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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07318
Pioneer Series Trust VIII
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: December 1, 2011 through November 30, 2012
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer International
Value Fund
--------------------------------------------------------------------------------
Annual Report | November 30, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIIFX
Class B PBIFX
Class C PCITX
Class Y INVYX
[LOGO] PIONEER
Invesments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 27
Notes to Financial Statements 35
Report of Independent Registered Public Accounting Firm 46
Approval of Investment Advisory Agreement 48
Trustees, Officers and Service Providers 52
Pioneer International Value Fund | Annual Report | 11/30/12 1
President's Letter
Dear Shareowner,
The U.S. stock market rallied sharply through the third quarter of 2012 amid a
sluggish, but nonetheless growing, U.S. economy. We have been cautiously
optimistic about the U.S. from the start of the year, and the economic data
continue to be encouraging. The housing and auto sectors are benefitting from
record-low interest rates. The climate for consumer and business credit has
improved, and inflation appears to be subdued. While corporate profits slowed in
the third quarter, many U.S. companies continue to have strong balance sheets
and to pay attractive dividends* compared to fixed-income securities.
All of these factors contributed to gains for investors who owned riskier
assets, including equities and higher-yielding corporate bonds. Year to date
through the end of the third quarter, the Standard & Poor's 500 Index returned
16.35%. In fixed income, the Bank of America Merrill Lynch High Yield Master II
Index was up by 12.02% during the same period, while the Barclays Capital
Aggregate Bond Index gained 3.99%. Treasury bonds, by contrast, generated a
comparatively sluggish return of 1.70%, as measured by the Barclays Capital
Intermediate Treasuries Index.
Despite this generally positive picture during the first three quarters of 2012,
investors face powerful macroeconomic challenges in the months ahead. These
include the threat of a so-called "fiscal cliff " in the U.S. budget process
after the November elections, the European sovereign-debt crisis, and slowing
growth in both Europe and China. Investors can continue to count on market
volatility tied to these factors, although we remain optimistic that the
underlying economic trends are moving in the right direction.
At Pioneer, we have long advocated the benefits of staying diversified** and
investing for the long term. And while diversification alone does not assure a
profit or protect against loss in a declining market, we believe in actively
seeking out opportunities in undervalued securities and sectors around the
globe. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy that
works for every investor.
* Dividends are not guaranteed.
** Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer International Value Fund | Annual Report | 11/30/12
Pioneer's investment professionals focus on finding good opportunities in both
equity and bond markets using the same disciplined investment approach we have
used since 1928. Our strategy is to identify undervalued individual securities
with the greatest potential for success, carefully weighing risk against reward.
Our teams of investment professionals continually monitor and analyze the
relative valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer International Value Fund | Annual Report | 11/30/12 3
Portfolio Management Discussion | 11/30/12
In the follow interview, Marco Pirondini, head of equities, U.S., and portfolio
manager for Pioneer in Boston, and Andrea Salvatori, senior vice president,
portfolio manager, and a member of Pioneer's international investment team in
Dublin, Ireland, discuss the factors that influenced Pioneer International Value
Fund's performance during the 12-month period ended November 30, 2012, and their
outlook for the coming months.*
Q How would you describe the investment environment for international equities
during the 12-month period ended November 30, 2012?
A The European sovereign-debt crisis, slowing economic growth in China, and
concerns about high unemployment and the potential for higher 2013 tax rates
in the United States, which had repercussions for global growth prospects,
kept many equity investors on edge during much of the 12-month period ended
November 30, 2012. In the final months of the period, however, investor
sentiment steadily improved as policymakers and some major central banks --
the U.S. Federal Reserve Board and the European Central Bank in particular
-- took steps to address some of the challenges facing the global economy.
Q How did the fund perform in that environment during the 12-month period
ended November 30, 2012?
A Pioneer International Value Fund's Class A shares returned 5.38% at net
asset value during the 12-month period ended November 30, 2012, while the
Fund's benchmark, the Morgan Stanley Capital International (MSCI) Europe,
Australasia, Far East (EAFE) Index (1), returned 13.16%. During the same
period, the average return of the 319 mutual funds in Lipper's International
Multi-Cap Core Funds category was 10.81%.
* Effective December 10, 2012, Madelyn Matlock, senior vice president and
portfolio manager at Pioneer, became a portfolio manager of the Fund, joining
Mr. Salvatori and Mr. Pirondini.
(1) The MSCI information may only be used for your internal use, may not be
reproduced or re-disseminated in any form and may not be used as a basis for or
a component of any financial instruments or products or indices. None of the
MSCI information is intended to constitute investment advice or a recommendation
to make (or refrain from making) any kind of investment decision and may not be
relied on as such. Historical data and analysis should not be taken as an
indication or guarantee of any future performance analysis, forecast or
prediction. The MSCI information is provided on an "as is" basis and the user of
this information assumes the entire risk of any use made of this information.
MSCI, each of its affiliates and each other person involved in or related to
compiling, computing or creating any MSCI information (collectively, the "MSCI
Parties") expressly disclaims all warranties (including, without limitation, any
warranties of originality, accuracy, completeness, timeliness, non-infringement,
merchantability and fitness for a particular purpose) with respect to this
information. Without limiting any of the foregoing, in no event shall any MSCI
Party have any liability for any direct, indirect, special, incidental,
punitive, consequential (including, without limitation, lost profits) or any
other damages.
4 Pioneer International Value Fund | Annual Report | 11/30/12
Q What were some of the reasons behind the Fund's underperformance of the MSCI
EAFE Index during the 12-months ended November 30, 2012?
A The Fund's underperformance relative to the benchmark MSCI EAFE Index during
the period was mainly attributable to disappointing results in the
outperforming financials sector, where the Fund was slightly underweight
compared with the benchmark and where stock selection decisions, in
particular, had a negative effect on relative performance.
Regarding stock selection, a combination of the portfolio's not owning
large-cap defensive stocks, including HSBC and Australian banks, and owning
non-benchmark positions in Intesa Sanpaolo, Commerzbank, and Itau Unibanco,
which all lagged during the period, accounted for much of the Fund's
benchmark-relative underperformance in financials.
Second, and this goes to the heart of the Fund's investment strategy, growth
stocks trumped value stocks as an equity strategy during most of the
12-month period. With confidence in prospects for global growth weak,
investors prized the relative stability, visibility of earnings, and solid
corporate cash flows offered by large-cap growth stocks during the period.
The strong demand for such investments drove the prices of large-cap growth
stocks sharply higher to almost unprecedented premiums in our opinion.
Conversely, while growth stocks flourished, value-oriented stocks
languished.
Interestingly, in the final three months of the Fund's fiscal year ended
November 30, 2012, as a degree of investor confidence returned, the markets
rallied and value stocks began to rise, outperforming their growth-oriented
brethren over those final three months of the period. Unfortunately, the
rally in value stocks came too late to salvage the Fund's benchmark-relative
performance for the full 12-month period.
Q Which individual portfolio holdings had the biggest negative impact on the
Fund's performance during the 12-month period ended November 30, 2012?
A A position in Anglogold Ashanti, a global gold mining company, was the
Fund's biggest disappointment during the period. The stock's performance
suffered in response to labor unrest and strikes at the company's South
African mines, which forced Anglogold to halt production for a month and
contributed to general investor uncertainty about the industry. The company
has taken action on a number of fronts to keep its balance sheet solid,
however, and we remain confident in Anglogold's future. The portfolio's
position in Egyptian gold mining company Centamin, the first large-scale
modern gold enterprise in Egypt, also struggled during the period. In that
case, however, underperformance was tied more to the
Pioneer International Value Fund | Annual Report | 11/30/12 5
political unrest across the Middle East as well as the company's legal
battles with the new Egyptian government (which included the possibility of
nationalization). The uncertainty surrounding Centamin caused us to exit the
Fund's position before the government's intervention in the company's
affairs reached a critical mass.
Elsewhere, the Fund's holding in Eurasian Natural Resources (ENR) struggled
on several fronts during the period, as the company dealt with lower
production volumes and price weakness in its key steelmaking commodities,
such as ferrochrome, and depressed profit levels. In an effort to revitalize
investor confidence, ENR has taken steps to invigorate its management team
and trimmed future spending plans.
Lastly, the Fund's holding of Spanish oil firm Repsol underperformed after
the company saw the nationalization of its stake in YPF, Argentina's largest
oil company, by the Argentinian government last spring. The repatriation of
YPF, which was privatized in 1992, was a huge blow to Repsol, as those
assets had provided the company with attractive cash flows and, in our
estimation, future revenue growth. We had exited all of the Fund's Repsol
positions by August 2012.
Q Which individual portfolio holdings had the biggest positive impact on the
Fund's performance during the 12-month period ended November 30, 2012?
A The Fund benefited from several of its investments in Europe during the
12-month period.
Among the Fund's top performers was Electrolux, a global leader and
developer of premium appliances. We added Electrolux's stock to the
portfolio when the company was under pressure as a result of sluggish
economic growth and weak consumer demand. Management has since made several
strategic decisions that we think bode well for the company's long-term
development, including expanding its presence in growth markets, launching
products adapted to regional markets, and improving efficiency across
internal departments. A recovery in the U.S. housing market also contributed
to the company's positive results in 2012 and appears to be helping to build
momentum into 2013, in our view.
Biotechnology firm Roche was another holding that performed well for the
Fund during the 12-month period. With its differentiated portfolio of
businesses and relatively new pipeline of drugs, Roche has proved resilient
to the pressures of austerity-induced price cuts. Throughout 2012, the
6 Pioneer International Value Fund | Annual Report | 11/30/12
company received positive results from its new drug therapies and its
exposure to the emerging markets. Investors have begun to take notice, which
helped to push Roche's stock price higher during the period. Stock-picking
in Japan also aided the Fund's performance during the 12-month period.
Among the Fund's top-performing Japanese holdings was Sekisui Chemical,
which, with its focus on energy-efficient affordable housing, stood to
benefit from post-2011 earthquake/tsunami construction activity in Japan.
The stock offers an attractive dividend yield* and carries a good valuation.
Also in Japan, the Fund's holding in life insurer T&D, which also offers a
competitive yield within the context of the Japanese market, benefited
during the period from a strengthening yen and management's ability to
deliver on its stated revenue targets.
Q What is your current assessment of the European sovereign-debt crisis?
A The European Central Bank's (ECB's) promise to support bond markets in
troubled economies that ask for the ECB's help has calmed financing fears
and removed a portion of the outsized risk premium that was weighing on
European equities. While the ECB has wiggle room to reduce interest rates,
it is not likely to be as aggressive as the U.S. Federal Reserve Board in
using rate cuts as an economic stimulus tool. We believe that as long as
European leaders continue to make progress, albeit plodding, toward a more
fiscally sound monetary union, the environment for equities should become
more constructive as we move into a new year, especially given current
valuation levels and lower investor expectations for the region.
Q What is your assessment of the current and future investment environment in
the emerging markets?
A We believe the future for the emerging markets is bright, and we continue to
take heart from the accommodative monetary policies of some of the world's
major central banks. While the central banks' offerings of cheap credit are
designed to aid economic growth in the developed world, emerging markets
also have benefited both from the discounted credit and the comparatively
repressed earnings growth of their developed-market peers.
Today, we are especially keen on China, where we see a domestic economic
recovery forming that we think could support equity prices going forward. In
addition, non-state-owned enterprises in China have been seeing margin
improvement, and we think that will be a crucial factor in a potential
acceleration of earnings momentum going forward. In our opinion, Chinese
stock-price valuations are cheap. Demand for
* Dividends are not guaranteed.
Pioneer International Value Fund | Annual Report | 11/30/12 7
Chinese stocks fell off for much of 2012 as investors grew apprehensive
about both the ability of government policymakers to engineer a soft landing
for the country's overheated economy and the pending leadership transition
last fall. As a result, we believe that many sectors of the Chinese market
are attractively priced, most notably the banking sector, where we have
overweighted the portfolio's investments relative to the MSCI EAFE Index
benchmark.
Q What is your outlook for international stocks as we head into 2013?
A As we move into a new year, economic, political, and fiscal issues are
likely to dominate the headlines and, at times, rattle the markets. A lack
of clarity and consensus on many of the issues facing the global markets
remains a headwind for advancement.
We think that the new political leadership in Japan is likely to take
aggressive action to eliminate deflation, and we are already seeing signs of
improvement in the equity markets there. If the moves are successful, the
rest of the Asian region could benefit. Currently, stock-price valuations
and investor expectations are higher for the rest of the Pacific markets,
but if growth prospects in Europe, the United States, and Japan begin to
improve, the liquidity that is lying dormant in cash and low-return bond
instruments could start to diversify more broadly into equities over the
course of 2013. If that scenario comes to pass, the increased investor
demand for international stocks could help push stock prices higher.
Please refer to the Schedule of Investments on pages 18-26 for a full listing of
Fund securities.
8 Pioneer International Value Fund | Annual Report | 11/30/12
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund may invest a substantial amount of its assets in issuers located in a
limited number of countries and therefore is susceptible to adverse economic,
political or regulatory developments affecting those countries.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries or sectors.
These risks may increase share price volatility.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
Pioneer International Value Fund | Annual Report | 11/30/12 9
Portfolio Summary | 11/30/12
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS PRESENTED AS PIE CHART IN THE PRINTED MATERIAL]
Financials 23.3%
Industrials 13.1%
Health Care 12.6%
Consumer Discretionary 11.8%
Materials 10.2%
Consumer Staples 8.6%
Energy 7.4%
Information Technology 6.2%
Telecommunication Services 3.5%
Utilities 3.3%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS PRESENTED AS BAR CHART IN THE PRINTED MATERIAL]
Japan 15.4%
Switzerland 11.5%
Germany 9.0%
United Kingdom 8.1%
Italy 8.0%
France 7.9%
United States 5.0%
China 3.2%
Sweden 2.9%
Other (individually less than 1%) 2.8%
Brazil 2.7%
Ireland 2.5%
Bermuda 2.5%
Russia 2.5%
Australia 2.4%
South Korea 2.4%
Indonesia 2.3%
Hong Kong 2.1%
Cayman Islands 1.9%
Philippines 1.4%
Canada 1.3%
Thailand 1.2%
Netherlands 1.0%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. GlaxoSmithKline Plc 2.70%
--------------------------------------------------------------------------------
2. Novartis AG 2.65
--------------------------------------------------------------------------------
3. Lukoil OAO (A.D.R.) 2.48
--------------------------------------------------------------------------------
4. Telecom Italia S.p.A. 2.44
--------------------------------------------------------------------------------
5. Intesa Sanpaolo S.p.A. 2.41
--------------------------------------------------------------------------------
6. Nestle SA 2.35
--------------------------------------------------------------------------------
7. FamilyMart Co., Ltd. 2.35
--------------------------------------------------------------------------------
8. Roche Holding AG 2.13
--------------------------------------------------------------------------------
9. China Construction Bank Corp. 2.12
--------------------------------------------------------------------------------
10. Cie Financiere Richemont SA 2.09
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
10 Pioneer International Value Fund | Annual Report | 11/30/12
Prices and Distributions | 11/30/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 11/30/12 11/30/11
--------------------------------------------------------------------------------
A $18.67 $17.99
--------------------------------------------------------------------------------
B $16.85 $16.17
--------------------------------------------------------------------------------
C $16.57 $15.97
--------------------------------------------------------------------------------
Y $18.73 $18.07
--------------------------------------------------------------------------------
Distributions per Share: 12/1/11-11/30/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.2619 $ -- $ --
--------------------------------------------------------------------------------
B $0.0473 $ -- $ --
--------------------------------------------------------------------------------
C $0.1060 $ -- $ --
--------------------------------------------------------------------------------
Y $0.3502 $ -- $ --
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The MSCI EAFE Index is a commonly used measure of international stocks. Index
returns are calculated monthly, assume reinvestment of dividends and, unlike
Fund returns, do not reflect any fees, expenses or sales charges. It is not
possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 12-15.
Pioneer International Value Fund | Annual Report | 11/30/12 11
Performance Update | 11/30/12 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer International Value Fund at public offering price,
compared to that of the Morgan Stanley Capital International (MSCI) Europe,
Australasia and Far East (EAFE) Index.
Average Annual Total Returns
(As of November 30, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 5.20% 4.58%
5 Years -7.01 -8.10
1 Year 5.38 -0.69
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.77% 1.45%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer International
Value Fund MSCI EAFE Index
11/30/2002 $ 9,425 $ 10,000
11/30/2003 $ 10,906 $ 12,422
11/30/2004 $ 13,323 $ 15,428
11/30/2005 $ 15,167 $ 17,471
11/30/2006 $ 19,122 $ 22,397
11/30/2007 $ 22,512 $ 26,272
11/30/2008 $ 11,406 $ 13,716
11/30/2009 $ 15,595 $ 18,889
11/30/2010 $ 15,292 $ 19,099
11/30/2011 $ 14,857 $ 18,313
11/30/2012 $ 15,656 $ 20,621
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through April 1, 2014, for Class A shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer International Value Fund | Annual Report | 11/30/12
Performance Update | 11/30/12 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer International Value Fund, compared to that of the
Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East
(EAFE) Index.
Average Annual Total Returns
(As of November 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 4.19% 4.19%
5 Years -7.83 -7.83
1 Year 4.52 0.52
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.94% 2.35%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer International
Value Fund MSCI EAFE Index
11/30/2002 $ 10,000 $ 10,000
11/30/2003 $ 11,431 $ 12,422
11/30/2004 $ 13,769 $ 15,428
11/30/2005 $ 15,547 $ 17,471
11/30/2006 $ 19,431 $ 22,397
11/30/2007 $ 22,667 $ 26,272
11/30/2008 $ 11,379 $ 13,716
11/30/2009 $ 15,425 $ 18,889
11/30/2010 $ 14,988 $ 19,099
11/30/2011 $ 14,428 $ 18,313
11/30/2012 $ 15,081 $ 20,621
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through April 1, 2014, for Class B shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer International Value Fund | Annual Report | 11/30/12 13
Performance Update | 11/30/12 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer International Value Fund, compared to that of the
Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East
(EAFE) Index.
Average Annual Total Returns
(As of November 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 4.23% 4.23%
5 Years -7.84 -7.84
1 Year 4.48 4.48
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.52% 2.35%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer International
Value Fund MSCI EAFE Index
11/30/2002 $ 10,000 $ 10,000
11/30/2003 $ 11,440 $ 12,422
11/30/2004 $ 13,789 $ 15,428
11/30/2005 $ 15,572 $ 17,471
11/30/2006 $ 19,478 $ 22,397
11/30/2007 $ 22,754 $ 26,272
11/30/2008 $ 11,424 $ 13,716
11/30/2009 $ 15,473 $ 18,889
11/30/2010 $ 15,039 $ 19,099
11/30/2011 $ 14,482 $ 18,313
11/30/2012 $ 15,131 $ 20,621
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. "If Held"
results represent the percent change in net asset value per share. Returns would
have been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects contractual expense limitations currently in
effect through April 1, 2014, for Class C shares. There can be no assurance that
Pioneer will extend the expense limitations beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer International Value Fund | Annual Report | 11/30/12
Performance Update | 11/30/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer International Value Fund, compared to that of the
Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East
(EAFE) Index.
Average Annual Total Returns
(As of November 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 5.37% 5.37%
5 Years -6.71 -6.71
1 Year 5.79 5.79
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.01%
--------------------------------------------------------------------------------
Value of $5 Million Investment
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Pioneer International
Value Fund MSCI EAFE Index
11/30/2002 $ 5,000,000 $ 5,000,000
11/30/2003 $ 5,784,148 $ 6,211,059
11/30/2004 $ 7,065,767 $ 7,713,758
11/30/2005 $ 8,043,845 $ 8,735,505
11/30/2006 $ 10,141,180 $ 11,198,506
11/30/2007 $ 11,939,221 $ 13,135,814
11/30/2008 $ 6,049,476 $ 6,857,981
11/30/2009 $ 8,296,854 $ 9,444,486
11/30/2010 $ 8,171,339 $ 9,549,708
11/30/2011 $ 7,975,689 $ 9,156,475
11/30/2012 $ 8,437,499 $ 10,310,650
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted. The performance data quoted represents past
performance, which is no guarantee of future results.
Investment return and principal value will fluctuate, and shares, when redeemed,
may be worth more or less than their original cost.
Class Y shares were first publicly offered on April 16, 2009. Performance shown
for periods prior to the inception of Class Y shares reflects the NAV
performance of the Fund's Class A shares. The performance does not reflect
differences in expenses, including the Rule 12b-1 fees applicable to Class A
shares. Since fees for Class A shares are generally higher than those of Class Y
shares, the performance for Class Y shares prior to their inception would have
been higher than the performance shown. Class Y shares are not subject to sales
charges and are available for limited groups of eligible investors, including
institutional investors. All results are historical and assume the reinvestment
of dividends and capital gains. Other share classes are available for which
performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer International Value Fund | Annual Report | 11/30/12 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer International Value Fund
Based on actual returns from June 1, 2012 through November 30, 2012.
-------------------------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 6/1/12
-------------------------------------------------------------------------------------------------------
Ending Account $1,139.86 $1,135.35 $1,134.91 $1,142.07
Value (after expenses)
on 11/30/12
-------------------------------------------------------------------------------------------------------
Expenses Paid $ 7.76 $ 12.55 $ 12.54 $ 5.41
During Period*
-------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.45%,
2.35%, 2.35% and 1.01% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/366 (to reflect the one-half year period).
16 Pioneer International Value Fund | Annual Report | 11/30/12
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), or redemption fees that are charged at the time of the
transaction. Therefore, the table below is useful in comparing ongoing costs
only and will not help you determine the relative total costs of owning
different funds. In addition, if these transaction costs were included, your
costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer International Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from June 1, 2012 through November 30, 2012.
-------------------------------------------------------------------------------------------------------
Share Class A B C Y
-------------------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 6/1/12
-------------------------------------------------------------------------------------------------------
Ending Account $1,017.75 $1,013.25 $1,013.25 $1,019.95
Value (after expenses)
on 11/30/12
-------------------------------------------------------------------------------------------------------
Expenses Paid $ 7.31 $ 11.83 $ 11.83 $ 5.10
During Period*
-------------------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.45%,
2.35%, 2.35% and 1.01% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 183/366 (to reflect the one-half year period).
Pioneer International Value Fund | Annual Report | 11/30/12 17
Schedule of Investments | 11/30/12
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
COMMON STOCKS -- 97.4%
ENERGY -- 7.4%
Oil & Gas Drilling -- 0.6%
33,700 Ensco Plc $ 1,962,351
-------------------------------------------------------------------------------------
Integrated Oil & Gas -- 5.9%
195,600 Eni S.p.A. $ 4,634,447
118,700 Lukoil OAO (A.D.R.) 7,469,791
63,100 Royal Dutch Shell Plc 2,177,870
74,677 Total SA 3,739,435
---------------
$ 18,021,543
-------------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.6%
28,700 Marathon Petroleum Corp. $ 1,708,798
-------------------------------------------------------------------------------------
Coal & Consumable Fuels -- 0.3%
34,400 Peabody Energy Corp. $ 863,784
---------------
Total Energy $ 22,556,476
-------------------------------------------------------------------------------------
MATERIALS -- 9.8%
Fertilizers & Agricultural Chemicals -- 0.8%
47,910 Yara International ASA $ 2,397,681
-------------------------------------------------------------------------------------
Construction Materials -- 2.2%
1,083,700 China Resources Cement Holdings, Ltd. $ 679,914
205,600 CRH Plc 3,763,200
1,514,900 Semen Gresik Persero Tbk PT 2,335,186
---------------
$ 6,778,300
-------------------------------------------------------------------------------------
Diversified Metals & Mining -- 3.2%
254,400 Eurasian Natural Resources Corp., Plc $ 1,102,976
53,400 Freeport-McMoRan Copper & Gold, Inc. 2,083,134
51,400 Rio Tinto, Ltd. 3,151,413
99,553 Southern Copper Corp. 3,613,774
---------------
$ 9,951,297
-------------------------------------------------------------------------------------
Gold -- 1.8%
113,400 Barrick Gold Corp. $ 3,915,702
31,300 Newmont Mining Corp. 1,473,917
---------------
$ 5,389,619
-------------------------------------------------------------------------------------
Precious Metals & Minerals -- 0.3%
65,800 Impala Platinum Holdings, Ltd. $ 1,068,000
-------------------------------------------------------------------------------------
Steel -- 1.5%
94,300 Ternium SA (A.D.R.) $ 2,152,869
135,900 Vale SA (A.D.R.) 2,368,737
---------------
$ 4,521,606
---------------
Total Materials $ 30,106,503
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer International Value Fund | Annual Report | 11/30/12
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
CAPITAL GOODS -- 10.9%
Construction & Engineering -- 0.6%
49,700 KBR, Inc. $ 1,381,660
4,668,500 Surya Semesta Internusa Tbk PT 544,586
---------------
$ 1,926,246
-------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 3.1%
160,400 ABB, Ltd. $ 3,124,021
74,002 Alstom SA 2,690,253
449,000 Mitsubishi Electric Corp. 3,517,751
---------------
$ 9,332,025
-------------------------------------------------------------------------------------
Industrial Conglomerates -- 4.5%
8,071,700 Alliance Global Group, Inc. $ 3,230,911
118,800 Koninklijke Philips Electronics NV 3,064,945
404,600 Shanghai Industrial Holdings, Ltd. 1,322,863
60,700 Siemens AG 6,256,597
---------------
$ 13,875,316
-------------------------------------------------------------------------------------
Construction & Farm Machinery &
Heavy Trucks -- 0.6%
111,200 The Manitowoc Co., Inc. $ 1,668,000
-------------------------------------------------------------------------------------
Trading Companies & Distributors -- 2.1%
275,100 ITOCHU Corp. $ 2,761,212
4,175,100 Noble Group, Ltd. 3,704,355
---------------
$ 6,465,567
---------------
Total Capital Goods $ 33,267,154
-------------------------------------------------------------------------------------
TRANSPORTATION -- 2.1%
Airlines -- 1.3%
630,862 Ryanair Holdings Plc $ 3,889,699
-------------------------------------------------------------------------------------
Highways & Railtracks -- 0.8%
5,783,500 Yuexiu Transport Infrastructure, Ltd. $ 2,573,855
---------------
Total Transportation $ 6,463,554
-------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 4.5%
Auto Parts & Equipment -- 0.0%
40,000 China XD Plastics Co., Ltd.* $ 168,000
-------------------------------------------------------------------------------------
Tires & Rubber -- 2.6%
180,100 Bridgestone Corp. $ 4,399,977
17,900 Cie Generale des Etablissements
Michelin SA 1,663,506
162,000 Pirelli & Co., S.p.A. 1,877,924
---------------
$ 7,941,407
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Annual Report | 11/30/12 19
Schedule of Investments | 11/30/12 (continued)
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
Automobile Manufacturers -- 1.9%
92,000 Toyota Motor Corp. $ 3,966,413
8,600 Volkswagen AG 1,748,249
---------------
$ 5,714,662
---------------
Total Automobiles & Components $ 13,824,069
-------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 6.2%
Homebuilding -- 1.6%
608,800 Sekisui Chemical Co., Ltd. $ 4,788,263
-------------------------------------------------------------------------------------
Household Appliances -- 1.6%
190,000 Electrolux AB $ 4,967,379
-------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 3.0%
17,400 Christian Dior SA $ 2,815,541
81,799 Cie Financiere Richemont SA 6,305,313
---------------
$ 9,120,854
---------------
Total Consumer Durables & Apparel $ 18,876,496
-------------------------------------------------------------------------------------
CONSUMER SERVICES -- 0.4%
Casinos & Gaming -- 0.4%
2,149,000 NagaCorp, Ltd. $ 1,352,617
---------------
Total Consumer Services $ 1,352,617
-------------------------------------------------------------------------------------
RETAILING -- 0.5%
Automotive Retail -- 0.5%
15,400 USS Co., Ltd. $ 1,647,746
---------------
Total Retailing $ 1,647,746
-------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 3.4%
Food Retail -- 2.8%
16,300 Casino Guichard Perrachon SA $ 1,479,599
159,300 FamilyMart Co., Ltd. 7,071,277
---------------
$ 8,550,876
-------------------------------------------------------------------------------------
Hypermarkets & Super Centers -- 0.6%
72,800 Carrefour SA $ 1,797,248
---------------
Total Food & Staples Retailing $ 10,348,124
-------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 5.2%
Packaged Foods & Meats -- 2.3%
108,500 Nestle SA $ 7,098,366
-------------------------------------------------------------------------------------
Tobacco -- 2.9%
80,714 Imperial Tobacco Group Plc $ 3,230,239
180,400 Japan Tobacco, Inc. 5,430,799
---------------
$ 8,661,038
---------------
Total Food, Beverage & Tobacco $ 15,759,404
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer International Value Fund | Annual Report | 11/30/12
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 2.7%
Health Care Equipment -- 1.0%
106,800 Olympus Corp. $ 1,790,171
27,500 Terumo Corp. 1,174,004
---------------
$ 2,964,175
-------------------------------------------------------------------------------------
Health Care Services -- 1.7%
78,175 Fresenius Medical Care AG &
Co., KGaA $ 5,364,991
---------------
Total Health Care Equipment & Services $ 8,329,166
-------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 9.7%
Pharmaceuticals -- 9.7%
25,700 AstraZeneca Plc $ 1,221,453
50,600 Bayer AG 4,575,647
380,500 GlaxoSmithKline Plc 8,136,176
129,000 Novartis AG 7,979,279
32,706 Roche Holding AG 6,434,418
31,400 Takeda Pharmaceutical Co., Ltd. 1,436,347
---------------
$ 29,783,320
---------------
Total Pharmaceuticals,
Biotechnology & Life Sciences $ 29,783,320
-------------------------------------------------------------------------------------
BANKS -- 14.1%
Diversified Banks -- 13.7%
373,500 Banco Santander Brasil SA (A.D.R.) $ 2,498,715
3,684,000 Bank Negara Indonesia Persero Tbk PT 1,422,440
12,000,000 Bank Pembangunan Daerah Jawa
Barat Dan Banten Tbk PT 1,311,748
8,347,900 China Construction Bank Corp. 6,392,347
1,181,100 Commerzbank AG* 2,120,279
4,985,500 Industrial & Commercial Bank of
China, Ltd. 3,360,697
4,313,600 Intesa Sanpaolo S.p.A. 7,264,541
214,100 Itau Unibanco Holding SA (A.D.R.) 3,243,615
4,864,900 Krung Thai Bank PCL 2,851,456
164,308 National Australia Bank, Ltd. 4,175,819
493,700 Philippine National Bank, Ltd.* 1,072,763
171,495 Societe Generale SA 6,206,794
---------------
$ 41,921,214
-------------------------------------------------------------------------------------
Regional Banks -- 0.4%
737,000 Shinsei Bank, Ltd. $ 1,258,775
---------------
Total Banks $ 43,179,989
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Annual Report | 11/30/12 21
Schedule of Investments | 11/30/12 (continued)
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 2.7%
Multi-Sector Holdings -- 0.4%
1,302,000 First Pacific Co., Ltd. $ 1,367,198
-------------------------------------------------------------------------------------
Specialized Finance -- 0.6%
33,300 Deutsche Boerse AG $ 1,874,559
-------------------------------------------------------------------------------------
Consumer Finance -- 0.5%
25,100 Capital One Financial Corp. $ 1,445,760
-------------------------------------------------------------------------------------
Diversified Capital Markets -- 1.2%
155,220 Credit Suisse Group AG $ 3,676,357
---------------
Total Diversified Financials $ 8,363,874
-------------------------------------------------------------------------------------
INSURANCE -- 4.0%
Life & Health Insurance -- 1.2%
320,200 T&D Holdings, Inc. $ 3,464,438
-------------------------------------------------------------------------------------
Multi-line Insurance -- 2.8%
40,400 Allianz SE $ 5,248,574
596,460 Aviva Plc 3,352,838
---------------
$ 8,601,412
---------------
Total Insurance $ 12,065,850
-------------------------------------------------------------------------------------
REAL ESTATE -- 1.4%
Diversified REIT -- 0.5%
1,300 United Urban Investment Corp. $ 1,477,739
-------------------------------------------------------------------------------------
Diversified Real Estate Activities -- 0.5%
9,505,500 Alam Sutera Realty Tbk PT $ 605,529
47,500 Mitsubishi Estate Co., Ltd. 921,200
---------------
$ 1,526,729
-------------------------------------------------------------------------------------
Real Estate Development -- 0.4%
4,518,400 Bumi Serpong Damai PT $ 569,270
988,200 Supalai PCL 592,083
---------------
$ 1,161,353
---------------
Total Real Estate $ 4,165,821
-------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 2.5%
Communications Equipment -- 1.2%
397,700 Telefonaktiebolaget LM Ericsson AB $ 3,718,988
-------------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.4%
222,000 Catcher Technology Co., Ltd. $ 1,137,518
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer International Value Fund | Annual Report | 11/30/12
-------------------------------------------------------------------------------------
Shares Value
-------------------------------------------------------------------------------------
Electronic Components -- 0.4%
66,300 Hoya Corp. $ 1,278,705
-------------------------------------------------------------------------------------
Electronic Manufacturing Services -- 0.5%
476,300 Hon Hai Precision Industry Co., Ltd. $ 1,526,583
---------------
Total Technology Hardware & Equipment $ 7,661,794
-------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 3.6%
Semiconductor Equipment -- 1.2%
316,100 ASM Pacific Technology, Ltd. $ 3,702,382
-------------------------------------------------------------------------------------
Semiconductors -- 2.4%
8,000 Samsung Electronics Co., Ltd. (G.D.R.) $ 5,241,892
94,320 SK Hynix, Inc. 2,125,100
---------------
$ 7,366,992
---------------
Total Semiconductors &
Semiconductor Equipment $ 11,069,374
-------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.0%
Integrated Telecommunication
Services -- 3.0%
4,353,000 PCCW, Ltd. $ 1,830,106
9,232,600 Telecom Italia S.p.A. 7,361,276
---------------
$ 9,191,382
---------------
Total Telecommunication Services $ 9,191,382
-------------------------------------------------------------------------------------
UTILITIES -- 3.3%
Electric Utilities -- 0.4%
368,800 Enel S.p.A. $ 1,396,624
-------------------------------------------------------------------------------------
Multi-Utilities -- 1.0%
268,953 National Grid Plc $ 3,038,698
-------------------------------------------------------------------------------------
Water Utilities -- 1.9%
3,956,800 Guangdong Investment, Ltd. $ 3,216,086
229,685 Suez Environnement Co. 2,501,424
---------------
$ 5,717,510
---------------
Total Utilities $ 10,152,832
-------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $282,252,335) $ 298,165,545
-------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Annual Report | 11/30/12 23
Schedule of Investments | 11/30/12 (continued)
---------------------------------------------------------------------------------------------------------
Floating S&P/Moody's
Principal Rate (c) Ratings
Amount ($) (unaudited) (unaudited) Value
---------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 1.1%
MATERIALS -- 0.3%
Paper Packaging -- 0.3%
765,000 BB-/B1 Sealed Air Corp., 6.875%,
7/15/33 (144A) $ 726,750
---------------
Total Materials $ 726,750
---------------------------------------------------------------------------------------------------------
BANKS -- 0.8%
Diversified Banks -- 0.8%
EUR 700,000 5.02 BBB/Ba2 BNP Paribas SA, Floating Rate
Note (Perpetual) $ 800,646
EUR 1,400,000 8.05 BB+/Ba2 Intesa Sanpaolo S.p.A., Floating
Rate Note (Perpetual) 1,725,538
---------------
$ 2,526,184
---------------
Total Banks $ 2,526,184
---------------------------------------------------------------------------------------------------------
TOTAL CORPORATE BONDS
(Cost $2,597,631) $ 3,252,934
---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 98.5%
(Cost $284,849,966) (a) (b) $ 301,418,479
---------------------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 1.5% $ 4,545,986
---------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 305,964,465
=========================================================================================================
(A.D.R.) American Depositary Receipt.
(G.D.R.) Global Depositary Receipt.
(Perpetual) Security with no stated maturity date.
REIT Real Estate Investment Trust.
* Non-income producing security.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At November 30, 2012, the value of these securities
amounted to $726,750 or 0.3% of total net assets.
(a) At November 30, 2012, the net unrealized gain on investments
based on cost for federal income tax purposes of $285,990,278 was
as follows:
Aggregate gross unrealized gain for all investments in which
there is an excess of value over tax cost $ 36,079,503
Aggregate gross unrealized loss for all investments in which
there is an excess of tax cost over value (20,651,302)
-------------
Net unrealized gain $ 15,428,201
=============
The accompanying notes are an integral part of these financial statements.
24 Pioneer International Value Fund | Annual Report | 11/30/12
(b) Distributions of investments by country of issue (excluding
temporary cash investments) as a percentage of total investment
in securities, is as follows:
Japan 15.4%
Switzerland 11.5%
Germany 9.0%
United Kingdom 8.1%
Italy 8.0%
France 7.9%
United States 5.0%
China 3.2%
Sweden 2.9%
Brazil 2.7%
Ireland 2.5%
Bermuda 2.5%
Russia 2.5%
Australia 2.4%
South Korea 2.4%
Indonesia 2.3%
Hong Kong 2.1%
Cayman Islands 1.9%
Philippines 1.4%
Canada 1.3%
Thailand 1.2%
Netherlands 1.0%
Other (individually less than 1%) 2.8%
------
100.0%
======
(c) Debt obligation with a variable interest rate. Rate shown is rate
at end of period.
NOTE: Principal amounts are denominated in U.S. Dollars unless otherwise
noted:
EUR Euro
Purchases and sales of securities (excluding temporary cash investments) for the
year ended November 30, 2012 aggregated $186,590,700 and $175,591,090,
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments) See Notes
to Financial Statements -- 1A.
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Annual Report | 11/30/12 25
Schedule of Investments | 11/30/12 (continued)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) are categorized as
Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of November 30, 2012, in
valuing the Fund's investments:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks (U.S.) $38,018,607 $ -- $ -- $ 38,018,607
Common Stocks (Foreign)* -- 260,146,938 -- 260,146,938
Corporate Bonds -- 3,252,934 -- 3,252,934
--------------------------------------------------------------------------------
Total $38,018,607 $ 263,399,872 $ -- $301,418,479
================================================================================
* Level 2 securities are valued using inputs/data furnished by independent
pricing services using fair value factors.
Other Financial Instruments
Unrealized loss on forward
foreign currency settlement
hedge contracts $ -- $914,306 $ -- $914,306
Unrealized gain on forward
foreign currency portfolio
hedge contracts -- (2,268) -- (2,268)
--------------------------------------------------------------------------------
Total Other Financial
Instruments $ -- $912,038 $ -- $912,038
--------------------------------------------------------------------------------
The following is a reconciliation of investments valued using significant
unobservable inputs (Level 3):
--------------------------------------------------------------------------------
Common
Stocks
--------------------------------------------------------------------------------
Balance as of 11/30/11 $ 1,080,355
Realized gain (loss)(1) (3,213,427)
Change in unrealized appreciation (depreciation)(2) 2,133,072
Net purchases --
Net sales --
Transfers in and out of Level 3** --
--------------------------------------------------------------------------------
Balance as of 11/30/12 $ --
================================================================================
1 Realized gain (loss) on these securities is included in the net realized
gain (loss) from investments in the Statement of Operations.
2 Unrealized appreciation (depreciation) on these securities is included in
the change in unrealized gain (loss) on investments in the Statement of
Operations.
** Transfers are calculated at the beginning of the period values. During the
year ended November 30, 2012, there were no transfers between Levels 1, 2
and 3.
The accompanying notes are an integral part of these financial statements.
26 Pioneer International Value Fund | Annual Report | 11/30/12
Statement of Assets and Liabilities | 11/30/12
ASSETS:
Investment in securities (cost $284,849,966) $ 301,418,479
Cash 1,376,474
Foreign currencies, at value (cost $418,326) 418,780
Receivables --
Investment securities sold 129,687
Fund shares sold 2,280,742
Dividends (net of foreign taxes withheld of $13,023) 282,901
Interest 785,750
Due from Pioneer Investment Management, Inc. 13,234
Net unrealized appreciation on forward foreign currency portfolio
hedge contracts 914,306
Prepaid expenses 38,225
--------------------------------------------------------------------------------------------------
Total assets $ 307,658,578
==================================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 1,224,761
Fund shares repurchased 203,735
Unrealized depreciation on forward foreign currency settlement
hedge contracts 2,268
Due to affiliates 77,339
Accrued expenses 186,010
--------------------------------------------------------------------------------------------------
Total liabilities $ 1,694,113
==================================================================================================
NET ASSETS:
Paid-in capital $ 461,175,898
Undistributed net investment income 5,217,788
Accumulated net realized loss on investments and foreign currency
transactions (177,899,595)
Net unrealized gain on investments 16,568,513
Net unrealized loss on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 901,861
--------------------------------------------------------------------------------------------------
Total net assets $ 305,964,465
==================================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $75,783,731/4,059,673 shares) $ 18.67
Class B (based on $4,053,789/240,649 shares) $ 16.85
Class C (based on $9,909,802/598,235 shares) $ 16.57
Class Y (based on $216,217,143/11,542,620 shares) $ 18.73
MAXIMUM OFFERING PRICE:
Class A ($18.67 (division) 94.25%) $ 19.81
--------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Annual Report | 11/30/12 27
Statement of Operations
For the Year Ended 11/30/12
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $912,136) $ 9,389,059
Interest 369,285
Income from securities loaned, net 7,642
--------------------------------------------------------------------------------------------------
Total investment income $ 9,765,986
==================================================================================================
EXPENSES:
Management fees $ 2,469,017
Transfer agent fees and expenses
Class A 322,506
Class B 48,958
Class C 39,372
Class Y 1,695
Distribution fees
Class A 191,841
Class B 47,317
Class C 99,464
Shareholder communications expense 138,264
Administrative reimbursements 82,891
Custodian fees 102,457
Registration fees 113,752
Professional fees 85,318
Printing expense 40,596
Fees and expenses of nonaffiliated Trustees 9,212
Miscellaneous 55,300
--------------------------------------------------------------------------------------------------
Total expenses $ 3,847,960
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (349,848)
==================================================================================================
Net expenses $ 3,498,112
--------------------------------------------------------------------------------------------------
Net investment income $ 6,267,874
--------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ (16,542,188)
Class actions 9,166
Futures contracts (263,333)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (455,998) $ (17,252,353)
--------------------------------------------------------------------------------------------------
Change in net unrealized gain (loss) on:
Investments $ 24,512,580
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 837,365 $ 25,349,945
--------------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 8,097,592
--------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 14,365,466
==================================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer International Value Fund | Annual Report | 11/30/12
Statements of Changes in Net Assets
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
11/30/12 11/30/11
--------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 6,267,874 $ 6,409,555
Net realized gain (loss) on investments, class actions,
futures contracts and foreign currency transactions (17,252,353) 9,883,254
Change in net unrealized gain (loss) on investments and
foreign currency transactions 25,349,945 (22,952,943)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 14,365,466 $ (6,660,134)
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.26 and $0.22 per share, respectively) $ (1,153,019) $ (1,023,788)
Class B ($0.05 and $0.02 per share, respectively) (16,573) (13,411)
Class C ($0.11 and $0.06 per share, respectively) (69,164) (41,952)
Class Y ($0.35 and $0.30 per share, respectively) (3,694,097) (3,168,233)
--------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (4,932,853) $ (4,247,384)
--------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 31,603,581 $ 20,926,432
Reinvestment of distributions 1,186,965 1,034,534
Cost of shares repurchased (21,649,744) (31,870,345)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from Fund share transactions $ 11,140,802 $ (9,909,379)
--------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 20,573,415 $ (20,816,897)
NET ASSETS:
Beginning of year 285,391,050 306,207,947
--------------------------------------------------------------------------------------------------
End of year $305,964,465 $ 285,391,050
--------------------------------------------------------------------------------------------------
Undistributed net investment income $ 5,217,788 $ 4,338,765
==================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Annual Report | 11/30/12 29
Statements of Changes in Net Assets (continued)
------------------------------------------------------------------------------------------------
'12 Shares '12 Amount '11 Shares '11 Amount
------------------------------------------------------------------------------------------------
Class A
Shares sold 384,887 $ 7,279,520 552,784 $ 10,885,729
Reinvestment of
distributions 63,931 1,086,007 48,988 964,082
Less shares repurchased (812,504) (14,677,741) (940,687) (18,525,899)
------------------------------------------------------------------------------------------------
Net decrease (363,686) $ (6,312,214) (338,915) $ (6,676,088)
================================================================================================
Class B
Shares sold or exchanged 10,253 $ 197,712 31,578 $ 557,777
Reinvestment of
distributions 1,037 16,029 723 12,883
Less shares repurchased (141,006) (2,460,510) (244,054) (4,329,539)
------------------------------------------------------------------------------------------------
Net decrease (129,716) $ (2,246,769) (211,753) $ (3,758,879)
================================================================================================
Class C
Shares sold 91,403 $ 1,514,124 111,479 $ 1,975,835
Reinvestment of
distributions 4,303 65,386 2,226 39,190
Less shares repurchased (156,539) (2,525,626) (183,522) (3,216,738)
------------------------------------------------------------------------------------------------
Net decrease (60,833) $ (946,116) (69,817) $ (1,201,713)
================================================================================================
Class Y
Shares sold 1,172,775 $ 22,612,225 388,272 $ 7,507,091
Reinvestment of
distributions 1,151 19,543 934 18,379
Less shares repurchased (110,613) (1,985,867) (290,814) (5,798,169)
------------------------------------------------------------------------------------------------
Net increase 1,063,313 $ 20,645,901 98,392 $ 1,727,301
================================================================================================
The accompanying notes are an integral part of these financial statements.
30 Pioneer International Value Fund | Annual Report | 11/30/12
Financial Highlights
--------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/12 11/30/11 11/30/10 11/30/09 11/30/08
--------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 17.99 $ 18.72 $ 19.16 $ 14.15 $ 28.12
--------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.36 $ 0.37 $ 0.24 $ 0.14 $ 0.27
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.58 (0.88) (0.61) 5.01 (14.05)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.94 $ (0.51) $ (0.37) $ 5.15 $ (13.78)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.26) (0.22) (0.07) (0.14) (0.19)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.68 $ (0.73) $ (0.44) $ 5.01 $ (13.97)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.67 $ 17.99 $ 18.72 $ 19.16 $ 14.15
==========================================================================================================================
Total return* 5.38% (2.84)% (1.94)% 36.72% (49.33)%
Ratio of net expenses to average net assets+ 1.45% 1.45% 1.45% 1.52% 1.71%
Ratio of net investment income to average net assets+ 1.89% 1.80% 1.18% 0.97% 1.07%
Portfolio turnover rate 61% 66% 66% 54% 135%
Net assets, end of period (in thousands) $75,784 $79,559 $89,145 $106,263 $ 53,725
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.82% 1.77% 1.76% 2.10% 1.90%
Net investment income 1.53% 1.48% 0.86% 0.39% 0.88%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.45% 1.45% 1.45% 1.52% 1.70%
Net investment income 1.89% 1.80% 1.18% 0.97% 1.08%
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Annual Report | 11/30/12 31
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/12 11/30/11 11/30/10 11/30/09 11/30/08
--------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $16.17 $ 16.82 $ 17.31 $ 12.77 $ 25.50
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.30 $ 0.31 $ 0.09 $ (0.05)# $ 0.09
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.43 (0.94) (0.58) 4.59 (12.76)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.73 $ (0.63) $ (0.49) $ 4.54 $ (12.67)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.05) (0.02) -- -- (0.06)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.68 $ (0.65) $ (0.49) $ 4.54 $ (12.73)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $16.85 $ 16.17 $ 16.82 $ 17.31 $ 12.77
==========================================================================================================================
Total return* 4.52% (3.74)% (2.83)% 35.55% (49.80)%
Ratio of net expenses to average net assets+ 2.35% 2.35% 2.35% 2.40% 2.61%
Ratio of net investment income (loss) to average net assets+ 0.95% 0.85% 0.26% (0.06)% 0.14%
Portfolio turnover rate 61% 66% 66% 54% 135%
Net assets, end of period (in thousands) $4,054 $ 5,987 $ 9,790 $14,538 $ 5,978
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 3.24% 2.94% 2.88% 3.05% 2.76%
Net investment loss 0.06% 0.26% (0.27)% (0.71)% (0.01)%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.35% 2.35% 2.35% 2.40% 2.60%
Net investment income (loss) 0.95% 0.85% 0.26% (0.06)% 0.15%
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
# The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
The accompanying notes are an integral part of these financial statements.
32 Pioneer International Value Fund | Annual Report | 11/30/12
--------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/12 11/30/11 11/30/10 11/30/09 11/30/08
--------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $15.97 $ 16.64 $ 17.12 $ 12.64 $ 25.28
--------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18 $ 0.19 $ 0.06 $ (0.05)# $ 0.08
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.53 $ (0.80) $ (0.54) $ 4.53 $ (12.62)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.71 $ (0.61) $ (0.48) $ 4.48 $ (12.54)
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.11) (0.06) -- -- (0.10)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.60 $ (0.67) $ (0.48) $ 4.48 $ (12.64)
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $16.57 $ 15.97 $ 16.64 $ 17.12 $ 12.64
==========================================================================================================================
Total return* 4.48% (3.71)% (2.80)% 35.44% (49.79)%
Ratio of net expenses to average net assets+ 2.35% 2.35% 2.35% 2.40% 2.57%
Ratio of net investment income (loss) to average net assets+ 0.99% 0.90% 0.26% (0.04)% 0.22%
Portfolio turnover rate 61% 66% 66% 54% 135%
Net assets, end of period (in thousands) $9,910 $10,523 $12,126 $14,839 $ 5,384
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.63% 2.52% 2.58% 2.74% 2.57%
Net investment income (loss) 0.71% 0.73% 0.02% (0.38)% 0.22%
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 2.35% 2.35% 2.35% 2.40% 2.56%
Net investment income (loss) 0.99% 0.90% 0.26% (0.04)% 0.23%
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
+ Ratios with no reduction for fees paid indirectly.
# The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Annual Report | 11/30/12 33
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------
Year Year Year 4/16/09 (a)
Ended Ended Ended to
11/30/12 11/30/11 11/30/10 11/30/09
--------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 18.07 $ 18.80 $ 19.22 $ 14.11
--------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.41 $ 0.44 $ 0.30 $ 0.10
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.60 (0.87) (0.59) 5.01
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.01 $ (0.43) $ (0.29) $ 5.11
--------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.35) (0.30) (0.13) --
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.66 $ (0.73) $ (0.42) $ 5.11
--------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 18.73 $ 18.07 $ 18.80 $ 19.22
==========================================================================================================================
Total return* 5.79% (2.39)% (1.51)% 36.22%(b)
Ratio of net expenses to average net assets+ 1.01% 1.01% 1.01% 1.01%**
Ratio of net investment income to average net assets+ 2.35% 2.26% 1.63% 1.10%**
Portfolio turnover rate 61% 66% 66% 54%(b)
Net assets, end of period (in thousands) $216,217 $189,321 $195,147 $195,132
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.01% 1.01% 1.01% 1.01%**
Net investment income 2.35% 2.26% 1.63% 1.10%**
Ratios with waiver of fees and assumption of expenses by
the Adviser and reduction for fees paid indirectly:
Net expenses 1.01% 1.01% 1.01% 1.01%**
Net investment income 2.35% 2.26% 1.63% 1.10%**
==========================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of the
investment at net asset value at the end of each period.
+ Ratios with no reduction for fees paid indirectly.
(a) Class Y shares were first publicly offered on April 16, 2009.
(b) Not annualized.
** Annualized.
The accompanying notes are an integral part of these financial statements.
34 Pioneer International Value Fund | Annual Report | 11/30/12
Notes to Financial Statements | 11/30/12
1. Organization and Significant Accounting Policies
Pioneer International Value Fund (the Fund) is the sole portfolio comprising
Pioneer Series Trust VIII, a Delaware statutory trust. The Fund is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is long-term growth of
capital.
The Fund offers four classes of shares designated as Class A, Class B, Class C
and Class Y shares. Class R shares were first publicly offered on April 1, 2003
and ceased operations on February 1, 2007. Class Y shares were first publicly
offered on April 16, 2009. Effective as of the close of business on December 31,
2009, Class B shares are no longer offered to new or existing shareholders,
except that dividends and/or capital gain distributions may continue to be
reinvested in Class B shares, and shareholders may exchange their Class B shares
for Class B shares of other Pioneer funds, as permitted by existing exchange
privileges. Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of different
dividends from net investment income earned by each class. The Amended and
Restated Declaration of Trust of the Fund gives the Board the flexibility to
specify either per-share voting or dollar-weighted voting when submitting
matters for shareholder approval. Under per-share voting, each share of a class
of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares. Class B shares convert to Class A shares
approximately eight years after the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gain or loss on investments during the reporting period.
Actual results could differ from those estimates.
Pioneer International Value Fund | Annual Report | 11/30/12 35
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are valued
using the last sale price on the principal exchange where they are traded.
Securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued using the mean
between the last bid and asked prices. Short-term fixed income securities
with remaining maturities of sixty days or less generally are valued at
amortized cost. Shares of money market mutual funds are valued at their net
asset value.
The Fund invests primarily in securities of non-U.S. issuers. The principal
exchanges and markets for such securities have closing times prior to the
close of the NYSE. However, the value of these securities may be influenced
by changes in global markets occurring after the closing times of the local
exchanges and markets up to the time the Fund determines its net asset
value. Consequently, the Board of Trustees of the Fund has determined that
daily adjustments to the valuation of securities of non-U.S. issuers by
utilizing an independent pricing service that supplies an appropriate fair
value factor is appropriate for the Fund.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by or at the
direction or with the approval of the Valuation Committee using fair value
methods pursuant to procedures adopted by the Board of Trustees. The
Valuation Committee is comprised of certain members of the Board of
Trustees. The Trust may use fair value methods if it is determined that a
significant event has occurred after the close of the exchange or market on
which the security trades and prior to the determination of the Trust's net
asset value. Examples of a significant event might include political or
economic news, corporate restructurings, natural disasters, terrorist
activity or trading halts. Thus, the valuation of the Trust's securities
may differ significantly from exchange prices and such differences could be
material. Pioneer Investment Management, Inc. (PIM) is responsible for
monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee.
36 Pioneer International Value Fund | Annual Report | 11/30/12
At November 30, 2012, there were no securities valued using fair value
methods (other than to securities valued using prices supplied by
independent pricing services). Inputs used when applying fair value methods
to value a security may include credit ratings, the financial condition of
the company, current market conditions and comparable securities.
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in
the exercise of reasonable diligence. Interest income, including interest on
income-bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the Statement of Operations from the
effects of changes in market price of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar (see Note 6).
Pioneer International Value Fund | Annual Report | 11/30/12 37
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
share-owners. Therefore, no provision for federal income taxes is required.
As of November 30, 2012, the Fund did not have any interest and penalties
related to uncertain tax positions, which, if applicable, would be recorded
as an income tax expense in the Statement of Operations. Tax years for the
prior three fiscal years remain subject to examination by federal and state
tax authorities.
In addition to the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries. During
the year ended November 30, 2012, the Fund paid no such taxes.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences. At
November 30, 2012, the Fund reclassified $455,998 to decrease undistributed
net investment income and $455,998 to decrease accumulated net realized loss
on investments and foreign currency transactions to reflect permanent
book/tax differences. These adjustments have no impact on net assets or the
results of operations.
At November 30, 2012, the Fund was permitted to carry forward indefinitely
$7,242,510 of short term losses and $16,081,300 of long term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation. Additionally, at November 30, 2012, the Fund had a net capital
loss carryforward of $153,460,706, of which the following amounts will
expire between 2016 and 2017 if not utilized: $30,336,810 in 2016 and
$123,123,896 in 2017.
The tax character of distributions paid during the years ended November 30,
2012 and November 30, 2011 was as follows:
----------------------------------------------------------------------------
2012 2011
----------------------------------------------------------------------------
Distribution paid from:
Ordinary income $4,932,853 $4,247,384
----------------------------------------------------------------------------
Total $4,932,853 $4,247,384
============================================================================
38 Pioneer International Value Fund | Annual Report | 11/30/12
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2011:
----------------------------------------------------------------------------
2012
----------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 6,157,327
Capital loss carryforward (176,784,516)
Unrealized appreciation 15,415,756
----------------------------------------------------------------------------
Total $(155,211,433)
============================================================================
The difference between book-basis and tax-basis net unrealized loss is
attributable to the tax deferral of losses on wash sales and the
mark-to-market of foreign currency contracts and passive foreign investment
companies.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $12,118 in underwriting commissions on the sale of Class A shares
during the year ended November 30, 2012.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day. During the year ended November 30, 2012 the Fund recognized
gains of $9,166 in settlement of class action lawsuits from several
different companies, as reflected on the Statement of Operations.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B and Class C shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among the
classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class B, Class C and Class Y shares
can reflect different transfer agent and distribution expense rates.
Pioneer International Value Fund | Annual Report | 11/30/12 39
G. Risks
Investing in foreign and/or emerging markets securities involves risks
relating to interest rates, currency exchange rates and economic and
political conditions. The Fund may invest a substantial amount of its assets
in issuers located in a limited number of countries and therefore is
susceptible to adverse economic, political or regulatory developments
affecting those countries. At times, the Fund's investments may represent
industries or industry sectors that are interrelated or have common risks,
making the Fund more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors. The
Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
H. Securities Lending
The Fund may lend securities in its portfolio to certain broker-dealers or
other institutional investors. When entering into a securities loan
transaction, the Fund typically receives cash collateral from the borrower
equal to at least the value of the securities loaned, which is invested in
temporary investments. Credit Suisse AG, New York Branch, as the Fund's
securities lending agent, manages the Fund's securities lending collateral.
The income earned on the investment of collateral is shared with the
borrower and the lending agent in payment of any rebate due to the borrower
with respect to the securities loan, and in compensation for the lending
agent's services to the Fund. The Fund also continues to receive payments in
lieu of dividends or interest on the securities loaned. Gain or loss on the
value of the loaned securities that may occur during the term of the loan
will be for the account of the Fund. The amount of the collateral is
required to be adjusted daily to reflect any price fluctuation in the value
of the loaned securities. If the required market value of the collateral is
less than the value of the loaned securities, the borrower is required to
deliver additional collateral for the account of the Fund prior to the close
of business on that day. The Fund has the right, under the lending
agreement, to terminate the loan and recover the securities from the
borrower with prior notice. The Fund is required to return the cash
collateral to the borrower and could suffer a loss if the value of the
collateral, as invested, has declined. At November 30, 2012, the Fund had no
securities on loan. On May 8, 2012, the Fund ended its involvement in the
securities lending program.
40 Pioneer International Value Fund | Annual Report | 11/30/12
I. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. PIM is
responsible for determining that the value of the collateral remains at
least equal to the repurchase price.
J. Futures Contracts
The Fund may enter into futures transactions to hedge against changes in
interest rates, securities prices and currency exchange rates or to seek to
increase total return. Futures contracts are types of derivatives. All
futures contracts entered into by the Fund are traded on a futures exchange.
Upon entering into a futures contract, the Fund is required to deposit with
a broker an amount of cash or securities equal to the minimum "initial
margin" requirements of the associated futures exchange. Subsequent payments
for futures contracts ("variation margin") are paid or received by the Fund,
depending on the daily fluctuation in the value of the contracts, and are
recorded by the Fund as unrealized gains or losses. When the contract is
closed, the Fund realizes a gain or loss equal to the difference between the
opening and closing value of the contract as well as any fluctuation in
foreign currency exchange rates where applicable. Futures contracts are
subject to market risk, interest rate risk and currency exchange rate risk.
Changes in value of the contracts may not directly correlate to the changes
in value of the underlying securities. These risks may decrease the
effectiveness of the Fund's hedging strategies and potentially result in a
loss. With futures, there is minimal counterparty credit risk to the Fund
since futures are exchange-traded and the exchange's clearinghouse, as
counterparty to all exchange-traded futures, guarantees the futures against
default. During the year ended November 30, 2012 the Fund had 85 outstanding
futures contracts. There were no open futures contracts on November 30,
2012.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.85% of
the Fund's average daily net assets up to $500 million and 0.75% of the excess
over $500 million. For the year ended November 30, 2012, the effective
management fee (excluding waivers and/or assumptions of expenses) was equivalent
to 0.85% of the Fund's average daily net assets.
Pioneer International Value Fund | Annual Report | 11/30/12 41
PIM has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.45%, 2.35% and 2.35%, of the average daily
net assets attributable to Class A, Class B and Class C shares, respectively.
Fees waived and expenses reimbursed during the year ended November 30, 2012 are
reflected on the Statement of Operations. Class Y shares do not have an expense
limitation. These expense limitations are in effect through April 1, 2013. There
can be no assurance that PIM will extend the expense limitation agreement for a
class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$24,061 in management fees, administrative costs and certain other
reimbursements payable to PIM at November 30, 2012.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the year ended November 30, 2012, such out-of-pocket expenses by class of shares
were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $104,636
Class B 9,537
Class C 22,323
Class Y 1,768
--------------------------------------------------------------------------------
Total $138,264
================================================================================
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $51,425 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at November 30, 2012.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal
42 Pioneer International Value Fund | Annual Report | 11/30/12
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00%
of the average daily net assets attributable to Class B and Class C shares. The
fee for Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and
Class C shares. Included in "Due to affiliates" reflected on the Statement of
Assets and Liabilities is $1,853 in distribution fees payable to PFD at November
30, 2012.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Class B shares redeemed within five years of
purchase are subject to a CDSC at declining rates beginning at 4.00%, based on
the lower of cost or market value of shares being redeemed. Redemptions of Class
C shares within one year of purchase are subject to a CDSC of 1.00%, based on
the lower of cost or market value of shares being redeemed. Shares purchased as
part of an exchange remain subject to any CDSC that applied to the original
purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the year ended November 30, 2012, CDSCs in the amount
of $3,559 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses, due to interest earned
on cash held by PIMSS. For the year ended November 30, 2012, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At November 30, 2012, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of portfolio hedges open
during the year ended November 30, 2012 was $10,864,840. During the year ended
November 30, 2012, the Fund had $1,503,522 in settlement hedges. At November 30,
2012, the Fund's gross forward currency settlement contracts receivable and
payable were $1,586,865 and $1,589,133, respectively, resulting in a net payable
of $2,268.
Pioneer International Value Fund | Annual Report | 11/30/12 43
Open portfolio hedges at November 30, 2012 were as follows:
--------------------------------------------------------------------------------------------
Net In
Contracts Exchange Settlement Unrealized
Currency to deliver For USD Date Value Gain (Loss)
--------------------------------------------------------------------------------------------
JPY (Japanese Yen) (2,265,000,000) $(27,497,789) 1/15/13 $(28,412,095) $914,306
--------------------------------------------------------------------------------------------
Total $914,306
============================================================================================
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until January 20, 2012 was in the amount of $165
million. Under such facility, interest on borrowings was payable at the higher
of the London Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on
an annualized basis or the Federal Funds Rate on the borrowing date plus 1.25%
on an annualized basis. The credit facility in effect as of February 15, 2012 is
in the amount of $215 million. Under such facility, depending on the type of
loan, interest on borrowings is payable at LIBOR plus 0.90% on an annualized
basis, or the Alternate Base Rate, which is the greater of (a) the facility's
administrative agent's daily announced prime rate on the borrowing date, (b) 2%
plus the Federal Funds Rate on the borrowing date and (c) 2% plus the overnight
Euro dollar rate on the borrowing date. The Funds pay an annual commitment fee
to participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the year ended November 30, 2012, the Fund had no outstanding
borrowings.
44 Pioneer International Value Fund | Annual Report | 11/30/12
8. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of November 30, 2012 were as follows:
--------------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as
Hedging Instruments Asset Derivatives 2012 Liabilities Derivatives 2012
-------------------------------- ------------------------------
Under Accounting Statement of Statement of
Standards Codification Assets and Liabilities Assets and Liabilities
(ASC) 815 Location Value Location Value
--------------------------------------------------------------------------------------------------------
Net unrealized depreciation
on forward foreign currency
settlement hedge contracts Receivables $ -- Payables $2,268
Net unrealized appreciation on
forward foreign currency
portfolio hedge contracts Receivables $ 914,306 Payables $ --
--------------------------------------------------------------------------------------------------------
Total $ 914,306 $2,268
========================================================================================================
The effect of derivative instruments on the Statement of Operations for the year
ended November 30, 2012 was as follows:
--------------------------------------------------------------------------------------------------------
Derivatives Not Realized Change in
Accounted for as Gain or Unrealized
Hedging Instruments (Loss) on Gain or (Loss)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
--------------------------------------------------------------------------------------------------------
Forward foreign currency Change in unrealized gain (loss) $(2,268)
settlement hedge on forward foreign currency
contracts contracts and other assets and
liabilities denominated in
foreign currencies
Forward foreign currency Net realized gain (loss) on forward $(40,651)
settlement hedge foreign currency contracts and
contracts other assets and liabilities
denominated in foreign currencies
Forward foreign currency Net realized gain (loss) on forward $(24,311)
portfolio hedge contracts foreign currency contracts and
other assets and liabilities
denominated in foreign currencies
Forward foreign currency Change in unrealized gain (loss) $880,489
portfolio hedge contracts on forward foreign currency
contracts and other assets and
liabilities denominated in
foreign currencies
Interest rate futures Net realized gain (loss) on $(263,333)
contracts futures contracts
Pioneer International Value Fund | Annual Report | 11/30/12 45
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VIII and the Shareowners of
Pioneer International Value Fund
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
International Value Fund (the "Fund") (the sole portfolio comprising Pioneer
Series Trust VIII), including the schedule of investments, as of November 30,
2012, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the periods indicated therein.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of November 30, 2012, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer International Value Fund at November 30, 2012, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the periods indicated therein, in conformity with U.S. generally accepted
accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
January 25, 2013
46 Pioneer International Value Fund | Annual Report | 11/30/12
Additional Information (unaudited)
For the fiscal year ending November 30, 2012, the Fund has elected to pass
through foreign tax credits of $782,036.
Pioneer International Value Fund | Annual Report | 11/30/12 47
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer International Value Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in March 2012 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
In July 2012, the Trustees approved the format of the contract review materials
and submitted their formal request to PIM to furnish information necessary to
evaluate the terms of the investment advisory agreement. The contract review
materials were provided to the Trustees in July 2012 and September 2012. After
reviewing and discussing the materials, the Trustees submitted a request for
additional information to PIM, and materials were provided in response to this
request. Meetings of the Independent Trustees of the Fund were held in July,
September, October, and November, 2012 to review and discuss the contract review
materials. In addition, the Trustees took into account the information related
to the Fund provided to the Trustees at each regularly scheduled meeting.
At a meeting held on November 13, 2012, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In considering
the renewal of the investment advisory agreement, the Trustees considered
various factors that they determined were relevant, including the factors
described below. The Trustees did not identify any single factor as the
controlling factor in determining to approve the renewal of the agreement.
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees reviewed the terms of the investment
advisory agreement. The Trustees also reviewed PIM's investment approach for the
Fund, its research process and its process for trade execution. The Trustees
considered the resources of PIM and the personnel of PIM who provide investment
management services to the Fund. The Trustees considered the non-investment
resources and personnel of PIM involved in PIM's services to the Fund, including
PIM's compliance and legal resources and personnel. The Trustees also considered
the substantial attention and high priority given
48 Pioneer International Value Fund | Annual Report | 11/30/12
by PIM's senior management to the Pioneer fund complex. In addition, the
Trustees considered PIM's plans to increase resources in its investment
management function and other enhancements to PIM's advisory capabilities.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
The Trustees considered the performance results of the Fund over various time
periods. They reviewed information comparing the Fund's performance with the
performance of its peer group of funds as classified by Morningstar, Inc.
(Morningstar), an independent provider of investment company data, and with the
performance of the Fund's benchmark index. The Trustees considered that the
Fund's annualized total return was in the fourth quintile of its Morningstar
category for the one and three year periods ended June 30, 2012 and in the fifth
quintile of its Morningstar category for the five year period ended June 30,
2012. (In all quintile rankings referred to throughout this disclosure, first
quintile is most favorable to the Fund's shareowners. Thus, highest relative
performance would be first quintile and lowest relative expenses would also be
first quintile.) The Trustees considered reasons for the underperformance of the
Fund relative to its peer group and the steps recently taken by PIM in an effort
to improve the performance of the Fund, including changes to the Fund's
portfolio management team. The Trustees agreed that they would continue to
closely monitor the Fund's performance.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight Mutual Trust Research
and Consulting, LLC (Strategic Insight), an independent third party.
Pioneer International Value Fund | Annual Report | 11/30/12 49
The Trustees considered that the Fund's management fee for the twelve months
ended June 30, 2012 was in the second quintile relative to the management fees
paid by other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate on assets over $500 million. The Trustees considered that the
Fund's expense ratio for the twelve months ended June 30, 2012 was in the third
quintile relative to its Strategic Insight peer group for the comparable period.
The Trustees reviewed gross and net management fees charged by PIM to its
institutional and other clients, including publicly offered European funds, U.S.
registered investment companies (in a sub-advisory capacity), and unaffiliated
foreign and domestic separate accounts. The Trustees also considered PIM's costs
in providing services to the Fund and to its other clients and considered the
differences in management fees and profit margins for PIM's Fund and non-Fund
services. In evaluating the fees associated with PIM's client accounts, the
Trustees took into account the respective demands, resources and complexity
associated with the Fund and client accounts. The Trustees noted that in some
instances the fee rates for those clients were lower than the management fee for
the Fund and considered that, under the investment advisory agreement with the
Fund, PIM performs additional services for the Fund that it does not provide to
those other clients or services that are broader in scope, including oversight
of the Fund's other service providers and activities related to compliance and
the extensive regulatory and tax regimes to which the Fund is subject. The
Trustees also considered the different entrepreneurial risks associated with
PIM's management of the Fund and the other client accounts. The Trustees
concluded that the management fee payable by the Fund to PIM was reasonable in
relation to the nature and quality of the services provided by PIM.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results realized by PIM and its affiliates from non-fund businesses.
The Trustees considered PIM's profit margins with respect to the Fund in
comparison to the limited industry data available and noted that the
profitability of any adviser was affected by numerous factors, including its
organizational structure and method for allocating expenses. The Trustees
concluded that PIM's profitability with respect to the management of the Fund
was not unreasonable.
50 Pioneer International Value Fund | Annual Report | 11/30/12
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, rarely identifiable
on a Fund-by-Fund basis, and that, among other factors that may be relevant, are
the following: fee levels, expense subsidization, investment by PIM in research
and analytical capabilities and PIM's commitment and resource allocation to the
Funds. The Trustees noted that profitability also may be an indicator of the
availability of any economies of scale, although profitability may vary for
other reasons particularly, for example during the recent difficult periods for
financial markets, as the level of services was maintained notwithstanding a
significant decline in PIM's fee revenues from the Funds. Accordingly, the
Trustees concluded that economies of scale, if any, were being appropriately
shared with the Fund.
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. The Trustees
also considered the benefits to the Fund and to PIM and its affiliates from the
use of "soft" commission dollars generated by the Fund to pay for research and
brokerage services. The Trustees considered the intangible benefits to PIM by
virtue of its relationship with the Fund and the other Pioneer funds. The
Trustees concluded that the receipt of these benefits was reasonable in the
context of the overall relationship between PIM and the Fund.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
Pioneer International Value Fund | Annual Report | 11/30/12 51
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and Officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves as
a trustee of each of the 56 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
52 Pioneer International Value Fund | Annual Report | 11/30/12
Independent Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Thomas J. Perna (62) Trustee since 2006. Chairman and Chief Executive Officer, Director, Broadridge Financial
Chairman of the Board Serves until a successor Quadriserv, Inc. (technology products Solutions, Inc. (investor
and Trustee trustee is elected or for securities lending industry) (2008 communications and securities
earlier retirement - present); private investor (2004 - processing provider for financial
or removal. 2008); and Senior Executive Vice services industry) (2009 -
President, The Bank of New York present); Director, Quadriserv,
(financial and securities services) Inc. (2005 - present); and
(1986 - 2004) Commissioner, New Jersey State
Civil Service Commission (2011 -
present)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (68) Trustee since 2005. Managing Partner, Federal City Capital Director of Enterprise Community
Trustee Serves until a successor Advisors (corporate advisory services Investment, Inc. (privately-held
trustee is elected or company) (1997 - 2004 and 2008 - affordable housing finance
earlier retirement present); Interim Chief Executive company) (1985 - 2010); Director
or removal. Officer, Oxford Analytica, Inc. of Oxford Analytica, Inc. (2008
(privately held research and consulting - present); Director of The
company) (2010); Executive Vice Swiss Helvetia Fund, Inc.
President and Chief Financial Officer, (closed-end fund) (2010 -
I-trax, Inc. (publicly traded health present); and Director of New
care services company) (2004 - 2007); York Mortgage Trust (publicly
and Executive Vice President and Chief traded mortgage REIT) (2004 -
Financial Officer, Pedestal Inc. 2009, 2012 - present)
(internet-based mortgage trading
company) (2000 - 2002)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer International Value Fund | Annual Report | 11/30/12 53
Independent Trustees (continued)
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (68) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a successor Political Economy, Harvard University Funds Investment Trust and
trustee is elected or (1972 - present) Mellon Institutional Funds
earlier retirement or Master Portfolio (oversaw 17
removal. portfolios in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (65) Trustee since 1992. Founding Director, Vice President and None
Trustee Serves until a successor Corporate Secretary, The Winthrop
trustee is elected or Group, Inc. (consulting firm)
earlier retirement (1982-present); Desautels Faculty of
or removal. Management, McGill University (1999 -
present); and Manager of Research
Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (64) Trustee since 1992. President and Chief Executive Officer, Director of New America High
Trustee Serves until a successor Newbury, Piret & Company, Inc. Income Fund, Inc. (closed-end
trustee is elected or (investment banking firm) (1981 - investment company) (2004 -
earlier retirement present) present); and member, Board of
or removal. Governors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Stephen K. West (84) Trustee since 1993. Senior Counsel, Sullivan & Cromwell Director, The Swiss Helvetia
Trustee Serves until a successor LLP (law firm) (1998 - present); and Fund, Inc. (closed-end
trustee is elected or Partner, Sullivan & Cromwell LLP investment company); and
earlier retirement (prior to 1998) Director, Invesco, Ltd.
or removal. (formerly AMVESCAP, PLC)
(investment manager) (1997-2005)
------------------------------------------------------------------------------------------------------------------------------------
54 Pioneer International Value Fund | Annual Report | 11/30/12
Interested Trustees
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
John F. Cogan, Jr. (86)* Trustee since 1992. Non-Executive Chairman and a director None
Trustee, President and Serves until a successor of Pioneer Investment Management USA
Chief Executive Officer trustee is elected or Inc. ("PIM-USA"); Chairman and a
of the Fund earlier retirement director of Pioneer; Chairman and
or removal. Director of Pioneer Institutional
Asset Management, Inc. (since 2006);
Director of Pioneer Alternative
Investment Management Limited (Dublin)
(until October 2011); President and a
director of Pioneer Alternative
Investment Management (Bermuda)
Limited and affiliated funds; Deputy
Chairman and a director of Pioneer
Global Asset Management S.p.A.
("PGAM") (until April 2010); Director
of Nano-C, Inc. (since 2003); Director
of Cole Management Inc. (2004 - 2011);
Director of Fiduciary Counseling, Inc.
(until December 2011); President of
all of the Pioneer Funds; and Retired
Partner, Wilmer Cutler Pickering Hale
and Dorr LLP
------------------------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (54)* Trustee since 2007. Director, CEO and President of PIM-USA None
Trustee and Executive Serves until a successor (since February 2007); Director and
Vice President trustee is elected or President of Pioneer and Pioneer
earlier retirement Institutional Asset Management, Inc.
or removal. (since February 2007); Executive Vice
President of all of the Pioneer Funds
(since March 2007); Director of PGAM
(2007 - 2010); Head of New Europe
Division, PGAM (2000 - 2005); Head of
New Markets Division, PGAM (2005 -
2007)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are
officers or directors of the Fund's investment adviser and certain of its
affiliates.
Pioneer International Value Fund | Annual Report | 11/30/12 55
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (47) Since 2003. Serves at the Vice President and Associate General None
Secretary discretion of the Board. Counsel of Pioneer since January 2008
and Secretary of all of the Pioneer
Funds since June 2010; Assistant
Secretary of all of the Pioneer Funds
from September 2003 to May 2010; and
Vice President and Senior Counsel of
Pioneer from July 2002 to December
2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (51) Since 2010. Serves at the Fund Governance Director of Pioneer None
Assistant Secretary discretion of the Board. since December 2006 and Assistant
Secretary of all the Pioneer Funds
since June 2010; Manager - Fund
Governance of Pioneer from December
2003 to November 2006; and Senior
Paralegal of Pioneer from January
2000 to November 2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (50) Since 2010. Serves at the Counsel of Pioneer since June 2007 None
Assistant Secretary discretion of the Board. and Assistant Secretary of all the
Pioneer Funds since June 2010; and
Vice President and Counsel at State
Street Bank from October 2004 to June
2007
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (53) Since 2008. Serves at the Vice President - Fund Treasury of None
Treasurer and Chief discretion of the Board. Pioneer; Treasurer of all of the
Financial and Accounting Pioneer Funds since March 2008;
Officer of the Fund Deputy Treasurer of Pioneer from
March 2004 to February 2008; and
Assistant Treasurer of all of the
Pioneer Funds from March 2004 to
February 2008
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (47) Since 2000. Serves at the Assistant Vice President - Fund None
Assistant Treasurer discretion of the Board. Treasury of Pioneer; and Assistant
Treasurer of all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (54) Since 2002. Serves at the Fund Accounting Manager - Fund None
Assistant Treasurer discretion of the Board. Treasury of Pioneer; and Assistant
Treasurer of all of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
56 Pioneer International Value Fund | Annual Report | 11/30/12
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held with the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (33) Since 2009. Serves at the Fund Administration Manager - Fund None
Assistant Treasurer discretion of the Board. Treasury of Pioneer since November
2008; Assistant Treasurer of all of
the Pioneer Funds since January
2009; and Client Service Manager -
Institutional Investor Services at
State Street Bank from March 2003 to
March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (60) Since 2010. Serves at the Chief Compliance Officer of Pioneer None
Chief Compliance Officer discretion of the Board. and of all the Pioneer Funds since
March 2010; Director of Adviser and
Portfolio Compliance at Pioneer
since October 2005; and Senior
Compliance Officer for Columbia
Management Advisers, Inc. from
October 2003 to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelley O'Donnell (41) Since 2006. Serves at the Director--Transfer Agency Compliance None
Anti-Money Laundering discretion of the Board. of Pioneer and Anti-Money Laundering
Officer Officer of all the Pioneer Funds
since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer International Value Fund | Annual Report | 11/30/12 57
This page for your notes.
58 Pioneer International Value Fund | Annual Report | 11/30/12
This page for your notes.
Pioneer International Value Fund | Annual Report | 11/30/12 59
This page for your notes.
60 Pioneer International Value Fund | Annual Report | 11/30/12
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Invesments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2013 Pioneer Investments 19448-06-0113
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
Audit Fees
Fees for audit services provided to the Trust, including fees
associated with the annual filing of its Form N-1A, totaled
approximately $42,062 in 2012 and $44,286 in 2011.
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
Audit-Related Fees
There were no fees for audit-related services
provided to the Fund during the fiscal years ended
November 30, 2012 and 2011.
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled approximately $8,290 and $8,290 in 2012 and 2011,
respectively.
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
Other Fees
There were no fees for other services
provided to the Fund during the fiscal years ended
November 30, 2012 and 2011.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered into on
or after May 6, 2003, the effective date of the new SEC pre-
approval rules, the Fund's audit committee is required to
pre-approve services to affiliates defined by SEC rules to
the extent that the services are determined to have a direct
impact on the operations or financial reporting of the Fund.
For the years ended November 30, 2012 and 2011, there
were no services provided to an affiliate that required the
Fund's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
The aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $8,290 in 2012
and $8,290 in 2011.
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VIII
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date January 29, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date January 29, 2013
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date January 29, 2013
* Print the name and title of each signing officer under his or her signature.