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Pioneer Funds
Notes to the Financial Statements as at 31 December 2012 (continued)
5. Taxation
Under Luxembourg law, the Fund is not subject to any taxes on income or capital gains. However, the Fund is subject to the “Taxe
d’Abonnement”, which amounts to an annual rate of 0.05% for all Sub-Funds except for the Pioneer Funds - Euro Liquidity Sub-Fund, the
Pioneer Funds - Euro Short-Term Sub-Fund, the Pioneer Funds - Absolute Return Currencies Sub-Fund, the Pioneer Funds - U.S. Dollar
Short-Term Sub-Fund, the Pioneer Funds - Euro Cash Plus Sub-Fund and all Classes that are dedicated to Institutional Clients which are
subject to an annual rate of 0.01% based on the Net Asset Value of the Sub-Funds at the end of each calendar quarter, calculated and paid
quarterly.
Interest and dividend income received by the Fund may be subject to non-recoverable withholding tax in the countries of origin.
Withholding Tax Reclaim
Withholding tax reclaims have been filed in respect of the withholding tax applied on dividends paid during the recent years in the following
countries: Austria, Finland, France, Germany, Italy, Norway, Spain and Sweden.
The decision for claiming is taken by the Board of Directors based on the analysis of costs to be borne and maximum potential amount
refunded. The costs for pursuing the reclaims are borne only by the sub- funds potentially entitled of the refunds and recorded under “other
charges”.
Currently it is not possible to assess the likelihood of success of these reclaiming actions. Consequently no receivables with respect to the
potential refunded amounts have been booked in the Financial Statements.
Any proceed received from these reclaiming actions will be booked in the respective Sub-Funds’ net asset values.
6. Changes in Portfolios
A list of changes in the portfolio for the year ended 31 December 2012 is available free of charge at the registered office of the Management
Company of the Fund.
7. Outstanding Forward Foreign Exchange Contracts, Outstanding Financial Futures Contracts, Outstanding Options Contracts, Outstanding
Swaps Contracts and Outstanding Contracts for Differences
All details relating to the outstanding Forward Foreign Exchange Contracts, outstanding Financial Futures Contracts, outstanding Options
Contracts and outstanding Swaps Contracts and Outstanding Contracts for Differences as at 31 December 2012 are presented with the
individual Sub-Funds’ Schedule of Investments.
8. Singapore Reporting Requirements
As of 31 December 2012, Pioneer Funds – China Equity, Pioneer Funds – Japanese Equity, Pioneer Funds – Asia (Ex. Japan) Equity and
Pioneer Funds – Indian Equity had more than 10 investors per Sub-Fund.
9. Securities Lending
Pioneer Asset Management S.A. has entered into securities lending agreements for a number of its equity and fixed income Sub-Funds.
In return for making securities available for loan throughout the year, the Sub-Funds participating in the programmes received fees which are
reflected in the Statement of Operations and Changes in Net Assets of EUR 16,561,420.
Pioneer Asset Management S.A. has appointed BBH & Co as services agent for the equity lending programme and Deutsche Bank A.G. as
agent for the fixed income lending programme. As remuneration for their respective roles BBH & Co and Deutsche Bank A.G. receive a
percentage of the variable fees from the associated programmes.
Société Générale Bank & Trust receives a fixed fee for fixed income programme and a fixed percentage of the fees for equities programme as
administration fee.
Pioneer Global Investments Ltd. has been appointed by Pioneer Asset Management S.A. to oversee the lending programmes. Pioneer Global
Investments Ltd. receives a fixed percentage of the fees for its oversight role.
Equity Lending Programme
As at 31 December 2012, all security loans are collateralised with sovereign debt issued by a subset of G10 countries and the market value of the
securities lent was as follows:
Sub-Fund
Market value of securities lent (EUR)
Pioneer Funds - Euroland Equity 1,603,200
Pioneer Funds - Core European Equity 1,331,122
Pioneer Funds - European Research 11,109,342
Pioneer Funds - Italian Equity 984,100
Pioneer Funds - Global Select 2,001,733
Pioneer Funds - Global Ecology 6,243,561
Pioneer Funds - Japanese Equity 10,056,060
Pioneer Funds - Emerging Europe and Mediterranean Equity 3,209,570
The amount of non-cash collateral for Equity Lending Programme is EUR 38,788,086.
492 Pioneer Funds - Annual Report