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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