Mise en page 1 - UniCredit Bank Slovakia as

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