This document provides a performance attribution analysis of a Pioneer European Research portfolio compared to a benchmark from December 2010 to December 2011. It shows the portfolio overweight and underweight positions in various sectors compared to the benchmark and how each sector contributed to overall returns. The portfolio outperformed the benchmark, with positive contribution from selection effects in the Consumer Discretionary, Consumer Services and Media sectors.

1. Performance Attribution
Pioneer European Research vs. Pioneer Fund European Research BMK
20101231 to 20111230
Euro
Weights Returns Attribution Analysis
Portfolio Benchmark Variation in Portfolio Benchmark Variation in Allocation Selection Interaction Total
Average Average Average Total Total Total Effect Effect Effect Effect Total
Ticker GICS_Pioneer_Sector Weight Weight Weight Return Return Return (Local) (Local) (Local) (Local) Effect
Consumer Discretionary 12.95 8.44 4.51 -15.35 -11.53 -3.83 -0.04 -0.43 -0.28 -0.75 -0.67
Automobiles & Components 3.48 2.47 1.01 -23.31 -22.06 -1.25 -0.08 -0.03 -0.13 -0.24 -0.28
Consumer Durables & Apparel 3.83 1.90 1.92 -28.72 -12.08 -16.64 0.00 -0.38 -0.40 -0.77 -0.73
403197 ADIDAS AG 1.20 0.21 0.99 3.97 3.97 0.00 0.18 0.00 0.00 0.18 0.17
B3DCZF CIE FINANCIERE RICHEMON-BR A UNDER CA 1.03 0.43 0.60 -12.09 -10.44 -1.65 0.03 0.00 0.00 0.03 0.04
718472 SWATCH GROUP AG/THE-BR 0.70 0.19 0.51 -7.18 -12.45 5.27 0.14 0.00 0.00 0.14 0.22
B44XTX PANDORA A/S 0.37 0.02 0.35 -84.58 -81.48 -3.10 -0.72 0.00 0.00 -0.72 -0.73
718473 SWATCH GROUP AG/THE-REG 0.29 0.05 0.24 -4.60 -13.73 9.13 -0.09 0.00 0.00 -0.09 -0.11
572670 HUGO BOSS-PFD 0.11 0.00 0.11 -16.30 0.00 -16.30 -0.17 0.00 0.00 -0.17 -0.19
B3W1GM POWERLAND AG 0.10 0.00 0.10 -42.86 0.00 -42.86 -0.13 0.00 0.00 -0.13 -0.13
406141 LVMH MOET HENNESSY LOUIS VUI 0.02 0.58 -0.56 -3.45 -9.87 6.41 -0.03 0.00 0.00 -0.03 -0.02
506472 PUMA AG 0.00 0.01 -0.01 0.00 -10.91 10.91 0.00 0.00 0.00 0.00 0.00
B1KKBX ELECTROLUX AB-SER B 0.00 0.07 -0.07 0.00 -40.11 40.11 0.03 0.00 0.00 0.03 0.03
317430 BURBERRY GROUP PLC 0.00 0.13 -0.13 0.00 9.91 -9.91 -0.02 0.00 0.00 -0.02 -0.02
480065 LUXOTTICA GROUP SPA 0.00 0.05 -0.05 0.00 -3.43 3.43 0.00 0.00 0.00 0.00 0.00
B12PJ2 Husqvarna AB 0.00 0.04 -0.04 0.00 -41.47 41.47 0.02 0.00 0.00 0.02 0.02
406139 Christian Dior S.A. 0.00 0.12 -0.12 0.00 -12.88 12.88 0.01 0.00 0.00 0.01 0.01
525397 Hermes International S.C.A. 0.00 0.00 0.00 0.00 1.14 -1.14 0.00 0.00 0.00 0.00 0.00
Consumer Services 2.82 0.93 1.89 -4.76 -11.23 6.47 -0.05 0.05 0.11 0.11 0.17
053315 COMPASS GROUP PLC 1.13 0.25 0.88 11.49 11.49 0.00 0.13 0.00 0.00 0.13 0.15
B3MSM2 AMADEUS IT HOLDING SA-A SHS 0.78 0.07 0.72 -18.66 -18.66 0.00 -0.01 0.00 0.00 -0.01 -0.02
CCL CARNIVAL CORP 0.65 0.00 0.65 -25.03 0.00 -25.03 -0.07 0.00 0.00 -0.07 -0.01
585284 ACCOR SA 0.21 0.08 0.13 -22.27 -40.27 18.01 0.00 0.00 0.00 0.00 0.00
482897 PADDY POWER PLC Dublin Listing 0.05 0.00 0.05 41.38 0.00 41.38 0.04 0.00 0.00 0.04 0.03
B62G1B EDENRED 0.00 0.06 -0.06 0.00 9.35 -9.35 -0.01 0.00 0.00 -0.01 -0.01
B1VYCH Thomas Cook Group PLC 0.00 0.01 -0.01 0.00 -18.96 18.96 0.01 0.00 0.00 0.01 0.01
710725 OPAP SA 0.00 0.05 -0.05 0.00 -44.20 44.20 0.02 0.00 0.00 0.02 0.02
525620 Autogrill S.p.A. 0.00 0.02 -0.02 0.00 -27.26 27.26 0.00 0.00 0.00 0.00 0.00
B1WQCS InterContinental Hotels Group PLC 0.00 0.08 -0.08 0.00 -1.85 1.85 -0.01 0.00 0.00 -0.01 -0.01
566629 TUI AG 0.00 0.02 -0.02 0.00 -60.60 60.60 0.01 0.00 0.00 0.01 0.01
706271 Sodexo S.A. 0.00 0.10 -0.10 0.00 9.75 -9.75 -0.02 0.00 0.00 -0.02 -0.02
B1Z7RQ TUI TRAVEL PLC 0.00 0.02 -0.02 0.00 -27.20 27.20 0.00 0.00 0.00 0.00 0.00
312152 CARNIVAL PLC 0.00 0.10 -0.10 0.00 -24.81 24.81 0.02 0.00 0.00 0.02 0.02
B1KJJ4 Whitbread PLC 0.00 0.07 -0.07 0.00 -7.57 7.57 0.00 0.00 0.00 0.00 0.00
Media 1.74 1.52 0.22 4.96 -6.78 11.74 0.01 0.19 0.00 0.20 0.19
438042 PUBLICIS GROUPE 0.83 0.09 0.73 -7.61 -7.61 0.00 0.03 0.00 0.00 0.03 0.02
067760 PEARSON PLC 0.70 0.21 0.49 27.62 27.62 0.00 0.14 0.00 0.00 0.14 0.15
479053 SCHIBSTED ASA 0.21 0.00 0.21 -10.67 0.00 -10.67 0.00 0.00 0.00 0.00 0.00
B151P4 Modern Times Group MTG AB 0.00 0.04 -0.04 0.00 -24.23 24.23 0.01 0.00 0.00 0.01 0.01
B4T92J Kabel Deutschland Holding AG 0.00 0.06 -0.06 0.00 12.44 -12.44 -0.01 0.00 0.00 -0.01 -0.01
414881 REED ELSEVIER NV 0.00 0.12 -0.12 0.00 1.23 -1.23 -0.01 0.00 0.00 -0.01 -0.01
B3DMTY WPP GROUP PLC 0.00 0.21 -0.21 0.00 -9.80 9.80 0.00 0.00 0.00 0.00 0.00
B01N3F PagesJaunes Groupe 0.00 0.01 -0.01 0.00 5.31 -5.31 0.00 0.00 0.00 0.00 0.00
599390 M6-METROPOLE TELEVISION 0.00 0.02 -0.02 0.00 -36.27 36.27 0.01 0.00 0.00 0.01 0.01
507794 MEDIASET SPA 0.00 0.05 -0.05 0.00 -49.55 49.55 0.02 0.00 0.00 0.02 0.02
464731 Axel Springer AG 0.00 0.03 -0.03 0.00 -15.73 15.73 0.00 0.00 0.00 0.00 0.00
454721 LAGARDERE S.C.A. 0.00 0.06 -0.06 0.00 -31.50 31.50 0.02 0.00 0.00 0.02 0.02
457913 ProSiebenSat.1 Media AG 0.00 0.03 -0.03 0.00 -34.62 34.62 0.01 0.00 0.00 0.01 0.01
B01G2K GESTEVISION TELECINCO SA 0.00 0.02 -0.02 0.00 -44.67 44.67 0.01 0.00 0.00 0.01 0.01
596464 Sanoma Oyj 0.00 0.02 -0.02 0.00 -42.41 42.41 0.01 0.00 0.00 0.01 0.01
713666 JCDecaux S.A. 0.00 0.03 -0.03 0.00 -22.71 22.71 0.00 0.00 0.00 0.00 0.00
599711 TF1 0.00 0.03 -0.03 0.00 -39.99 39.99 0.01 0.00 0.00 0.01 0.01
339864 GRANADA PLC 0.00 0.06 -0.06 0.00 0.45 -0.45 -0.01 0.00 0.00 -0.01 -0.01
567151 WOLTERS KLUWER 0.00 0.09 -0.09 0.00 -15.62 15.62 0.01 0.00 0.00 0.01 0.01

2. Performance Attribution
Pioneer European Research vs. Pioneer Fund European Research BMK
20101231 to 20111230
Euro
Weights Returns Attribution Analysis
Portfolio Benchmark Variation in Portfolio Benchmark Variation in Allocation Selection Interaction Total
Average Average Average Total Total Total Effect Effect Effect Effect Total
Ticker GICS_Pioneer_Sector Weight Weight Weight Return Return Return (Local) (Local) (Local) (Local) Effect
014119 BRITISH SKY BROADCASTING GRO 0.00 0.20 -0.20 0.00 5.26 -5.26 -0.03 0.00 0.00 -0.03 -0.03
B2B0DG REED ELSEVIER PLC UNDER CA 0.00 0.15 -0.15 0.00 2.22 -2.22 -0.01 0.00 0.00 -0.01 -0.02
Retailing 1.09 1.32 -0.23 -0.13 4.74 -4.87 -0.04 -0.07 0.01 -0.10 -0.08
331952 KINGFISHER PLC 0.59 0.14 0.45 0.50 0.50 0.00 0.05 0.00 0.00 0.05 0.08
568743 HENNES & MAURITZ AB-B SHS 0.50 0.49 0.01 -7.74 3.24 -10.99 -0.03 0.00 0.00 -0.03 -0.03
B19NKB HOME RETAIL GROUP 0.00 0.02 -0.02 0.00 -31.32 31.32 0.00 0.00 0.00 0.00 0.01
312748 MARKS & SPENCER GROUP PLC 0.00 0.13 -0.13 0.00 -9.43 9.43 0.00 0.00 0.00 0.00 0.00
320898 NEXT PLC 0.00 0.10 -0.10 0.00 47.11 -47.11 -0.04 0.00 0.00 -0.04 -0.05
711131 INDITEX 0.00 0.27 -0.27 0.00 15.34 -15.34 -0.06 0.00 0.00 -0.06 -0.06
550507 PPR 0.00 0.17 -0.17 0.00 -4.90 4.90 -0.01 0.00 0.00 -0.01 0.00
Telecommunication Services 0.00 0.30 -0.30 0.00 -11.41 11.41 -0.01 0.00 0.00 -0.01 -0.02
483477 VIVENDI 0.00 0.30 -0.30 0.00 -11.41 11.41 -0.01 0.00 0.00 -0.01 -0.01
Consumer Staples 14.65 12.88 1.77 1.46 7.74 -6.29 0.28 -1.02 -0.23 -0.98 -0.90
Energy 11.78 11.42 0.37 14.04 6.38 7.66 0.02 0.92 -0.01 0.92 0.81
Financials 20.84 20.37 0.47 -21.51 -23.93 2.42 0.03 0.50 -0.02 0.51 0.63
Health Care 0.00 10.57 -10.57 0.00 13.76 -13.76 -2.19 0.00 0.00 -2.19 -2.14
Industrials 9.92 11.01 -1.09 -14.61 -15.09 0.49 0.04 0.12 -0.04 0.12 0.04
Information Technology 1.88 2.97 -1.08 -30.00 -9.63 -20.37 -0.25 -0.62 -0.10 -0.97 -0.81
Materials 10.94 10.15 0.79 -11.96 -20.86 8.90 -0.11 1.10 0.11 1.10 0.99
Telecommunication Services 12.42 6.94 5.48 26.62 -0.36 26.98 0.42 1.68 1.43 3.53 3.39
Utilities 2.93 5.26 -2.32 -1.74 -12.98 11.24 0.03 0.90 -0.46 0.48 0.44
[Cash] 1.80 0.00 1.80 -24.32 0.00 -24.32 0.62 0.00 0.00 0.62 0.51
[Unassigned] -0.12 0.00 -0.12 -100.00 0.00 -100.00 0.27 0.00 0.00 0.27 0.25
Total 100.00 100.00 0.00 -5.55 -8.08 2.53 -0.89 3.16 0.40 2.66 2.53
Holdings Data As Of
Pioneer European Research 20101231 through 20111229
Pioneer Fund European Research BMK 20110103 through 20111230