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Report of the Réviseur d’Entreprises agréé To the Unitholders of Pioneer Funds 8-10, rue Jean Monnet L-2180 Luxembourg Grand Duchy of Luxembourg We have audited the accompanying financial statements of Pioneer Funds and each of its Sub-Funds, which comprise the Statement of Net Assets and the Schedule of Investments as at 31 December 2012 and the Statement of Operations and Changes in Net Assets for the year then ended and a summary of significant accounting policies and other explanatory information. Board of Directors of the Management Company responsibility for the financial statements The Board of Directors of the Management Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements, and for such internal control as the Board of Directors of the Management Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d’Entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d’Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d’Entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Management Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of Pioneer Funds and each of its Sub-Funds as of 31 December 2012, and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, 24 April 2013 KPMG Luxembourg S.à r.l. Cabinet de révision agréé M. Tabart 498 Pioneer Funds - Annual Report
Management and Administration Management Company, Domiciliary Agent and Distributor Pioneer Asset Management S.A. 8-10, rue Jean Monnet (1) L-2180 Luxembourg Grand Duchy of Luxembourg Corporate Governance/ALFI Code of Conduct The Management Company is subject to corporate governance based, inter alia, on: 1. Its obligations as defined by the Law of 17 December 2010 of the Grand Duchy of Luxembourg and circulars issued by the Commission de Surveillance du Secteur Financier (CSSF) which complements the regulatory framework. 2. Its Articles of Incorporation which are available for inspection at the registered office of the Company and at the Luxembourg corporate and trade register, Registre de Commerce et des Sociétés (RCSL). 3. The Association of the Luxembourg Fund Industry (ALFI) code of Conduct, which the Management Company has voluntarily adopted. Board of Directors of the Management Company Chairman Mr Marc Bayot Professor of Finance Emeritus at the Free University of Brussels residing in Belgium Members Mr David Harte Global Head of Investment Operations, Pioneer Investment Management Limited, Dublin residing in Ireland Ms Corinne Massuyeau Head of Sales Management - International & Western Europe, Pioneer Global Investments Limited, Dublin residing in United Kingdom Mr Enrico Turchi Managing Director, Pioneer Asset Management S.A., Luxembourg residing in Luxembourg Mr Patrick Zurstrassen Member of the Boards of Directors of various fund management companies, residing in Luxembourg There were no changes during 2012. Two directors, including the Chairman, are independent and free from any business relationship that could interfere with the exercise of their roles and judgements. The Board of Directors has the overall responsibility for the company affairs and ensures that the Code of Conduct mentioned above is adhered to. Conducting Officers of the Management Company The two conducting officers, within the meaning of Article 102 (1) c) of the 2010 Law are Mr David Harte, residing in Ireland, who is also Director of the Company and Mr Enrico Turchi, residing in Luxembourg, who is the Managing Director of the Company. Main responsibilities of the Conducting Officers are to ensure: • the implementation of strategies and guiding principles for central administration and internal governance through written internal policies and procedures • the implementation of adequate internal control functions • that the Management Company has technical infrastructure and human resources adequate to perform its activities (1) Since 10 September 2012; until 09 September 2012 « 4, rue Alphonse Weicker, L-2721 Luxembourg ». Pioneer Funds - Annual Report 499
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Managem<strong>en</strong>t and Administration<br />
Managem<strong>en</strong>t Company, Domiciliary Ag<strong>en</strong>t and Distributor<br />
Pioneer Asset Managem<strong>en</strong>t S.A.<br />
8-10, rue Jean Monnet (1)<br />
L-2180 Luxembourg<br />
Grand Duchy of Luxembourg<br />
Corporate Governance/ALFI Code of Conduct<br />
The Managem<strong>en</strong>t Company is subject to corporate governance b<strong>as</strong>ed, inter alia, on:<br />
1. Its obligations <strong>as</strong> defined by the Law of 17 December 2010 of the Grand Duchy of Luxembourg and circulars issued by the Commission de<br />
Surveillance du Secteur Financier (CSSF) which complem<strong>en</strong>ts the regulatory framework.<br />
2. Its Articles of Incorporation which are available for inspection at the registered office of the Company and at the Luxembourg corporate and<br />
trade register, Registre de Commerce et des Sociétés (RCSL).<br />
3. The Association of the Luxembourg Fund Industry (ALFI) code of Conduct, which the Managem<strong>en</strong>t Company h<strong>as</strong> voluntarily adopted.<br />
Board of Directors of the Managem<strong>en</strong>t Company<br />
Chairman<br />
Mr Marc Bayot<br />
Professor of Finance Emeritus at the Free University of Brussels<br />
residing in Belgium<br />
Members<br />
Mr David Harte<br />
Global Head of Investm<strong>en</strong>t Operations,<br />
Pioneer Investm<strong>en</strong>t Managem<strong>en</strong>t Limited, Dublin<br />
residing in Ireland<br />
Ms Corinne M<strong>as</strong>suyeau<br />
Head of Sales Managem<strong>en</strong>t - International & Western Europe,<br />
Pioneer Global Investm<strong>en</strong>ts Limited, Dublin<br />
residing in United Kingdom<br />
Mr Enrico Turchi<br />
Managing Director,<br />
Pioneer Asset Managem<strong>en</strong>t S.A., Luxembourg<br />
residing in Luxembourg<br />
Mr Patrick Zurstr<strong>as</strong>s<strong>en</strong><br />
Member of the Boards of Directors of various fund managem<strong>en</strong>t companies,<br />
residing in Luxembourg<br />
There were no changes during 2012.<br />
Two directors, including the Chairman, are indep<strong>en</strong>d<strong>en</strong>t and free from any business relationship that could interfere with the exercise of their<br />
roles and judgem<strong>en</strong>ts. The Board of Directors h<strong>as</strong> the overall responsibility for the company affairs and <strong>en</strong>sures that the Code of Conduct<br />
m<strong>en</strong>tioned above is adhered to.<br />
Conducting Officers of the Managem<strong>en</strong>t Company<br />
The two conducting officers, within the meaning of Article 102 (1) c) of the 2010 Law are Mr David Harte, residing in Ireland, who is also<br />
Director of the Company and Mr Enrico Turchi, residing in Luxembourg, who is the Managing Director of the Company.<br />
Main responsibilities of the Conducting Officers are to <strong>en</strong>sure:<br />
• the implem<strong>en</strong>tation of strategies and guiding principles for c<strong>en</strong>tral administration and internal governance through writt<strong>en</strong> internal policies<br />
and procedures<br />
• the implem<strong>en</strong>tation of adequate internal control functions<br />
• that the Managem<strong>en</strong>t Company h<strong>as</strong> technical infr<strong>as</strong>tructure and human resources adequate to perform its activities<br />
(1)<br />
Since 10 September 2012; until 09 September 2012 « 4, rue Alphonse Weicker, L-2721 Luxembourg ».<br />
Pioneer Funds - Annual Report 499
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