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) 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
- 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 and 14: Risk Disclosure (continued) Sub-Fun
- Page 15: 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
- Page 65 and 66: Statement of Operations and Changes
Risk Disclosure (continued)<br />
Leverage<br />
The use of financial derivative instrum<strong>en</strong>ts may result in a Sub-Fund being leveraged. Leverage is monitored on a regular b<strong>as</strong>is and is<br />
me<strong>as</strong>ured <strong>as</strong> a perc<strong>en</strong>tage of each Sub-Fund’s Net Asset Value.<br />
Up to 05 December 2012 the leverage is me<strong>as</strong>ured <strong>as</strong> net leverage, which means that the leverage incurred through the use of derivatives will<br />
take into account hedging or netting arrangem<strong>en</strong>ts. This is also known <strong>as</strong> the commitm<strong>en</strong>t approach. As from 06 December 2012 leverage is<br />
me<strong>as</strong>ured <strong>as</strong> the sum of notionals of the financial derivative instrum<strong>en</strong>ts used.<br />
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<br />
low market volatility) the leverage may exceed these levels.<br />
The average leverage level observed during the period from 01 January 2012 to 05 December 2012 (<strong>as</strong> net leverage) and from 06 December<br />
2012 to 31 December 2012 (<strong>as</strong> sum of notionals) using weekly observations is also specified in the table below. In addition, the average level<br />
of leverage (<strong>as</strong> sum of notionals) observed from 01 January 2012 to 31 December 2012 is displayed.<br />
Maximum<br />
expected level<br />
of leverage<br />
Realized<br />
average level<br />
of leverage<br />
Sub-Fund<br />
Leverage<br />
Methodology<br />
Starting<br />
Period<br />
Ending<br />
Period<br />
Pioneer Funds - Euro Liquidity Net Leverage 01/01/2012 05/12/2012 10% 0%<br />
Sum of Notionals 06/12/2012 31/12/2012 10% 0%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%<br />
Pioneer Funds - Euro Short-Term Net Leverage 01/01/2012 05/12/2012 100% 61%<br />
Sum of Notionals 06/12/2012 31/12/2012 150% 85%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 150% 96%<br />
Pioneer Funds - Euro C<strong>as</strong>h Plus Net Leverage 01/01/2012 05/12/2012 200% 47%<br />
Sum of Notionals 06/12/2012 31/12/2012 150% 64%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 150% 89%<br />
Pioneer Funds - Euro Corporate Short-Term Net Leverage 01/01/2012 05/12/2012 200% 62%<br />
Sum of Notionals 06/12/2012 31/12/2012 150% 92%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 150% 107%<br />
Pioneer Funds - U.S. Dollar Short-Term Net Leverage 01/01/2012 05/12/2012 10% 0%<br />
Sum of Notionals 06/12/2012 31/12/2012 10% 0%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%<br />
Pioneer Funds - Euro Bond Net Leverage 01/01/2012 05/12/2012 200% 142%<br />
Sum of Notionals 06/12/2012 31/12/2012 300% 196%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 300% 214%<br />
Pioneer Funds - Euro Aggregate Bond Net Leverage 01/01/2012 05/12/2012 200% 149%<br />
Sum of Notionals 06/12/2012 31/12/2012 300% 228%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 300% 224%<br />
Pioneer Funds - Euro Corporate Bond Net Leverage 01/01/2012 05/12/2012 200% 99%<br />
Sum of Notionals 06/12/2012 31/12/2012 250% 149%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 250% 169%<br />
Pioneer Funds - Euro Corporate Tr<strong>en</strong>d Bond Net Leverage 01/01/2012 05/12/2012 100% 37%<br />
Sum of Notionals 06/12/2012 31/12/2012 50% 26%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 36%<br />
Pioneer Funds - U.S. Dollar Aggregate Bond Net Leverage 01/01/2012 05/12/2012 25% 24%<br />
Sum of Notionals 06/12/2012 31/12/2012 50% 18%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 50% 24%<br />
Pioneer Funds - Global Aggregate Bond Net Leverage 01/01/2012 05/12/2012 200% 211%<br />
Sum of Notionals 06/12/2012 31/12/2012 400% 455%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 400% 352%<br />
Pioneer Funds - Euro Credit Recovery 2012 Net Leverage 01/01/2012 05/12/2012 10% 0%<br />
Sum of Notionals 06/12/2012 31/12/2012 10% 0%<br />
Sum of Notionals Year 2012 01/01/2012 31/12/2012 10% 0%<br />
14 Pioneer Funds - Annual Report
Change language