Mise en page 1 - UniCredit Bank Slovakia as
Mise en page 1 - UniCredit Bank Slovakia as Mise en page 1 - UniCredit Bank Slovakia as
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
- Page 1 and 2: Annual Report 31 December 2012 (Aud
- Page 3 and 4: Table of Contents Annual Commentary
- Page 5 and 6: Table of Contents Pioneer Funds - E
- Page 7 and 8: Table of Contents Pioneer Funds - L
- Page 9 and 10: Pioneer Funds Annual Report 2012 An
- Page 11 and 12: Pioneer Funds Annual Report 2012 An
- Page 13: Risk Disclosure (continued) Sub-Fun
- Page 17 and 18: Risk Disclosure (continued) Sub-Fun
- Page 19 and 20: Risk Disclosure (continued) Maximum
- Page 21 and 22: Statement of Net Assets as at 31 De
- Page 23 and 24: Statement of Net Assets as at 31 De
- Page 25 and 26: Statement of Net Assets as at 31 De
- Page 27 and 28: Statement of Net Assets as at 31 De
- Page 29 and 30: Statement of Net Assets as at 31 De
- Page 31 and 32: Statement of Net Assets as at 31 De
- Page 33 and 34: Statement of Net Assets as at 31 De
- Page 35 and 36: Statement of Net Assets as at 31 De
- Page 37 and 38: Statement of Net Assets as at 31 De
- Page 39 and 40: Statement of Net Assets as at 31 De
- Page 41 and 42: Statement of Net Assets as at 31 De
- Page 43 and 44: Statement of Net Assets as at 31 De
- Page 45 and 46: Statement of Operations and Changes
- Page 47 and 48: Statement of Operations and Changes
- Page 49 and 50: Statement of Operations and Changes
- Page 51 and 52: Statement of Operations and Changes
- Page 53 and 54: Statement of Operations and Changes
- Page 55 and 56: Statement of Operations and Changes
- Page 57 and 58: Statement of Operations and Changes
- Page 59 and 60: Statement of Operations and Changes
- Page 61 and 62: Statement of Operations and Changes
- Page 63 and 64: Statement of Operations and Changes
Risk Disclosure (continued)<br />
Sub-Fund<br />
Pioneer Funds -<br />
German Equity<br />
Pioneer Funds -<br />
Italian Equity<br />
Pioneer Funds -<br />
U.S. Pioneer Fund<br />
Pioneer Funds -<br />
U.S. Research<br />
Pioneer Funds -<br />
U.S. Fundam<strong>en</strong>tal Growth<br />
Pioneer Funds -<br />
U.S. Research Value<br />
Pioneer Funds -<br />
North American B<strong>as</strong>ic Value<br />
Pioneer Funds -<br />
U.S. Mid Cap Value<br />
Pioneer Funds -<br />
U.S. Small Companies *<br />
Pioneer Funds -<br />
Global Equity Target Income<br />
Pioneer Funds -<br />
Global Select<br />
Pioneer Funds -<br />
Global Ecology<br />
Pioneer Funds -<br />
Gold and Mining<br />
Pioneer Funds -<br />
Japanese Equity<br />
Pioneer Funds -<br />
Emerging Markets Equity<br />
Pioneer Funds -<br />
Emerging Markets Equity<br />
Unconstrained<br />
Pioneer Funds -<br />
Emerging Europe and<br />
Mediterranean Equity<br />
Pioneer Funds -<br />
Asia (Ex. Japan) Equity<br />
Pioneer Funds -<br />
Latin American Equity<br />
Pioneer Funds -<br />
China Equity<br />
Pioneer Funds -<br />
Indian Equity<br />
Pioneer Funds -<br />
Russian Equity<br />
Pioneer Funds -<br />
Commodity Alpha<br />
Starting<br />
Period<br />
Ending<br />
Period<br />
Market Risk<br />
Calculation<br />
Lowest<br />
Fund VaR<br />
Utilisation<br />
Highest<br />
Fund VaR<br />
Utilisation<br />
Average<br />
Fund VaR<br />
Utilisation<br />
VaR<br />
Utilisation<br />
Limit<br />
Refer<strong>en</strong>ce<br />
Portfolio/Index<br />
16/05/2012 31/12/2012 Relative VaR 0.00% 107.18% 100.69% 200% 100% CDAX<br />
01/01/2012 31/12/2012 Relative VaR 68.80% 101.53% 88.71% 200% 100% Italy Stock Market BCI<br />
COMIT Globale+<br />
R 10/40<br />
01/01/2012 31/12/2012 Relative VaR 96.28% 110.04% 101.74% 200% 100% S&P 500<br />
01/01/2012 31/12/2012 Relative VaR 98.77% 112.16% 103.95% 200% 100% S&P 500<br />
01/01/2012 31/12/2012 Relative VaR 87.88% 102.29% 96.00% 200% 100% Russell 1000 Growth<br />
01/01/2012 31/12/2012 Relative VaR 93.16% 111.57% 103.84% 200% 100% Russell 1000 Value<br />
01/01/2012 01/07/2012 Relative VaR 88.36% 106.03% 97.18% 200% 100% S&P 500<br />
02/07/2012 31/12/2012 Relative VaR 82.76% 113.14% 104.05% 200% 100% Russell 1000 Value<br />
01/01/2012 31/12/2012 Relative VaR 86.40% 117.91% 101.56% 200% 100% Russell Mid Cap Value<br />
01/01/2012 17/12/2012 Relative VaR 62.39% 157.23% 106.85% 200% 100% Russell 2000 Growth<br />
01/01/2012 31/12/2012 Relative VaR 86.13% 150.48% 100.97% 200% 100% MSCI World<br />
01/01/2012 31/12/2012 Relative VaR 96.29% 133.30% 106.55% 200% 100% MSCI World<br />
01/01/2012 31/12/2012 Relative VaR 99.57% 166.51% 136.64% 200% 100% MSCI World<br />
01/01/2012 31/12/2012 Relative VaR 75.08% 104.61% 89.80% 200% 100% MSCI World Metals &<br />
Mining<br />
01/01/2012 31/12/2012 Relative VaR 92.59% 103.68% 98.00% 200% 100% MSCI Japan<br />
01/01/2012 31/12/2012 Relative VaR 89.04% 113.88% 99.23% 200% 100% MSCI Emerging<br />
Markets<br />
18/07/2012 07/10/2012 Absolute VaR 0.00% 5.61% 5.14% 14.14% n/a<br />
08/10/2012 31/12/2012 Relative VaR 62.76% 79.16% 72.08% 200% 100% MSCI Emerging<br />
Markets<br />
01/01/2012 31/12/2012 Relative VaR 81.53% 101.87% 92.92% 200% 100% MSCI Emerging<br />
Markets Europe &<br />
Middle E<strong>as</strong>t 10/40<br />
01/01/2012 31/12/2012 Relative VaR 87.82% 135.87% 114.37% 200% 100% MSCI AC Asia ex Japan<br />
01/01/2012 31/12/2012 Relative VaR 94.99% 118.35% 106.72% 200% 100% MSCI Latin America<br />
10/40<br />
01/01/2012 31/12/2012 Relative VaR 82.21% 105.22% 94.83% 200% 100% MSCI China 10/40<br />
01/01/2012 31/12/2012 Relative VaR 78.82% 105.25% 94.60% 200% 100% MSCI India<br />
01/01/2012 31/12/2012 Relative VaR 78.47% 92.49% 84.80% 200% 100% MSCI Russia 10/40<br />
01/01/2012 31/12/2012 Relative VaR 47.70% 108.14% 93.61% 200% 100% Dow Jones UBS<br />
Commodity<br />
* The l<strong>as</strong>t three business days (13 December 2012 until 17 December 2012) are not considered for the purpose of highest, lowest and average Fund VaR Utilisation <strong>as</strong> the Sub-Fund w<strong>as</strong> in its<br />
liquidiation process and the resulting VaR figures on those dates were not re<strong>as</strong>onable due to booking effects.<br />
Pioneer Funds - Annual Report 13
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