1. Performance Attribution
Pioneer Funds - European Research vs. MSCI Europe
20131231 to 20141231
Euro
Weights Returns Attribution Analysis
Portfolio Benchmark Variation in Portfolio Benchmark Variation in Allocation Selection Interaction Total
Average Average Average Total Total Total Effect Effect Effect Effect Total
Ticker GICS_Pioneer_Sector Weight Weight Weight Return Return Return (Local) (Local) (Local) (Local) Effect
Consumer Discretionary 9.81 9.98 -0.16 10.09 7.27 2.81 0.00 0.23 0.00 0.22 0.28
Automobiles & Components 3.11 3.23 -0.12 8.63 5.95 2.68 0.01 0.10 0.00 0.11 0.10
Consumer Durables & Apparel 1.92 2.41 -0.49 21.86 2.20 19.66 0.02 0.39 -0.08 0.33 0.38
317430 Burberry Group Plc 0.76 0.12 0.63 18.22 18.22 0.00 0.04 0.00 0.00 0.04 0.08
B44XTX Pandora A/S 0.59 0.06 0.53 74.28 25.10 49.18 0.30 0.00 0.00 0.30 0.29
718473 Swatch Group Ag-Reg 0.57 0.06 0.52 -11.87 -11.87 0.00 -0.11 0.00 0.00 -0.11 -0.11
403197 Adidas Ag 0.00 0.23 -0.23 0.00 -36.91 36.91 0.12 0.00 0.00 0.12 0.13
406139 Christian Dior Sa 0.00 0.12 -0.12 0.00 17.97 -17.97 -0.02 0.00 0.00 -0.02 -0.01
BCRWZ1 Cie Financiere Richemon-Br A 0.00 0.57 -0.57 0.00 3.05 -3.05 0.02 0.00 0.00 0.02 0.02
B1KKBX Electrolux Ab-Ser B 0.00 0.07 -0.07 0.00 31.03 -31.03 -0.02 0.00 0.00 -0.02 -0.02
525397 Hermes International Sca 0.00 0.00 0.00 0.00 -3.25 3.25 0.01 0.00 0.00 0.01 0.01
B88MHC Hugo Boss Ag -Ord 0.00 0.05 -0.05 0.00 0.69 -0.69 0.00 0.00 0.00 0.00 0.00
B12PJ2 Husqvarna Ab Class B 0.00 0.03 -0.03 0.00 42.61 -42.61 -0.01 0.00 0.00 -0.01 -0.01
480065 Luxottica Group Spa 0.00 0.10 -0.10 0.00 18.30 -18.30 -0.01 0.00 0.00 -0.01 -0.01
406141 Lvmh Moet Hennessy Louis Vui 0.00 0.55 -0.55 0.00 10.33 -10.33 -0.03 0.00 0.00 -0.03 -0.02
068253 Persimmon Plc 0.00 0.08 -0.08 0.00 44.11 -44.11 -0.02 0.00 0.00 -0.02 -0.03
550507 Ppr 0.00 0.18 -0.18 0.00 5.59 -5.59 0.00 0.00 0.00 0.00 0.00
718472 Swatch Group Ag/The-Br 0.00 0.20 -0.20 0.00 -22.49 22.49 0.06 0.00 0.00 0.06 0.07
Consumer Services 2.92 1.20 1.72 15.56 17.60 -2.03 0.14 -0.03 -0.06 0.05 0.14
CCL Carnival Corp 0.72 0.00 0.72 31.46 0.00 31.46 0.13 0.00 0.00 0.13 0.23
B62G1B Edenred 0.70 0.07 0.63 -3.37 -3.37 0.00 -0.05 0.00 0.00 -0.05 -0.06
BDZT6P Merlin Entertainment Group Plc 0.51 0.00 0.51 20.24 13.60 6.64 0.04 0.00 0.00 0.04 0.06
B1KJJ4 Whitbread Plc 0.44 0.14 0.29 38.62 38.62 0.00 0.07 0.00 0.00 0.07 0.09
BJMZDW Dalata Hotel Group Ltd 0.43 0.00 0.43 #N/A 0.00 #N/A 0.00 0.00 0.00 0.00 -0.01
482897 Paddy Power Plc Dublin Listing 0.13 0.00 0.13 -21.03 0.00 -21.03 -0.08 0.00 0.00 -0.08 -0.08
585284 Accor Sa 0.00 0.09 -0.09 0.00 10.59 -10.59 0.00 0.00 0.00 0.00 0.00
B3MSM2 Amadeus It Holding Sa-A Shs 0.00 0.18 -0.18 0.00 8.15 -8.15 -0.01 0.00 0.00 -0.01 0.00
312152 Carnival Plc 0.00 0.08 -0.08 0.00 28.27 -28.27 -0.01 0.00 0.00 -0.01 -0.02
BLNN3L Compass Group Plc 0.00 0.32 -0.32 0.00 24.54 -24.54 -0.03 0.00 0.00 -0.03 -0.05
BN33FD Intercontinental Hotels Group Plc 0.00 0.10 -0.10 0.00 40.54 -40.54 -0.02 0.00 0.00 -0.02 -0.03
706271 Sodexo Sa 0.00 0.11 -0.11 0.00 12.06 -12.06 -0.01 0.00 0.00 -0.01 -0.01
B11LJN Tui Ag 0.00 0.00 0.00 0.00 -22.93 22.93 0.03 0.00 0.00 0.03 0.03
B1Z7RQ Tui Travel Plc 0.00 0.03 -0.03 0.00 19.62 -19.62 -0.01 0.00 0.00 -0.01 -0.01
316988 William Hill 0.00 0.06 -0.06 0.00 -0.02 0.02 0.01 0.00 0.00 0.01 0.00
Media 0.90 1.75 -0.85 0.00 11.08 -11.08 -0.06 -0.09 0.04 -0.12 -0.17
BCZM1B Prosiebensat1 Media Ag 0.66 0.11 0.56 -0.09 -0.09 0.00 -0.02 0.00 0.00 -0.02 -0.03
438042 Publicis Groupe 0.24 0.17 0.07 -5.28 -9.21 3.93 -0.03 0.00 0.00 -0.03 -0.04
464731 Axel Springer Se 0.00 0.03 -0.03 0.00 10.58 -10.58 0.00 0.00 0.00 0.00 0.00
014119 British Sky Broadcasting Gro 0.00 0.17 -0.17 0.00 18.41 -18.41 -0.01 0.00 0.00 -0.01 -0.02
339864 Itv Plc 0.00 0.14 -0.14 0.00 23.96 -23.96 -0.02 0.00 0.00 -0.02 -0.02
713666 Jcdecaux Sa 0.00 0.03 -0.03 0.00 -3.54 3.54 0.00 0.00 0.00 0.00 0.00
454721 Lagardere S.C.A. 0.00 0.04 -0.04 0.00 -2.93 2.93 0.00 0.00 0.00 0.00 0.00
067760 Pearson Plc 0.00 0.18 -0.18 0.00 -0.35 0.35 0.03 0.00 0.00 0.03 0.02
B0662J Premiere Ag 0.00 0.04 -0.04 0.00 -23.75 23.75 0.02 0.00 0.00 0.02 0.02
414881 Reed Elsevier Nv 0.00 0.18 -0.18 0.00 32.64 -32.64 -0.04 0.00 0.00 -0.04 -0.04
B2B0DG Reed Elsevier Plc 0.00 0.21 -0.21 0.00 34.87 -34.87 -0.04 0.00 0.00 -0.04 -0.05
B1BK20 Rtl Group S.A. 0.00 0.05 -0.05 0.00 -9.57 9.57 0.01 0.00 0.00 0.01 0.01
567151 Wolters Kluwer 0.00 0.10 -0.10 0.00 25.85 -25.85 -0.02 0.00 0.00 -0.02 -0.02
B8KF9B Wpp Group Plc 0.00 0.32 -0.32 0.00 7.51 -7.51 0.01 0.00 0.00 0.01 0.00
Retailing 0.97 1.39 -0.42 -19.41 6.21 -25.63 0.01 -0.31 0.15 -0.15 -0.18
568743 Hennes & Mauritz Ord 0.55 0.46 0.09 6.33 5.28 1.05 0.10 0.00 0.00 0.10 0.08
309272 Asos Plc 0.15 0.03 0.12 -50.28 -62.03 11.75 -0.11 0.00 0.00 -0.11 -0.10

2. Performance Attribution
Pioneer Funds - European Research vs. MSCI Europe
20131231 to 20141231
Euro
Weights Returns Attribution Analysis
Portfolio Benchmark Variation in Portfolio Benchmark Variation in Allocation Selection Interaction Total
Average Average Average Total Total Total Effect Effect Effect Effect Total
Ticker GICS_Pioneer_Sector Weight Weight Weight Return Return Return (Local) (Local) (Local) (Local) Effect
B4YC9W Yoox Spa 0.14 0.00 0.14 -34.94 0.00 -34.94 -0.15 0.00 0.00 -0.15 -0.15
B1QH8P Sports Direct International (London List) 0.13 0.02 0.11 13.64 -5.23 18.87 0.04 0.00 0.00 0.04 0.05
B4Y7R1 Dixons Carphone Plc 0.00 0.03 -0.03 0.00 40.16 -40.16 -0.02 0.00 0.00 -0.02 -0.02
BP9DL9 Inditex 0.00 0.36 -0.36 0.00 0.70 -0.70 0.02 0.00 0.00 0.02 0.03
331952 Kingfisher Plc 0.00 0.16 -0.16 0.00 -1.36 1.36 0.02 0.00 0.00 0.02 0.01
312748 Marks & Spencer Group Plc 0.00 0.14 -0.14 0.00 23.19 -23.19 -0.01 0.00 0.00 -0.01 -0.02
320898 Next Plc 0.00 0.19 -0.19 0.00 40.34 -40.34 -0.04 0.00 0.00 -0.04 -0.05
Consumer Staples 12.43 13.32 -0.89 4.58 11.26 -6.68 -0.02 -0.80 0.08 -0.75 -0.78
Energy 8.92 9.19 -0.27 -10.11 -7.61 -2.50 0.07 -0.25 -0.01 -0.18 -0.20
Financials 21.14 22.55 -1.41 1.39 5.16 -3.76 0.03 -0.70 0.05 -0.62 -0.68
Health Care 12.89 13.10 -0.21 17.73 19.21 -1.48 -0.05 0.11 0.00 0.06 -0.13
Industrials 10.75 11.28 -0.52 -1.12 0.09 -1.21 0.02 -0.11 -0.01 -0.09 -0.09
Information Technology 3.54 3.10 0.43 24.12 8.47 15.64 0.04 0.55 0.04 0.63 0.51
Materials 8.01 7.74 0.28 3.58 0.36 3.22 -0.07 0.29 0.03 0.25 0.18
Telecommunication Services 5.41 5.55 -0.14 4.62 11.95 -7.33 -0.03 -0.30 0.00 -0.33 -0.42
Utilities 4.12 4.20 -0.08 28.96 18.57 10.38 -0.02 0.46 -0.03 0.42 0.33
[Cash] -0.39 0.00 -0.39 -108.40 0.00 -108.40 0.02 0.00 0.00 0.02 0.76
[Unassigned] 3.35 0.00 3.35 -18.03 0.00 -18.03 -0.45 0.00 0.00 -0.45 -0.52
Total 100.00 100.00 0.00 6.04 6.82 -0.77 -0.47 -0.51 0.15 -0.83 -0.77
Holdings Data As Of
Pioneer Funds - European Research 20131231 through 20141230
MSCI Europe 20140101 through 20141231