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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