities
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
17,634,098
17,634,098
99.11%
99.11%
Total Securities
17,634,098
99.11%
Net Asset Value
17,792,765
100.00%
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
Pioneer Funds - Annual Report 479

Pioneer Funds - Commodity Alpha
Schedule of Investments as at 31 December 2012 (expressed in EUR)
Holding
Currency
Description of Securities
Transferable Securities and Money Market Instruments Admitted to an Official Exchange
Listing or Dealt in on Other Regulated Markets
Market Value
Net Assets %
Supranationals, Governments and Local Public Authorities, Debt Instruments
50,000,000
50,000,000
50,000,000
50,000,000
50,000,000
50,000,000
50,000,000
USD
USD
USD
USD
USD
USD
USD
Governments
United States Treasury Bill 0% 04/Apr/2013
United States Treasury Bill 0% 07/Mar/2013
United States Treasury Bill 0% 11/Apr/2013
United States Treasury Bill 0% 14/Mar/2013
United States Treasury Bill 0% 21/Mar/2013
United States Treasury Bill 0% 28/Feb/2013
United States Treasury Bill 0% 28/Mar/2013
37,919,186
37,922,736
37,918,761
37,922,512
37,922,292
37,923,408
37,921,848
13.92%
13.91%
13.92%
13.92%
13.92%
13.91%
13.92%
Total Supranationals, Governments and Local Public Authorities, Debt Instruments
Total Transferable Securities and Money Market Instruments Admitted to an Official
Exchange Listing or Dealt in on Other Regulated Markets
265,450,743
265,450,743
97.42%
97.42%
Total Securities
265,450,743
97.42%
Net Asset Value
272,492,441
100.00%
Outstanding Forward Foreign Exchange Contracts as at 31 December 2012 (expressed in EUR)
Maturity Date Currency
Amount Purchased
31-Jan-13 CHF
1,554,698
31-Jan-13 EUR
2,683,516
31-Jan-13 EUR
10,694,272
31-Jan-13 EUR
31,793,096
31-Jan-13 EUR
63,412,537
31-Jan-13 EUR
23,247
31-Jan-13 EUR
23,247
31-Jan-13 USD
30,753
Total Net Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts
Currency
USD
USD
USD
USD
USD
USD
USD
EUR
Amount Sold
1,708,099
3,561,495
14,193,171
42,195,003
84,159,534
30,855
30,655
23,247
Unrealised Gain/(Loss)
(6,948)
(17,537)
(69,890)
(207,776)
(414,416)
(154)
(2)
76
(716,647)
The accompanying notes form an integral part of these financial statements.
Any differences in the percentage of net assets are the results of roundings.
480 Pioneer Funds - Annual Report

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012
Capitalised terms in these Notes should be attributed the same meaning as given to them in the prospectus of the fund unless specifically stated otherwise.
1. Description of the Fund
Pioneer Funds (the “Fund”) is organised as a Fonds Commun de Placement (FCP) with several separate Sub-Funds (individually the “Sub-
Fund” and collectively the “Sub-Funds”). The Fund is an Undertaking for Collective Investment in Transferable Securities (UCITS) qualifying
under Part I of the Luxembourg law of 17 December 2010 ("UCITS IV") and is governed by the Management Regulations effective as of
03 December 2012.
The Fund is managed by Pioneer Assset Management S.A. (the "Management Company"). The Management Company was incorporated on
20 December 1996 for an unlimited period of time. Its Articles of Incorporation were last amended effective on 11 November 2011 with a
publication in the Memorial on 22 December 2011.
The assets of the different Sub-Funds are separately invested in accordance with their respective investment policies and objectives. All Sub-
Funds are denominated in Euros (the “Base Currency”) and all assets and liabilities of each Sub-Fund are valued in the Base Currency of such
Sub-Fund.
The unitholders are allowed to subscribe in Euros, US dollars, Swiss francs and British pounds or such other freely convertible currency upon
a decision of the Board of Directors of the Management Company. Net Asset Value per unit in a currency different to the euro represents the
daily conversion of the NAV per unit in euro.
As of 31 December 2012, 67 Sub-Funds were active:
Money Market Sub-Funds
Pioneer Funds - Euro Liquidity
Class A Distributing Annually; Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class H Non - Distributing;
Class I Distributing Annually; Class I Non - Distributing
Short-Term Sub-Funds
Pioneer Funds - Euro Short-Term
Class A Distributing; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing; Class C Distributing;
Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Euro Cash Plus
Class A Distributing Annually; Class A Non - Distributing; Class E Distributing Quarterly; Class E Non - Distributing;
Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Euro Corporate Short-Term
Class A Non - Distributing; Class A Hedge Non - Distributing; Class C Non - Distributing; Class E Non - Distributing;
Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - U.S. Dollar Short-Term
Class A Distributing; Class A Distributing Annually; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing;
Class C Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing;
Class I Non - Distributing
Bond Sub-Funds
Investment Grade
Pioneer Funds - Euro Bond
Class A Distributing; Class A Distributing Annually; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing;
Class C Distributing; Class C Non - Distributing; Class E Distributing Quarterly; Class E Non - Distributing; Class F Non - Distributing;
Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Euro Aggregate Bond
Class A Distributing Annually; Class A Non - Distributing; Class A Hedge Non - Distributing; Class C Non - Distributing; Class E Distributing
Annually; Class E Distributing Quarterly; Class E Non - Distributing; Class F Distributing Annually; Class F Non - Distributing;
Class H Distributing Annually; Class H Non - Distributing; Class I Non - Distributing; Class N Non - Distributing
Pioneer Funds - Euro Corporate Bond
Class A Distributing; Class A Distributing Annually; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing;
Class C Distributing; Class C Non - Distributing; Class E Distributing Quarterly; Class E Non - Distributing; Class F Non - Distributing;
Class H Distributing Annually; Class H Non - Distributing; Class I Distributing Annually; Class I Non - Distributing
Pioneer Funds - Annual Report 481

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
1. Description of the Fund (continued)
Pioneer Funds - Euro Corporate Trend Bond
Class A Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing;
Class X Non - Distributing
Pioneer Funds - U.S. Dollar Aggregate Bond
Class A Distributing Annually; Class A Distributing Ex-Dividend; Class A Non - Distributing; Class B Distributing; Class B Distributing
Ex-Dividend; Class B Non - Distributing; Class C Distributing Annually; Class C Distributing; Class C Non - Distributing;
Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Global Aggregate Bond
Class A Distributing; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing; Class C Distributing; Class C Non -
Distributing; Class E Distributing Quarterly; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing;
Class I Non - Distributing; Class N Non - Distributing
With Maturity Date
Pioneer Funds - Euro Credit Recovery 2012
Class A Distributing Annually; Class A Non - Distributing; Class B Distributing Annually; Class E Distributing Annually; Class F Distributing
Annually
Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing)
Class E Distributing Annually
Pioneer Funds - Obbligazionario Euro 10/2014 con cedola (Euro Bond 10/2014 distributing)
Class E Distributing Annually
Pioneer Funds - Obbligazionario Euro 11/2014 con cedola (Euro Bond 11/2014 distributing)
Class E Distributing Annually
Pioneer Funds - Obbligazionario Euro 12/2014 con cedola (Euro Bond 12/2014 distributing)
Class E Distributing Annually
Pioneer Funds - U.S. Credit Recovery 2014
Class A Distributing Annually; Class A Hedge Distributing Annually; Class E Hedge Distributing Annually; Class F Hedge Distributing
Annually
Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015
Class A Distributing Annually; Class E Distributing Annually; Class F Distributing Annually
Pioneer Funds - Emerging Markets Corporate Bond 2016
Class A Distributing Annually; Class E Distributing Annually; Class F Distributing Annually
Pioneer Funds - Europe Recovery Income 2017
(Launched 29 May 2012)
Class A Distributing Semi-Annually; Class E Distributing Semi-Annually
Flexible
Pioneer Funds - Euro Strategic Bond
Class A Distributing Annually; Class A Non - Distributing; Class A Hedge Non - Distributing; Class C Non - Distributing; Class E Distributing
Annually; Class E Distributing Quarterly; Class E Non - Distributing; Class F Distributing Annually; Class F Distributing Quarterly; Class F
Non - Distributing; Class H Distributing Annually; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Strategic Income
Class A Distributing; Class A Distributing Ex-Dividend; Class A Non - Distributing; Class A Hedge Distributing Annually; Class A Hedge
Distributing Ex-Dividend; Class A Hedge Non - Distributing; Class B Distributing; Class B Distributing Ex-Dividend; Class B Non -
Distributing; Class C Distributing; Class C Non - Distributing; Class E Distributing Annually; Class E Distributing Quarterly; Class E Non -
Distributing; Class E Hedge Distributing Annually; Class E Hedge Non - Distributing; Class F Distributing Annually; Class F Distributing
Quarterly; Class F Non - Distributing; Class F Hedge Distributing Annually; Class F Hedge Non - Distributing; Class H Non - Distributing;
Class I Non - Distributing; Class I Hedge Non - Distributing; Class N Non - Distributing; Class N Hedge Non - Distributing
482 Pioneer Funds - Annual Report

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
1. Description of the Fund (continued)
High Yield
Pioneer Funds - U.S. High Yield
Class A Distributing; Class A Distributing Ex-Dividend; Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Distributing;
Class B Distributing Ex-Dividend; Class B Non - Distributing; Class C Distributing; Class C Non - Distributing; Class E Non - Distributing;
Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class H Hedge Non - Distributing;
Class I Non - Distributing
Pioneer Funds - Global High Yield
Class A Distributing; Class A Distributing Annually; Class A Distributing Ex-Dividend; Class A Non - Distributing; Class B Distributing;
Class B Distributing Ex-Dividend; Class B Non - Distributing; Class C Distributing; Class C Non - Distributing; Class E Distributing
Quarterly; Class E Non - Distributing; Class F Distributing Quarterly; Class F Non - Distributing; Class H Distributing Annually;
Class H Non - Distributing; Class H Hedge Non - Distributing; Class I Non - Distributing; Class N Non - Distributing
Pioneer Funds - Euro High Yield
Class A Distributing Annually; Class A Non - Distributing; Class A Hedge Non-Distributing; Class C Non - Distributing; Class E Distributing
Quarterly; Class E Non - Distributing; Class F Distributing Quarterly; Class F Non - Distributing; Class H Non - Distributing;
Class I Non - Distributing; Class N Non - Distributing
Pioneer Funds - Emerging Markets Corporate High Yield Bond
(Launched 11 July 2012)
Class A Distributing Annually; Class A Non - Distributing; Class C Non - Distributing; Class E Distributing Quarterly; Class E Non -
Distributing; Class F Distributing Quarterly; Class H Distributing Annually; Class H Non - Distributing; Class I Distributing Annually;
Class I Non - Distributing
Emerging Markets
Pioneer Funds - Emerging Markets Bond Local Currencies
Class A Distributing Annually; Class A Non - Distributing; Class B Distributing Annually; Class C Distributing Annually;
Class C Non - Distributing; Class E Distributing Quarterly; Class E Distributing Annually; Class E Non - Distributing; Class F Distributing
Quarterly; Class F Distributing Annually; Class F Non - Distributing; Class H Distributing Annually; Class H Non - Distributing; Class I
Distributing Annually; Class I Non - Distributing
Pioneer Funds - Emerging Markets Bond
Class A Distributing; Class A Distributing Annually; Class A Distributing Ex-Dividend; Class A Non - Distributing; Class A Hedge
Distributing Annually; Class B Distributing; Class B Distributing Ex-Dividend; Class B Non - Distributing; Class C Distributing;
Class C Non - Distributing; Class E Distributing Quarterly; Class E Non - Distributing; Class E Hedge Non - Distributing; Class F Distributing
Quarterly; Class F Non - Distributing; Class H Distributing Annually; Class H Non - Distributing; Class H Hedge Non - Distributing;
Class I Non - Distributing; Class N Non - Distributing
Pioneer Funds - Emerging Markets Corporate Bond
(Launched 11 December 2012)
Class A Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Absolute Return Sub-Funds
Pioneer Funds - Absolute Return Bond
Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Absolute Return Currencies
Class A Distributing; Class A Non - Distributing; Class B Distributing; Class C Distributing; Class C Non - Distributing; Class E Non -
Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Absolute Return Commodity
(Launched 11 January 2012)
Class A Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Absolute Return European Equity
Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class E Hedge Non - Distributing; Class H Non -
Distributing; Class I Non - Distributing; Class I Hedge Non - Distributing
Pioneer Funds - Absolute Return Asian Equity
Class A Non - Distributing; Class E Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; Class I Hedge Non -
Distributing
Pioneer Funds - Annual Report 483

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
1. Description of the Fund (continued)
Pioneer Funds - Absolute Return Multi-Strategy
Class A Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Absolute Return Multi-Strategy Growth
Class A Distributing Annually; Class A Non - Distributing; Class E Non - Distributing; Class H Distributing Annually;
Class H Non - Distributing; Class I Distributing Annually; Class I Non - Distributing
Multi-Asset Sub-Funds
Pioneer Funds - Global Multi-Asset
Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing
Pioneer Funds - Multi Asset Real Return
Class A Non - Distributing; Class A Hedge Non - Distributing; Class C Non - Distributing; Class C Hedge Non - Distributing; Class E Non -
Distributing; Class E Hedge Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; Class I Hedge Non - Distributing
Equity Sub-Funds
European
Pioneer Funds - Euroland Equity
Class A Distributing; Class A Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non - Distributing;
Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; Class N Non - Distributing
Pioneer Funds - Core European Equity
Class A Distributing; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing; Class C Non - Distributing;
Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Top European Players
Class A Distributing; Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Distributing; Class B Non - Distributing;
Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing;
Class N Non - Distributing
Pioneer Funds - European Equity Value
Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing;
Class I Non - Distributing
Pioneer Funds - European Research
Class A Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing;
Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - European Potential
Class A Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing;
Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - European Equity Target Income
Class A Distributing Semi-Annually; Class E Distributing Semi-Annually; Class E Non - Distributing; Class H Non - Distributing;
Class I Distributing Semi-Annually
Pioneer Funds - German Equity
(Launched 16 May 2012)
Class A - Distributing Annually; Class A Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Italian Equity
Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing
U.S.
Pioneer Funds - U.S. Pioneer Fund
Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class C Hedge Non -
Distributing; Class E Non - Distributing; Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing;
Class H Hedge Non - Distributing; Class I Non - Distributing; Class I Hedge Non - Distributing
484 Pioneer Funds - Annual Report

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
1. Description of the Fund (continued)
Pioneer Funds - U.S. Research
Class A Non - Distributing; Class A Hedge Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class E Hedge Non -
Distributing; Class F Non - Distributing; Class H Non - Distributing; Class H Hedge Non - Distributing; Class I Distributing Annually;
Class I Non - Distributing; Class I Hedge Non - Distributing
Pioneer Funds - U.S. Fundamental Growth
Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Non - Distributing; Class C Non - Distributing;
Class E Non - Distributing; Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing;
Class I Non - Distributing; Class N Non - Distributing
Pioneer Funds - U.S. Research Value
Class A Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing;
Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - North American Basic Value
Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non -
Distributing; Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - U.S. Mid Cap Value
Class A Distributing Annually; Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Non - Distributing; Class C Non -
Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Global & Thematic
Pioneer Funds - Global Equity Target Income
Class A Distributing Quarterly; Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing;
Class H Distributing Quarterly; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Global Select
Class A Distributing; Class A Distributing Annually; Class A Non - Distributing; Class B Distributing; Class C Distributing; Class C Non -
Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Global Ecology
Class A Distributing; Class A Distributing Annually; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing;
Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Gold and Mining
Class A Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class I Non - Distributing
Emerging Markets & Far East
Pioneer Funds - Japanese Equity
Class A Non - Distributing; Class B Non - Distributing; Class C Distributing; Class C Non - Distributing; Class E Non - Distributing;
Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Emerging Markets Equity
Class A Distributing; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing; Class C Distributing; Class C Non -
Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; Class X Non -
Distributing
Pioneer Funds - Emerging Markets Equity Unconstrained
(Launched 18 July 2012)
Class A Distributing Annually; Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class H Distributing
Annually; Class H Non - Distributing; Class I Distributing Annually; Class I Non - Distributing
Pioneer Funds - Emerging Europe and Mediterranean Equity
Class A Distributing; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing; Class C Distributing; Class C Non -
Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Asia (Ex. Japan) Equity
Class A Distributing; Class A Non - Distributing; Class B Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non -
Distributing; Class F Non - Distributing; Class H Distributing Annually; Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Annual Report 485

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
1. Description of the Fund (continued)
Pioneer Funds - Latin American Equity
Class A Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing;
Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - China Equity
Class A Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing;
Class H Non - Distributing; Class I Non - Distributing
Pioneer Funds - Indian Equity
Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing;
Class I Non - Distributing
Pioneer Funds - Russian Equity
Class A Non - Distributing; Class C Non - Distributing; Class E Non - Distributing; Class F Non - Distributing; Class H Non - Distributing;
Class I Non - Distributing
Commodities Sub-Fund
Pioneer Funds - Commodity Alpha
Class A Non - Distributing; Class A Hedge Non - Distributing; Class B Non - Distributing; Class C Non - Distributing; Class E Non -
Distributing; Class E Hedge Non - Distributing; Class F Non - Distributing; Class H Non - Distributing; Class I Non - Distributing; Class I
Hedge Distributing Annually; Class I Hedge Non Distributing
2. Significant Accounting Policies
Presentation of financial statements
These financial statements are prepared in accordance with Luxembourg legal and regulatory requirements relating to undertakings for
collective investment in transferable securities.
The financial statements reflect the Net Asset Values as calculated on 31 December 2012 based on market prices of the investments as at
31 December 2012. Where Stock Exchanges were closed on Monday 31 December 2012, the last available prices were used.
Valuation of investments and other investments
The following accounting policies apply:
Valuation of investments
Investments which are quoted or dealt in on a stock exchange or on a Regulated Market or any Other Regulated Market are valued at the last
available price at 6.00 p.m. Luxembourg Time of the relevant Valuation Day except for the Sub-Funds listed below:
1. Pioneer Funds - Euro Strategic Bond,
2. Pioneer Funds - Euro High Yield,
3. Pioneer Funds - Strategic Income,
4. Pioneer Funds - U.S. High Yield,
5. Pioneer Funds - Global High Yield,
6. Pioneer Funds - Emerging Markets Bond Local Currencies,
7. Pioneer Funds - Emerging Markets Bond,
8. Pioneer Funds - Global Multi-Asset,
9. Pioneer Funds - U.S. Pioneer Fund,
10. Pioneer Funds - U.S. Research,
11. Pioneer Funds - U.S. Fundamental Growth,
12. Pioneer Funds - U.S. Research Value,
13. Pioneer Funds - North American Basic Value,
14. Pioneer Funds - U.S. Mid Cap Value,
15. Pioneer Funds - U.S. Small Companies (liquidated on 17 December 2012),
16. Pioneer Funds - Global Equity Target Income,
17. Pioneer Funds - Global Select,
18. Pioneer Funds - Global Ecology,
19. Pioneer Funds - Gold and Mining,
20. Pioneer Funds - Emerging Markets Equity,
21. Pioneer Funds - Latin American Equity,
22. Pioneer Funds - Emerging Markets Corporate High Yield Bond,
23. Pioneer Funds - Emerging Markets Corporate Bond.
For these Sub-Funds, the underlying assets are valued at the last available prices at 10.00 p.m. Luxembourg time.
486 Pioneer Funds - Annual Report

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
2. Significant Accounting Policies (continued)
Valuation of investments in securities (continued)
In the event that any assets held in a Sub-Fund’s portfolio on the relevant day are not quoted or dealt in on any stock exchange or on any
Regulated Market, or on any other Regulated Market or if, with respect of assets quoted or dealt in on any stock exchange or dealt in on any
such markets, the last available price (as determined pursuant to the previous paragraph) is not representative of the fair market value of the
relevant assets, the value of such assets is based on a reasonably foreseeable sales price determined prudently and in good faith by the Board of
Directors of the Management Company.
Money Market instruments held in Money Market Sub-Fund are valued using the amortised cost method.
Foreign currency conversion
Assets and liabilities expressed in currencies other than the Base Currency of the relevant Sub-Fund are converted at exchange rates prevailing
as at 31 December 2012.
Profit and losses arising on foreign exchange operations are recorded in the “Statement of Operations and Changes in Net Assets”.
Transactions in foreign currencies are converted into the Base Currency of the relevant Sub-Fund at exchange rates prevailing on the
transaction dates.
The exchange rates used as at 31 December 2012 are as follows:
1 EUR =
1 EUR =
1 EUR =
1 EUR =
4.84255
AED
7.46095
DKK 1,411.44610
KRW
40.27450
RUB
6.48130
ARS
8.39080
EGP
17.12075
MXN
4.94460
SAR
1.26990
AUD
0.81110
GBP
4.03165
MYR
8.57675
SEK
2.69945
BRL
10.21870
HKD 205.86815
NGN
1.61045
SGD
1.31270
CAD 291.21500
HUF
7.33720
NOK
40.32985
THB
1.20680
CHF 12,706.08150
IDR
1.59805
NZD
2.35295
TRY
631.25005
CLP
4.91910
ILS
3.36520
PEN
38.28500
TWD
8.21405
CNY
72.23515
INR
54.13680
PHP
1.31840
USD
2,329.61295
COP 236.00000
ISK
4.08030
PLN
11.18580
ZAR
25.09550
113.99545
JPY
4.44550
RON
CZK
For the Sub-Fund Pioneer Funds - Japanese Equity, the exchange rates used as at 28 December 2012 are as follows (Market closed on
31 December 2012):
1 EUR =
1 EUR =
1.27350
AUD
7.38570
NOK
1.31635
CAD
1.61545
NZD
0.81845
GBP
8.60790
SEK
10.2487
HKD
1.32210
USD
113.82625
JPY
Forward foreign exchange contracts
Forward foreign exchange contracts are valued at the forward rate applicable at the Statement of Net Assets date for the period until their
maturity. Gains and/or losses resulting from forward foreign exchange contracts are disclosed in the “Statement of Operations and Changes in
Net Assets”.
Financial futures contracts
Financial futures contracts are valued at the exchange-quoted price (at the pricing points described above under "Valuation of investments").
Initial margin deposits are made in cash upon entering into futures contracts. During the lifetime of the future contracts, variation margin
payments reflecting unrealised gains and losses are recorded in the “Statement of Operations and Changes in Net Assets”. When the contract is
closed, the Fund records a realised gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the
opening transaction.
Options
When the Sub-Fund purchases an option with an upfront premium, it pays a premium and an amount equal to that premium is recorded as an
investment. When the Sub-Fund writes an option with an upfront premium, it receives a premium and an amount equal to that premium is
recorded as a liability. The investment or liability is adjusted daily to reflect the current market value of the option. If an option expires
unexercised, the Sub-Fund realises a gain or loss to the extent of the premium received or paid.
Swaps Contracts
Sub-Funds may enter into Credit Default Swaps and other types of swap agreements such as interest rate swaps, swaptions, inflation-linked
and total return swaps. Gains or losses resulting from swaps contracts are recognised in the “Statement of Operations and Changes in Net
Assets”. Swaps are valued at fair market value as determined in good faith pursuant to procedures established by the Management Company.
Pioneer Funds - Annual Report 487

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
2. Significant Accounting Policies (continued)
Swaps Contracts (continued)
Effective interest expense/ income on swaps are booked in full in the “Statement of Operations and Changes in Net Assets”. Accrued expense/
income on swaps are netted on each Net Asset valuation date for each swap contract and the resulting net balance is posted per swap, either as
interest expense on swap or interest income on swap per swap, in the “Statement of Operations and Changes in Net Assets”.
Open-ended and closed-ended UCIs
Units or shares of open-ended UCIs are valued at their last determined and available Net Asset Value or, if such price is not representative of
the fair market value of such assets, then the price is determined by the Management Company on a fair and equitable basis. Units or shares of
a closed-ended UCI are valued at their last available stock market value.
Contracts for Differences (CFD)
At each valuation date, the difference in price between the opening price and the current market price of the underlying security to the CFD is
recorded as the market value (unrealised gain or loss) of the contract; when the Sub-Fund enters a closing transaction, the difference between
the opening notional amount and the closing notional amount of the underlying security is recorded as a realised gain or loss.
Income
Dividends are credited to income on the date upon which the relevant securities are first listed as “ex-dividend”. Interest income is accrued on
a daily basis.
Realised gain and loss
Realised gain and loss comprise the gain or loss arising on the trading of securities and other investments, financial futures contracts, forward
foreign exchange contracts, options, CFDs, swaps and other investments during the year, and differences arising on the revaluation of other
assets and liabilities denominated in foreign currencies at period end. Capital gains or losses are determined on the basis of weighted average
cost of the investments sold except for future contracts and CFDs where the FIFO methodology is applied.
Combined financial statements
The figures of each Sub-Fund are presented in their respective Base Currency. The combined financial statements are expressed in euros and
the sum of the Sub-Funds’ net assets are converted into euros at the exchange rates prevailing at year end. The combined financial statements
are presented for information purposes only.
Swing Pricing
Since 03 September 2012, a “Swing Pricing” policy has been implemented in the Pioneer Funds umbrella.
Significant net inflows or outflows in a Sub-Fund cause the Investment Manager to trade the Sub-Funds’ securities, thereby incurring trading
costs.
With Swing Pricing, a Sub-Fund’s NAV is adjusted to account for trading costs incurred where unitholders’ subscriptions and redemptions
activity exceeds a Sub-Fund’s predetermined threshold. Swing Pricing is a method of valuation which adjusts (swings) a Sub-Fund’s NAV to
account for these trading costs.
The aim is to protect the interests of non-dealing unitholders by ensuring the unitholders making significant subscriptions or redemptions
contribute to the cost of their transactions.
Market conditions, trading costs and other Sub-Fund data are used by the Management Company to determine which Sub-Funds’ NAV may be
affected by Swing Pricing, and the appropriate threshold and swing factor to be applied for each Sub-Fund. These are reviewed by the
Management Company on a periodic basis.
During 2012, Swing Pricing was applied on the NAV per unit of the following Sub-Funds:
Pioneer Funds - Gold and Mining,
Pioneer Funds - Euro High Yield,
Pioneer Funds - Global Equity Target Income (formerly Pioneer Funds - Global Diversified Equity).
The swing amounts posted during 2012 are booked in the statement of operations under “net subscriptions/redemption”.
No swing price adjustments were booked for the NAV as of 31 December 2012.
3. Management, Investment Management, Distribution and Performance Fees
The management fee is a percentage of the Net Asset Value of each Sub-Fund, which ranges, according the prospectus, from 0.10% to 2.50%
p.a., depending on the relevant unit class.
For Class X Units, the management fees are charged and collected by the Management Company directly from the Unitholder and will not be
charged to the Sub-Funds or reflected in the Net Asset Value.
The distribution fee, when applicable, is a percentage of the Net Asset Value of each Sub-Fund, which ranges, according the prospectus, from
0% to 1.5% p.a. depending on the relevant unit class.
Both management fee and distribution fee are calculated and accrued on each Valuation Day on the basis of the Net Asset Value of the unit
class and are payable monthly in arrears.
488 Pioneer Funds - Annual Report

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
3. Management, Investment Management, Distribution and Performance Fees (continued)
The management fee rates effectively applied as at 31 December 2012 are as follows:
Sub-Fund Class A Class B Class C Class E Class F Class H Class I Class N
Pioneer Funds - Euro Liquidity 0.30% ** 0.30% 0.30% ** 0.20% 0.00% *
Pioneer Funds - Euro Short-Term 0.60% 0.60% 0.60% 0.80% 1.15% 0.45% 0.30% *
Pioneer Funds - Euro Cash Plus 0.30% * * 0.30% ** 0.20% 0.15% *
Pioneer Funds - Euro Corporate Short-Term 0.80% * 0.80% 0.80% 1.15% 0.45% 0.40% *
Pioneer Funds - U.S. Dollar Short-Term 0.90% 0.90% 0.90% 0.80% 1.15% 0.45% 0.25% *
Pioneer Funds - Euro Bond 0.70% 0.70% 0.70% 1.05% 1.60% 0.55% 0.35% *
Pioneer Funds - Euro Aggregate Bond 0.60% * 0.60% 0.60% 1.00% 0.40% 0.30% 0.50%
Pioneer Funds - Euro Corporate Bond 0.80% 1.00% 1.00% 0.80% 1.80% 0.50% 0.40% *
Pioneer Funds - Euro Corporate Trend Bond 0.80% * * 0.80% 1.80% 0.50% 0.40% *
Pioneer Funds - U.S. Dollar Aggregate Bond 0.90% 1.00% 1.00% 1.05% 1.60% 0.55% 0.40% *
Pioneer Funds - Global Aggregate Bond 0.80% 0.80% 0.80% 0.80% 1.20% 0.45% 0.40% 0.50%
Pioneer Funds - Euro Credit Recovery 2012 0.30% 0.30% ** 0.30% 0.55% ** * **
Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing) ** ** ** 0.65% ** ** ** **
Pioneer Funds - Obbligazionario Euro 10/2014 con cedola (Euro Bond 10/2014 distributing) ** ** ** 0.55% ** ** ** **
Pioneer Funds - Obbligazionario Euro 11/2014 con cedola (Euro Bond 11/2014 distributing) * ** ** 0.55% ** ** ** **
Pioneer Funds - Obbligazionario Euro 12/2014 con cedola (Euro Bond 12/2014 distributing) * ** ** 0.55% ** ** ** **
Pioneer Funds - U.S. Credit Recovery 2014 0.75% * ** 0.85% 1.10% ** * **
Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015 1.00% ** ** 1.00% 1.50% * * **
Pioneer Funds - Emerging Markets Corporate Bond 2016 1.00% ** ** 1.00% 1.50% * * **
Pioneer Funds - Europe Recovery Income 2017 0.60% ** ** 0.60% * ** ** **
Pioneer Funds - Euro Strategic Bond 1.00% * 1.00% 1.20% 1.80% 0.75% 0.75% *
Pioneer Funds - Strategic Income 1.00% 1.00% 1.00% 1.20% 1.80% 0.65% 0.65% 0.70%
Pioneer Funds - U.S. High Yield 1.20% 1.20% 1.20% 1.20% 1.80% 0.65% 0.50% *
Pioneer Funds - Global High Yield 1.20% 1.20% 1.20% 1.20% 1.80% 0.65% 0.50% 0.70%
Pioneer Funds - Euro High Yield 1.20% * 1.20% 1.20% 1.80% 0.65% 0.50% 0.70%
Pioneer Funds - Emerging Markets Corporate High Yield Bond 1.55% * 1.55% 1.55% 2.00% 0.95% 0.80% *
Pioneer Funds - Emerging Markets Bond Local Currencies 1.20% 1.20% 1.20% 1.20% 1.80% 0.65% 0.50% *
Pioneer Funds - Emerging Markets Bond 1.20% 1.20% 1.20% 1.20% 1.80% 0.65% 0.50% 0.70%
Pioneer Funds - Emerging Markets Corporate Bond 1.40% * * * * 0.80% 0.65% *
Pioneer Funds - Absolute Return Bond 0.95% * 1.00% 0.95% * 0.55% 0.50% *
Pioneer Funds - Absolute Return Currencies 1.00% 1.00% 1.00% 1.00% 1.50% 0.60% 0.50% *
Pioneer Funds - Absolute Return Commodity 1.20% * * 1.20% 1.80% 0.75% 0.50% *
Pioneer Funds - Absolute Return European Equity 2.00% * 2.00% 2.00% * 1.20% 1.00% *
Pioneer Funds - Absolute Return Asian Equity 2.00% * * 2.00% * 1.20% 1.00% *
Pioneer Funds - Absolute Return Multi-Strategy 1.05% * * 1.05% 1.60% 0.65% 0.55% *
Pioneer Funds - Absolute Return Multi-Strategy Growth 1.15% * * 1.15% * 0.70% 0.60% *
Pioneer Funds - Global Multi-Asset 1.50% * 1.50% 1.60% 2.35% * * *
Pioneer Funds - Multi Asset Real Return 1.50% * 1.50% 1.50% * 0.80% 0.60% *
Pioneer Funds - Euroland Equity 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.60% 0.80%
Pioneer Funds - Core European Equity 1.25% 1.25% 1.25% 1.50% 2.25% 0.80% 0.60% *
Pioneer Funds - Top European Players 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.75% 0.80%
Pioneer Funds - European Equity Value 1.50% * 1.50% 1.50% 2.25% 0.80% 0.70% *
Pioneer Funds - European Research 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.65% *
Pioneer Funds - European Potential 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.75% *
Pioneer Funds - European Equity Target Income 1.50% * * 1.50% * 0.80% 0.60% *
Pioneer Funds - German Equity 1.50% * * * * 0.80% 0.80% *
Pioneer Funds - Italian Equity 1.25% * 1.25% 1.50% 2.25% 0.80% * *
Pioneer Funds - U.S. Pioneer Fund 1.25% 1.25% 1.25% 1.50% 2.25% 0.80% 0.70% *
Pioneer Funds - U.S. Research 1.25% * 1.25% 1.50% 2.25% 0.80% 0.65% *
Pioneer Funds - U.S. Fundamental Growth 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.70% 0.80%
Pioneer Funds - U.S. Research Value 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.70% *
Pioneer Funds - North American Basic Value 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.70% *
Pioneer Funds - U.S. Mid Cap Value 1.50% 1.50% 1.50% 1.50% 2.25% 1.00% 1.00% *
Pioneer Funds - Global Equity Target Income 1.50% * 1.50% 1.50% 2.25% 0.80% 0.60% *
Pioneer Funds - Annual Report 489

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
3. Management, Investment Management, Distribution and Performance Fees (continued)
Sub-Fund Class A Class B Class C Class E Class F Class H Class I Class N
Pioneer Funds - Global Select 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.70% *
Pioneer Funds - Global Ecology 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.75% *
Pioneer Funds - Gold and Mining 1.50% * * 1.50% 2.25% * 0.70% *
Pioneer Funds - Japanese Equity 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 0.70% *
Pioneer Funds - Emerging Markets Equity 1.50% 1.50% 1.50% 1.50% 2.25% 1.00% 1.00% *
Pioneer Funds - Emerging Markets Equity Unconstrained 1.50% * 1.20% 1.50% * 1.00% 0.90% *
Pioneer Funds - Emerging Europe and Mediterranean Equity 1.50% 1.50% 1.50% 1.50% 2.25% 1.00% 1.00% *
Pioneer Funds - Asia (Ex. Japan) Equity 1.50% 1.50% 1.50% 1.50% 2.25% 0.80% 1.00% *
Pioneer Funds - Latin American Equity 1.50% 1.50% 1.50% 1.50% 2.25% 1.00% 1.00% *
Pioneer Funds - China Equity 1.50% 1.50% 1.50% 1.50% 2.25% 1.00% 1.00% *
Pioneer Funds - Indian Equity 1.50% * 1.50% 1.50% 2.25% 1.00% 1.00% *
Pioneer Funds - Russian Equity 1.50% * 1.50% 1.50% 2.25% 1.00% 1.00% *
Pioneer Funds - Commodity Alpha 1.25% 1.25% 1.50% 1.50% 2.25% 0.80% 0.50% *
* Not launched
** Not applicable
The distribution fee rates effectively applied as at 31 December 2012 are as follows:
Sub-Fund Class A Class B Class C Class E Class F Class H Class I Class N
Pioneer Funds - Euro Liquidity 0.00% ** 1.00% 0.00% ** 0.00% 0.00% *
Pioneer Funds - Euro Short-Term 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Euro Cash Plus 0.00% * * 0.00% ** 0.00% 0.00% *
Pioneer Funds - Euro Corporate Short-Term 0.00% * 0.20% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - U.S. Dollar Short-Term 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Euro Bond 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Euro Aggregate Bond 0.00% * 1.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pioneer Funds - Euro Corporate Bond 0.20% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Euro Corporate Trend Bond 0.20% * * 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - U.S. Dollar Aggregate Bond 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Global Aggregate Bond 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pioneer Funds - Euro Credit Recovery 2012 0.00% 0.00% ** 0.00% 0.00% ** * **
Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing) ** ** ** 0.00% ** ** ** **
Pioneer Funds - Obbligazionario Euro 10/2014 con cedola (Euro Bond 10/2014 distributing) ** ** ** 0.00% ** ** ** **
Pioneer Funds - Obbligazionario Euro 11/2014 con cedola (Euro Bond 11/2014 distributing) * ** ** 0.00% ** ** ** **
Pioneer Funds - Obbligazionario Euro 12/2014 con cedola (Euro Bond 12/2014 distributing) * ** ** 0.00% ** ** ** **
Pioneer Funds - U.S. Credit Recovery 2014 0.10% * ** 0.00% 0.00% ** * **
Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015 0.00% ** ** 0.00% 0.00% * * **
Pioneer Funds - Emerging Markets Corporate Bond 2016 0.00% ** ** 0.00% 0.00% * * **
Pioneer Funds - Europe Recovery Income 2017 0.00% ** ** 0.00% * ** ** **
Pioneer Funds - Euro Strategic Bond 0.50% * 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Strategic Income 0.50% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pioneer Funds - U.S. High Yield 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Global High Yield 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pioneer Funds - Euro High Yield 0.15% * 1.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pioneer Funds - Emerging Markets Corporate High Yield Bond 0.00% * 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Emerging Markets Bond Local Currencies 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Emerging Markets Bond 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pioneer Funds - Emerging Markets Corporate Bond 0.00% * * * * 0.00% 0.00% *
Pioneer Funds - Absolute Return Bond 0.15% * 1.00% 0.00% * 0.00% 0.00% *
Pioneer Funds - Absolute Return Currencies 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Absolute Return Commodity 0.15% * * 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Absolute Return European Equity 0.00% * 1.00% 0.00% * 0.00% 0.00% *
Pioneer Funds - Absolute Return Asian Equity 0.00% * * 0.00% * 0.00% 0.00% *
Pioneer Funds - Absolute Return Multi-Strategy 0.15% * * 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Absolute Return Multi-Strategy Growth 0.15% * * 0.00% * 0.00% 0.00% *
Pioneer Funds - Global Multi-Asset 0.10% * 1.00% 0.00% 0.00% * * *
Pioneer Funds - Multi Asset Real Return 0.00% * 1.00% 0.00% * 0.00% 0.00% *
490 Pioneer Funds - Annual Report

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
3. Management, Investment Management, Distribution and Performance Fees (continued)
Sub-Fund Class A Class B Class C Class E Class F Class H Class I Class N
Pioneer Funds - Euroland Equity 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pioneer Funds - Core European Equity 0.25% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Top European Players 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pioneer Funds - European Equity Value 0.00% * 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - European Research 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - European Potential 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - European Equity Target Income 0.00% * * 0.00% * 0.00% 0.00% *
Pioneer Funds - German Equity 0.00% * * * * 0.00% 0.00% *
Pioneer Funds - Italian Equity 0.30% * 1.00% 0.00% 0.00% 0.00% * *
Pioneer Funds - U.S. Pioneer Fund 0.25% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - U.S. Research 0.25% * 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - U.S. Fundamental Growth 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pioneer Funds - U.S. Research Value 0.00% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - North American Basic Value 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - U.S. Mid Cap Value 0.50% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Global Equity Target Income 0.00% * 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Global Select 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Global Ecology 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Gold and Mining 0.30% * * 0.00% 0.00% * 0.00% *
Pioneer Funds - Japanese Equity 0.15% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Emerging Markets Equity 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Emerging Markets Equity Unconstrained 0.00% * 1.00% 0.00% * 0.00% 0.00% *
Pioneer Funds - Emerging Europe and Mediterranean Equity 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Asia (Ex. Japan) Equity 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Latin American Equity 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - China Equity 0.30% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Indian Equity 0.30% * 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Russian Equity 0.30% * 1.00% 0.00% 0.00% 0.00% 0.00% *
Pioneer Funds - Commodity Alpha 0.35% 1.50% 1.00% 0.00% 0.00% 0.00% 0.00% *
* Not launched
** Not applicable
The Investment Managers are paid by the Management Company out of the management fee payable to it in accordance with the Management
Regulations of the Fund.
The Management Company may earn a performance fee for certain Classes within certain Sub-Funds where the Net Asset Value per unit of a
given Class outperforms its benchmark (see details in the Prospectus) during a performance period.
These performance fees, which range from 10% to 25% (where applicable and depending on the Unit Class) on the relevant amount, where the
“relevant amount” is calculated as the amount by which the increase in total Net Asset Value per Unit during the relevant performance period
exceeds the increase in the relevant benchmark over the same period (or the growth in value of the Net Asset Value per unit where the
benchmark has declined). The Management Company will apply at all times the high watermark principle when calculating the performance
fee. The high watermark principle establishes a Net Asset Value per unit below which performance fees will not be paid.
This level is called the high watermark and is set at the Net Asset Value per unit of the Class at which the last performance fee was paid or at
the Net Asset Value per unit at which the Class was launched if no performance fee has ever been paid on that Class. Performance fees charged
during the period are detailed in the Statement of Operations and Changes in Net Assets for the relevant Sub-Funds on pages 42 to 64.
4. Depositary, Administrator, Registrar and Transfer Agent
The Depositary and Paying Agent and the Central Administrator receive out of the assets of the relevant Sub-Fund, a fee for their services as
detailed below.
Depositary: The fee is a percentage of portfolio value at each month end of each Sub-Fund. It ranges from 0.003% to 0.5% p.a. depending on
where the assets of the relevant Sub-Fund are held. The fee is calculated and accrued on each Valuation Day and is payable monthly in arrears.
Paying Agent: The main components of the compensation for the services provided are the number of the existing active unit classes, the
number of clients’ accounts and the number of transactions processed.
Central Administrator: The fee for the main services provided, ranging from 0.01% to 0.05% p.a., is calculated and accrued on each
Valuation Day on the basis of the Net Asset Value of the relevant Sub-Fund. It is payable monthly in arrears.
Pioneer Funds - Annual Report 491

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
5. Taxation
Under Luxembourg law, the Fund is not subject to any taxes on income or capital gains. However, the Fund is subject to the “Taxe
d’Abonnement”, which amounts to an annual rate of 0.05% for all Sub-Funds except for the Pioneer Funds - Euro Liquidity Sub-Fund, the
Pioneer Funds - Euro Short-Term Sub-Fund, the Pioneer Funds - Absolute Return Currencies Sub-Fund, the Pioneer Funds - U.S. Dollar
Short-Term Sub-Fund, the Pioneer Funds - Euro Cash Plus Sub-Fund and all Classes that are dedicated to Institutional Clients which are
subject to an annual rate of 0.01% based on the Net Asset Value of the Sub-Funds at the end of each calendar quarter, calculated and paid
quarterly.
Interest and dividend income received by the Fund may be subject to non-recoverable withholding tax in the countries of origin.
Withholding Tax Reclaim
Withholding tax reclaims have been filed in respect of the withholding tax applied on dividends paid during the recent years in the following
countries: Austria, Finland, France, Germany, Italy, Norway, Spain and Sweden.
The decision for claiming is taken by the Board of Directors based on the analysis of costs to be borne and maximum potential amount
refunded. The costs for pursuing the reclaims are borne only by the sub- funds potentially entitled of the refunds and recorded under “other
charges”.
Currently it is not possible to assess the likelihood of success of these reclaiming actions. Consequently no receivables with respect to the
potential refunded amounts have been booked in the Financial Statements.
Any proceed received from these reclaiming actions will be booked in the respective Sub-Funds’ net asset values.
6. Changes in Portfolios
A list of changes in the portfolio for the year ended 31 December 2012 is available free of charge at the registered office of the Management
Company of the Fund.
7. Outstanding Forward Foreign Exchange Contracts, Outstanding Financial Futures Contracts, Outstanding Options Contracts, Outstanding
Swaps Contracts and Outstanding Contracts for Differences
All details relating to the outstanding Forward Foreign Exchange Contracts, outstanding Financial Futures Contracts, outstanding Options
Contracts and outstanding Swaps Contracts and Outstanding Contracts for Differences as at 31 December 2012 are presented with the
individual Sub-Funds’ Schedule of Investments.
8. Singapore Reporting Requirements
As of 31 December 2012, Pioneer Funds – China Equity, Pioneer Funds – Japanese Equity, Pioneer Funds – Asia (Ex. Japan) Equity and
Pioneer Funds – Indian Equity had more than 10 investors per Sub-Fund.
9. Securities Lending
Pioneer Asset Management S.A. has entered into securities lending agreements for a number of its equity and fixed income Sub-Funds.
In return for making securities available for loan throughout the year, the Sub-Funds participating in the programmes received fees which are
reflected in the Statement of Operations and Changes in Net Assets of EUR 16,561,420.
Pioneer Asset Management S.A. has appointed BBH & Co as services agent for the equity lending programme and Deutsche Bank A.G. as
agent for the fixed income lending programme. As remuneration for their respective roles BBH & Co and Deutsche Bank A.G. receive a
percentage of the variable fees from the associated programmes.
Société Générale Bank & Trust receives a fixed fee for fixed income programme and a fixed percentage of the fees for equities programme as
administration fee.
Pioneer Global Investments Ltd. has been appointed by Pioneer Asset Management S.A. to oversee the lending programmes. Pioneer Global
Investments Ltd. receives a fixed percentage of the fees for its oversight role.
Equity Lending Programme
As at 31 December 2012, all security loans are collateralised with sovereign debt issued by a subset of G10 countries and the market value of the
securities lent was as follows:
Sub-Fund
Market value of securities lent (EUR)
Pioneer Funds - Euroland Equity 1,603,200
Pioneer Funds - Core European Equity 1,331,122
Pioneer Funds - European Research 11,109,342
Pioneer Funds - Italian Equity 984,100
Pioneer Funds - Global Select 2,001,733
Pioneer Funds - Global Ecology 6,243,561
Pioneer Funds - Japanese Equity 10,056,060
Pioneer Funds - Emerging Europe and Mediterranean Equity 3,209,570
The amount of non-cash collateral for Equity Lending Programme is EUR 38,788,086.
492 Pioneer Funds - Annual Report

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
9. Securities Lending (continued)
Fixed Income Lending Programme
The remuneration received by Deutsche Bank A.G. for the fixed income lending programme incorporates the agent’s role as investment
manager of the fixed income collateral.
As at 31 December 2012, the market value of the securities lent was as follows:
Sub-Fund
Market value of securities lent (EUR)
Pioneer Funds - Euro Short-Term 312,021,025
Pioneer Funds - Euro Cash Plus 52,271,430
Pioneer Funds - Euro Corporate Short-Term 66,503,813
Pioneer Funds - Euro Bond 777,879,723
Pioneer Funds - Euro Aggregate Bond 746,078,611
Pioneer Funds - Euro Corporate Bond 268,653,709
Pioneer Funds - Global Aggregate Bond 63,691,336
Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing) 28,871,932
Pioneer Funds - Obbligazionario Euro 10/2014 con cedola (Euro Bond 10/2014 distributing) 41,458,503
Pioneer Funds - Obbligazionario Euro 11/2014 con cedola (Euro Bond 11/2014 distributing) 32,860,922
Pioneer Funds - Obbligazionario Euro 12/2014 con cedola (Euro Bond 12/2014 distributing) 3,881,834
Pioneer Funds - Absolute Return Bond 91,415,284
Pioneer Funds - Global Multi-Asset 808,037
Fixed income loans are secured against cash and non-cash collateral for EUR 1,547,638,964 and EUR 1,027,402,259 respectively.
As at 31 December 2012, the cash collateral was reinvested in the following instruments:
Instrument Type Issuer Name Currency % Yield Final Maturity Date Market Value (EUR)
Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.585093 20-Jan-2044 917,685
Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.584956 20-Jan-2044 860,330
Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.503931 20-Mar-2044 1,484,750
Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.463880 20-Jun-2044 834,562
Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.463880 20-Jun-2044 278,188
Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.464213 20-Jun-2044 312,961
Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.464037 20-Jun-2044 1,321,390
Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.464005 20-Sep-2044 2,363,990
Asset Backed Floater GRANITE MASTER ISSUER PLC EUR 0.289965 20-Dec-2054 603,896
Fixed Deposits Deutsche Bank AG London (Pncpal) EUR 0.079000 02-Jan-2013 41,790,399
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 26,774,673
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 28,949,525
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 12,161,710
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 6,488,767
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 29,499,685
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 20,721,110
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 28,969,891
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 19,010,673
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 17,282,430
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 23,038,585
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 23,038,585
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 23,038,585
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 22,865,795
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 28,804,050
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 28,998,986
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 11,587,956
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 27,241,589
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 4,697,836
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 6,121,705
Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 16,344,336
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,323,417
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 03-Jan-2013 2,685,909
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,556,142
Pioneer Funds - Annual Report 493

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
9. Securities Lending (continued)
Instrument Type Issuer Name Currency % Yield Final Maturity Date Market Value (EUR)
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,375,400
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 961,017
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 2,336,417
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 4,120,322
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,131,472
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 2,230,617
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 3,891,089
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 9,192,844
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 5,850,799
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,616,389
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,430,416
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,558,140
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 4,401,280
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 2,990,319
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,084,450
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,336,460
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,566,722
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 4,393,345
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 2,078,382
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,246,324
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 10,044,692
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 2,099,072
Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 3,312,128
Open Triparty Set 1 Fortis Bank NV EUR 0.181000 OPEN 5,877,778
Open Triparty Set 2 Goldman Sachs International EUR 0.050000 OPEN 26,450,000
Open Triparty Set 2 ING BANK AMSTERDAM EUR 0.071000 02-Jan-2013 13,624,288
Open Triparty Set 2 Nomura International London EUR 0.161000 OPEN 284,403,382
Triparty Set 1 Merrill Lynch International EUR 0.491000 08-Apr-2013 382,055,551
Triparty Set 1 Merrill Lynch International EUR 0.411000 04-Feb-2013 146,944,443
Triparty Set 1 Citigroup Global Markets Ltd EUR 0.281000 11-Feb-2013 88,166,666
Triparty Set 2 Citigroup Global Markets Ltd EUR 0.411000 04-Apr-2013 14,694,444
Triparty Set 2 Citigroup Global Markets Ltd EUR 0.361000 11-Feb-2013 29,388,889
10. Reverse Repurchase Agreements
As at 31 December 2012, the following Sub-Funds had entered into reverse repurchase agreements for a total amount of EUR 1,392,300,245
as detailed below:
Sub-Fund
Amount (EUR)
Pioneer Funds - Euro Liquidity 76,994,650
Pioneer Funds - Euro Short Term 271,987,055
Pioneer Funds - Euro Cash Plus 249,925,000
Pioneer Funds - Euro Corporate Short-Term 51,032,050
Pioneer Funds - Euro Bond 56,983,000
Pioneer Funds - Euro Aggregate Bond 70,478,700
Pioneer Funds - Euro Corporate Bond 126,962,000
Pioneer Funds - Global Aggregate Bond 12,993,500
Pioneer Funds - Euro Credit Recovery 2012 3,997,350
Pioneer Funds - Emerging Markets Corporate Bond 2016 3,998,800
Pioneer Funds - Euro Strategic Bond 46,976,500
Pioneer Funds - Euro High Yield 253,011,025
Pioneer Funds - Emerging Markets Bond 94,973,140
Pioneer Funds - Absolute Return Bond 4,998,500
Pioneer Funds - Absolute Return Currencies 27,991,600
Pioneer Funds - Absolute Return Asian Equity 4,998,500
Pioneer Funds - Italian Equity 33,998,875
494 Pioneer Funds - Annual Report

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
10. Reverse Repurchase Agreements (continued)
Reverse repurchase agreements are similar in effect to a lending, collateralised by underlying securities.
A reverse repurchase agreement is an agreement under which an assigner (counterpart) sells securities to the assignee (Sub-Fund) whereby the
assigner agrees to repurchase them at a specified time and at a specified price and the assignee agrees to retrocede these securities at a specified
time and at a specified price.
The securities received as collateral are not reported in the section “Schedule of Investments”.
11. Further Information for French Investors
Pioneer Funds – Euroland Equity
As at 31 December 2012 the fund invested 95.49% of its assets into shares and warrants issued by companies having their head office in an
EU or an EEA country, except Liechtenstein, and subject to corporate income tax under normal conditions.
Pioneer Funds – Core European Equity
As at 31 December 2012 the fund invested 85.17% of its assets into shares and warrants issued by companies having their head office in an
EU or an EEA country, except Liechtenstein, and subject to corporate income tax under normal conditions.
12. Transaction Costs
For the year from 01 January 2012 to 31 December 2012, the Fund incurred transaction costs related to purchase or sale of financial
instruments as follows:
Sub-Fund
Amount (EUR)
Pioneer Funds - Euro Liquidity -
Pioneer Funds - Euro Short-Term 91,158
Pioneer Funds - Euro Cash Plus 26,672
Pioneer Funds - Euro Corporate Short Term 32,678
Pioneer Funds - U.S. Dollar Short-Term -
Pioneer Funds - Euro Bond 165,890
Pioneer Funds - Euro Aggregate Bond 140,316
Pioneer Funds - Euro Corporate Bond 78,967
Pioneer Funds - Euro Corporate Trend Bond 9,112
Pioneer Funds - U.S. Dollar Aggregate Bond 9,596
Pioneer Funds - Global Aggregate Bond 76,299
Pioneer Funds - Euro Credit Recovery 2012 -
Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing) -
Pioneer Funds - Obbligazionario Euro 10/2014 con cedola (Euro Bond 10/2014 distributing) -
Pioneer Funds - Obbligazionario Euro 11/2014 con cedola (Euro Bond 11/2014 distributing) -
Pioneer Funds - Obbligazionario Euro 12/2014 con cedola (Euro Bond 12/2014 distributing) -
Pioneer Funds - U.S. Credit Recovery 2014 -
Pioneer Funds - High Yield & Emerging Markets Bond Opportunities 2015 -
Pioneer Funds - Emerging Markets Corporate Bond 2016 -
Pioneer Funds - Europe Recovery Income 2017 -
Pioneer Funds - Euro Strategic Bond 9,540
Pioneer Funds - Strategic Income 76,681
Pioneer Funds - U.S. High Yield 6,195
Pioneer Funds - Global High Yield 609
Pioneer Funds - Euro High Yield 1,649
Pioneer Funds - Emerging Markets Corporate High Yield Bond -
Pioneer Funds - Emerging Markets Bond Local Currencies -
Pioneer Funds - Emerging Markets Bond 18,367
Pioneer Funds - Emerging Markets Corporate Bond -
Pioneer Funds - Absolute Return Bond 61,852
Pioneer Funds - Absolute Return Currencies -
Pioneer Funds - Absolute Return Commodity -
Pioneer Funds - Absolute Return European Equity 1,321
Pioneer Funds - Absolute Return Asian Equity 13,411
Pioneer Funds - Absolute Return Multi-Strategy 94,822
Pioneer Funds - Absolute Return Multi-Strategy Growth 94,049
Pioneer Funds - Global Multi-Asset 1,783,411
Pioneer Funds - Multi Asset Real Return 179,629
Pioneer Funds - Annual Report 495

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
12. Transaction Costs (continued)
Sub-Fund
Amount (EUR)
Pioneer Funds - Euroland Equity 5,763,795
Pioneer Funds - Core European Equity 642,003
Pioneer Funds - Top European Players 1,760,594
Pioneer Funds - European Equity Value 215,076
Pioneer Funds - European Research 3,815,365
Pioneer Funds - European Potential 568,341
Pioneer Funds - European Equity Target Income 139,549
Pioneer Funds - German Equity 13,173
Pioneer Funds - Italian Equity 118,989
Pioneer Funds - U.S. Pioneer Fund 905,245
Pioneer Funds - U.S. Research 1,004,794
Pioneer Funds - U.S. Fundamental Growth 206,197
Pioneer Funds - U.S. Research Value 165,484
Pioneer Funds - North Amercian Basic Value 471,714
Pioneer Funds - U.S. Mid Cap Value 506,903
Pioneer Funds - U.S. Small Companies -
Pioneer Funds - Global Equity Target Income 219,804
Pioneer Funds - Global Select 457,309
Pioneer Funds - Global Ecology 3,607,218
Pioneer Funds - Gold and Mining 69,571
Pioneer Funds - Japanese Equity 193,316
Pioneer Funds - Emerging Markets Equity 6,477,557
Pioneer Funds - Emerging Markets Equity Unconstrained 306
Pioneer Funds - Emerging Europe and Mediterranean Equity 753,453
Pioneer Funds - Asia (Ex. Japan) Equity 3,994,449
Pioneer Funds - Latin American Equity 62,001
Pioneer Funds - China Equity 3,947,150
Pioneer Funds - Indian Equity 1,762,784
Pioneer Funds - Russian Equity 19,527
Pioneer Funds - Commodity Alpha -
The above transaction costs include costs directly linked to the acquisition or sale of investments, to the extent that such costs are shown
separately on transaction confirmations.
For some asset classes, transactions costs are usually incorporated in dealing prices and are not reported separately.
Depending on the nature of the investments of the Sub-Fund, this may result in no data being reported in the transaction costs section for some
Sub-Funds.
Transactions relating to securities lending and their associated costs are not included in these figures.
13. Proxy Voting Policy
The Management Company has implemented a Proxy Voting Policy, to enable the exercise of voting rights attached to the portfolio securities.
The Management Company aims to cast proxy votes in a manner consistent with the best interest of the Funds. In voting proxies, consideration
is given to the economic effect of the proposal on the value of portfolio holdings on both the short and long-term impact. In general, Pioneer
believes that supporting the company’s strategy and voting “for” management’s proposals builds portfolio value. In some cases, however,
proposals set forth by management may have a negative effect on that value, and consideration of this may affect the votes cast by the
Management Company. Special consideration is given to issues relating to ethical Funds.
The Management Company exercises voting rights and, where it has authorised delegated investment managers to vote portfolio securities, it
requires that they do so in accordance with the Proxy Voting Policy. Together, the Management Company and/or the Investment Managers may
engage the services of an independent third party to assist in analysing proxies, shareholder meeting recommendations, record keeping and
voting services provided that the Service Provider provides its services in accordance with the Proxy Voting Policy.
14. Class Action
A Class Action is an action that allows to a group of investors to claim a company or public institution to obtain financial compensation in the
event losses.
The Management Company has engaged the services of two independent companies to assist in the class action activities and ensure a global
coverage.
496 Pioneer Funds - Annual Report

Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
14. Class Action (continued)
Costs paid upfront for the services related to the portfolio analysis, the collection of the custody data and the assistance in the other activities
related to class actions are booked in the financial statements under “Other charges”.
The amounts received when the class action are settled, are booked in the financial statements under “Other Income”.
In 2012, the Fund has received a total of USD 826,234.
15. Important Events
Launch of new Sub-Funds
The following Sub-Funds have been launched during the year:
Sub-Fund
Launch date
Pioneer Funds - Absolute Return Commodity 11/01/2012
Pioneer Funds - German Equity 16/05/2012
Pioneer Funds - Europe Recovery Income 2017 29/05/2012
Pioneer Funds - Emerging Markets Corporate High Yield Bond 11/07/2012
Pioneer Funds - Emerging Markets Equity Unconstrained 18/07/2012
Pioneer Funds - Emerging Markets Corporate Bond 11/12/2012
Liquidation of Sub-Funds
The following Sub-Fund has been liquidated during the year:
Sub-Fund
Liquidation date
Pioneer Funds - U.S. Small Companies 17/12/2012
Name changes
The denomination of the following Sub-Funds was changed as follows:
Former Sub-Fund Name New Sub-Fund Name Effective Date
Pioneer Funds - Diversified Equity Strategy Pioneer Funds - Absolute Return Commodity 02/01/2012
Pioneer Funds - Diversified Fixed Income Strategy Pioneer Funds - Europe Recovery Income 2017 07/03/2012
Pioneer Funds - Global Balanced Pioneer Funds - Global Multi-Asset 06/12/2012
Pioneer Funds - Global Diversified Equity Pioneer Funds - Global Equity Target Income 06/12/2012
Pioneer Funds - Europe Recovery Income 2017 has changed its name on 07/03/2012 while it has been launched on 29/05/2012 and Pioneer
Funds - Absolute Return Commodity has changed its name on 02/01/2012 while it has been launched on 11/01/2012.
Changes in Investment Management
Pioneer Investment Management, Inc., Boston, the Investment Manager of the Pioneer Funds – North American Basic Value, has decided, in
agreement with the Management Company, to terminate on 30 June 2012, the sub-investment management agreement entered into with Cullen
Capital Management, LLC.
Pioneer Investment Management Limited, Dublin, has decided to appoint, in agreement with the Management Company, Pioneer Investment
Management SGRpA as Sub-Investment Manager of the Pioneer Funds – Global Multi-Asset with effect as from 6 December 2012.
Fee Reduction
The investment policy of the Pioneer Funds - Euro Credit Recovery 2012 has matured on 11 May 2012, so the Sub-Fund has switched to its
post-maturity investment policy. Thus the fee structure was amended as follows with effective date 01 November 2012:
Class Fee Structure before 01/11/2012 Fee Structure as from 01/11/2012
A 0.80% + 0.20% (distribution fee) 0.30% + 0.00% (distribution fee)
B 1.00% 0.30%
E 1.00% 0.30%
F 1.25% 0.55%
Pioneer Funds - Annual Report 497

Report of the Réviseur d’Entreprises agréé
To the Unitholders of
Pioneer Funds
8-10, rue Jean Monnet
L-2180 Luxembourg
Grand Duchy of Luxembourg
We have audited the accompanying financial statements of Pioneer Funds and each of its Sub-Funds, which comprise the Statement of Net
Assets and the Schedule of Investments as at 31 December 2012 and the Statement of Operations and Changes in Net Assets for the year then
ended and a summary of significant accounting policies and other explanatory information.
Board of Directors of the Management Company responsibility for the financial statements
The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in
accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal
control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
Responsibility of the Réviseur d’Entreprises agréé
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the judgement of the Réviseur d’Entreprises agréé, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d’Entreprises agréé
considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the
Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of Pioneer Funds and each of its Sub-Funds as of
31 December 2012, and of the results of their operations and changes in their net assets for the year then ended in accordance with
Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.
Other matter
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific
audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information.
However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.
Luxembourg, 24 April 2013
KPMG Luxembourg S.à r.l.
Cabinet de révision agréé
M. Tabart
498 Pioneer Funds - Annual Report

Management and Administration
Management Company, Domiciliary Agent and Distributor
Pioneer Asset Management S.A.
8-10, rue Jean Monnet (1)
L-2180 Luxembourg
Grand Duchy of Luxembourg
Corporate Governance/ALFI Code of Conduct
The Management Company is subject to corporate governance based, inter alia, on:
1. Its obligations as defined by the Law of 17 December 2010 of the Grand Duchy of Luxembourg and circulars issued by the Commission de
Surveillance du Secteur Financier (CSSF) which complements the regulatory framework.
2. Its Articles of Incorporation which are available for inspection at the registered office of the Company and at the Luxembourg corporate and
trade register, Registre de Commerce et des Sociétés (RCSL).
3. The Association of the Luxembourg Fund Industry (ALFI) code of Conduct, which the Management Company has voluntarily adopted.
Board of Directors of the Management Company
Chairman
Mr Marc Bayot
Professor of Finance Emeritus at the Free University of Brussels
residing in Belgium
Members
Mr David Harte
Global Head of Investment Operations,
Pioneer Investment Management Limited, Dublin
residing in Ireland
Ms Corinne Massuyeau
Head of Sales Management - International & Western Europe,
Pioneer Global Investments Limited, Dublin
residing in United Kingdom
Mr Enrico Turchi
Managing Director,
Pioneer Asset Management S.A., Luxembourg
residing in Luxembourg
Mr Patrick Zurstrassen
Member of the Boards of Directors of various fund management companies,
residing in Luxembourg
There were no changes during 2012.
Two directors, including the Chairman, are independent and free from any business relationship that could interfere with the exercise of their
roles and judgements. The Board of Directors has the overall responsibility for the company affairs and ensures that the Code of Conduct
mentioned above is adhered to.
Conducting Officers of the Management Company
The two conducting officers, within the meaning of Article 102 (1) c) of the 2010 Law are Mr David Harte, residing in Ireland, who is also
Director of the Company and Mr Enrico Turchi, residing in Luxembourg, who is the Managing Director of the Company.
Main responsibilities of the Conducting Officers are to ensure:
• the implementation of strategies and guiding principles for central administration and internal governance through written internal policies
and procedures
• the implementation of adequate internal control functions
• that the Management Company has technical infrastructure and human resources adequate to perform its activities
(1)
Since 10 September 2012; until 09 September 2012 « 4, rue Alphonse Weicker, L-2721 Luxembourg ».
Pioneer Funds - Annual Report 499

Management and Administration (continued)
Administrator
Société Générale Securities Services Luxembourg
16, Boulevard Royal
L-2449 Luxembourg
Grand Duchy of Luxembourg
Depositary and Paying Agent
Société Générale Bank & Trust
11, Avenue Emile Reuter
L-2420 Luxembourg
Grand Duchy of Luxembourg
Registrar and Transfer Agent
European Fund Services S.A.
18, Boulevard Royal
L-2449 Luxembourg
Grand Duchy of Luxembourg
Investment Managers
Pioneer Investment Management Limited
1, George’s Quay Plaza
George’s Quay
Dublin 2
Ireland
Pioneer Alternative Investment Management Limited (2)
1, George's Quay Plaza
George's Quay
Dublin 2
Ireland
Pioneer Investment Management, Inc.
60, State Street
Boston, MA 02 109-1820
U.S.A.
Pioneer Investments Kapitalanlagegesellschaft mbH (3)
Arnulfstraße 124 -126
D-80636 Munich
Germany
Pioneer Investment Management SGRpA
6, Galleria San Carlo
I-20122 Milano
Italy
Sub-Investment Manager for the Global Multi-Asset Sub-Fund (4) and for the European Potential Sub-Fund
Pioneer Investment Mangement SGRpA
6, Galleria San Carlo
I-20122 Milano
Italy
(2)
Until 30 March 2012.
(3)
Since 01 July 2012; until 30 June 2012 « Apianstrasse 16-20, D-85774 Unterföhring near Munich ».
(4)
Since 06 December 2012.
500 Pioneer Funds - Annual Report

Management and Administration (continued)
Sub-Investment Manager of the North American Basic Value Sub-Fund (5)
Cullen Capital Management, LLC
645 Fifth Avenue
New York, NY 10022
U.S.A.
Auditor / Cabinet de révision agréé
KPMG Luxembourg S.à r.l.
9, Allée Scheffer
L-2520 Luxembourg
Grand Duchy of Luxembourg
Legal Advisor
Arendt & Medernach
14, Rue Erasme
L-2082 Luxembourg
Grand Duchy of Luxembourg
(5)
Until 30 June 2012.
Pioneer Funds - Annual Report 501

Contact Information
Pioneer Asset Management S.A.
8-10, rue Jean Monnet
L-2180 Luxembourg
Tel. +352 42120 -1
Fax. +352 42120-8300
www.pioneerinvestments.eu
www.pioneerinvestments.com