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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
Pioneer Funds Notes to the Financial Statements as at 31 December 2012 (continued) 9. Securities Lending (continued) Fixed Income Lending Programme The remuneration received by Deutsche Bank A.G. for the fixed income lending programme incorporates the agent’s role as investment manager of the fixed income collateral. As at 31 December 2012, the market value of the securities lent was as follows: Sub-Fund Market value of securities lent (EUR) Pioneer Funds - Euro Short-Term 312,021,025 Pioneer Funds - Euro Cash Plus 52,271,430 Pioneer Funds - Euro Corporate Short-Term 66,503,813 Pioneer Funds - Euro Bond 777,879,723 Pioneer Funds - Euro Aggregate Bond 746,078,611 Pioneer Funds - Euro Corporate Bond 268,653,709 Pioneer Funds - Global Aggregate Bond 63,691,336 Pioneer Funds - Obbligazionario Euro 09/2014 con cedola (Euro Bond 09/2014 distributing) 28,871,932 Pioneer Funds - Obbligazionario Euro 10/2014 con cedola (Euro Bond 10/2014 distributing) 41,458,503 Pioneer Funds - Obbligazionario Euro 11/2014 con cedola (Euro Bond 11/2014 distributing) 32,860,922 Pioneer Funds - Obbligazionario Euro 12/2014 con cedola (Euro Bond 12/2014 distributing) 3,881,834 Pioneer Funds - Absolute Return Bond 91,415,284 Pioneer Funds - Global Multi-Asset 808,037 Fixed income loans are secured against cash and non-cash collateral for EUR 1,547,638,964 and EUR 1,027,402,259 respectively. As at 31 December 2012, the cash collateral was reinvested in the following instruments: Instrument Type Issuer Name Currency % Yield Final Maturity Date Market Value (EUR) Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.585093 20-Jan-2044 917,685 Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.584956 20-Jan-2044 860,330 Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.503931 20-Mar-2044 1,484,750 Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.463880 20-Jun-2044 834,562 Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.463880 20-Jun-2044 278,188 Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.464213 20-Jun-2044 312,961 Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.464037 20-Jun-2044 1,321,390 Asset Backed Floater GRANITE MORTGAGES PLC. EUR 0.464005 20-Sep-2044 2,363,990 Asset Backed Floater GRANITE MASTER ISSUER PLC EUR 0.289965 20-Dec-2054 603,896 Fixed Deposits Deutsche Bank AG London (Pncpal) EUR 0.079000 02-Jan-2013 41,790,399 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 26,774,673 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 28,949,525 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 12,161,710 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 6,488,767 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 29,499,685 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 20,721,110 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 28,969,891 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 19,010,673 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 17,282,430 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 23,038,585 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 23,038,585 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 23,038,585 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 22,865,795 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 28,804,050 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 28,998,986 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 11,587,956 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 27,241,589 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 4,697,836 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 6,121,705 Open Deliverable Repo Agreement Nomura International London EUR 0.570000 OPEN 16,344,336 Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,323,417 Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 03-Jan-2013 2,685,909 Open Deliverable Repo Agreement Citigroup Global Markets Ltd EUR 0.331000 OPEN 1,556,142 Pioneer Funds - Annual Report 493
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Annual Report 31 December 2012 (Aud
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Table of Contents Annual Commentary
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Table of Contents Pioneer Funds - E
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Table of Contents Pioneer Funds - L
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Pioneer Funds Annual Report 2012 An
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Pioneer Funds Annual Report 2012 An
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Risk Disclosure (continued) Sub-Fun
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Risk Disclosure (continued) Maximum
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Statement of Net Assets as at 31 De
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Statement of Operations and Changes
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Statement of Unit Statistics as at
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Pioneer Funds - Euro Short-Term Sch
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Pioneer Funds - Euro Cash Plus Sche
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Pioneer Funds - Euro Cash Plus Sche
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Pioneer Funds - Euro Corporate Shor
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Pioneer Funds - Euro Bond Schedule
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Pioneer Funds - Euro Bond Schedule
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Pioneer Funds - Euro Aggregate Bond
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Pioneer Funds - Euro Corporate Bond
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Pioneer Funds - Euro Corporate Tren
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Pioneer Funds - Obbligazionario Eur
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Pioneer Funds - U.S. Credit Recover
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Pioneer Funds - U.S. Credit Recover
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Pioneer Funds - High Yield & Emergi
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Pioneer Funds - Emerging Markets Co
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Pioneer Funds - Euro Strategic Bond
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Pioneer Funds - Strategic Income Sc
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Pioneer Funds - U.S. High Yield Sch
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Pioneer Funds - Global High Yield S
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Pioneer Funds - Euro High Yield Sch
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Pioneer Funds - Euroland Equity Sch
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Pioneer Funds - Top European Player
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Pioneer Funds - European Equity Val
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Pioneer Funds - European Potential
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Pioneer Funds - German Equity Sched
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Pioneer Funds - U.S. Research Sched
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Pioneer Funds - Global Equity Targe
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Pioneer Funds - Global Equity Targe
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Page 483 and 484: Pioneer Funds Notes to the Financia
Page 493: Pioneer Funds Notes to the Financia
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