1
Exhibit 21
The Pioneer Group, Inc. Subsidiaries
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PIOGlobal Insurance Company Limited Bermuda
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Pioneer Global Funds Distributor, Ltd. Bermuda
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Pioneer Goldfields Limited Channel Islands
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Pioneer Goldfields II Limited Channel Islands and Delaware
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Pioneer Poland US (Jersey) Limited Channel Islands
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Pioneering Management (Jersey) Limited Channel Islands
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Beijing Pioneer Zhong Investment Consulting Co., Ltd. China
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Anabasis Enterprises Limited Cyprus
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Pioneer Czech Financial Company, s.r.o. Czech Republic
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Pioneer Czech Investment Company, a.s. Czech Republic
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Pioneer Trust, Pioneer Czech Investment Company, a.s. Czech Republic
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Luscinia, Inc. Delaware
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PBO Holdings, L.L.C. Delaware
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PBO Property Capital, L.L.C. Delaware
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PBO Property Fund, L.L.C. Delaware
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PGH Nebraska, Inc. Delaware
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PGIA Corporation Delaware
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PIOGlobal Corporation Delaware
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Pioneer Explorer, Inc. Delaware
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Pioneer First Russia, Inc. Delaware
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Pioneer Forest, Inc. Delaware
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Pioneer International Corporation Delaware
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Pioneer Investment Management, Inc. Delaware
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Pioneer Metals and Technology, Inc. Delaware
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Pioneer Omega, Inc. Delaware
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Pioneer Plans Corporation Delaware
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Pioneer Poland GP Limited Partnership Delaware
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Pioneer Poland U.S. L.P. Delaware
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Pioneer Real Estate Advisors, Inc. Delaware
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Theta Enterprises, Inc. Delaware
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Pioneer Poland UK L.P. England
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UKS Securities Limited England
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Pioneer Fonds Marketing GmbH Germany
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Teberebie Goldfields Limited Ghana
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Kothari Pioneer AMC Ltd. India
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Pioneer Management (Ireland) Limited Ireland and Germany
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Pioneer Funds Distributor, Inc. Massachusetts
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Pioneer Goldfields Trust Massachusetts
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Pioneer Investments Corporation Massachusetts
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Pioneering Services Corporation Massachusetts
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Pioneer Asset Management S.A. Poland
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Pioneer Financial Services Ltd. Poland
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Pioneer First Polish Investment Fund s.a. Poland
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Pioneer Investments Poland, Ltd. Poland
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2
Exhibit 21
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Pioneer Mercury Sp z.o.o. Poland
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Pioneer Nationwide Sp. z o.o. Poland
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Pioneer Polish Real Estate Fund Poland
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Pioneer Real Estate Advisors Poland Sp.z o.o. Poland
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Pioneer Universal Pension Fund Company Poland
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Closed Joint-Stock Company Amgun-Forest Russian Federation
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Closed Joint-Stock Company Forest-Starma Russian Federation
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Closed Joint Stock Company Gradient Russian Federation
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Closed Joint Stock Company Pioneer First Russian Federation
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Closed Joint-Stock Company Pioneer Metals International Russian Federation
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Closed Joint Stock Company Pioneer Services Russian Federation
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Closed Joint Stock Company Pioneer Starma Equipment Russian Federation
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Closed Joint Stock Company Starma-Holding Russian Federation
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Closed Joint Stock Company Starma-Port Russian Federation
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Closed Joint-Stock Company Tas-Yurjah Mining Company Russian Federation
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Closed Joint Stock Company Udinskoye Russian Federation
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JSL Co. Dalplaz Russian Federation
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Pioneer First Investment Fund Russian Federation
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Pioneer Investments Russian Federation
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ZAO Pioneer Securities Russian Federation
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Core Pacific Securities Investment Trust Co., Ltd. Taiwan
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