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JOB: A10-0506-01 Pioneer SF English | Page OBC | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-21-11 JOB: A10-0506-01 Pioneer SF English | Page OFC | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-21-11
Simplified Prospectus dated December 2011
Pioneer P.F. A Luxembourg Investment Fund(Fonds Commun de Placement)
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
Pioneer P.F. – Simplified Prospectus 3
Table of ContentsI. ManagementandAdministration................................................................................. 4
II. LocalAgents............................................................................................................... 6
III. Sub‑Funds.................................................................................................................. 81. PioneerP.F.–DynamicHybrid80Guaranteed........................................................................ 92. PioneerP.F.–GlobalDefensive20.............................................................................................. 113. PioneerP.F.–GlobalBalanced50............................................................................................... 134. PioneerP.F.–GlobalChanges..................................................................................................... 155. PioneerP.F.–StrategiePortfolioAbsolut.................................................................................... 176. PioneerP.F.–StrategiePortfolioBalance.................................................................................... 197. PioneerP.F.–StrategiePortfolioWachstum............................................................................... 218. PioneerP.F.–StrategiePortfolioChance.................................................................................... 23
IV. InvestmentInformation–General................................................................................ 25
V. FinancialInformation–General................................................................................... 35
VI. CommercialInformation–General............................................................................... 37
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
4 Pioneer P.F. – Simplified Prospectus
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
Thissimplifiedprospectus(the“SimplifiedProspectus”)containsonlykeyinformationaboutthePioneerP.F.(the“Fund”)andeachofitsSub-Funds(eacha“Sub-Fund”andcollectivelythe“Sub-Funds”).Formoreinformation,includingthelatestfullprospectusofFund(the“FullProspectus”),withthelatestannualandsemi-annualreportsthatdescribeindetaileachSub-Fund’sobjectives,feesandexpenses,risksandothermattersofinterest,pleasecontactyourfinancialadvisororrequesttheProspectuswiththelatestannualandsemi-annualreportsattheManagementCompanyoftheFund,Pioneer Asset Management S.A.,4RueAlphonseWeicker,L–2721Luxembourg,telephone+352421201,facsimile+352421208300.Suchdocumentsareavailable,atanytime,freeofcharge,forexistingandfutureinvestors.UnlessotherwisedefinedinthisSimplifiedProspectus,capitalisedwordsshallbedeemedtohavethemeaningspecifiedintheFullProspectus.InvestorsareadvisedtoreadthelatestFullProspectusoftheFundbeforemakinganyinvestmentdecisions.
UmbrellaFCPcreatedinLuxembourgon20November2006foranunlimitedperiodoftimeandorganizedunderPartIofthelawofDecember17,2010relatingtoundertakingsforcollectiveinvestment(the“2010 Law”)
UniCredit S.p.A.
Pioneer Asset Management S.A. 4,RueAlphonseWeickerL-2721LuxembourgGrandDuchyofLuxembourg
Pioneer Investment Management Limited 1,George’sQuayPlazaGeorge’sQuayDublin2Ireland
Pioneer Investments Kapitalanlagegesellschaft mbH Apianstraße16-20D-85774UnterföhringnearMunichGermany
Société Générale Bank & Trust 11,AvenueEmileReuterL-2420LuxembourgGrandDuchyofLuxembourg
KPMG Luxembourg S.à r.l. 9,AlléeSchefferL-2520LuxembourgGrandDuchyofLuxembourg
Société Générale Securities Services Luxembourg 16,BoulevardRoyalL-2449LuxembourgGrandDuchyofLuxembourg
I. Management and Administration
Legal Structure of the Fund
Promoter of the Fund
Management Company, Domiciliary Agent and Distributor
Investment Managers
Depositary and Paying Agent
Auditor
Administrator
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11 JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
Pioneer P.F. – Simplified Prospectus 5
European Fund Services S.A. 18,BoulevardRoyalL-2449LuxembourgGrandDuchyofLuxembourg
Arendt & Medernach 14,RueErasmeL-2082LuxembourgGrandDuchyofLuxembourg
Commission de Surveillance du Secteur Financier (www.cssf.lu)
Registrar and Transfer Agent
Legal Advisor
Supervisory Authority
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
6 Pioneer P.F. – Simplified Prospectus
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
PioneerAssetManagementS.A.4,RueAlphonseWeickerL-2721Luxembourg.Grand-DuchyofLuxembourgTel: +35242120–1Fax: +352421208300
Paying Agent Information Agent SociétéGénéraleS.A. PioneerInvestmentsKapitalanlagegesellschaftmbHFrankfurtBranch Apianstraße16-20NeueMainzerStraße46-50 D-85774UnterföhringnearMunichD-60311FrankfurtamMain GermanyGermany Tel: +498008881928Fax: +498007771928
Paying Agent and Information Agent UniCreditBankAustriaAGSchottengasse6-8A-1010ViennaAustria
PioneerGlobalInvestmentsLimitedPaseodelaCastellana41–2aplantaE-28046MadridSpainTel: +34917874400Fax: +34917874440
Information Agent and Representative Agent FastnetNetherlandsN.V.DeRuyterkade6NL-1013AAAmsterdamNetherlandsTel: +31205308300Fax: +31205308350
Paying Agent Information Agent SociétéGénérale PioneerGlobalInvestmentsLimited29,BoulevardHaussmann 1erétage6rueHalevyF-75009Paris F-75009ParisFrance France
Paying Agent Representative Agent LiechtensteinischeLandesbankAG LLBFundServicesAktiengesellschaftStädtle44 Äulestrasse80,Postfach1238FL-9490Vaduz FL-9490VaduzLiechtenstein LiechtensteinTel: +4232369405Fax +4232369406
II. Local AgentsLuxembourg
Germany
Austria
Spain
TheNetherlands
France
Liechtenstein
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11 JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
Pioneer P.F. – Simplified Prospectus 7
Representative PioneerAssetManagement,a.s.Karolinská650/1Praha8,18600CzechRepublicTel: +420296354111Fax: +420296354100
Paying Agent UniCreditBankSlovakia,a.s.Šancová1/ABratislava,81333SlovakRepublicTel: +421249501111
PioneerFundManagementLtd1011BudapestFőutca14HungaryTel: +3615774200Fax: +3615774250
Paying Agent UniCreditBankSlovenijad.d.Šmartinska1401000LjubljanaSloveniaTel: +38615876462Fax: +38615876441
Paying Agent UniCreditBulbankAD7Sv.NedelyaSquare1000SofiaBulgariaTel: +35929232150Fax:+35929884636
Uponrequest,theFullandSimplifiedProspectusesandtheannualandsemi-annualreportsmaybeobtainedfreeofchargebeforetheconclusionofthecontractandafterwardsfrom:
→→ the→Management→Company,→Domiciliary→Agent→and→Distributor:→Pioneer→Asset→Management→S.A.;
→→ the→Depositary→and→Paying→Agent:→Société→Générale→Bank→&→Trust;→→ the→Administrator:→Société→Générale→Securities→Services→Luxembourg;→→ the→Registrar→and→Transfer→Agent:→European→Fund→Services→S.A.;→→ the→local→agents→in→each→jurisdiction→where→the→Fund→is→marketed.
CzechRepublic
SlovakRepublic
Hungary
Slovenia
Bulgaria
Further information
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
8 Pioneer P.F. – Simplified Prospectus
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
DynamicHybrid80Guaranteed;GlobalDefensive20;GlobalBalanced50;GlobalChanges.
StrategiePortfolioAbsolut;StrategiePortfolioBalance;StrategiePortfolioWachstum;StrategiePortfolioChance.
III. Sub‑Funds1. Sub‑Funds managed
by Pioneer Investment Management Limited, Dublin
2. Sub‑Funds managed by Pioneer Investments Kapitalanlagegesellschaft mbH, Munich
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11 JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
Pioneer P.F. – Simplified Prospectus 9
InvestmentObjectiveThisSub-Fundseekstoachievecapitalappreciationoverthemediumtolong-termwhileprovidinginvestorsapartialguaranteeofcapitalinvested.
InvestmentPolicyTheSub-Fundwillcompriseadiversifiedportfolioofassetsinvestedinopen-endedUCIsandUCITS,equitiesandequity-linkedinstruments,MoneyMarketInstruments,debtanddebt-relatedinstruments(includingbondscumwarrants),depositssubjecttocallwithamaximumtermof12monthsandinterest-ratecertificates.
TheSub-Fundadoptsadynamicportfolioallocationtechnique,asoutlinedbelow,whichmonitorsonadailybasistheanalyticsoftheportfolioandalltheunderlyingfinancialinstrumentsagainsttheprevailingguaranteelevel.
TheSub-Fund’sNetAssetValuewillreflectthefinancialmarketsdynamics,dependingonthedifferentfinancialpatternsofallunderlyinginstruments.IntheeventofadversefinancialconditionsthedynamicallocationtechniqueswillindicateaprogressiveshiftofportfolioallocationfromhighertolowerriskinstrumentswithaviewtomaintainingthevalueoftheSub-Fundatorabovetheprevailingguaranteelevel.Accordingly,thecompositionoftheSub-Fundmayvaryconsiderablyatanytime.
TheGuaranteeandtheGuarantorTheguarantorisUniCreditBankAG(the“Guarantor”)whichprovidesarollingguarantee(the“Guarantee”)thatonthelastBusinessDayofeachcalendarmonth(the“GuaranteeDay”)theNetAssetValueoftheSub-Fundisnotlessthan80%oftheNetAssetValueoftheSub-FundprevailingonthelastBusinessDayoftheprecedingcalendarmonth.IntheeventthattheGuaranteebecomespayable,theamountduewillbepaidbytheGuarantortotheFundandreflectedintheNetAssetValueaccordingly.
ThepartialguaranteegrantedbytheGuarantor(asdefinedhereinafter)fortheDynamicHybrid80GuaranteedSub-FundisbasedontheNetAssetValueoftheSub-FundprevailingonthelastBusinessDayoftheprecedingcalendarmonthandnotontheinitialsubscriptionpriceoftheUnitssubscribedbytheunitholder.Consequently,theamountreturnedmaybelessthan80%oftheinitialsubscriptionprice.Forunitholderswhoredeem,thefullbenefitoftheGuaranteewillonlybederivedfromredemptionsontheGuaranteeDayandnotfromredemptionsmadeonanyotherBusinessDayduringthemonth.
TheGuarantorisUniCreditBankAGtheGermanbasedbankingaffiliateoftheUniCreditgroupofcompanies.UniCreditBankAGwasoriginallyfoundedin1869andisregulatedbytheFederalFinancialSupervisoryAuthority(BundesanstaltfürFinanzdienstleistungsaufsicht-BaFin)underthelawsofGermany.
LaunchDateTheSub-Fundhasbeenlaunchedon1stJuly2010.
BaseCurrencyTheSub-Fund’sbasecurrencyiseuro.
TypicalInvestor’sProfileTheSub-Fundissuitableforindividualaswellassophisticatedinvestorswishingtoparticipateinthegrowthofglobalmarketswhileremainingpartiallyguaranteedinconditionsofmarketdownturn.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolongterminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.
1. Pioneer P.F. – Dynamic Hybrid 80 GuaranteedInvestment Information
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
10 Pioneer P.F. – Simplified Prospectus
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
RiskProfileInvestmentswithintheSub-FundaresubjecttotheriskthattheNetAssetValueperUnitofeachClassoftheSub-Fundwillfluctuateinresponsetochangesineconomicconditionsandthemarket’sperceptionofthesecuritiesheldbytheSub-Fund;accordingly,noassurancecanbegiventhattheinvestmentobjectiveswillbeachieved.
Foradditionalriskwarningspleaserefertothe“InvestmentInformation–RiskWarning”sectionofthisSimplifiedProspectus.
GlobalRiskMeasurementAbsoluteVaRMaximumexpectedleverage(netleverage):50%
TheSub-Fundhasnotbeeninexistenceforafullcalendaryear.Noperformanceinformationiscurrentlyavailable.
DisclaimerThepastperformanceshownhereisnotanindicatoroffutureperformance.TheSub-Fundissubjecttosomeinvestments’risks.ThepriceofUnitsaswellastheirincomemayriseorfall.ChangesininterestratesmayalsoproduceanincreaseoradecreaseofthevalueofUnits.ThereisnoguaranteethattheSub-Fundmeetsitsobjective.
SecuritiesCodesClass A Non-Distributing LU0518745368
Unitholders’ChargesandExpensesUnitClass SalesCharge DeferredSalesCharge
Class A Max. 0.00% n/a
Sub‑Fund’sOperationalExpenses Performancefee%ofUnitClass ManagementFee DistributionFee relevantamount CostofGuarantee
Class A 1.20% 0% n/a Max 0.75%
DealingpriceincaseofredemptionInrespectofredemptionofClassAUnitsonaGuaranteeDay,thedealingpricewillbethehigheroftheNetAssetValuecalculatedontheapplicableValuationDayand80%oftheNetAssetValueprevailingonthelastBusinessDayoftheprecedingcalendarmonth.OnanyValuationDayotherthanaGuaranteeDay,theGuaranteeisnotapplicableandthedealingpriceforredemptionswithintheSub-FundshallbetheNetAssetValueprevailingonsuchValuationDay.
Performance
Financial Information
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11 JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
Pioneer P.F. – Simplified Prospectus 11
InvestmentObjectiveThisSub-Fundseekstoachievecapitalappreciationandincomeoverthemediumtolong-termbyinvestinginadiversifiedportfolioofthepermissibleinstrumentsdescribedbelow.
InvestmentPolicyTheSub-Fundwillnormallyinvest20%andnotmorethan30%ofitsassetsinequitiesandequity-linkedinstruments.
TheSub-Fundinvestsprimarilyinopen-endedUCIsandUCITS,equitiesandequity-linkedinstruments,Money-MarketInstruments,debtanddebt-relatedinstruments(includingconvertiblebondsandbondscumwarrants),depositssubjecttocallwithamaximumtermof12months,andinterest-ratecertificates.TheSub-Fundmayalsoinvestupto15%ofitsassetsineligiblecommodity-indexcertificates.
BaseCurrencyTheSub-Fund’sbasecurrencyiseuro.
TypicalInvestor’sProfileTheSub-Fundissuitableforindividualinvestorswishingtoparticipateincapitalmarkets.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolong-terminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolio.
RiskProfileInvestmentswithintheSub-FundaresubjecttotheriskthattheNetAssetValueperUnitofeachClassoftheSub-Fundwillfluctuateinresponsetochangesineconomicconditionsandthemarket’sperceptionofthesecuritiesheldbytheSub-Fund;accordingly,noassurancecanbegiventhattheinvestmentobjectiveswillbeachieved.
Foradditionalriskwarningspleaserefertothe“InvestmentInformation–RiskWarning”sectionofthisSimplifiedProspectus.
GlobalRiskMeasurementRelativeVaR(referenceportfolio:80%JPMorganGBIEMU,12%MSCIEurope,6%MSCINorthAmericaand2%MSCIPacific)Maximumexpectedleverage(netleverage):50%
Pioneer P.F. – Global Defensive 20: 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassE.
10.00%5.00%0.00%
-5.00%-10.00%-15.00%-20.00%-25.00%
2008 2009 2010
Pioneer P.F. – Global Defensive Class E Non-Distributing EUR
-8.49%
7.38% 3.96%
2. Pioneer P.F. – Global Defensive 20Investment Information
Performance
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
12 Pioneer P.F. – Simplified Prospectus
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EURUnitClasses,CumulativePerformanceinEUR 2008 2009 2010
Class A Distributing Annually –8.81% 6.91% 3.48%Class A Non-Distributing –8.74% 6.81% 3.62%Class C Non-Distributing –9.42% 6.36% 2.90%Class E Non-Distributing –8.49% 7.38% 3.96%Class F Non-Distributing –9.16% 6.55% 3.18%
USDUnitClasses,CumulativePerformanceinUSD 2008 2009 2010
Class A Non-Distributing –13.33% 10.48% –3.24%
CZKUnitClasses,CumulativePerformanceinCZK 2008 2009 2010
Class A Hedge Non-Distributing –14.03% 5.58% 3.76%
DisclaimerThepastperformanceshownhereisnotanindicatoroffutureperformance.TheSub-Fundissubjecttosomeinvestments’risks.ThepriceofUnitsaswellastheirincomemayriseorfall.ChangesininterestratesmayalsoproduceanincreaseoradecreaseofthevalueofUnits.ThereisnoguaranteethattheSub-Fundmeetsitsobjective.
SecuritiesCodesClass A Distributing Annually EUR LU0271709270Class A Non-Distributing USD LU0271709866Class A Non-Distributing EUR LU0271869470Class A Hedge Non-Distributing CZK LU0317512845Class C Non-Distributing EUR LU0271711250Class E Non-Distributing EUR LU0271711508Class F Non-Distributing EUR LU0271711763Class I Non-Distributing EUR LU0271712498
Unitholders’ChargesandExpensesUnitClass SalesCharge DeferredSalesCharge
Class A Max. 5.00% n/aClass B 0% Max. 4.00%1
Class C 0% Max. 1.00%2
Class E Max. 4.00% n/aClass F 0% n/aClass H Max. 2.00% n/aClass I 0% n/a
1 Deferred sales charge of 4.00% maximum, decreasing to zero over a 4 year period post investment.2 Deferred sales charges of 1.00% if redeemed within one year of purchase.
Sub‑Fund’sOperationalExpensesUnitClass ManagementFee DistributionFee PerformanceFee %ofRelevantAmount
Class A 1.20% 0.50% n/aClass B 1.20% Max. 1.50% n/aClass C 1.20% Max. 1.00% n/aClass E 1.20% 0% n/aClass F 1.95% 0% n/aClass H 0.80% 0% n/aClass I 0.60% 0% n/a
Financial Information
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11 JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
Pioneer P.F. – Simplified Prospectus 13
InvestmentObjectiveThisSub-Fundseekstoachievecapitalappreciationandincomeoverthemediumtolong-termbyinvestinginadiversifiedportfolioofthepermissibleinstrumentsdescribedbelow.
InvestmentPolicyTheSub-Fundwillnormallyinvest50%andnotmorethan70%ofitsassetsinequitiesandequity-linkedinstruments.
TheSub-Fundinvestsprimarilyinopen-endedUCIsandUCITS,equitiesandequity-linkedinstruments,Money-MarketInstruments,debtanddebt-relatedinstruments(includingconvertiblebondsandbondscumwarrants),depositssubjecttocallwithamaximumtermof12months,andinterest-ratecertificates.TheSub-Fundmayalsoinvestupto15%ofitsassetsineligiblecommodity-indexcertificates.
BaseCurrencyTheSub-Fund’sbasecurrencyiseuro.
TypicalInvestor’sProfileTheSub-FundissuitableforindividualinvestorswishingtoparticipateincapitalmarketsTheSub-Fundmaybemostappropriateforinvestorswithamediumtolong-terminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolio.
RiskProfileInvestmentswithintheSub-FundaresubjecttotheriskthattheNetAssetValueperUnitofeachClassoftheSub-Fundwillfluctuateinresponsetochangesineconomicconditionsandthemarket’sperceptionofthesecuritiesheldbytheSub-Fund;accordingly,noassurancecanbegiventhattheinvestmentobjectiveswillbeachieved.
Foradditionalriskwarningspleaserefertothe“InvestmentInformation–RiskWarning”sectionofthisSimplifiedProspectus.
GlobalRiskMeasurementRelativeVaR(referenceportfolio:50%JPMorganGBIEMU,50%MSCIWorld)Maximumexpectedleverage(netleverage):50%
TheSub-Fundhasnotbeeninexistenceforafullcalendaryear.Noperformanceinformationiscurrentlyavailable.
DisclaimerThepastperformanceshownhereisnotanindicatoroffutureperformance.TheSub-Fundissubjecttosomeinvestments’risks.ThepriceofUnitsaswellastheirincomemayriseorfall.ChangesininterestratesmayalsoproduceanincreaseoradecreaseofthevalueofUnits.ThereisnoguaranteethattheSub-Fundmeetsitsobjective.
SecuritiesCodesClass A Hedge Non-Distributing CZK LU0539737444Class A Non-Distributing USD LU0539737287Class A Non-Distributing EUR LU0539737105Class C Non-Distributing EUR LU0539737360Class E Non-Distributing EUR LU0539734698Class F Non-Distributing EUR LU0539735075Class I Non-Distributing EUR LU0558261706
3. Pioneer P.F. – Global Balanced 50Investment Information
Performance
Financial Information
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14 Pioneer P.F. – Simplified Prospectus
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
Unitholders’ChargesandExpensesUnitClass SalesCharge DeferredSalesCharge
Class A Max. 5.00% n/aClass B 0% Max. 4.00%1
Class C 0% Max. 1.00%2
Class E Max. 4.00% n/aClass F 0% n/aClass H Max. 2.00% n/aClass I 0% n/a
1 Deferred sales charge of 4.00% maximum, decreasing to zero over a 4 year period post investment.2 Deferred sales charges of 1.00% if redeemed within one year of purchase.
Sub‑Fund’sOperationalExpensesUnitClass ManagementFee DistributionFee PerformanceFee %ofRelevantAmount
Class A 1.50% Max. 0.50% n/aClass B 1.50% Max. 1.50% n/aClass C 1.50% Max. 1.00% n/aClass E 1.50% 0% n/aClass F 2.25% 0% n/aClass H 0.90% 0% n/aClass I 0.70% 0% n/a
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11 JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
Pioneer P.F. – Simplified Prospectus 15
InvestmentObjectiveThisSub-Fundseekstoachievecapitalappreciationoverthemediumtolong-termbyinvestinginadiversifiedportfolioofthepermissibleinstrumentsdescribedbelow.
InvestmentPolicyTheSub-Fundwillfocusitsinvestmentsonequitiesandequity-linkedinstruments,withthepossibilitytoinvestupto100%ofitsassetsinthistypeofasset.
TheSub-Fundinvestsprimarilyinopen-endedUCIsandUCITS,equitiesandequity-linkedinstruments,Money-MarketInstruments,debtanddebt-relatedinstruments(includingconvertiblebondsandbondscumwarrants),depositssubjecttocallwithamaximumtermof12months,andinterest-ratecertificates.TheSub-Fundmayalsoinvestupto15%ofitsassetsineligiblecommodity-indexcertificates.
Itmayalsoinvestinanytypeofderivativefinancialinstruments,includingbutnotlimitedtofutures,options,creditdefaultswaps,interestrateswaps,equityswaps,totalreturnswapsorcurrencyforwards,volatilityfuturesandoptions,varianceswapsandcorrelationswaps.
BaseCurrencyTheSub-Fund’sbasecurrencyiseuro.
TypicalInvestor’sProfileTheSub-Fundissuitableforindividualinvestorswishingtoparticipateincapitalmarkets.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolongterminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolio.
RiskProfileInvestmentswithintheSub-FundaresubjecttotheriskthattheNetAssetValueperUnitofeachClassoftheSub-Fundwillfluctuateinresponsetochangesineconomicconditionsandthemarket’sperceptionofthesecuritiesheldbytheSub-Fund;accordingly,noassurancecanbegiventhattheinvestmentobjectiveswillbeachieved.
Foradditionalriskwarningspleaserefertothe“InvestmentInformation–RiskWarning”sectionofthisSimplifiedProspectus.
GlobalRiskMeasurementRelativeVaR(referenceportfolio:100%MSCIACWorldDaily)Maximumexpectedleverage(netleverage):50%
Pioneer P.F. – Global Changes: 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassA.
35.00%30.00%25.00%20.00%15.00%10.00%
5.00%0.00%
2008 2009 2010
Pioneer P.F. – Global Changes Class A Non-Distributing EUR
n/a
33.76%
20.15%
4. Pioneer P.F. – Global ChangesInvestment Information
Performance
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16 Pioneer P.F. – Simplified Prospectus
JOB: A11-0741-01 Pioneer SF English | Page | T: Amity Comms: +44 (0)20 7324 6082/6083 | Dec-23-11
EURUnitClasses,cumulativeperformanceinEUR 2008 2009 2010
Class A Non-Distributing1 n/a 33.76% 20.15%Class E Non-Distributing3 n/a n/a n/aClass F Non-Distributing3 n/a n/a n/aClass H Distributing Annually2 n/a n/a n/aClass H Non-Distributing4 n/a n/a n/a
1 Unit Class launched on 10 June 2008.2 Unit Class launched on 09 February 2010.3 Unit Class launched on 10 December 2010.4 Unit Class launched on 26 February 2010.
CZKUnitClasses,cumulativeperformanceinCZK 2008 2009 2010
Class A Hedge Non-Distributing1 n/a n/a n/a 1 Unit Class launched on 10 December 2010.
DisclaimerThepastperformanceshownhereisnotanindicatoroffutureperformance.TheSub-Fundissubjecttosomeinvestments’risks.ThepriceofUnitsaswellastheirincomemayriseorfall.ChangesininterestratesmayalsoproduceanincreaseoradecreaseofthevalueofUnits.ThereisnoguaranteethattheSub-Fundmeetsitsobjective.
SecuritiesCodesClass A Non-distributing EUR LU0360560022Class A Hedge Non-Distributing CZK LU0539736982Class E Non-Distributing EUR LU0360560378Class F Non-Distributing EUR LU0360560535Class H Distributing Annually LU0484931224Class H Non-Distributing EUR LU0490669024
Unitholders’ChargesandExpensesUnitClass SalesCharge DeferredSalesCharge
Class A Max. 5.00% n/aClass B 0% Max. 4.00%1
Class C 0% Max. 1.00%2
Class E Max. 4.00% n/aClass F 0% n/aClass H Max. 2.00% n/aClass I 0% n/a
1 Deferred sales charge of 4.00% maximum, decreasing to zero over a 4 year period post investment.2 Deferred sales charges of 1.00% if redeemed within one year of purchase.
Sub‑Fund’sOperationalExpensesUnitClass ManagementFee DistributionFee PerformanceFee %ofRelevantAmount
Class A 1.80% Max. 0.10% n/aClass B 1.80% Max. 1.50% n/aClass C 1.80% Max. 1.00% n/aClass E 1.80% 0% n/aClass F 2.50% 0% n/aClass H 1.00% 0% n/aClass I 0.80% 0% n/a
Financial Information
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Pioneer P.F. – Simplified Prospectus 17
InvestmentObjectiveThisSub-Fundistoachieveanabsolutereturnwhilekeepingeconomicriskslowbyinvestinginadiversifiedportfolio.
InvestmentPolicyTheSub-Fundmayholdupto70%ofitsassetsinequitiesandequity-linkedinstruments.TheSub-Fundinvestsprimarilyinopen-endedUCIsandUCITS,equitiesandequity-linkedinstruments,Money-MarketInstruments,debtanddebt-relatedinstruments(includingconvertiblebondsandbondscumwarrants),depositssubjecttocallwithamaximumtermof12months,interest-ratecertificates,andequityandequity-indexcertificates.TheSub-Fundmayinvestupto15%ofitsassetsineligiblecommodity-indexcertificates.
Ifmorethan50%ofthenetassetsoftheSub-FundareinvestedinotherUCIsandUCITS,atleasttwo-thirdsofthetargetfundsacquiredfortheSub-Fund,referringtothenetassetsoftheSub-Fundinvestedintargetfunds,musthaveidenticalconditionsforredemptionastheSub-Fund.
Investingprimarilyintargetfundsisgenerallyassociatedwiththefollowingadvantagesfortheinvestor:
→→ broad→risk→diversification→in→different→investment→styles→and→strategies;→→ comprehensive→selection→process→using→qualitative→and→quantitative→criteria;→→ continuous→monitoring→by→the→management→company→of→the→different→target→funds.→
BaseCurrencyTheSub-Fund’sbasecurrencyiseuro.
TypicalInvestor’sProfileTheSub-Fundissuitableforindividualinvestorswishingtoparticipateincapitalmarkets.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolong-terminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolioasitaimstoachieveabsoluteperformanceandcapitalpreservation.
RiskProfileInvestmentswithintheSub-FundaresubjecttotheriskthattheNetAssetValueperUnitofeachClassoftheSub-Fundwillfluctuateinresponsetochangesineconomicconditionsandthemarket’sperceptionofthesecuritiesheldbytheSub-Fund;accordingly,noassurancecanbegiventhattheinvestmentobjectiveswillbeachieved.
Foradditionalriskwarningspleaserefertothe“InvestmentInformation–RiskWarning”sectionofthisSimplifiedProspectus.
GlobalRiskMeasurementAbsoluteVaRMaximumexpectedleverage(netleverage):50%
5. Pioneer P.F. – StrategiePortfolio AbsolutInvestment Information
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18 Pioneer P.F. – Simplified Prospectus
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Pioneer P.F. – StrategiePortfolio Absolut: 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassA.
10.00%5.00%0.00%
-5.00%-10.00%-15.00%-20.00%
2008 2009 2010
Pioneer P.F. – StrategiePortfolio Absolut Class A Distributing Annually
-15.07%
4.64%1.01%
EURUnitClasses,cumulativeperformanceinEUR 2008 2009 2010
Class A Distributing Annually –15.07% 4.64% 1.01%
DisclaimerThepastperformanceshownhereisnotanindicatoroffutureperformance.TheSub-Fundissubjecttosomeinvestments’risks.ThepriceofUnitsaswellastheirincomemayriseorfall.ChangesininterestratesmayalsoproduceanincreaseoradecreaseofthevalueofUnits.ThereisnoguaranteethattheSub-Fundmeetsitsobjective.
SecuritiesCodesClass A Distributing Annually EUR LU0374243409
Unitholders’ChargesandExpensesUnitClass SalesCharge DeferredSalesCharge
Class A Max. 5.00% n/a
Sub‑Fund’sOperationalExpensesUnitClass ManagementFee DistributionFee PerformanceFee %ofRelevantAmount
Class A 1.40% 0% n/a
Performance
Financial Information
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Pioneer P.F. – Simplified Prospectus 19
InvestmentObjectiveThisSub-Fundistogenerateanabsolutereturnwhilekeepingtheeconomicriskslowbyinvestinginadiversifiedportfolio.
InvestmentPolicyTheSub-Fundmayholdupto80%ofitsassetsinequitiesandequity-linkedinstruments.TheSub-Fundinvestsprimarilyinopen-endedUCIsandUCITS,equitiesandequity-linkedinstruments,Money-MarketInstruments,debtanddebt-relatedinstruments(includingconvertiblebondsandbondscumwarrants),depositssubjecttocallwithamaximumtermof12months,interest-ratecertificates,andequityandequity-indexcertificates.TheSub-Fundmayinvestupto15%ofitsassetsineligiblecommodity-indexcertificates.
Ifmorethan50%ofthenetassetsoftheSub-FundareinvestedinotherUCIsandUCITS,atleasttwo-thirdsofthetargetfundsacquiredfortheSub-Fund,referringtothenetassetsoftheSub-Fundinvestedintargetfunds,musthaveidenticalconditionsforredemptionastheSub-Fund.
Investingprimarilyintargetfundsisgenerallyassociatedwiththefollowingadvantagesfortheinvestor:
→→ broad→risk→diversification→in→different→investment→styles→and→strategies;→→ comprehensive→selection→process→using→qualitative→and→quantitative→criteria;→→ continuous→monitoring→by→the→management→company→of→the→different→target→funds.→
BaseCurrencyTheSub-Fund’sbasecurrencyiseuro.
TypicalInvestor’sProfileTheSub-Fundissuitableforindividualinvestorswishingtoparticipateincapitalmarkets.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolong-terminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolioasitaimstoachieveabsoluteperformanceandcapitalpreservation.
RiskProfileInvestmentswithintheSub-FundaresubjecttotheriskthattheNetAssetValueperUnitofeachClassoftheSub-Fundwillfluctuateinresponsetochangesineconomicconditionsandthemarket’sperceptionofthesecuritiesheldbytheSub-Fund;accordingly,noassurancecanbegiventhattheinvestmentobjectiveswillbeachieved.
Foradditionalriskwarningspleaserefertothe“InvestmentInformation–RiskWarning”sectionofthisSimplifiedProspectus.
GlobalRiskMeasurementRelativeVaR(referenceportfolio:27.10%MSCIEmergingMarkets,26.00%MSCINorthAmerica,25.40%STOXXEurope600,11.50%MSCIPacific,5.00%DJUBSGoldSubindexand5.00%DowJonesUBSCommodity.)Maximumexpectedleverage(netleverage):50%
6. Pioneer P.F. – StrategiePortfolio BalanceInvestment Information
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20 Pioneer P.F. – Simplified Prospectus
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Pioneer P.F. – StrategiePortfolio Balance 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassA.
20.00%10.00%
0.00%-10.00%-20.00%-30.00%-40.00%
2008 2009 2010
Pioneer P.F. – StrategiePortfolio Balance Class A Distributing Annually
-32.66%
18.35%
8.41%
EURUnitClasses,cumulativeperformanceinEUR 2008 2009 2010
Class A Distributing Annually –32.66% 18.35% 8.41%
DisclaimerThepastperformanceshownhereisnotanindicatoroffutureperformance.TheSub-Fundissubjecttosomeinvestments’risks.ThepriceofUnitsaswellastheirincomemayriseorfall.ChangesininterestratesmayalsoproduceanincreaseoradecreaseofthevalueofUnits.ThereisnoguaranteethattheSub-Fundmeetsitsobjective.
SecuritiesCodesClass A Distributing Annually EUR LU0374243821
Unitholders’ChargesandExpensesUnitClass SalesCharge DeferredSalesCharge
Class A Max. 5.00% n/a
Sub‑Fund’sOperationalExpensesUnitClass ManagementFee DistributionFee PerformanceFee %ofRelevantAmount
Class A 1.40% 0% n/a
Performance
Financial Information
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Pioneer P.F. – Simplified Prospectus 21
InvestmentObjectiveThisSub-Fundistogenerateanabsolutereturnwhilekeepingtheeconomicriskslowbyinvestinginadiversifiedportfolio.
InvestmentPolicyTheSub-Fundmayholdupto90%ofitsassetsinequitiesandequity-linkedinstruments.TheSub-Fundinvestsprimarilyinopen-endedUCIsandUCITS,equitiesandequity-linkedinstruments,Money-MarketInstruments,debtanddebt-relatedinstruments(includingconvertiblebondsandbondscumwarrants),depositssubjecttocallwithamaximumtermof12months,interest-ratecertificates,andequityandequity-indexcertificates.TheSub-Fundmayinvestupto15%ofitsassetsineligiblecommodity-indexcertificates.
Ifmorethan50%ofthenetassetsoftheSub-FundareinvestedinotherUCIsandUCITS,atleasttwo-thirdsofthetargetfundsacquiredfortheSub-Fund,referringtothenetassetsoftheSub-Fundinvestedintargetfunds,musthaveidenticalconditionsforredemptionastheSub-Fund.
Investingprimarilyintargetfundsisgenerallyassociatedwiththefollowingadvantagesfortheinvestor:
→→ broad→risk→diversification→in→different→investment→styles→and→strategies;→→ comprehensive→selection→process→using→qualitative→and→quantitative→criteria;→→ continuous→monitoring→by→the→management→company→of→the→different→target→funds.→
BaseCurrencyTheSub-Fund’sbasecurrencyiseuro.
TypicalInvestor’sProfileTheSub-Fundissuitableforindividualinvestorswishingtoparticipateincapitalmarkets.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolong-terminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolioasitaimstoachieveabsoluteperformanceandcapitalpreservation.
RiskProfileInvestmentswithintheSub-FundaresubjecttotheriskthattheNetAssetValueperUnitofeachClassoftheSub-Fundwillfluctuateinresponsetochangesineconomicconditionsandthemarket’sperceptionofthesecuritiesheldbytheSub-Fund;accordingly,noassurancecanbegiventhattheinvestmentobjectiveswillbeachieved.
Foradditionalriskwarningspleaserefertothe“InvestmentInformation–RiskWarning”sectionofthisSimplifiedProspectus.
GlobalRiskMeasurementRelativeVaR(referenceportfolio:27.10%MSCIEmergingMarkets,26.00%MSCINorthAmerica,25.40%STOXXEurope600,11.50%MSCIPacific,5.00%DJUBSGoldSubindexand5.00%DowJonesUBSCommodity.)Maximumexpectedleverage(netleverage):50%
7. Pioneer P.F. – StrategiePortfolio WachstumInvestment Information
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22 Pioneer P.F. – Simplified Prospectus
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Pioneer P.F. – StrategiePortfolio Wachstum 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassA.
30.00%20.00%10.00%
0.00%-10.00%-20.00%-30.00%-40.00%-50.00%
2008 2009 2010
Pioneer P.F. – StrategiePortfolio Wachstum Class A Distributing Annually EUR
-38.97%
27.73%
10.82%
EURUnitClasses,cumulativeperformanceinEUR 2008 2009 2010
Class A Distributing Annually –38.97% 27.73% 10.82%
DisclaimerThepastperformanceshownhereisnotanindicatoroffutureperformance.TheSub-Fundissubjecttosomeinvestments’risks.ThepriceofUnitsaswellastheirincomemayriseorfall.ChangesininterestratesmayalsoproduceanincreaseoradecreaseofthevalueofUnits.ThereisnoguaranteethattheSub-Fundmeetsitsobjective.
SecuritiesCodesClass A Distributing Annually EUR LU0374245016
Unitholders’ChargesandExpensesUnitClass SalesCharge DeferredSalesCharge
Class A Max. 5.00% n/a
Sub‑Fund’sOperationalExpensesUnitClass ManagementFee DistributionFee PerformanceFee %ofRelevantAmount
Class A 1.40% 0% n/a
Performance
Financial Information
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Pioneer P.F. – Simplified Prospectus 23
InvestmentObjectiveTheobjectiveofthisSub-Fundistogenerateanabsolutereturnwhilekeepingtheeconomicriskslowbyinvestinginadiversifiedportfolio.
InvestmentPolicyTheSub-Fundmayholdupto100%ofitsassetsinequitiesandequity-linkedinstruments.TheSub-Fundinvestsprimarilyinopen-endedUCIsandUCITS,equitiesandequity-linkedinstruments,Money-MarketInstruments,debtanddebt-relatedinstruments(includingconvertiblebondsandbondscumwarrants),depositssubjecttocallwithamaximumtermof12months,interest-ratecertificates,andequityandequity-indexcertificates.TheSub-Fundmayinvestupto15%ofitsassetsineligiblecommodity-indexcertificates.
Ifmorethan50%ofthenetassetsoftheSub-FundareinvestedinotherUCIsandUCITS,atleasttwo-thirdsofthetargetfundsacquiredfortheSub-Fund,referringtothenetassetsoftheSub-Fundinvestedintargetfunds,musthaveidenticalconditionsforredemptionastheSub-Fund.
Investingprimarilyintargetfundsisgenerallyassociatedwiththefollowingadvantagesfortheinvestor:
→→ broad→risk→diversification→in→different→investment→styles→and→strategies;→→ comprehensive→selection→process→using→qualitative→and→quantitative→criteria;→→ continuous→monitoring→by→the→management→company→of→the→different→target→funds.→
BaseCurrencyTheSub-Fund’sbasecurrencyiseuro.
TypicalInvestor’sProfileTheSub-Fundissuitableforindividualinvestorswishingtoparticipateincapitalmarkets.TheSub-Fundmaybemostappropriateforinvestorswithamediumtolong-terminvestmenthorizon,aslossesmayoccurduetomarketfluctuations.TheSub-Fundmaybesuitableasacorepositioninaportfolioasitaimstoachieveabsoluteperformanceandcapitalpreservation
RiskProfileInvestmentswithintheSub-FundaresubjecttotheriskthattheNetAssetValueperUnitofeachClassoftheSub-Fundwillfluctuateinresponsetochangesineconomicconditionsandthemarket’sperceptionofthesecuritiesheldbytheSub-Fund;accordingly,noassurancecanbegiventhattheinvestmentobjectiveswillbeachieved.
Foradditionalriskwarningspleaserefertothe“InvestmentInformation–RiskWarning”sectionofthisSimplifiedProspectus.
GlobalRiskMeasurementRelativeVaR(referenceportfolio:27.10%MSCIEmergingMarkets,26.00%MSCINorthAmerica,25.40%STOXXEurope600,11.50%MSCIPacific,5.00%DJUBSGoldSubindexand5.00%DowJonesUBSCommodity.)Maximumexpectedleverage(netleverage):50%
8. Pioneer P.F. – StrategiePortfolio ChanceInvestment Information
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24 Pioneer P.F. – Simplified Prospectus
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Pioneer P.F. – StrategiePortfolio Chance 3 year performanceIndicativePerformanceTable–ThefollowingtableshowstheperformanceoftheSub‑FundusingtheperformanceofClassA.
30.00%20.00%10.00%
0.00%-10.00%-20.00%-30.00%-40.00%-50.00%
2008 2009 2010
Pioneer P.F. – StrategiePortfolio Chance Class A Distributing Annually EUR
-40.26%
32.10%
14.23%
EURUnitClasses,cumulativeperformanceinEUR 2008 2009 2010
Class A Distributing Annually –40.26% 32.10% 14.23%
DisclaimerThepastperformanceshownhereisnotanindicatoroffutureperformance.TheSub-Fundissubjecttosomeinvestments’risks.ThepriceofUnitsaswellastheirincomemayriseorfall.ChangesininterestratesmayalsoproduceanincreaseoradecreaseofthevalueofUnits.ThereisnoguaranteethattheSub-Fundmeetsitsobjective.
SecuritiesCodesClass A Distributing Annually EUR LU0374244639
Unitholders’ChargesandExpensesUnitClass SalesCharge DeferredSalesCharge
Class A Max. 5.00% n/a
Sub‑Fund’sOperationalExpensesUnitClass ManagementFee DistributionFee PerformanceFee %ofRelevantAmount
Class A 1.40% 0% n/a
Performance
Financial Information
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Pioneer P.F. – Simplified Prospectus 25
ThefollowingisapplicabletoeachSub-FundexceptifotherwiseisstatedintheinvestmentpolicyofaSub-Fund.
TheassetsofeachSub-FundwillmainlybeinvestedinTransferableSecuritiesandMoneyMarketInstrumentsasreferredtoinArticle16.1.oftheManagementRegulations.TheSub-FundsarefurtherauthorisedtoinvestinotherpermittedfinancialliquidassetsinaccordancewiththeauthorisedinvestmentssetoutinArticle16.1.oftheManagementRegulations.TheSub-Fundswillalsobeauthorised,withinthelimitssetforthinArticle16oftheManagementRegulationsandtakingintoaccounttheexposurerelatingtoderivativesreferredtotherein,toachievetheirobjectivethroughinvestmentinfinancialderivativeinstrumentsoruseofcertaintechniquesandInstrumentsforhedgingand/orforotherpurposestothefullestextentpermittedinArticle16oftheManagementRegulationsincludingoptions,forwardforeignexchangecontracts,futures,includinginternationalequityandbondindicesand/orswaps(suchascreditdefaultswaps,currencyswaps,inflationlinkedswaps,interestrateswaps,swaptionsandequity/totalreturnswaps)onTransferableSecuritiesand/oranyfinancialInstrumentsandcurrencies.
EachSub-FundmayinvestinwarrantsonTransferableSecuritiesandmayholdcashwithinthelimitssetforthinArticle16.1.B.oftheManagementRegulations.
EachSub-Fundmayinvestinvolatilityfuturesandoptionsaswellasinexchange-tradedfunds.However,suchinvestmentsmaynotcausetheSub-Fundstodivergefromtheirinvestmentobjectives.
Volatilityfuturesrefertothevolatilityimpliedinoptionpricingandthemainrationalforinvestinginsuchfuturesisthatthevolatilitycanbeviewedasanassetclassonitsown.EachSub-Fundwillonlyinvestinvolatilityfuturestradedonregulatedmarketsandthestockindicesunderlyingthevolatilityindiceswillcomplywitharticle44(1)ofthe2010Law.
FurtherInformationaboutCapitalGuaranteedandCapitalProtectedSub‑FundsCapitalProtectedSub-Fundsaimtoprotectinpartortotally,asstatedintheirinvestmentpolicy,thecapitalinvested.Theprotectionmayreferenceaspecifictimehorizon,inwhichcaseitisintendedthattheInvestmentManageristoachievetheresultoftheprotectionattheendofthetimehorizon,accordingtotherulesdescribedintheinvestmentpolicy.Theprotectionisachievedthroughtheuseofderivativesforhedgingpurposesand/orthroughtheuseofriskmanagementtechniquesthatdynamicallyrebalancethecompositionoftheportfolioamongtheadmissibleassetclasses.Fortheobjectiveofprotectingthecapitalinvested,theSub-Fundscouldpresentindifferentmomentsintimeadifferentrisk-returnprofile,sometimesmoresimilartotheprofileofexpectedhighreturnsandvolatilityofequitiesandsometimesmoresimilartotheprofileofmoderatereturnsandvolatilityofferedbybonds.ThevalueoftheSub-Fundswillfluctuateandcanalsofallbelowtheprotectedlevelbeforetheendofthereferencetimehorizon.Forthesakeofclarity,protectiondoesnotinvolveanyformofguarantee,eitherexplicitorimplicit,byanycompanybelongingtothePioneergrouporthepromoter’sgroupordelegatedbythePioneergrouporthepromoter’sgrouptomanageoradvisethemanagementoftheSub-Funds.
CapitalGuaranteedSub-Fundsaimtoguaranteeinpartortotally,asstatedintheirinvestmentpolicy,thecapitalinvested.Theguaranteemayrefertoaspecifictimehorizon,inwhichcaseitisintendedthattheInvestmentManageristoachievetheresultoftheguaranteeattheendthereof,accordingtotherulesdescribedintheinvestmentpolicy.Theguaranteeisachievedthroughtherecoursetoaguaranteegrantedbyathird-partyasmorefullydescribedintheinvestmentpolicyofeachSub-Fund.
IV. Investment Information – GeneralA. Investment Policy
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26 Pioneer P.F. – Simplified Prospectus
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SpecialriskconsiderationsexistforinvestorsinsomeSub-FundsoftheFund.Investmentincertainsecuritiesinvolvesagreaterdegreeofriskthanisusuallyassociatedwithinvestmentinthesecuritiesofothermajorsecuritiesmarkets.PotentialinvestorsshouldconsiderthefollowingrisksbeforeinvestinginanyoftheSub-Funds.
Thissectionisintendedtoinformpotentialinvestorsabouttherisksassociatedwithinvestmentsinfinancialinstruments.Ingeneral,theyshouldbeawarethatthepriceandvalueoftheUnitsmayfallaswellasriseandthattheymaynotrecoverthefullamountinvested.Pastperformancecannotbeconsideredasaguidetofutureperformance;returnsarenotguaranteedandalossofthecapitalinvestedmayoccur.
Incertaincountries,thereisthepossibilityofseizureofassets,confiscatorytaxation,politicalorsocialinstabilityordiplomaticdevelopmentswhichcouldaffectinvestmentinthosecountries.TheremaybelesspubliclyavailableinformationaboutcertainfinancialInstrumentsthansomeinvestorswouldfindcustomary.Legalentitiesinsomecountriesmaynotbesubjecttoaccounting,auditingandfinancialreportingstandardsandrequirementscomparabletothosetowhichcertaininvestorsmaybeaccustomed.Certainfinancialmarkets,whilegenerallygrowinginvolume,haveforthemostpart,substantiallylessvolumethanmoredevelopedmarkets.Securitiesofmanycompaniesarelessliquidandtheirpricesmorevolatilethansecuritiesofcomparablecompaniesinmoresizeablemarkets.Therearealsovaryinglevelsofgovernmentsupervisionandregulationofexchanges,financialinstitutionsandissuersinvariouscountries.Inaddition,themannerinwhichforeigninvestorsmayinvestinsecuritiesincertaincountries,aswellaslimitationsonsuchinvestments,mayaffecttheinvestmentoperationsoftheSub-Funds.
Emergingcountrydebtwillbesubjecttohighrisk,willnotberequiredtomeetaminimumratingstandardandmaynotberatedforcreditworthinessbyanyinternationallyrecognisedcreditratingorganisation.Theissuerorgovernmentalauthoritythatcontrolstherepaymentofanemergingcountry’sdebtmaynotbeableorwillingtorepaytheprincipaland/orinterestwhendueinaccordancewiththetermsofsuchdebt.Asaresult,agovernmentobligormaydefaultonitsobligations.Ifsuchaneventoccurs,theFundmayhavelimitedlegalrecourseagainsttheissuerand/orguarantor.Remediesmust,insomecases,bepursuedinthecourtsofthedefaultingpartyitself,andtheabilityoftheholderofforeigngovernmentdebtsecuritiestoobtainrecoursemaybesubjecttothepoliticalclimateintherelevantcountry.Inaddition,noassurancecanbegiventhattheholdersofcommercialdebtwillnotcontestpaymentstotheholdersofotherforeigngovernmentdebtobligationsintheeventofdefaultundertheircommercialbankloanagreements.
SettlementsystemsinEmergingMarketsmaybelesswellorganisedthanindevelopedmarkets.TheremaybeariskthatsettlementmaybedelayedandthatcashorsecuritiesoftheSub-Fundsmaybeinjeopardybecauseoffailuresorofdefectsinthesystems.Inparticular,marketpracticemayrequirethatpaymentbemadepriortoreceiptofthesecuritywhichisbeingpurchasedorthatdeliveryofasecuritymustbemadebeforepaymentisreceived.Insuchcases,defaultbyabrokerorbank(the“Counterparty”)throughwhomtherelevanttransactioniseffectedmightresultinalossbeingsufferedbySub-Fundsinvestinginemergingmarketsecurities.
TheFundwillseek,wherepossible,touseCounterpartieswhosefinancialstatusissuchthatthisriskisreduced.However,therecanbenocertaintythattheFundwillbesuccessfulineliminatingthisriskfortheSub-Funds,particularlyasCounterpartiesoperatinginEmergingMarketsfrequentlylackthesubstanceorfinancialresourcesofthoseindevelopedcountries.
Theremayalsobeadangerthat,becauseofuncertaintiesintheoperationofsettlementsystemsinindividualmarkets,competingclaimsmayariseinrespectofsecuritiesheld
B. Special Risk Considerations
EmergingMarketsRisks
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Pioneer P.F. – Simplified Prospectus 27
byortobetransferredtotheSub-Funds.Compensationschemesmaybenon-existentorlimitedorinadequatetomeettheFund’sclaimsinanyoftheseevents.
InsomeEasternEuropeancountriesthereareuncertaintieswithregardtotheownershipofproperties.Asaresult,investinginTransferableSecuritiesissuedbycompaniesowningsuchpropertymaybesubjecttoincreasedrisk.
InvestmentsinRussiaaresubjecttocertainheightenedriskswithregardtotheownershipandcustodyofsecurities.InRussiathisisevidencedbyentriesinthebooksofacompanyoritsregistrar(whichisneitheranagentnorresponsibletotheDepositary).NocertificatesrepresentingownershipofRussiancompanieswillbeheldbytheDepositaryoranyofitslocalcorrespondentsorinaneffectivecentraldepositorysystem.Asaresultofthissystemandthelackoftheeffectivestateregulationandenforcement,theFundcouldloseitsregistrationandownershipofRussiansecuritiesthroughfraud,negligenceorevenmereoversight.Inaddition,Russiansecuritieshaveanincreasedcustodialriskassociatedwiththemassuchsecuritiesare,inaccordancewithmarketpractice,heldincustodywithRussianinstitutionswhichmaynothaveadequateinsurancecoveragetocoverlossduetotheft,destructionordefaultwhilstsuchassetsareinitscustody.
SomeSub-Fundsmayinvestasignificantportionoftheirnetassetsinsecuritiesorcorporatebondsissuedbycompaniesdomiciled,establishedoroperatinginRussiaaswellas,asthecasemaybe,indebtsecuritiesissuedbytheRussiangovernmentasmorefullydescribedforeachrelevantSub-Fundinitsinvestmentpolicy.InvestmentsinTransferableSecuritiesandMoneyMarketInstrumentswhicharenotlistedonstockexchangesortradedonaRegulatedMarketoronanOtherRegulatedMarketinaMemberorOtherStatewithinthemeaningofthe2010LawwhichincludeRussianTransferableSecuritiesandMoneyMarketInstrumentsmaynotexceed10%oftheassetsoftherelevantSub-Funds.TheRussianmarketsmightindeedbeexposedtoliquidityrisks,andliquidationofassetscouldthereforesometimesbelengthyordifficult.However,investmentsinTransferableSecuritiesandMoneyMarketInstrumentswhicharelistedortradedontheRussianTradingSystemandtheMoscowInterbankCurrencyExchangearenotlimitedto10%oftheassetsoftherelevantSub-FundsassuchmarketsarerecognizedasRegulatedMarkets.
TheRussianTradingSystemwasestablishedin1995toconsolidateseparateregionalsecuritiestradingfloorsintoaunifiedregulatedRussiansecuritiesmarket.ItlistsinparticularleadingRussiansecurities.TheRussianTradingSystemestablishesmarketpricesforawiderangeofstocksandbonds.Thetradinginformationisdistributedworldwidethroughfinancialinformationservicescompanies,suchasReutersandBloomberg.
TheMoscowInterbankCurrencyExchangeservesasabasisforthenationwidesystemoftradinginthecurrency,stocksandderivativessectorsofthefinancialmarket,coveringMoscowandRussia’slargestfinancialandindustrialcentres.JointlywithitspartnerstheMICEXGroup(theMICEXStockExchange,theMICEXSettlementHouse,theNationalDepositaryCenter,regionalexchangesandother),theMICEXprovidessettlementandclearingaswellasdepositaryservicesforabout1500organisationsandparticipantsinthestockmarket.
Finally,certainSub-Fundsmayinvestinbondsfromcountrieswhicharenownegotiating,ormayinthefuture,negotiateaccessiontotheEU,whosecreditworthinessisusuallylowerthanofgovernmentbondsissuedbycountriesalreadybelongingtotheEU,butthatcanbeexpectedtopayahighercoupon.
SomeSub-Fundsmayinvestinhighyieldorsub-InvestmentGradesecurities.Investmentinsuchhigheryieldingsecuritiesisspeculativeasitgenerallyentailsincreasedcreditandmarketrisk.Suchsecuritiesaresubjecttotheriskofanissuer’sinabilitytomeet
InvestmentinHighYieldorSub‑InvestmentGradeSecurities
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28 Pioneer P.F. – Simplified Prospectus
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principalandinterestpaymentsonitsobligations(creditrisk)andmayalsobesubjecttopricevolatilityduetosuchfactorsasinterestratesensitivity,marketperceptionofthecreditworthinessoftheissuerandgeneralmarketliquidity.
AlthoughdifferentClassesofUnitsmaybedenominatedinaspecificPricingCurrency,theassetsrelatingtothatClassofUnitsmaybeinvestedinsecuritiesdenominatedinothercurrencies.TheNetAssetValueoftheSub-FundasexpressedinitsBaseCurrencywillfluctuateinaccordancewiththechangesintheforeignexchangeratebetweentheBaseCurrencyoftheSub-FundandthecurrenciesinwhichtheSub-Fund’sinvestmentsaredenominated.TheSub-Fundmaythereforebeexposedtoaforeignexchange/currencyrisk.Itmaynotbepossibleorpracticabletohedgeagainsttheconsequentforeignexchange/currencyriskexposure.
InvestmentorSub-InvestmentManagersmayenterintocurrencytransactions(withinthelimitssetforthinArticle16oftheManagementRegulations)attheirsolediscretion,forthepurposesofefficientportfoliomanagementandforthepurposesofhedging.Therecanbenoassurancethatsuchhedgingtransactionswillbeeffectiveorbeneficialorthattherewillbeahedgeinplaceatanygiventime.
Sub-Fundsinvestingincurrenciesasaprimaryobjectivewillseektoexploitthefluctuationsininternationalcurrencies,throughtheuseofforeigncurrencyandinterestratederivatives.Thismeansthatagreaterthannormalcurrencyriskmayarise.Intheshort-termthismaytaketheformoflarge,unpredictablefluctuationsintheUnitpriceandinthelong-terminanegativeperformanceduetounforeseencurrencyormarkettrends.
Someofthestockexchanges,RegulatedMarketsandOtherRegulatedMarketsonwhichaSub-Fundmayinvestmayprovetobeilliquid,insufficientlyliquidorhighlyvolatilefromtimetotime.ThismayaffectthetimingandpriceatwhichaSub-Fundmayliquidatepositionstomeetredemptionrequestsorotherfundingrequirements.
CertainSub-Fundsandinparticular,theBondSub-FundsandtheShort-TermSub-Fundsmayinvestinmortgagederivativesandstructurednotes,includingmortgage-backedandasset-backedsecurities.Mortgagepass-throughsecuritiesaresecuritiesrepresentinginterestsin“pools”ofmortgagesinwhichpaymentsofbothinterestandprincipalonthesecuritiesaremademonthly,ineffect“passingthrough”monthlypaymentsmadebytheindividualborrowersontheresidentialmortgageloanswhichunderliethesecurities.Earlyorlaterepaymentofprincipalbasedonanexpectedrepaymentscheduleonmortgagepass-throughsecuritiesheldbytheSub-Funds(duetoearlyorlaterepaymentsofprincipalontheunderlyingmortgageloans)mayresultinalowerrateofreturnwhentheSub-Fundsreinvestsuchprincipal.Inaddition,aswithcallablefixed-incomesecuritiesgenerally,iftheSub-Fundspurchasedthesecuritiesatapremium,sustainedearlierthanexpectedrepaymentwouldreducethevalueofthesecurityrelativetothepremiumpaid.Wheninterestratesriseordecline,thevalueofamortgage-relatedsecuritygenerallywilldecline,orincreasebutnotasmuchasotherfixed-income,fixed-maturitysecuritieswhichhavenoprepaymentorcallfeatures.
Paymentofprincipalandinterestonsomemortgagepass-throughsecurities(butnotthemarketvalueofthesecuritiesthemselves)maybeguaranteedbytheU.S.Government,orbyagenciesorinstrumentalitiesoftheU.S.Government(whichguaranteesaresupportedonlybythediscretionaryauthorityoftheU.S.Governmenttopurchasetheagency’sobligations).Certainmortgagepass-throughsecuritiescreatedbynon-governmentalissuersmaybesupportedbyvariousformsofinsuranceorguarantees,whileothersuchsecuritiesmaybebackedonlybytheunderlyingmortgagecollateral.
SomeSub-Fundsmayinvestincollateralisedmortgageobligations(“CMOs”),whicharestructuredproductsbackedbyunderlyingpoolsofmortgagepass-throughsecurities.
ForeignExchange/CurrencyRisk
InvestmentinCurrencies
MarketRisk
InvestmentinMortgage‑RelatedSecuritiesandinAsset‑BackedSecurities
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Pioneer P.F. – Simplified Prospectus 29
Similartoabond,interestandprepaidprincipalonaCMOarepaid,inmostcases,monthly.CMOsmaybecollateralisedbywholeresidentialorcommercialmortgageloansbutaremoretypicallycollateralisedbyportfoliosofresidentialmortgagepass-throughsecuritiesguaranteedbytheU.S.Governmentoritsagenciesorinstrumentalities.CMOsarestructuredintomultipleclasses,witheachclasshavingadifferentexpectedaveragelifeand/orstatedmaturity.Monthlypaymentsofprincipal,includingprepayments,areallocatedtodifferentclassesinaccordancewiththetermsoftheinstruments,andchangesinprepaymentratesorassumptionsmaysignificantlyaffecttheexpectedaveragelifeandvalueofaparticularclass.
SomeSub-Fundsmayinvestinprincipal-onlyorinterest-onlystrippedmortgage-backedsecurities.Strippedmortgage-backedsecuritieshavegreatervolatilitythanothertypesofmortgage-relatedsecurities.Strippedmortgage-backedsecuritieswhicharepurchasedatasubstantialpremiumordiscountgenerallyareextremelysensitivenotonlytochangesinprevailinginterestratesbutalsototherateofprincipalpayments(includingprepayments)ontherelatedunderlyingmortgageassets,andasustainedhigherorlowerthanexpectedrateofprincipalpaymentsmayhaveamaterialadverseeffectonsuchsecurities’yieldtoduration.Inaddition,strippedmortgagesecuritiesmaybelessliquidthanothersecuritieswhichdonotincludesuchastructureandaremorevolatileifinterestratesmoveunfavourably.
Asnewtypesofmortgage-relatedsecuritiesaredevelopedandofferedtoinvestors,theInvestmentManagerwillconsidermakinginvestmentsinsuchsecurities,providedtheyaredealtinonarecognisedexchange.
Asset-backedTransferableSecuritiesrepresentaparticipationin,oraresecuredbyandpayablefrom,astreamofpaymentsgeneratedbyparticularassets,mostoftenapoolofassetssimilartooneanother,suchasmotorvehiclereceivablesorcreditcardreceivables,homeequityloans,manufacturedhousingloansorbankloanobligations.
Finally,theseSub-Fundsmayinvestincollateralisedloansobligations(“CLOs”)withanunderlyingportfoliocomposedofloans.
Sub-Fundsmayinvestinstructuredproducts.Theseincludeinterestsinentitiesorganisedsolelyforthepurposeofrestructuringtheinvestmentcharacteristicsofcertainotherinvestments.Theseinvestmentsarepurchasedbytheentities,whichthenissueTransferableSecurities(thestructuredproducts)backedby,orrepresentinginterestsin,theunderlyinginvestments.ThecashflowontheunderlyinginvestmentsmaybeapportionedamongthenewlyissuedstructuredproductstocreateTransferableSecuritieswithdifferentinvestmentcharacteristicssuchasvaryingmaturities,paymentprioritiesorinterestrateprovisions.Theextentofthepaymentsmadewithrespecttostructuredinvestmentsdependsontheamountofthecashflowontheunderlyinginvestments.
SomeSub-Fundsmayalsoacquire,whenitisinthebestinterestsoftheUnitholders,creditlinkednotesissuedbyfirstclassfinancialinstitutions.
Theuseofcredit-linkednotescanovercomeproblemsandmitigatecertainrisksassociatedwithdirectinvestmentintheunderlyingassets.
Creditlinkednotesreferencedtounderlyingsecurities,Instruments,basketsorindices,whichaSub-Fundmayhold,aresubjecttobothissuerriskandtheriskinherentintheunderlyinginvestment.
WhensuchcreditlinkednoteswillbetradedonRegulatedMarkets,theSub-FundwillcomplywiththeinvestmentlimitsdescribedunderArticle16.1.C.oftheManagementRegulations.
StructuredProducts
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ShouldsuchcreditlinkednotesbenottradedonRegulatedMarkets,theywouldbetreatedasequivalenttoTransferableSecuritiesasfurtherdescribedinArticle16.1.BoftheManagementRegulations.
TheinvestmentlimitswillequallyapplytotheissuerofsuchInstrumentandtotheunderlyingasset.
Sub-FundsmayalsoinvestinindexedsecuritieswhichareTransferableSecuritieslinkedtotheperformanceofcertainsecurities,indices,interestratesorcurrencyexchangerates.Thetermsofsuchsecuritiesmayprovidethattheirprincipalamountsorjusttheircouponinterestratesareadjustedupwardsordownwardsatmaturityoronestablishedcouponpaymentdatestoreflectmovementsinvariousmeasuresofunderlyingmarketorsecuritywhiletheobligationisoutstanding.
Structuredproductsaresubjecttotherisksassociatedwiththeunderlyingmarketorsecurity,andmaybesubjecttogreatervolatilitythandirectinvestmentsintheunderlyingmarketorsecurity.Structuredproductsmayentailtheriskoflossofprincipaland/orinterestpaymentsasaresultofmovementsintheunderlyingmarketorsecurity.
SomeSub-Fundsmayinvestindistressedsecurities.Thesesecuritiesmaybethesubjectofbankruptcyproceedingsorotherwiseindefaultastotherepaymentofprincipaland/orpaymentofinterestatthetimeofacquisitionbytheSub-Fundorareratedinthelowerratingcategories(CaorlowerbyMoody’sorCCorlowerbyStandard&Poor’s)orareunratedinvestmentsconsideredbytheInvestmentManageroftherelevantSub-Fundtobeofcomparablequality.Investmentindistressedsecuritiesisspeculativeandinvolvessignificantrisk.DistressedsecuritiesfrequentlydonotproduceincomewhiletheyareoutstandingandmayrequiretheSub-Fundtobearcertainextraordinaryexpensesinordertoprotectandrecoveritsinvestment.Therefore,totheextenttheSub-Fundseekscapitalappreciationthroughinvestmentindistressedsecurities,theSub-Fund’sabilitytoachievecurrentincomeforitsUnitholdersmaybediminished.TheSub-Fundalsowillbesubjecttosignificantuncertaintyastowhenandinwhatmannerandforwhatvaluetheobligationsevidencedbythedistressedsecuritieswilleventuallybesatisfied(e.g.,throughaliquidationoftheobligor’sassets,anexchangeofferorplanofreorganisationinvolvingthedistressedsecuritiesorapaymentofsomeamountinsatisfactionoftheobligation).Inaddition,evenifanexchangeofferismadeoraplanofreorganisationisadoptedwithrespecttodistressedsecuritiesheldbytheSub-Fund,therecanbenoassurancethatthesecuritiesorotherassetsreceivedbytheSub-Fundinconnectionwithsuchexchangeofferorplanofreorganisationwillnothavealowervalueorincomepotentialthanmayhavebeenanticipatedwhentheinvestmentwasmade.Further,anysecuritiesreceivedbytheSub-Funduponcompletionofanexchangeofferorplanofreorganisationmayberestrictedfromresale.AsaresultoftheSub-Fund’sparticipationinnegotiationswithrespecttoanyexchangeofferorplanofreorganisationwithrespecttoanissuerofdistressedsecurities,theSub-Fundmayberestrictedfromdisposingquicklyofsuchsecurities.
Sub-Fundsmayengageinvariousportfoliostrategiestoattempttoreducecertainrisksofitsinvestmentsandenhancereturn.Thesestrategiesmayincludetheuseofoptions,forwardforeignexchangecontracts,swaps,CreditDefaultSwaps,interestrateswaps,equityswaps,swaptions,totalreturnswaps,currencyswapsandinflation-linkedswaps,futurescontractsandoptionsthereon,includinginternationalequityandbondindices,asdescribedintheManagementRegulations.TheuseofderivativesandothertechniquesandInstrumentsinvolvesfarhigherriskthanstandardinvestmentInstruments.TherecanthereforebenoassurancethattherelevantSub-Fund’sinvestmentobjectiveswillbeachieved.Inaddition,theuseofderivativesandothertechniquesandInstrumentsinvolvesparticularrisk,mainlyassociatedwithleverage,wherebylargeliabilitiescanbeincurredusingrelativelysmallfinancialmeans.Thisistheriskassociatedwiththeuseofrelativelysmallfinancialresourcestoobtainalargenumberofcommitments.
InvestmentinDistressedSecurities
SpecialRisksofHedgingandIncomeEnhancementStrategies
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Pioneer P.F. – Simplified Prospectus 31
Thebuyingandsellingofequitiesandequity-linkedinstrumentscarriesanumberofrisks,themostimportantbeingthevolatilityofthecapitalmarketsonwhichthosesecuritiesaretradedandthegeneralinsolvencyriskassociatedwiththeissuersofequities,includingindexandbasketcertificates.Indexandbasketcertificatesrarelycarryanyentitlementtorepaymentofinvestedcapitalortointerestordividendpayments.Thecalculationofthereferenceindexorbasketusuallytakesaccountofcostand/orfees;andtherepaymentofinvestedcapitalisusuallyentirelydependentontheperformanceofthereferenceindexorbasket.Althoughindexandbasketcertificatesaredebtinstruments,therisktheycarryisinteraliaanequityrisksincethecertificateperformancedependsonthatofanindexorbasketwhichitselfisdependentontheperformanceofitsowncomponents(e.g.securities).Thevalueofcertificatesthatinverselyreflecttheperformanceoftheircomponentsmayfallwhenmarketsrise.TheriskthattherelevantSub-Fundmayloseallorpartofitsvaluecannotbeexcluded.
Potentialinvestorsshouldbeawareoftheadditionalrisksaswellasofthegeneralpriceriskswheninvestinginshares.Bypickingequitiesonthebasisofearningpotentialratherthancountryororiginorindustry,performancewillnotdependongeneraltrends.
Equity-linkedinstrumentsmaycomprisewarrants,whichconferontheinvestortherighttosubscribeafixednumberofordinarysharesintherelevantcompanyatapre-determinedpriceforafixedperiod.Thecostofthisrightwillbesubstantiallylessthanthecostoftheshareitself.Consequentlythepricemovementsinthesharewillbemultipliedinthepricemovementsofthewarrant.Thismultiplieristheleverageorgearingfactor.Thehighertheleveragethemoreattractivethewarrant.Bycomparing,foraselectionofwarrants,thepremiumpaidforthisrightandtheleverageinvolved,theirrelativeworthcanbeassessed.Thelevelsofthepremiumandgearingcanincreaseordecreasewithinvestorsentiment.Warrantsarethereforemorevolatileandspeculativethanordinaryshares.Investorsshouldbewarnedthatpricesofwarrantsareextremelyvolatileandthatitmaynotalwaysbepossibletodisposeofthem.Theleverageassociatedwithwarrantsmayleadtolossoftheentirepriceorpremiumofthewarrantsinvolved.
Investmentinagivencountrymaybemadeviadirectinvestmentsintothatmarketorbydepositoryreceiptstradedonotherinternationalexchangesinordertobenefitfromincreasedliquidityinaparticularsecurityandotheradvantages.Adepositoryreceipttradedonaneligiblemarketisdeemedaneligibletransferablesecurityregardlessoftheeligibilityofthemarketinwhichthesecurityitrelatestolocallytrades.
Ingeneraltheequityandequity-linkedinstrumentsofsmalland,asthecasemaybe,mediumcapitalisationcompaniesarelessliquidthanthesecuritiesoflargercompaniesasdailyvolumesofsharestradedmayqualifytheirsharesaslessliquid.Inaddition,marketswheresuchsecuritiesaretradedtendtowardsincreasedvolatility.
Investmentsinspecificcountries,sectors,regionsormarkets:whereaninvestmentobjectiverestrictsinvestmenttospecificcountries,sectors,regionsormarketsdiversificationmaybelimited.Performancemaydiffersignificantlyfromthegeneraltrendoftheglobalequitymarkets.
Investmentsinthesecuritiesofcompaniesoperatingmainlyinthepropertysectoraresubjecttoparticularrisks,suchasthecyclicalnatureofpropertysecurities,generalandlocalbusinessconditions,excessiveconstructionandgrowingcompetition,increasingpropertytaxandmanagementcosts,populationchangeanditsimpactoninvestmentincome,changesinbuildinglawsandregulations,lossesarisingfromdamageorcourtdecisions,environmentalrisk,publiclawrestrictionsonrental,neighbourhood-relatedchangesinvaluation,interestraterisk,changesassociatedwiththeattractivenessoflandtotenants,increasesinuseandotherproperty-marketinfluences.
SpecialRiskConsiderationsforinvestorsintheEquitySub‑FundsinvestinginEquitiesandEquity‑LinkedInstruments
DepositoryReceipts
SpecialRiskConsiderationsforInvestorsinSmallorMediumCapFunds
SpecialRiskConsiderationsforInvestorsintheEquitySub‑FundsInvestinginEquitiesandEquity‑LinkedInstruments
InvestmentsinthePropertySector
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WheninvestinginUnitsofsomeSub-FundsoftheFundwhichinturnmayinvestinotherUCIsorUCITS,theinvestorsaresubjecttotheriskofduplicationoffeesandcommissionsexceptthatifaSub-FundinvestsinotherUCIsorUCITSmanagedbytheManagementCompanyorsponsoredbythepromoteroftheFund,theSub-Fundwillnotbechargedanysubscriptionandredemptionfeeswithrespecttosuchinvestment.
TheFundmayreinvestthecollateralreceivedinconnectionwithsecuritieslendingandrepurchasetransactions.Reinvestmentofcollateralinvolvesrisksassociatedwiththetypeofinvestmentsmade.
AlthoughtheFundmustavoidanexcessiveconcentrationofitsreinvestmentsatissuerandinstrumentlevel,thereinvestmentofcashreceivedascollateralisnotsubjecttothediversificationrulesgenerallyapplicabletotheFund.
ReinvestmentofcollateralmaycreatealeverageeffectwhichwillbetakenintoaccountforthecalculationoftheFund’sglobalexposure.
TheFundmustemployarisk-managementprocesswhichenablesittomonitorandmeasureatanytimetheriskofthepositionsinitsportfoliosandtheircontributiontotheoverallriskprofileofitsportfolios.
InrelationtofinancialderivativeinstrumentstheFundmustemployaprocessforaccurateandindependentassessmentofthevalueofOTCderivativesasreferredtoinArticle16oftheManagementRegulationsandtheFundshallensureforeachSub-Fundthatitsglobalriskexposurerelatingtofinancialderivativeinstrumentsdoesnotexceedthetotalnetvalueofitsportfolio.
Theglobalriskexposureiscalculatedtakingintoaccountthecurrentvalueoftheunderlyingassets,thecounterpartyrisk,futuremarketmovementsandthetimeavailabletoliquidatethepositions.
EachSub-Fundmayinvest,accordingtoitsinvestmentpolicyandwithinthelimitslaiddowninArticles16.1.and16.2.oftheManagementRegulationsinfinancialderivativeinstrumentsprovidedthattheexposuretotheunderlyingassetsdoesnotexceedinaggregatetheinvestmentlimitslaiddowninArticle16.1.oftheManagementRegulations.
TheFundmayuseValueatRisk(“VaR”)inordertocalculatetheglobalriskexposureofeachrelevantSub-FundandtoensurethatsuchglobalriskexposurerelatingtofinancialderivativeinstrumentsdoesnotexceedthetotalNetAssetValueofsuchSub-Fund.
AttentionofUnitholdersisdrawntothepotentialadditionalleveragewhichmayresultfromtheuseofaVaRmethodologytocalculatetheglobalriskexposurerelatingtofinancialderivativeinstrumentsfortherelevantSub-Fund.
WhenaSub-Fundinvestsinindex-basedfinancialderivativeinstruments,theseinvestmentsdonotnecessarilyhavetobecombinedtothelimitslaiddowninArticle16.1.itemC.(a)(1)-(5),(8),(9),(13)and(14)oftheManagementRegulations.
WhenaTransferableSecurityorMoneyMarketInstrumentembedsaderivative,thelattermustbetakenintoaccountwhencomplyingwiththerequirementsofthisSection.
TheInvestmentManagermayengageinsub-underwritingtransactionsonbehalfofaSub-Fund.Inanunderwritingtransactionabank,stock-broker,majorshareholderofthecompanyorotherrelatedorunrelatedpartymayunderwriteanentireissueofsecurities.ASub-Fundmayinturnsub-underwriteaportionofthatissueofsecuritiespursuanttoasub-underwritingtransaction.TheInvestmentManagermayonlyengageinsub-
InvestmentinUnitsorSharesofUCIsorUCITS
ReinvestmentofCollateralReceivedinConnectionwithSecuritiesLendingandRepurchaseTransactions
GlobalExposure
Sub‑Underwriting
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Pioneer P.F. – Simplified Prospectus 33
underwritinginrelationtosecuritieswhichtherelevantSub-FundcouldotherwiseinvestindirectlyinaccordancewiththeinvestmentobjectiveandpoliciesoftheSub-Fundandtherelevantinvestmentrestrictions.ASub-Fundmustmaintainatalltimessufficientliquidassetsorreadilymarketablesecuritiestocoveritsobligationsunderanysub-underwritingarrangements.
SomeSub-Fundsmayinvestaportionoftheirassetsinfinancialderivativeinstruments.Therisksposedbysuchinstrumentsandtechniques,whichcanbeextremelycomplexandmayinvolveleverage,include:(1)creditrisks(theexposuretothepossibilityoflossresultingfromacounterparty’sfailuretomeetitsfinancialobligations);(2)marketrisk(adversemovementsinthepriceofafinancialasset);(3)legalrisks(thecharacterisationofatransactionoraparty’slegalcapacitytoenterintoitcouldrenderthefinancialcontractunenforceableandtheinsolvencyorbankruptcyofacounterpartycouldpre-emptotherwiseenforceablecontractrights);(4)operationalrisk(inadequatecontrols,deficientprocedures,humanerror,systemfailureorfraud);(5)documentationrisk(exposuretolossesresultingfrominadequatedocumentation);(6)liquidityrisk(exposuretolossescreatedbyaninabilityprematurelytoterminatethederivative);(7)systemrisk(theriskthatfinancialdifficultiesinoneinstitutionoramajormarketdisruptionwillcauseuncontrollablefinancialharmtothefinancialsystem);(8)concentrationrisk(exposuretolossesfromtheconcentrationofcloselyrelatedriskssuchasexposuretoaparticularindustryorexposurelinkedtoaparticularentity);and(9)settlementrisk(theriskfacedwhenonepartytoatransactionhasperformeditsobligationsunderacontractbuthasnotyetreceivedvaluefromitscounterparty).
Useofderivativetechniquesinvolvescertainadditionalrisks,including(i)dependenceontheabilitytopredictmovementsinthepriceofthesecuritieshedged;(ii)imperfectcorrelationbetweenmovementsinthesecuritiesonwhichthederivativeisbasedandmovementsintheassetsoftheunderlyingportfolio;and(iii)possibleimpedimentstoeffectiveportfoliomanagementortheabilitytomeetshort-termobligationsbecauseapercentageoftheportfolio’sassetsissegregatedtocoveritsobligations.
Inhedgingaparticularposition,anypotentialgainfromanincreaseinvalueofsuchpositionmaybelimited.
SomeSub-FundsmayenterintoOTCderivativeagreementsincludingswapagreementsasmorefullydescribedintheirinvestmentpolicy.SuchagreementsmayexposetherelevantSub-Fundtoriskswithregardtothecreditstatusofitscounterpartiesandtheircapacitytomeettheconditionsofsuchagreements.
ConsistentwithbestexecutionandatalltimeswhenitisinthebestinterestsoftheSub-FundanditsUnitholders,aSub-FundmayalsoenterintosuchOTCderivativeagreementswithothercompaniesinthesameGroupofCompaniesastheManagementCompanyorInvestmentManager.
Sub-FundassetsaredepositedwiththeDepositaryandidentifiedintheDepositary’sbooksasbelongingtotherespectiveSub-Funds.Assets,exceptcash,aresegregatedfromotherassetsoftheDepositarywhichmitigatesbutdoesnotpreventtheriskofnon-restitutionintheeventofbankruptcyoftheDepositary.Cashdepositsarenotsegregatedinthiswayandthereforeexposedtoincreasedriskintheeventofbankruptcy.
Sub-Fundassetsarealsoheldbysub-custodiansappointedbytheDepositaryincountrieswheretheSub-Fundsinvestand,notwithstandingcompliancebytheDepositarywithitslegalobligations,arethereforeexposedtotheriskofbankruptcyofthosesub-custodians.ASub-Fundmayinvestinmarketswherecustodialorsettlementsystemsarenotfullydeveloped,whereassetsareheldbyasub-custodianandwheretheremaybeariskthattheDepositarymayhavenoliabilityforthereturnofthoseassets.
InvestmentinFinancialDerivativeInstruments
CounterpartyRisks
CustodyRisk
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ThevalueoftheUnitsofeachCapitalProtectedandCapitalGuaranteedSub-FundmayvaryconsiderablypriortotheMaturityDate,GuaranteedDateorothersimilardate,due,amongotherthings,tothefluctuationsinindices,volatilityinindices,interestrates,currencyexchangerates,changeincreditratings,politicaloccurrencesandothereventswhicharedifficulttopredictandbeyondthecontroloftheFund.ProspectiveinvestorsshouldthereforeensurethattheyunderstandthenatureoftheirinvestmentandcarefullystudytheriskfactorssetoutintheProspectusbeforetheyinvestinanySub-Fund.
Anyinvestorwhodecidestoredeemhis/herUnitsintheCapitalProtectedandCapitalGuaranteedSub-FundspriortoanyMaturityDateorGuaranteedDatewillnotbenefitfromtheprotectionorGuaranteeontheUnitsredeemed.Consequently,theamountreturnedmaybelessthanthevalueoftheGuaranteeorprotectionorthevalueoftheoriginalsubscription.
PriortotheMaturityDate(asdefinedforeachrelevantSub-Fundherebelow)theNetAssetValueoftheseSub-FundswillgenerallymoveincorrelationwithanindexorareferenceportfolioasdescribedintheinvestmentpolicyofeachSub-FundandmaythereforebebelowtheInitialPrice.InvestorswishingtoredeemtheirUnitsbeforetheMaturityDateshouldbeawarethatthepriceatwhichtheyredeemtheirUnitsmaybebelowtheInitialPrice.
PredefinedpayoutdueontheMaturityDateisavailableonlyattheMaturityDateandthereaftertheamountofthepayoutshall,untilredemptionofthecorrespondingUnits,remaininvestedintheSub-FundinaccordancewiththeinvestmentstrategyapplicabletotheSub-FundfollowingtheMaturityDateandthevalueoftheinvestmentfollowingtheMaturityDatewillmoveinaccordancewithsuchstrategy.
InvestmentManagementandopposingpositions:theInvestmentManager,oranothermemberofthegroupofcompaniestowhichitbelongs,maymakeinvestmentdecisions,undertaketransactionsandmaintaininvestmentpositionsforoneormoreclientsthatmayimpacttheinterestsofotherclientsandthatmayposeaconflictofinterestfortheInvestmentManager,particularlyifthecompanyand/oritsstaffearnhighercompensationfromonemandate,productorclientthanforanother.Suchconflicts,forinstance,arepresentwhentheInvestmentManager,oranothermemberofthegroupofcompaniestowhichitbelongs,buysandsellsthesamesecurityatthesametimefordifferentclientsormaintainsmarketpositionsinthesameinstrumentswithmarketexposureinoppositedirectionsatthesametimefordifferentclients.TheInvestmentManagerandindividualportfoliomanagersmaymanagelongonly,long-shortorshortonlymandateswheresuchconflictsofinterestmaybeespeciallyprevalent.Suchinvestmentdecisions,transactionsorpositionsaretaken,madeandmaintainedinaccordancewithestablishedpoliciesandproceduresdesignedtoensureanappropriateaggregationandallocationoftradesandinvestmentdecisionsexecutedortakenwithoutcreatingundueadvantageordisadvantagetoanyoftheInvestmentManager’smandates,productsorclient’sandinlinewiththerelevantmandatesandinvestmentguidelinesforsuchclients.
Incertainsituationsthough,managementoftheseconflictsmayresultinalossofinvestmentopportunityforclientsormaycausetheInvestmentManagertotradeormaintainmarketexposuresinamannerthatisdifferentfromhowitwouldtradeiftheseconflictswerenotpresent,whichmaynegativelyimpactinvestmentperformance.
RisksFactorsRelatingtotheCapitalProtectedandCapitalGuaranteedSub‑Funds
RedemptionbeforetheMaturityDate(ifapplicable)withintheCapitalProtectedandCapitalGuaranteedSub‑Funds
InvestmentManagementandOpposingPositions
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Pioneer P.F. – Simplified Prospectus 35
ThefollowinggeneralsummaryisbasedonthelawsinforceinLuxembourgonthedateofthisProspectusandissubjecttoanyfuturechangeinlaworpractice.ThesummaryisprovidedsolelyforpreliminaryinformationpurposesandisnotintendedasacomprehensivedescriptionofallofthetaxconsiderationsthatmayberelevanttoaprospectiveinvestorortoanytransactionsinUnitsoftheFundandisnotintendedtobenorshoulditbeconstruedaslegalortaxadvice.Investorsshouldconsulttheirprofessionaladvisersastotheeffectsofthelawsoftheircountriesofcitizenship,establishment,domicileorresidenceoranyotherjurisdictiontowhichtheinvestormaybesubjecttotax.Investorsshouldbeawarethatincomeordividendsreceivedorprofitsrealizedmayleadtoanadditionaltaxationinthosejurisdictions.Investorsshouldconsulttheirtaxadvisertodeterminetowhatextent,ifany,theirjurisdictionofdomicileoranyotherapplicablejurisdictionwillsubjectsuchUnitholdertotax.
UnderthecurrentlawsofLuxembourg,theFundisliableinLuxembourgtoasubscriptiontax(taxe d’abonnement)of0.05%perannumofitsnetassetvalue,payablequarterlyonthebasisofthenetassetsoftheFundattheendoftheacalendarquarter.
However,areducedtaxrateof0.01%applieswhereaSub-Fundinvestsexclusivelyinmoneymarketinstrumentsordepositswithcreditinstitutions,orwheretheUnitsorClassofUnitsoftheSub-Fundarereservedtooneormoreinstitutionalinvestors.
Thisreducedsubscriptiontax(taxe d’abonnement)ratewillapplyinrespectofClassIandClassXUnitsofallSub-Funds.
Thefollowingexemptionsfromsubscriptiontax(taxe d’abonnement)areapplicable:→→ where→the→Sub-Fund→invests→in→the→units→of→another→UCI→whereby→that→UCI→has→already→been→subject→to→a→subscription→tax→(taxe d’abonnement);→
→→ where→Unit→Classes→of→Sub-Funds→(i)→are→sold→to→institutional→investors;→(ii)→the→Sub-Fund→invests→exclusively→in→money→market→instruments→or→deposits→with→credit→institutions→(iii)→the→weighted→residual→portfolio→maturity→does→not→exceed→90→days;→and→(iv)→the→Sub-Fund→has→obtained→the→highest→possible→rating→from→a→recognized→rating→agency;→or
→→ where→Unit→Classes→of→Sub-Funds→are→reserved→for→(i)→institutions→incorporated→for→occupational→retirement→provision,→or→similar→investment→vehicles,→created→as→part→of→the→same→group→for→the→benefit→of→its→employees→or→for→(ii)→undertakings→of→a→group→mentioned→in→(i)→investing→monies→held→by→them→to→provide→retirement→benefits→to→their→employees.→→
UndercurrentLuxembourgtaxlawandsubjecttotheapplicationofthelawsdated21June2005implementingCouncilDirective2003/48/EContaxationofsavingsincomeintheformofinterestpayments(the“EU Savings Directive”)andalsosubjecttoseveralagreementsconcludedbetweenLuxembourgandcertaindependantterritoriesoftheEuropeanUnion,thereisnowithholdingtaxonanydistributionmadebytheFundoritspayingagenttotheUnitholders.
ALuxembourgpayingagent(withinthemeaningoftheEUSavingsDirective)isrequired,since1July2005,towithholdtaxoninterestandothersimilarincomeaspaidbyitto(orundercertaincircumstances,forthebenefitof)anindividualoraresidualentity(a“ResidualEntity”)pursuanttoArticle4.2.oftheEUSavingsDirective.ThesameregimeappliestopaymentstoindividualsorResidualEntitiesresidentorestablishedinanyofthefollowingterritories:Aruba,BritishVirginIslands,Guernsey,IsleofMan,Jersey,MontserratandtheformerNetherlandsAntilles.Thewithholdingtaxrateiscurrently35%since1July2011.
InterestpaymentswithinthemeaningoftheEUSavingsDirectiveinclude(i)distributionsofprofitsoftheSub-Fundsderivedfrominterestpaymentswheremorethan15%ofthe
V. Financial Information – GeneralTaxation
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36 Pioneer P.F. – Simplified Prospectus
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Sub-Fundsassetsareinvestedindebtclaims,and(ii)incomerealiseduponthesale,refundorredemptionofUnitsiftheFundinvestsdirectlyorindirectlymorethan25%ofitsnetassetsindebtclaimsandtotheextentsuchincomecorrespondstogainsdirectlyorindirectlyderivedfrominterestpayments.
TheissueofUnitsagainstcashisnotsubjecttoanycapitalorotherproportionalregistrationtaxinLuxembourg.
TheFund,actingthroughitsManagementCompany,isconsideredinLuxembourgasataxablepersonforVATpurposeswithoutinputVATdeductionright.AVATexemptionappliesinLuxembourgforservicesqualifyingasfundmanagementservices.OtherservicessuppliedtotheFund/ManagementcompanycouldpotentiallytriggerVATandrequiretheVATregistrationoftheManagementCompanyinLuxembourgastoself-assesstheVATregardedasdueinLuxembourgontaxableservices(orgoodstosomeextent)purchasedfromabroad.
NoVATliabilityarises,inprinciple,inLuxembourginrespectofanypaymentsbytheFundtotheUnitholders,assuchpaymentsarelinkedtotheirsubscriptiontotheFund’sUnitsandthereforedonotconstituteconsiderationreceivedfortaxableservicessupplied.
1. ConversionofUnits WhenconvertingUnitsofaSub-FundintoUnitsofanotherSub-Fundwithinthesame
ClassofUnitschargingahighersalescharge,aconversionfeeequaltothedifferencebetweenthesaleschargeoftheSub-FundtobepurchasedandthesaleschargeoftheSub-FundtobesoldmaybechargedbytheDistributortotheUnitholder.NoconversionfeewillbeleviedtotheUnitholderwhenconvertingUnitsfromaSub-Fundchargingahighercommission.
WhenconvertingeitherClassAUnitsofaSub-FundintoClassAUnitsrespectivelyofanotherSub-Fund,anadditionalconversionfeeofupto1%maybeleviedasapercentageoftheNetAssetValueoftheUnitstobeconvertedbytheDistributororitsAgentstotheUnitholder.TheDistributororitsAgentsshallinformtheinvestorswhethersuchadditionalconversionfeeapplies.
IfUnitholdersconvertUnitsofeitherClassBorC(whicharesubjecttoadeferredsalescharge),ofoneSub-FundeitherforClassBorCrespectivelyofanotherSub-Fund,thetransactionwillnotbesubjecttoadeferredsalescharge.However,whenUnitholdersredeemtheUnitsacquiredthroughtheconversion,theredemptionmaybesubjecttothedeferredsaleschargeand/oraredemptionfeeifapplicabletothatClass,dependinguponwhenUnitholdersoriginallypurchasedtheUnitsofthatClass.
2. Sub‑Fund’sOperationalExpenses FeesoftheDepositaryandPayingAgentandtheAdministrator TheDepositaryandPayingAgentandtheAdministratorareentitledtoreceiveafee
outoftheassetsoftherelevantSub-Fund(ortherelevantClassofUnits,ifapplicable),whichwillrange,dependingonthecountrywheretheassetsoftherelevantSub-Fundareheld,from0.003%to0.5%oftheassetvaluesunderlyingtherelevantSub-FundorClassofUnits,payablemonthlyinarrears.
CostoftheGuarantee TheGuarantorisentitledtoreceivefromtheDynamicHybrid80GuaranteedSub-Fund
afeecomprisingthecostoftheguaranteecalculatedasapercentageoftheNetAssetValueoftherelevantClassofUnits,assummarisedintheChartabove,accruingoneachValuationDayandpayablemonthlyinarrearsonthebasisoftheaveragedailyNetAssetValueofthoseUnits.
FeesandExpenses
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Pioneer P.F. – Simplified Prospectus 37
YoucanbuyandsellUnitsoftheSub-FundsfromtheManagementCompany/DistributororitsAgent,fromtheRegistrarandTransferAgentordirectlyfromtheFund:
Management Company and Distributor: Pioneer Asset Management S.A. 4,RueAlphonseWeickerL-2721LuxembourgGrand-DuchyofLuxembourg
Registrar and Transfer Agent: European Fund Services S.A. 18,BoulevardRoyalL-2449LuxembourgGrand-DuchyofLuxembourg
Dealing time: TheManagementCompanydoesnotpermitexcessivetradingpractices.Excessive,short-term(market-timing)tradingpracticesmaydisruptportfoliomanagementstrategiesandharmtheFund’sperformance.TominimiseharmtotheFundandtheUnitholdersandforthebenefitoftherelevantSub-Fund,theManagementCompanyhastherighttosuspendanysubscription,redemptionorconversionorder,orlevyafeeofupto2%ofthevalueoftheorderfromanyinvestorwhoisengaginginexcessivetradingorhashistoryofexcessivetradingorifaninvestor’strading,intheopinionoftheManagementCompany,hasbeenormaybedisruptivetotheFundoranyoftheSub-Funds.
Inexercisingtheserights,theManagementCompanymayconsidertradingdoneinmultipleaccountsundercommonownershiporcontrol.Whereaccountsareheldbyanintermediaryonbehalfofclient(s),suchasnomineeaccountsthemanagementCompanymayrequiretheintermediarytoprovideinformationaboutthetransactionsandtotakeactiontopreventexcessivetradingpractices.TheManagementCompanyalsohasthepowertoredeemallUnitsheldbyaUnitholderwhoisorhasbeenengagedinexcessivetrading.TheManagementCompanywillnotbeheldliableforanylossresultingfromrejectingordersormandatoryredemptions.
Anapplicationforsubscription,conversionorredemptionmustbereceivedbytheRegistrarandTransferAgent(onbehalfoftheManagementCompanyfromtheAgents(ifany)ordirectlyfromtheinvestor),beforethecut-offtime(the“cut-offtime”)shownbelow:
Sub‑Fund Dealingcut‑offtimeAll Sub-Funds (except as detailed below) Any time before 6.00 p.m. Luxembourg time
on the relevant Valuation DayDynamic Hybrid 80 Guaranteed Please refer to the information below for
subscriptionsStrategiePortfolio Absolut Any time before noon Luxembourg StrategiePortfolio Balance time on the relevant Valuation Day StrategiePortfolio Wachstum StrategiePortfolio Chance
AnapplicationforsubscriptionintheDynamicHybrid80GuaranteedSub-FundmustbereceivedbytheRegistrarandTransferAgent(onbehalfoftheManagementCompanyfromtheAgents(ifany)ordirectlyfromthesubscriber)onthelastbusinessdayofeachcalendarmonthoronthefirsttwobusinessdaysofeachcalendarmonth(“cut-offdates”)atanytimebefore6.00p.m.Luxembourgtime(the“cut-offtime”).SubscriptionswillbeprocessedattheNetAssetValuecalculatedontherelevantcut-offdate.Asubscriptionreceivedonthefirstorsecondbusinessdayofeachcalendarmonthwillberejectedinthe
VI. Commercial Information – GeneralSubscription,RedemptionandConversionofUnits
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38 Pioneer P.F. – Simplified Prospectus
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eventthattheNetAssetValuecalculatedonthatdayislessthan80%oftheNetAssetValueoftheSub-FundprevailingonthelastBusinessDayoftheprecedingcalendarmonth.
Allsubscriptions,conversionsorredemptionsaremadeonthebasisofanunknownNetAssetValue.
Applicationsreceivedafterthecut-offtimeshallbedeemedtohavebeenreceivedonthenextValuationDayexceptfortheDynamicHybrid80GuaranteedSub-Fund.
SubscriptionapplicationsfortheDynamicHybrid80GuaranteedSub-Fundreceivedafterthecut-offtimeonthecut-offdateshallbedeemedtohavebeenreceivedonthenextapplicablecut-offdate.
ApplicationsforallSub-Fundsreceivedafterthecut-offtimeshallbedeemedtohavebeenreceivedonthenextValuationDay.
Inaddition,differenttimelimitsmayapplyifsubscriptions,redemptionsorconversionsofUnitsaremadethroughanAgent,providedthattheprincipleofequaltreatmentofUnitholdersiscompliedwith.Insuchcases,theAgentwillinformtherelevantinvestoroftheprocedurerelevanttosuchinvestor.Applicationsforsubscription,redemptionorconversionthroughtheDistributorortheAgent(s)maynotbemadeondayswheretheDistributorand/oritsAgent(s),ifany,arenotopenforbusiness.Incasesubscriptions,redemptionsorconversionsofUnitsaremadethroughtheDistributororanAgent,suchAgentwillonlyforwardthoseapplicationswhichwerereceivedpriortothecut-offtimementionedabove.
TheManagementCompanymaypermitasubscription,redemptionorconversionapplicationtobeacceptedbytheRegistrarandTransferAgentafterthecut-offtimeprovidedthat(i)theapplicationisreceivedbeforesuchcut-offtimebytheDistributorand/oritsAgent(s),(ii)theacceptanceofsuchrequestdoesnotimpactotherUnitholdersand(iii)thereisequaltreatmenttoallUnitholders.
NoAgentispermittedtowithholdordersinordertobenefitpersonallyfromapricechange.
(i) Subscription: Investorssubscribingforthefirsttimemustcompleteanapplicationforminfull.Forsubsequentsubscriptions,instructionsmaybegivenbyfax,bypostorotherformofcommunicationdeemedacceptablebytheManagementCompany.
Minimuminitialsubscriptionandholdingrequirementsperinvestormaybeprovidedassummarizedintherelevantcountryspecificinformation.
Paymentforsubscriptionsmustbereceivedatthelatestthree(3)BusinessDaysaftertherelevantValuationDayexceptfor(i)theStrategiePortfolioAbsolut,theStrategiePortfolioBalance,theStrategiePortfolioWachstumandtheStrategiePortfolioChanceSub-Fundsforwhichpaymentsforsubscriptionsmustbereceivedatthelatesttwo(2)BusinessDaysaftertherelevantValuationDayand(ii)incaseofsubscriptionsmadethroughanAgentforwhichpaymentsmayhavetobereceivedwithinadifferenttimeframe,inwhichcasetheAgentwillinformtherelevantinvestoroftheprocedurerelevanttothatinvestor.
Unitsareonlyassignedtoinvestorsandconfirmationofregistrationdispatchedtothemifpaymentofthedealingprice(plusanyapplicablesalescharge)andoriginalapplicationformhavebeenreceivedbytheRegistrarandTransferAgent,theDistributorortheAgent(s).
PaymentofthedealingpriceistobemadeinthePricingCurrencyorinanyothercurrencyspecifiedbytheinvestoracceptabletotheManagementCompany,inwhichcase
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Pioneer P.F. – Simplified Prospectus 39
thecostofanycurrencyconversionshallbepaidbytheinvestorandtherateofthesuchconversionwillbethatprevailingontherelevantValuationDay.
(ii) Conversion: InaccordancewiththerulessetforthinArticle7oftheManagementRegulations,aUnitholdermayconvertallorpartoftheUnitsheholdsinaSub-FundintoUnitsofanotherSub-FundbutwithinthesameClassofUnits.
InstructionsfortheconversionofUnitsmaybemadebyfax,bytelephone,bypostorotherformofcommunicationdeemedacceptablebytheManagementCompany.
UnitholdersmayexchangeNon-DistributingUnitsforDistributingUnitsandviceversawithinthesameoranotherSub-FundbutwithinthesameClassofUnits.Similarly,UnitholdersmayexchangeHedgedUnitClassesforthesameClasswhichisnotHedgedUnitClassbutiswithinthesameSub-Fund.
UnlessanduntilotherwisedecidedbytheManagementCompany,noconversionsareavailabletoorfromtheDynamicHybrid80GuaranteedSub-Fund.
UnitholdersmustspecifytherelevantSub-Fund(s)andClass(es)ofUnitsaswellasthenumberofUnitsormonetaryamounttheywishtoconvertandthenewlyselectedSub-Fund(s)towhichtheirUnitsaretobeconverted.
ThevalueatwhichUnitsofanyClassinanySub-FundshallbeconvertedwillbedeterminedbyreferencetotherespectiveNetAssetValueoftherelevantUnits,calculatedonthesameValuationDaydecreased,ifappropriate,byaconversionfee,asprovidedabove.
AconversionofUnitsofoneSub-FundforUnitsofanotherSub-FundincludingconversionsbetweenNon-DistributingUnitsandDistributingUnitsorHedgedandnon-HedgedUnits,willbetreatedasaredemptionofUnitsandsimultaneouspurchaseofUnits.AconvertingUnitholdermay,therefore,realiseataxablegainorlossinconnectionwiththeconversionunderthelawsofthecountryoftheUnitholder’scitizenship,residenceordomicile.
AlltermsandnoticesregardingtheredemptionofUnitsshallequallyapplytotheconversionofUnits.
InconvertingUnitsofaSub-FundforUnitsofanotherSub-Fund,aUnitholdermustmeetanyapplicableminimuminvestmentrequirementimposedintherelevantClassbytheacquiredSub-Fund.
If,asaresultofanyrequestforconversiontheaggregateNetAssetValueoftheUnitsheldbytheconvertingUnitholderinaClassofUnitswithinaSub-Fundfallsbelowtheminimumholdingrequirementindicatedherein,theFundmaytreatsuchrequestasarequesttoconverttheentireunitholdingofsuchUnitholderinsuchClassattheFund’sdiscretion.
If,onanygivendate,conversionrequestsrepresentingmorethan10%oftheUnitsinissueinanySub-FundmaynotbeeffectedwithoutaffectingtherelevantSub-Fund’sassets,theManagementCompanymay,uponconsentoftheDepositary,deferconversionsexceedingsuchpercentageforsuchperiodasisconsiderednecessarytosellpartoftherelevantSub-Fund’sassetsinordertobeabletomeetthesubstantialconversionrequests.
TheDistributormayalsooffer,eitherdirectlyorthroughitsAgents(ifany),thepossibilityofconvertingallorpartoftheUnitsaUnitholderholdsinaSub-FundoftheFundintoUnitsofanotherSub-FundbelongingtothePioneerFundsorPioneerS.F.butwithinthesameclassofunits.Suchaconversionshallbemadeinaccordancewithanytermsandconditionsofthosefunds’offeringdocuments.ThoseofferingdocumentsareavailableattheregisteredofficeoftheManagementCompanyandattheregisteredofficeofthe
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40 Pioneer P.F. – Simplified Prospectus
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Agents(ifany).Investorsshouldcontacttheirfinancialadvisorforfurtherinformation.IntheeventofaconversionfromaSub-FundoftheFund(otherthantheDynamicHybrid80Guaranteed,StrategiePortfolioAbsolut,StrategiePortfolioBalance,StrategiePortfolioWachstumandStrategiePortfolioChanceSub-Funds)toanotherSub-FundofPioneerFundsorPioneerS.F.,theproceedsofconversiononaBusinessDaywillbeinvestedonthenextfollowingbusinessdayofPioneerFundsorPioneerS.F.andatthenetassetvaluedeterminedinrespectofthatbusinessday.
(iii) Redemption:InaccordancewiththerulessetforthinArticle6.2.oftheManagementRegulations,UnitholdersmayrequestredemptionoftheirUnitsatanytimebeforethecut-offtime(ashereabovedefined)onanyValuationDay.
InstructionsfortheredemptionofUnitsmaybemadebyfax,bytelephone,bypostorotherformofcommunicationdeemedacceptablebytheManagementCompany.
UponinstructionreceivedfromtheRegistrarandTransferAgent,paymentoftheredemptionpricewillbemadebymoneytransferwithavaluedatenotlaterthanthree(3)BusinessDaysfollowingtherelevantValuationDay,exceptfor(i)theStrategiePortfolioAbsolut,theStrategiePortfolioBalance,theStrategiePortfolioWachstumandtheStrategiePortfolioChanceSub-Fundsforwhichpaymentsforredemptionmustbemadeatthelatesttwo(2)BusinessDaysaftertherelevantValuationDayand(ii)incaseofredemptionsmadethroughanAgentforwhichpaymentoftheredemptionpricemaybemadewithinadifferenttimeframeinwhichcase,theAgentwillinformtherelevantUnitholderoftheprocedurerelevanttothatUnitholder.Paymentmayalsoberequestedbycheque,inwhichcaseadelayinprocessingmayoccur.
Ifonanygivendatepaymentonredemptionrequestsrepresentingmorethan10%oftheUnitsinissueinanySub-FundmaynotbeeffectedoutoftherelevantSub-Fund’sassetsorauthorisedborrowing,theManagementCompanymay,uponconsentoftheDepositary,deferredemptionsexceedingsuchpercentageforsuchperiodasisconsiderednecessarytosellpartoftherelevantSub-Fund’sassetsinordertobeabletomeetthesubstantialredemptionrequests.
If,asaresultofanyrequestforredemption,theaggregateNetAssetValueoftheUnitsheldbytheredeemingUnitholderinaClassofUnitswithinaSub-Fundwouldfallbelowtheminimumholdingrequirementindicatedherein,theFundmaytreatsuchrequestasarequesttoredeemtheentireunitholdingofsuchUnitholderinsuchClass.
PaymentoftheredemptionpriceistobemadeinthePricingCurrencyorinanyothercurrencyspecifiedbytheinvestorandacceptabletotheManagementCompany,inwhichcasethecostofanycurrencyconversionshallbebornebytheinvestorandtherateofsuchconversionwillbethatoftherelevantValuationDay.
TheManagementCompanymayissueDistributingUnitsandNon-DistributingUnitsincertainClassesofUnitswithintheSub-Funds,assummarisedinthecountryspecificinformationreferredtointhepresentProspectus.
Non-DistributingUnitscapitalisetheirentireearningswhereasDistributingUnitsmaypaydistributions.TheManagementCompanydetermineshowtheincomeoftherelevantClassesofUnitsoftherelevantSub-Fundsisdistributed.TheManagementCompanymaydeclare,atsuchtimeandinrelationtosuchperiodsastheManagementCompanymaydetermine,distributionsintheformofcashorUnitsasdescribedbelow.WithrespecttoDistributingUnits,theManagementCompanymay,incompliancewiththeprincipleofequaltreatmentofUnitholders,issueUnitshavingdifferentdistributioncyclesdependingonthecountrieswheretheyaresoldasmorefullydescribedintherelevantcountryspecificinformation.
DistributionPolicy
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Pioneer P.F. – Simplified Prospectus 41
Alldistributionswill,inprinciple,bepaidoutofthenetinvestmentincomeavailablefordistribution.TheManagementCompanymay,incompliancewiththeprincipleofequaltreatmentofUnitholders,decidethatforsomeClassesofUnits,distributionswillbepaidoutofthegrossassetsdependingonthecountrieswheresuchClassesofUnitsaresold.Thiswillbemorefullydescribedintherelevantcountryspecificinformation.ForcertainClassesofUnits,theManagementCompanymaydecidefromtimetotimetodistributenetrealisedcapitalgains.
Unlessotherwisespecificallyrequested,dividendswillbereinvestedinfurtherUnitswithinthesameClassofthesameSub-Fundandinvestorswillbeadvisedofthedetailsbywayofatransactionnote.
ForClassesofUnitsentitledtodistribution,dividends,ifany,willbedeclaredanddistributedonanannualbasis.InterimdividendsmaybedeclaredanddistributedfromtimetotimeatafrequencydecidedbytheManagementCompanywiththeconditionssetforthbylaw.
Nodistributionmaybemadeif,asaresult,theNetAssetValueoftheFundwouldfallbeloweuro1,250,000.
DividendsnotclaimedwithinfiveyearsoftheirduedatewilllapseandreverttotherelevantClassoftherelevantSub-Fund.
NointerestshallbepaidonadistributiondeclaredbytheFundandkeptbyitatthedisposalofaUnitholder.
TheNetAssetValueisnormallycalculatedoneachBusinessDay,(the“ValuationDay”)byreferencetothevalueoftheunderlyingassetsoftherelevantClasswithintherelevantSub-Fund.TheseunderlyingassetsarevaluedatthelastavailablepricesatthetimeofvaluationontherelevantValuationDay.
Wheneverusedherein,theterm“BusinessDay”shallmeanafulldayonwhichbanksandthestockexchangeareopenforbusinessinLuxembourgCity.
NetAssetValue
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Contact InformationPioneer Asset Management S.A. 4, rue Alphonse Weicker L-2721 Luxembourg.
Tel: +352 42120-1Fax: +352 421981
www.pioneerinvestments.eu www.pioneerinvestments.com
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