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, Amundi Pioneer Asset 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, 2016 through November 30, 2017
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 STOCKHOLDERS.
Pioneer International
Equity Fund
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Annual Report | November 30, 2017
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Ticker Symbols:
Class A PIIFX
Class C PCITX
Class Y INVYX
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 22
Notes to Financial Statements 29
Report of Independent Registered Public Accounting Firm 37
Additional Information 38
Trustees, Officers and Service Providers 41
Pioneer International Equity Fund | Annual Report | 11/30/17 1
President's Letter
Robust, synchronized global economic growth and rising corporate profits drove
strong performance in both the credit and equity markets for the first three
quarters of 2017. U.S. stocks, as measured by the Standard & Poor's 500 Index,
had returned 14.23% from January 1, 2017, through September 30, 2017.
Fixed-income markets, while not generating the same dazzling returns as
equities, held their own, led by high-yield securities, which produced a return
of 7.05% in the U.S., as measured by the ICE Bank of America Merrill Lynch U.S.
High Yield Index. Meanwhile, the Bloomberg Barclays U.S. Aggregate Bond Index
returned 3.14% for the first three quarters of calendar year 2017.
Continued strong employment numbers and higher consumer confidence, together
with solid global economic growth and a depreciating U.S. dollar contributed to
better-than-expected U.S. gross domestic product (GDP) growth of more than 3% in
both the second and third quarters of 2017. Outside the U.S., economic growth
also surprised to the upside across the Euro zone, China, and Japan. Meanwhile,
despite higher oil and commodities prices, inflation continued to be moderate,
both in the U.S. and globally, enabling major non-U.S. central banks to maintain
their easy monetary policies. As expected, however, the U.S. Federal Reserve
System (the Fed) began tapering its balance sheet in October. The Fed also
appears primed to raise interest rates a few more times in 2018, as it continues
to withdraw monetary stimulus.
As we transition into 2018, we believe the U.S. economy will experience modest
growth in the short term, depending on the mix of economic policies enacted as
the country moves away from monetary stimulus (driven by the Fed) and toward
fiscal stimulus (including tax reform) as well as lighter regulatory burdens.
Meanwhile, corporate earnings remain solid and we think they will improve even
further, despite the possibility of some pressure from wage increases. In
addition, it is our view that the economy will continue to grow and that we may
begin to see a modest upturn in inflation. In that scenario, we anticipate that
the Fed will continue to raise interest rates.
While economic and market conditions appear solid, there are always risks to
consider that could dampen the outlook. Geopolitical concerns, such as increased
tensions with North Korea, and continued political gridlock in Washington are
just some of the risks that could lead to increased market volatility.
2 Pioneer International Equity Fund | Annual Report | 11/30/17
It is for those reasons that we at Amundi Pioneer continue to believe that
investors can benefit from the experience and tenure of our investment teams who
make active and informed decisions across our funds.
As always, and particularly during times of market uncertainty, we encourage you
to work with your financial advisor to develop an overall investment plan that
addresses both your short- and long-term goals, and to implement such a plan in
a disciplined manner.
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
November 30, 2017
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. Past performance is no
guarantee of future results.
Pioneer International Equity Fund | Annual Report | 11/30/17 3
Portfolio Management Discussion | 11/30/17
In the follow interview, Madelynn Matlock discusses the market environment for
international equities and the factors that influenced the performance of
Pioneer International Equity Fund during the 12-month period ended November 30,
2017. Ms. Matlock, a senior vice president and a portfolio manager at Amundi
Pioneer Asset Management, Inc. (Amundi Pioneer), and Marco Pirondini, Executive
Vice President, Head of Equities, U.S., and a portfolio manager at Amundi
Pioneer, are responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the 12-month period ended November
30, 2017?
A Pioneer International Equity Fund's Class A shares returned 28.24% at net
asset value during the 12-month period ended November 30, 2017, while the
Fund's benchmark, the Morgan Stanley Capital International (MSCI) Europe,
Australasia, Far East (EAFE) ND Index (the MSCI EAFE Index)(1), returned
27.27%. During the same period, the average return for the 432 mutual funds
in Lipper's International Multi-Cap Core Funds category was 26.53%, and the
average return of the 754 mutual funds in Morningstar's Foreign Large Blend
Funds category was 25.95%.
Q How would you characterize the investment environment for international
equities during the 12-month period ended November 30, 2017?
A With the help of continued monetary support from foreign central banks and
a reflationary bias in the global economy, international equities enjoyed
strong performance during the past 12 months. The market-friendly election
outcomes in France and the Netherlands added to investor confidence in
European equities. In fact, despite the uncertainty over the United
Kingdom's (U.K.) potential "Brexit" from the European Union (E.U.) in the
wake of the U.K. government's triggering of the Article 50 E.U. treaty
withdrawal provision in March 2017, the lack of a sustained economic
recovery in Japan, and the risk of more protectionist U.S. trade policies,
the Fund's benchmark, the MSCI EAFE Index, outperformed U.S. stocks by a
(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 Equity Fund | Annual Report | 11/30/17
wide margin. The MSCI EAFE Index returned 27.27% for the period, while
the Standard & Poor's 500 Index, a broad measure of the U.S. stock market,
returned 22.86%.
From a regional perspective, both developing and developed markets rallied
during the period, led by the emerging markets, Europe, and Japan, which
returned 33%, 30%, and 24%, respectively. From a sector perspective,
information technology, materials, and industrials, which were up by 44%,
32%, and 31%, respectively, were the strongest performers within the Fund's
benchmark. Meanwhile, real estate, while posting a very solid 19% return
for the 12 months, still lagged the overall market in what was a very
positive period for equities in general.
Q Which of your investment strategies or individual portfolio holdings
contributed to the Fund's benchmark-relative performance results during the
12-month period ended November 30, 2017?
A Stock selection in information technology was advantageous for the Fund's
benchmark-relative returns during the period, especially in the
semiconductor industry. Within semiconductors, the portfolio's position in
Tokyo Electron was a key contributor to the Fund's relative performance.
Tokyo Electron is one of the most respected manufacturers of equipment used
for the production of semiconductor chips, and the company saw strong
demand for its products over the 12-month period. Chips are increasingly
finding their way into new products and applications, from light bulbs and
cars to industrial equipment. That trend is likely to continue for the
foreseeable future, and we believe Tokyo Electron is in a favorable
position to continue benefiting from heightened chip demand.
Another strong contributor to the Fund's benchmark-relative performance
during the period was a position in Yaskawa. The Japanese-based company saw
rising profits based on its ability to deliver high-quality industrial
robots and fully integrated robotic automation systems that empower
customers to compete globally.
From a regional perspective, our decision to overweight the Fund to
investments in Europe augmented relative performance, as did stock
selection results in that region. The Fund's position in the U.K.
homebuilder Persimmon was a strong contributor to benchmark-relative
returns during the period, as the company's stock price climbed in response
to robust customer demand and strong profit announcements.
Finally, while the Fund's exposure to the emerging markets was limited, the
portfolio's investments in Taiwan-based Accton and Samsung Electronics in
South Korea aided relative performance.
Pioneer International Equity Fund | Annual Report | 11/30/17 5
Q Which of your investment strategies or individual portfolio holdings
detracted from the Fund's benchmark-relative performance during the
12-month period ended November 30, 2017?
A The Fund's investments in oil-and-gas equipment services company
Schlumberger struggled during the period due to the oversupply of oil and
the potential for reduced demand given the continued development of
alternative energy sources. With management's forward guidance suggesting
that the current supply/demand imbalance may affect Schlumberger's earnings
in the second half of 2017 and into 2018, we sold the portfolio's position
during the first half of the 12-month period.
A position in Shire, a U.K. biotechnology company, also detracted from the
Fund's performance, primarily because of concerns about the company's
position in some of its important product markets. With several potential
catalysts failing to propel the stock higher, we sold the portfolio's
position in the second half of the period and reallocated the proceeds into
other investments that we believe have stronger growth prospects.
The Fund's investment in BAE Systems was another drag on benchmark-relative
performance during the period. This British defense-and-aeronautics company
appeared to be on track to receive several large orders, but the orders
never materialized. However, we continue to hold the stock in the
portfolio, as we expect defense spending - which has bottomed within the
context of typical 7- to 10-year historical cycles - to rise in the coming
years. We believe developed countries are likely to spend more on defense
due to an increasingly uncertain geopolitical backdrop and the potential
for less support from the United States.
Q Did you make any noteworthy shifts in the Fund's strategy or allocations
during the 12-month period ended November 30, 2017?
A We did not make any notable shifts in the Fund's geographic and sector
allocations, but we did trim some individual stock positions that had
experienced significant price appreciation. Those decisions resulted in
some reduction in the portfolio's allocation to Japan at the country level,
and to basic materials at the sector level.
We are continually tweaking the Fund's holdings from a portfolio-
construction vantage, sizing individual positions at the security,
industry, and sector level in an effort to help maximize returns and limit
risk. As of November 30, 2017, the Fund had overweight exposures relative
to the MSCI EAFE Index in information technology and industrials, and
underweights to financials and health care.
6 Pioneer International Equity Fund | Annual Report | 11/30/17
Q Did the Fund have any derivative exposure during the 12-month period ended
November 30, 2017?
A No, we did not invest the Fund in derivative securities during the period.
Q What is your outlook for international equities as we head into a new
calendar year, and how are you positioning the Fund?
A We believe central-bank policies will continue to exert a meaningful
influence on the markets in 2018. In the United States, where the economy
is well into its recovery, the Federal Reserve has begun tightening
monetary policy by gradually raising its benchmark short-term interest rate
and reducing its balance sheet, which grew substantially through its three
quantitative-easing programs from 2008-2014. In international markets,
where economies are improving but still lag the U.S., the details and
timetables of monetary policy changes at the bellwether European Central
Bank and the Bank of Japan will have broad implications for economic growth
as their outlooks shift from accommodation to tightening over the next
couple of years.
In this environment, we believe international equities could trend higher
in 2018 due to a global economic expansion and the potential for fiscal
stimulus initiatives, such as tax reform in the U.S. In such a reflationary
environment, we believe cyclical and consumer stocks may outperform, and we
are focusing the Fund's exposure on investments in those areas. We continue
to find positive potential in technology, as advancements spread into more
of the products and services we use daily. On the other hand, we hold a
more skeptical outlook for the energy sector, which we believe is facing a
supply overhang as the continued growth in alternative energy sources
erodes stable, long-term returns as well as asset values of fossil fuels.
Given high current market valuations and geopolitical tensions, however, we
will temper our sanguine outlook with some caution. To help mitigate some
of those risks in the portfolio, we continue to focus on holding stocks of
quality companies with high returns on capital, sustainable competitive
advantages, and low debt levels as compared with their peers.
Pioneer International Equity Fund | Annual Report | 11/30/17 7
Please refer to the Schedule of Investments on pages 16-21 for a full listing of
Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
To the extent the Fund invests in issuers located within specific countries or
regions, the Fund may be particularly affected by adverse markets, rates, and
events, which may occur in those countries and regions.
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise.
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.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc.,
for a prospectus or summary prospectus containing this information. Read it
carefully.
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. Past performance is no
guarantee of future results.
8 Pioneer International Equity Fund | Annual Report | 11/30/17
Portfolio Summary | 11/30/17
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 18.5%
Industrials 17.2%
Consumer Staples 13.5%
Consumer Discretionary 10.2%
Information Technology 10.1%
Health Care 7.6%
Real Estate 6.1%
Materials 5.8%
Telecommunication Services 5.1%
Energy 4.7%
Utilities 1.2%
Geographical Distribution
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(As a percentage of long-term holdings based on country of domicile)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Japan 22.4%
France 14.9%
Switzerland 12.4%
Germany 11.7%
United Kingdom 10.6%
Ireland 7.2%
United States 5.5%
Netherlands 5.3%
Spain 2.4%
Taiwan 2.0%
Sweden 1.6%
Canada 1.3%
Luxembourg 1.3%
Other (individually less than 1%) 1.4%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of long-term holdings)*
1. Schneider Electric SE 2.19%
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2. Unilever NV 2.18
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3. AXA SA 2.12
--------------------------------------------------------------------------------
4. Zurich Insurance Group AG 2.10
--------------------------------------------------------------------------------
5. Daikin Industries, Ltd. 2.09
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6. Novartis AG 2.07
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7. Roche Holding AG 2.06
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8. Henkel AG & Co. KGaA 1.99
--------------------------------------------------------------------------------
9. Kingspan Group Plc 1.88
--------------------------------------------------------------------------------
10. Siemens AG 1.87
--------------------------------------------------------------------------------
* This list excludes temporary cash investments. 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.
Pioneer International Equity Fund | Annual Report | 11/30/17 9
Prices and Distributions | 11/30/17
Net Asset Value per Share
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Class 11/30/17 11/30/16
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A $24.72 $19.45
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C $21.52 $16.95
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Y $24.79 $19.50
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Distributions per Share: 12/1/16-11/30/17
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--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.1762 $ -- $ --
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C $0.0170 $ -- $ --
--------------------------------------------------------------------------------
Y $0.2504 $ -- $ --
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Index Definition
--------------------------------------------------------------------------------
The MSCI EAFE ND Index is an unmanaged, 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 11-13.
10 Pioneer International Equity Fund | Annual Report | 11/30/17
Performance Update | 11/30/17 Class A Shares
Investment Returns
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The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer International Equity Fund at
public offering price during the periods shown, compared to that of the Morgan
Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) ND
Index.
Average Annual Total Returns
(As of November 30, 2017)
--------------------------------------------------------------------------------
Net Public MSCI
Asset Offering EAFE
Value Price ND
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 0.39% -0.20% 1.55%
5 Years 8.37 7.09 8.24
1 Year 28.24 20.87 27.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2017,
as supplemented August 1, 2017)
--------------------------------------------------------------------------------
Gross Net
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1.68% 1.25%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer International Equity Fund MSCI EAFE ND Index
11/07 $9,425 $10,000
11/08 $4,776 $ 5,221
11/09 $6,529 $ 7,190
11/10 $6,402 $ 7,270
11/11 $6,220 $ 6,971
11/12 $6,555 $ 7,849
11/13 $8,030 $ 9,799
11/14 $8,154 $ 9,797
11/15 $8,016 $ 9,509
11/16 $7,640 $ 9,161
11/17 $9,798 $11,659
Call 1-800-225-6292 or visit www.amundipioneer.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 the contractual expense limitation currently in
effect through April 1, 2019, for Class A shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation 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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer International Equity Fund | Annual Report | 11/30/17 11
Performance Update | 11/30/17 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer International Equity Fund during
the periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Europe, Australasia and Far East (EAFE) ND Index.
Average Annual Total Returns
(As of November 30, 2017)
--------------------------------------------------------------------------------
MSCI
EAFE
If If ND
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years -0.51% -0.51% 1.55%
5 Years 7.40 7.40 8.24
1 Year 27.09 27.09 27.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2017,
as supplemented August 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.37% 2.15%
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[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer International Equity Fund MSCI EAFE ND Index
11/07 $10,000 $10,000
11/08 $ 5,021 $ 5,221
11/09 $ 6,800 $ 7,190
11/10 $ 6,609 $ 7,270
11/11 $ 6,364 $ 6,971
11/12 $ 6,650 $ 7,849
11/13 $ 8,075 $ 9,799
11/14 $ 8,123 $ 9,797
11/15 $ 7,913 $ 9,509
11/16 $ 7,478 $ 9,161
11/17 $ 9,504 $11,659
Call 1-800-225-6292 or visit www.amundipioneer.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). "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 the contractual expense limitation currently in
effect through April 1, 2019, for Class C shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation 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.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer International Equity Fund | Annual Report | 11/30/17
Performance Update | 11/30/17 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer International Equity Fund during
the periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Europe, Australasia and Far East (EAFE) ND Index.
Average Annual Total Returns
(As of November 30, 2017)
--------------------------------------------------------------------------------
Net MSCI
Asset EAFE
Value ND
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years 0.75% 1.55%
5 Years 8.80 8.24
1 Year 28.76 27.27
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2017,
as supplemented August 1, 2017)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.09% 0.90%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer International Equity Fund MSCI EAFE ND Index
11/07 $5,000,000 $5,000,000
11/08 $2,533,447 $2,610,413
11/09 $3,474,621 $3,594,938
11/10 $3,422,057 $3,634,990
11/11 $3,340,121 $3,485,310
11/12 $3,533,522 $3,924,635
11/13 $4,346,947 $4,899,324
11/14 $4,431,197 $4,898,583
11/15 $4,373,951 $4,754,451
11/16 $4,184,098 $4,580,668
11/17 $5,387,368 $5,829,679
Call 1-800-225-6292 or visit www.amundipioneer.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 on April 16, 2009,
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. For the period
beginning April 16, 2009, the actual performance of Class Y shares is
reflected. 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 net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2019, for Class Y shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation 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.
Please refer to the financial highlights for a more current expense ratio.
Pioneer International Equity Fund | Annual Report | 11/30/17 13
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 Equity Fund
Based on actual returns from June 1, 2017, through November 30, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 6/1/17
--------------------------------------------------------------------------------
Ending Account $1,079.10 $1,074.39 $1,081.11
Value (after expenses)
on 11/30/17
--------------------------------------------------------------------------------
Expenses Paid $ 7.19 $ 11.75 $ 5.16
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.38%,
2.26% and 0.99% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/365 (to reflect the one-half year period).
14 Pioneer International Equity Fund | Annual Report | 11/30/17
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 Equity Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from June 1, 2017, through November 30, 2017.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 6/1/17
--------------------------------------------------------------------------------
Ending Account $1,018.15 $1,013.74 $1,020.10
Value (after expenses)
on 11/30/17
--------------------------------------------------------------------------------
Expenses Paid $ 6.98 $ 11.41 $ 5.01
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.38%,
2.26% and 0.99% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/365(to reflect the one-half year period).
Pioneer International Equity Fund | Annual Report | 11/30/17 15
Schedule of Investments | 11/30/17
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 97.6%
COMMON STOCKS -- 95.5% of Net Assets
AUTOMOBILES & COMPONENTS -- 2.7%
Auto Parts & Equipment -- 2.7%
42,700 Aisin Seiki Co., Ltd. $ 2,297,919
37,600 Valeo SA 2,728,549
-------------
Total Automobiles & Components $ 5,026,468
------------------------------------------------------------------------------------------
BANKS -- 6.3%
Diversified Banks -- 6.3%
210,900 Banco Bilbao Vizcaya Argentaria SA $ 1,804,110
643,100 Barclays Plc 1,676,719
26,650 BNP Paribas SA 2,017,819
178,400 ING Groep NV 3,219,430
121,400 Swedbank AB, Class A 2,897,775
-------------
Total Banks $ 11,615,853
------------------------------------------------------------------------------------------
CAPITAL GOODS -- 16.8%
Aerospace & Defense -- 1.6%
187,600 BAE Systems Plc $ 1,401,318
15,700 Thales SA 1,590,508
-------------
$ 2,991,826
------------------------------------------------------------------------------------------
Agricultural & Farm Machinery -- 1.5%
151,100 Kubota Corp. $ 2,866,851
------------------------------------------------------------------------------------------
Building Products -- 5.2%
32,700 Daikin Industries, Ltd. $ 3,778,201
5,300 Geberit AG 2,302,777
83,900 Kingspan Group Plc 3,396,311
-------------
$ 9,477,289
------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 3.7%
110,900 ABB, Ltd. $ 2,837,071
46,100(a) Schneider Electric SE 3,960,936
-------------
$ 6,798,007
------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 1.5%
165,700 Mitsubishi Electric Corp. $ 2,748,223
------------------------------------------------------------------------------------------
Industrial Conglomerates -- 1.8%
24,900 Siemens AG $ 3,384,570
------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.5%
107,000 Ashtead Group Plc $ 2,750,513
-------------
Total Capital Goods $ 31,017,279
------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.4%
Homebuilding -- 1.4%
138,400 Sekisui Chemical Co., Ltd. $ 2,684,005
-------------
Total Consumer Durables & Apparel $ 2,684,005
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer International Equity Fund | Annual Report | 11/30/17
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.3%
Hotels, Resorts & Cruise Lines -- 1.8%
51,200 Carnival Plc $ 3,316,300
------------------------------------------------------------------------------------------
Restaurants -- 1.5%
57,400 Whitbread Plc $ 2,772,298
-------------
Total Consumer Services $ 6,088,598
------------------------------------------------------------------------------------------
CONSUMER STAPLES -- 1.5%
Packaged Foods & Meats -- 1.5%
50,700 General Mills, Inc. $ 2,867,592
-------------
Total Consumer Staples $ 2,867,592
------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 3.0%
Diversified Capital Markets -- 1.2%
130,000(a) UBS Group AG $ 2,245,779
------------------------------------------------------------------------------------------
Specialized Finance -- 1.8%
55,100 Euronext NV (144A) $ 3,362,448
-------------
Total Diversified Financials $ 5,608,227
------------------------------------------------------------------------------------------
ENERGY -- 4.6%
Integrated Oil & Gas -- 3.3%
95,300 Royal Dutch Shell Plc, Class A $ 3,048,505
54,300 TOTAL SA 3,064,363
-------------
$ 6,112,868
------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.3%
204,300 Encana Corp. $ 2,418,342
-------------
Total Energy $ 8,531,210
------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 3.1%
Drug Retail -- 1.6%
62,800 Sundrug Co., Ltd. $ 2,911,828
------------------------------------------------------------------------------------------
Food Retail -- 1.5%
67,800 Seven & i Holdings Co., Ltd. $ 2,782,923
-------------
Total Food & Staples Retailing $ 5,694,751
------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.1%
Packaged Foods & Meats -- 3.1%
15,900 Danone SA $ 1,341,692
29,300 Kerry Group Plc, Class A 3,065,861
15,800 Nestle SA 1,351,994
-------------
Total Food, Beverage & Tobacco $ 5,759,547
------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.4%
Health Care Services -- 1.6%
42,000 Fresenius SE & Co. KGaA $ 3,028,285
------------------------------------------------------------------------------------------
Health Care Supplies -- 1.8%
66,400 Hoya Corp. $ 3,231,407
-------------
Total Health Care Equipment & Services $ 6,259,692
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/17 17
Schedule of Investments | 11/30/17 (continued)
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 5.5%
Household Products -- 2.0%
29,600 Henkel AG & Co. KGaA $ 3,604,254
------------------------------------------------------------------------------------------
Personal Products -- 3.5%
11,700 L'Oreal SA $ 2,586,523
68,400 Unilever NV 3,940,436
-------------
$ 6,526,959
-------------
Total Household & Personal Products $ 10,131,213
------------------------------------------------------------------------------------------
INSURANCE -- 5.4%
Multi-line Insurance -- 5.4%
10,100 Allianz SE $ 2,380,869
127,300 AXA SA 3,842,234
12,600 Zurich Insurance Group AG 3,803,468
-------------
Total Insurance $ 10,026,571
------------------------------------------------------------------------------------------
MATERIALS -- 5.7%
Diversified Chemicals -- 1.8%
29,600 BASF SE $ 3,310,450
------------------------------------------------------------------------------------------
Paper Packaging -- 2.5%
111,800 Amcor, Ltd. $ 1,308,410
103,000 Smurfit Kappa Group Plc 3,279,997
-------------
$ 4,588,407
------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.4%
45,582 Croda International Plc $ 2,636,468
-------------
Total Materials $ 10,535,325
------------------------------------------------------------------------------------------
MEDIA -- 2.5%
Advertising -- 1.4%
40,600 Publicis Groupe SA $ 2,695,398
------------------------------------------------------------------------------------------
Broadcasting -- 1.1%
921,000 ITV Plc $ 1,993,021
-------------
Total Media $ 4,688,419
------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY &
LIFE SCIENCES -- 4.0%
Pharmaceuticals -- 4.0%
43,800 Novartis AG $ 3,745,559
14,806 Roche Holding AG 3,734,085
-------------
Total Pharmaceuticals, Biotechnology & Life
Sciences $ 7,479,644
------------------------------------------------------------------------------------------
REAL ESTATE -- 7.2%
Diversified REITs -- 3.1%
1,390,215 Hibernia Real Estate Investment Trust Plc $ 2,355,849
507,700 Hibernia Real Estate Investment Trust Plc 863,711
189,000 Merlin Properties Socimi SA 2,485,469
-------------
$ 5,705,029
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer International Equity Fund | Annual Report | 11/30/17
------------------------------------------------------------------------------------------
Shares Value
------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 4.1%
101,200 Grand City Properties SA $ 2,312,483
691,300 Ichigo, Inc. 2,567,336
59,299 Vonovia SE 2,789,782
-------------
$ 7,669,601
-------------
Total Real Estate $ 13,374,630
------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT -- 4.0%
Semiconductor Equipment -- 1.3%
13,000 Tokyo Electron, Ltd. $ 2,422,303
------------------------------------------------------------------------------------------
Semiconductors -- 2.7%
97,700 Infineon Technologies AG $ 2,697,420
306,000 Taiwan Semiconductor Manufacturing Co., Ltd. 2,301,181
-------------
$ 4,998,601
-------------
Total Semiconductors & Semiconductor Equipment $ 7,420,904
------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.3%
Application Software -- 1.3%
20,000(a) Temenos Group AG $ 2,469,308
-------------
Total Software & Services $ 2,469,308
------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 4.6%
Communications Equipment -- 0.7%
349,000 Accton Technology Corp. $ 1,285,504
------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 1.6%
67,100 Yaskawa Electric Corp. $ 2,976,141
------------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 1.7%
5,200 Keyence Corp. $ 3,030,986
------------------------------------------------------------------------------------------
Technology Hardware Storage & Peripherals -- 0.6%
500 Samsung Electronics Co., Ltd. $ 1,175,291
-------------
Total Technology Hardware & Equipment $ 8,467,922
------------------------------------------------------------------------------------------
TELECOMMUNICATIONS SERVICES -- 5.0%
Integrated Telecommunication Services -- 3.3%
58,600 Nippon Telegraph & Telephone Corp. $ 3,073,259
177,300 Orange SA 3,054,557
-------------
$ 6,127,816
------------------------------------------------------------------------------------------
Wireless Telecommunications Services -- 1.7%
109,300 KDDI Corp. $ 3,137,827
-------------
Total Telecommunications Services $ 9,265,643
------------------------------------------------------------------------------------------
UTILITIES -- 1.1%
Electric Utilities -- 1.1%
112,600 SSE Plc $ 2,085,798
-------------
Total Utilities $ 2,085,798
------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $143,477,972) $ 177,098,599
------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/17 19
Schedule of Investments | 11/30/17 (continued)
------------------------------------------------------------------------------------------
Principal
Amount USD ($) Value
------------------------------------------------------------------------------------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS --
2.1% of Net Assets
905,000(b) U.S. Treasury Bills, 12/7/17 $ 904,855
2,900,000(b) U.S. Treasury Bills, 12/14/17 2,899,021
-------------
$ 3,803,876
------------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $3,803,767) $ 3,803,876
------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 97.6%
(Cost $147,281,739)(c) $ 180,902,475
------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 2.4% $ 4,484,386
------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 185,386,861
==========================================================================================
REIT Real Estate Investment Trust.
(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, 2017, the value of these securities
amounted to $3,362,448, or 1.8% of total net assets.
(a) Non-income producing security.
(b) Security issued with a zero coupon. Income is recognized through
accretion of discount.
(c) Distributions of investments by country of domicile (excluding
temporary cash investments) as a percentage of total investments in
securities, is as follows:
Japan 22.4%
France 14.9
Switzerland 12.4
Germany 11.7
United Kingdom 10.6
Ireland 7.2
United States 5.5
Netherlands 5.3
Spain 2.4
Taiwan 2.0
Sweden 1.6
Canada 1.3
Luxembourg 1.3
Other (individually less than 1%) 1.4
-----
100.0%
=====
Purchases and sales of securities (excluding temporary cash investments) for
the year ended November 30, 2017, aggregated $58,108,100 and $69,986,778,
respectively.
The Fund is permitted to engage in purchase and sale transactions (cross
trades) with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., formerly Pioneer Investment Management, Inc. (the "Adviser"),
serves as the Fund's investment adviser, as set forth in Rule 17a-7 under the
Investment Company Act of 1940, pursuant to procedures adopted by the Board of
Trustees. Under these procedures, cross trades are effected at current market
prices. During the year ended November 30, 2017, the Fund did not engage in
cross trade activity.
The accompanying notes are an integral part of these financial statements.
20 Pioneer International Equity Fund | Annual Report | 11/30/17
At November 30, 2017, the net unrealized appreciation on investments
based on cost for federal tax purposes of $150,086,763 was as follows:
Aggregate gross unrealized appreciation for all investments in
which there is an excess of value over tax cost $37,196,231
Aggregate gross unrealized depreciation for all investments in
which there is an excess of tax cost over value (6,380,519)
------------
Net unrealized appreciation $30,815,712
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels 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
risks, etc.). See Notes to Financial Statements -- Note 1A.
Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes
to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of November 30, 2017, in
valuing the Fund's investments.
------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
------------------------------------------------------------------------------------
Common Stocks
Consumer Staples
Packaged Foods
& Meats $2,867,592 $ -- $ -- $ 2,867,592
Energy
Oil & Gas Exploration
& Production 2,418,342 -- -- 2,418,342
All Other Common Stocks* 171,812,665 -- 171,812,665
U.S. Government and
Agency Obligations -- 3,803,876 -- 3,803,876
------------------------------------------------------------------------------------
Total Investments
in Securities $5,285,934 $ 175,616,541 $ -- $ 180,902,475
====================================================================================
* Level 2 securities are valued using inputs/data furnished by independent
pricing services using fair value factors.
During the year ended November 30, 2017, there were no transfers between Levels
1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/17 21
Statement of Assets and Liabilities | 11/30/17
ASSETS:
Investments in unaffiliated issuers, at value (cost $147,281,739) $180,902,475
Cash 891,446
Foreign currencies, at value (cost $70,154) 70,311
Receivables --
Investment securities sold 5,827,500
Fund shares sold 34,714
Dividends 671,987
Due from the Adviser 58,949
Other assets 12,233
----------------------------------------------------------------------------------
Total assets $188,469,615
==================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 2,853,683
Fund shares repurchased 35,637
Distributions 93
Professional fees 37,100
Trustees' fees 1,410
Due to affiliates 31,569
Accrued expenses 123,262
----------------------------------------------------------------------------------
Total liabilities $ 3,082,754
==================================================================================
NET ASSETS APPLICABLE TO SHAREOWNERS:
Paid-in capital $ 153,016,769
Undistributed net investment income 1,218,010
Accumulated net realized loss on investments (2,445,610)
Net unrealized appreciation on investments 33,597,692
----------------------------------------------------------------------------------
Net assets $ 185,386,861
==================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $80,688,255/3,263,858 shares) $ 24.72
Class C (based on $11,071,788/514,561 shares) $ 21.52
Class Y (based on $93,626,818/3,777,343 shares) $ 24.79
MAXIMUM OFFERING PRICE:
Class A (24.72 (divided by) 94.25%) $ 26.23
==================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer International Equity Fund | Annual Report | 11/30/17
Statement of Operations
For the Year Ended 11/30/17
INVESTMENT INCOME:
Interest from unaffiliated issuers $ 22,498
Dividends from unaffiliated issuers (net of foreign taxes
withheld $418,571) 4,127,642
----------------------------------------------------------------------------------------
Total investment income $ 4,150,140
----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,426,091
Administrative expense 100,848
Transfer agent fees
Class A 139,314
Class C 18,155
Class Y 1,867
Distribution fees
Class A 183,396
Class C 102,594
Shareholder communications expense 77,302
Custodian fees 55,420
Registration fees 62,593
Professional fees 66,341
Printing expense 34,720
Pricing expense 10,443
Trustees' fees 7,460
Miscellaneous 19,832
----------------------------------------------------------------------------------------
Total expenses $ 2,306,376
Less fees waived and expenses reimbursed by the Adviser (229,820)
----------------------------------------------------------------------------------------
Net expenses $ 2,076,556
----------------------------------------------------------------------------------------
Net investment income $ 2,073,584
----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $ 9,169,762
Other assets and liabilities denominated in
foreign currencies (76,184) $ 9,093,578
----------------------------------------------------------------------------------------
Change in net unrealized appreciation on:
Investments in unaffiliated issuers $30,108,191
Other assets and liabilities denominated in
foreign currencies 64,566 $30,172,757
----------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $39,266,335
----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $41,339,919
========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/17 23
Statements of Changes in Net Assets
------------------------------------------------------------------------------------
Year Ended Year Ended
11/30/17 11/30/16*
------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 2,073,584 $ 1,905,984
Net realized gain (loss) on investments 9,093,578 (10,202,926)
Change in net unrealized appreciation (depreciation)
on investments 30,172,757 490,254
------------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations $ 41,339,919 $ (7,806,688)
------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.18 and $0.33, respectively) $ (590,165) $ (1,211,983)
Class C ($0.02 and $0.19, respectively) (9,746) (125,805)
Class Y ($0.25 and $0.42, respectively) (956,462) (1,712,039)
------------------------------------------------------------------------------------
Total distributions to shareowners $ (1,556,373) $ (3,049,827)
------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales or exchange of shares $ 14,943,635 $ 6,785,651
Reinvestment of distributions 585,085 1,332,456
Cost of shares repurchased (20,045,718) (21,251,717)
------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (4,516,998) $ (13,133,610)
------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ 35,266,548 $ (23,990,125)
NET ASSETS:
Beginning of year $150,120,313 $ 174,110,438
------------------------------------------------------------------------------------
End of year $185,386,861 $ 150,120,313
------------------------------------------------------------------------------------
Undistributed net investment income $ 1,218,010 $ 562,687
====================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
The accompanying notes are an integral part of these financial statements.
24 Pioneer International Equity Fund | Annual Report | 11/30/17
---------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
11/30/17 11/30/17 11/30/16* 11/30/16*
Shares Amount Shares Amount
---------------------------------------------------------------------------------------
Class A
Shares sold 388,951 $ 8,695,271 211,512 $ 4,111,213
Reinvestment of distributions 28,801 563,057 57,160 1,153,475
Less shares repurchased (538,698) (11,799,449) (605,069) (11,814,805)
---------------------------------------------------------------------------------------
Net decrease (120,946) $ (2,541,121) (336,397) $ (6,550,117)
=======================================================================================
Class C
Shares sold 129,706 $ 2,515,912 80,672 $ 1,374,118
Reinvestment of distributions 534 9,173 6,660 118,087
Less shares repurchased (195,646) (3,722,718) (168,136) (2,860,729)
---------------------------------------------------------------------------------------
Net decrease (65,406) $ (1,197,633) (80,804) $ (1,368,524)
=======================================================================================
Class Y
Shares sold 156,828 $ 3,732,452 65,581 $ 1,300,320
Reinvestment of distributions 658 12,855 3,021 60,894
Less shares repurchased (197,857) (4,523,551) (333,726) (6,576,183)
---------------------------------------------------------------------------------------
Net decrease (40,371) $ (778,244) (265,124) $ (5,214,969)
=======================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/17 25
Financial Highlights
--------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/17 11/30/16* 11/30/15* 11/30/14* 11/30/13
--------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 19.45 $ 20.74 $ 22.34 $ 22.49 $ 18.67
--------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.24(a) $ 0.21(a) $ 0.16(a) $ 0.63 $ 0.27
Net realized and unrealized gain (loss) on investments 5.21 (1.17) (0.53) (0.28) 3.87
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 5.45 $ (0.96) $ (0.37) $ 0.35 $ 4.14
--------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.18) $ (0.33) $ (1.23) $ (0.50) $ (0.32)
--------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.18) $ (0.33) $ (1.23) $ (0.50) $ (0.32)
--------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 5.27 $ (1.29) $ (1.60) $ (0.15) $ 3.82
--------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 24.72 $ 19.45 $ 20.74 $ 22.34 $ 22.49
====================================================================================================================
Total return (b) 28.24% (4.70)% (1.69)% 1.55% 22.50%
Ratios of net expenses to average net assets (c) 1.38% 1.45% 1.45% 1.46% 1.45%
Ratio of net investment income (loss) to average net assets 1.09% 1.10% 0.73% 2.72% 1.26%
Portfolio turnover 36% 41% 49% 100% 101%
Net assets, end of period (in thousands) $80,688 $65,844 $77,173 $83,544 $86,602
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees
paid indirectly:
Total expenses to average net assets (c) 1.59% 1.68% 1.71% 1.70% 1.69%
Net investment income (loss) to average net assets 0.88% 0.87% 0.47% 2.48% 1.02%
====================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
(c) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.01% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
26 Pioneer International Equity Fund | Annual Report | 11/30/17
---------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/17 11/30/16* 11/30/15* 11/30/14* 11/30/13
--------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 16.95 $ 18.13 $ 19.69 $ 19.91 $ 16.57
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.04(a) $ 0.03(a) $ (0.04)(a) $ 0.35 $ 0.08
Net realized and unrealized gain (loss) on investments 4.55 (1.02) (0.46) (0.23) 3.44
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 4.59 $ (0.99) $ (0.50) $ 0.12 $ 3.52
--------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.02) $ (0.19) $ (1.06) $ (0.34) $ (0.18)
--------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.02) $ (0.19) $ (1.06) $ (0.34) $ (0.18)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 4.57 $ (1.18) $ (1.56) $ (0.22) $ 3.34
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 21.52 $ 16.95 $ 18.13 $ 19.69 $ 19.91
================================================================================================================================
Total return (b) 27.09% (5.50)% (2.58)% 0.60% 21.43%
Ratios of net expenses to average net assets (c) 2.26% 2.35% 2.35% 2.36% 2.35%
Ratio of net investment income (loss) to average net assets 0.22% 0.20% (0.20)% 1.78% 0.36%
Portfolio turnover 36% 41% 49% 100% 101%
Net assets, end of period (in thousands) $11,072 $ 9,829 $11,981 $10,865 $10,826
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (c) 2.32% 2.37% 2.42% 2.44% 2.41%
Net investment income (loss) to average net assets 0.16% 0.18% (0.27)% 1.70% 0.30%
================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
(c) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.01% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/17 27
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/17 11/30/16* 11/30/15* 11/30/14* 11/30/13
----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 19.50 $ 20.81 $ 22.41 $ 22.56 $ 18.73
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.33(a) $ 0.28(a) $ 0.25(a) $ 1.29 $ 0.37
Net realized and unrealized gain (loss) on investments 5.21 (1.17) (0.54) (0.85) 3.87
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 5.54 $ (0.89) $ (0.29) $ 0.44 $ 4.24
----------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.25) $ (0.42) $ (1.31) $ (0.59) $ (0.41)
----------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.25) $ (0.42) $ (1.31) $ (0.59) $ (0.41)
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 5.29 $ (1.31) $ (1.60) $ (0.15) $ 3.83
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 24.79 $ 19.50 $ 20.81 $ 22.41 $ 22.56
==================================================================================================================================
Total return (b) 28.76% (4.34)% (1.29)% 1.94% 23.02%
Ratios of net expenses to average net assets (c) 0.99% 1.09% 1.04% 1.06% 1.04%
Ratio of net investment income (loss) to average net assets 1.48% 1.45% 1.16% 3.89% 1.69%
Portfolio turnover 36% 41% 49% 100% 101%
Net assets, end of period (in thousands) $93,627 $74,448 $84,957 $102,563 $224,523
Ratios with no waiver of fees and assumption of expenses by the Adviser
and no reduction for fees paid indirectly:
Total expenses to average net assets (c) 1.06% 1.09% 1.04% 1.06% 1.04%
Net investment income (loss) to average net assets 1.41% 1.45% 1.16% 3.89% 1.69%
==================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per share data presented above is based on the average shares
outstanding for the periods presented.
(b) 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.
(c) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.01% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
28 Pioneer International Equity Fund | Annual Report | 11/30/17
Notes to Financial Statements | 11/30/17
1. Organization and Significant Accounting Policies
Pioneer International Equity 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 offered three classes of shares designated as Class A, Class C and
Class Y shares. 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 of Trustees 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.
On July 3, 2017, Amundi acquired Pioneer Investments, a group of asset
management companies located throughout the world. Amundi, one of the world's
largest asset managers, is headquartered in Paris, France. As a result of the
transaction, Pioneer Investment Management, Inc., the Fund's investment adviser,
became an indirect wholly owned subsidiary of Amundi and Amundi's wholly owned
subsidiary, Amundi USA, Inc. Prior to July 3, 2017, Pioneer Investments was
owned by Pioneer Global Asset Management S.p.A., a wholly owned subsidiary of
UniCredit S.p.A.
In connection with the transaction, the names of the Fund's investment adviser
and principal underwriter changed. Effective July 3, 2017, the name of Pioneer
Investment Management, Inc. changed to Amundi Pioneer Asset Management, Inc.
(the "Adviser") and the name of Pioneer Funds Distributor, Inc. changed to
Amundi Pioneer Distributor, Inc. (the "Distributor").
Pioneer International Equity Fund | Annual Report | 11/30/17 29
In October 2016, the Securities and Exchange Commission ("SEC") released its
Final Rule on Investment Company Reporting Modernization. In addition to
introducing two new regulatory reporting forms (Form N-PORT and Form N-CEN), the
Final Rule amends Regulation S-X, which impacts financial statement
presentation, particularly related to the presentation of derivative
instruments. The Fund's financial statements were prepared in compliance with
the amendments to Regulation S-X.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles ("U.S. GAAP") that require the
management of the Fund to 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.
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements:
A. Security Valuation
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.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
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 or, if both last bid and asked prices
are not available, at the last quoted bid price. Last sale and bid and
asked prices are provided by independent third party pricing services. In
the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The value of foreign securities is translated into U.S. dollars based on
foreign currency exchange rate quotations supplied by third party pricing
source. Trading in non-U.S. equity securities is substantially completed
each day at various times prior to the close of NYSE. The values of such
securities used in computing the net asset value of the Fund's shares are
determined as of such times. The Fund may use a fair value model developed
by an independent pricing service to value non-U.S. securities.
30 Pioneer International Equity Fund | Annual Report | 11/30/17
Securities for which independent pricing services or broker-dealers 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 a
fair valuation team comprised of certain personnel of the Adviser, pursuant
to procedures adopted by the Fund's Board of Trustees. The Adviser's fair
valuation team uses fair value methods approved by the Valuation Committee
of the Board of Trustees. The Adviser's fair valuation team 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 of the Board of Trustees.
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. The Fund 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 Fund'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 Fund's securities may differ significantly from exchange prices and
such differences could be material.
At November 30, 2017, no securities were valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services, broker-dealer or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
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
and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment in kind) income upon receipt and is included
in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
Pioneer International Equity Fund | Annual Report | 11/30/17 31
C. 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
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
the market price of those securities but are included with the net realized
and unrealized gain or loss on investments.
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 net taxable income and net realized capital gains, if any, to
its shareowners. Therefore, no provision for federal income taxes is
required. As of November 30, 2017, the Fund did not accrue any interest or
penalties with respect to uncertain tax positions, which, if applicable,
would be recorded as an income tax expense in the Statement of Operations.
Tax returns filed within the prior three years remain subject to
examination by federal and state tax authorities.
In addition to meeting the requirements of the Internal Revenue Code, the
Fund may 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, 2017, 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. GAAP. 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, 2017, the Fund reclassified $138,112 to increase
undistributed net investment income, $109,104,796 to decrease accumulated
net realized loss on investments and $109,242,908 to decrease paid-in
capital to reflect permanent book/tax differences. These adjustments have
no impact on net assets or the results of operations.
32 Pioneer International Equity Fund | Annual Report | 11/30/17
At November 30, 2017, the Fund was permitted to carry forward indefinitely
$2,063,325 of short-term losses under the Regulated Investment Company
Modernization Act of 2010 without limitation.
During the year ended November 30, 2017, a capital loss carryforward of
$8,933,286 was utilized to offset net realized gains by the Fund.
The tax character of distributions paid during the fiscal year ended
November 30, 2017 and November 30, 2016 were as follows:
---------------------------------------------------------------------------
2017 2016
---------------------------------------------------------------------------
Distributions paid from:
Ordinary income $1,556,373 $3,049,827
---------------------------------------------------------------------------
Total $1,556,373 $3,049,827
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2017:
---------------------------------------------------------------------------
2017
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 3,640,749
Capital loss carryforward (2,063,325)
Net unrealized appreciation 30,792,668
---------------------------------------------------------------------------
Total $32,370,092
===========================================================================
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales and adjustments
relating to Passive Foreign Investment Companies (PFICs).
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $10,039 in underwriting commissions on the sale of Class
A shares during the year ended November 30, 2017.
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.
Distribution fees are calculated based on the average daily net asset value
attributable to Class A 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 Fund's transfer agent 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).
Pioneer International Equity Fund | Annual Report | 11/30/17 33
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 C and Class Y shares can
reflect different transfer agent and distribution expense rates.
G. Risks
The value of securities held by the fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real or
perceived adverse economic, political or regulatory conditions, inflation,
changes in interest rates, lack of liquidity in the bond markets or adverse
investor sentiment. In the past several years, financial markets have
experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or
spread.
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.
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.
2. Management Agreement
The Adviser 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% on assets over $500 million. For the year ended November 30,
2017, the effective management fee (excluding waivers and/or assumptions of
expenses) was equivalent to 0.85% of the Fund's average daily net assets.
Effective August 1, 2017, the Adviser contractually agreed to limit ordinary
operating expenses (ordinary operating expenses means all fund expenses other
than extraordinary expenses, such as litigation, taxes, brokerage commissions
and acquired fund fees and expenses) of the Fund to the extent required to
reduce fund expenses to 1.25%, 2.15% and 0.90%, of the average daily net assets
attributable to Class A, Class C and Class Y shares, respectively. Prior to
August 1, 2017, the adviser had contractually agreed to limit ordinary expenses
to 1.45% and 2.35% for Class A and Class C shares, respectively, and Class Y
shares did
34 Pioneer International Equity Fund | Annual Report | 11/30/17
not have an expense limitation. Fees waived and expenses reimbursed during the
year ended November 30, 2017, are reflected on the Statement of Operations.
These expense limitations will be in effect through April 1, 2019. There can be
no assurance that the Adviser 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
$26,411 in management fees, administrative costs and certain other
reimbursements payable to the Adviser, at November 30, 2017.
3. Transfer Agent
Boston Financial Data Services, Inc. serves as the transfer agent to the Fund
at negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareholder communications activities
such as proxy and statement mailings and outgoing phone calls. For the year
ended November 30, 2017, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareowner Communications
--------------------------------------------------------------------------------
Class A $68,221
Class C 9,081
--------------------------------------------------------------------------------
Total $77,302
================================================================================
4. Distribution Plan
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A and Class C
shares. Pursuant to the Plan, the Fund pays the Distributor, 0.25% of the
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor, 1.00% of the average daily net assets attributable to Class C
shares. The fee for 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 C
Pioneer International Equity Fund | Annual Report | 11/30/17 35
shares. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $5,158 in distribution fees payable to the Distributor at
November 30, 2017.
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. Redemptions of Class C shares within 12 months 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 the
Distributor. For the year ended November 30, 2017, no CDSCs were paid to the
Distributor.
5. 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 which the Fund participated until February 9, 2016 was in
the amount of $240 million. The credit facility in which the fund participated
until February 7, 2017, was in the amount of $220 million. Effective February
8, 2017, the Fund participates in a facility that is in the amount of $25
million. Under such facility, depending on the type of loan, interest on
borrowings is payable at the London Interbank Offered Rate ("LIBOR") plus 0.85%
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 Eurodollar 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, 2017, the Fund
had no borrowings under the credit facility.
36 Pioneer International Equity Fund | Annual Report | 11/30/17
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VIII and the Shareholders of
Pioneer International Equity Fund:
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of Pioneer International Equity Fund (the "Fund")
(the sole fund constituting Pioneer Series Trust VIII), as of November 30,
2017, and the related statements of operations, changes in net assets and the
financial highlights for the year then ended and the financial highlights for
the year ended November 30, 2013. 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 audit. The statement of changes in net assets for the year ended
November 30, 2016 and the financial highlights for periods ended November 30,
2014, November 30, 2015 and November 30, 2016 were audited by another
independent registered public accounting firm whose report, dated January 25,
2017, expressed an unqualified opinion on the statement of changes in net
assets and those financial highlights.
We conducted our audit 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 audit of the Fund's internal
control over financial reporting. Our audit 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, 2017, by correspondence
with the custodian, brokers and others or by other appropriate auditing
procedures where replies from brokers and others were not received. We believe
that our audit provides 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 Equity Fund at November 30, 2017, the results of its
operations, the changes in its net assets, and the financial highlights for the
year then ended and the financial highlights for the year ended November 30,
2013, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
January 25, 2018
Pioneer International Equity Fund | Annual Report | 11/30/17 37
ADDITIONAL INFORMATION (unaudited)
Change in Independent Registered Public Accounting Firm
Prior to July 3, 2017 Pioneer Investment Management, Inc. (the "Adviser"), the
Fund's investment adviser, was an indirect, wholly owned subsidiary of
UniCredit S.p.A. ("UniCredit"). On that date, UniCredit completed the sale of
its Pioneer Investments business, which includes the Adviser, to Amundi (the
"Transaction"). As a result of the Transaction, the Adviser became an
indirect, wholly owned subsidiary of Amundi. Amundi is controlled by Credit
Agricole S.A. Amundi is headquartered in Paris, France, and, as of September
30, 2016, had more than $1.1 trillion in assets under management worldwide.
Deloitte & Touche LLP ("D&T"), the Fund's previous independent registered
public accounting firm, informed the Audit Committee and the Board that it
would no longer be independent with respect to the Funds upon the completion of
the Transaction as a result of certain services being provided to Amundi and
Credit Agricole, and, accordingly, that it intended to resign as the Fund's
independent registered public accounting firm upon the completion of the
Transaction. D&T's resignation was effective on July 3, 2017, when the
Transaction was completed.
During the periods as to which D&T has served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, D&T's reports on the Fund's financial statements have not contained an
adverse opinion or disclaimer of opinion and have not been qualified or
modified as to uncertainty, audit scope or accounting principles. Further,
there have been no disagreements with D&T on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which, if not resolved to the satisfaction of D&T, would have caused
D&T to make reference to the subject matter of the disagreement in connection
with its report on the financial statements. In addition, there have been no
reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934.
Effective immediately following the completion of the Transaction on July 3,
2017, the Board, acting upon the recommendation of the Audit Committee, engaged
a new independent registered public accounting firm, Ernst & Young LLP ("EY"),
for the Fund's fiscal year ended November 30, 2017.
Prior to its engagement, EY had advised the Fund's Audit Committee that EY had
identified the following matters, in each case relating to services rendered by
other member firms of Ernst & Young Global Limited, all of which are located
outside the United States, to UniCredit and certain of its subsidiaries during
the period commencing July 1, 2016, that it determined to be inconsistent with
the auditor independence rules set forth by the Securities
38 Pioneer International Equity Fund | Annual Report | 11/30/17
and Exchange Commission ("SEC"): (a) project management support services to
UniCredit in the Czech Republic, Germany, Italy, Serbia and Slovenia in
relation to twenty-two projects, that were determined to be inconsistent with
Rule 2-01(c)(4)(vi) of Regulation S-X (management functions); (b) two
engagements for UniCredit in Italy where fees were contingent/success based and
that were determined to be inconsistent with Rule 2-01(c)(5) of Regulation S-X
(contingent fees); (c) four engagements where legal and expert services were
provided to UniCredit in the Czech Republic and Germany, and twenty engagements
where the legal advisory services were provided to UniCredit in Austria, Czech
Republic, Italy and Poland, that were determined to be inconsistent with Rule
2-01(c)(4)(ix) and (x) of Regulation S-X (legal and expert services); and (d)
two engagements for UniCredit in Italy involving assistance in the sale of
certain assets, that were determined to be inconsistent with Rule
2-01(c)(4)(viii) of Regulation S-X (broker-dealer, investment adviser or
investment banking services). None of the foregoing services involved the Fund,
any of the other funds in the Pioneer Family of Funds or any other Pioneer
entity sold by UniCredit in the Transaction.
EY advised the Audit Committee that it had considered the matters described
above and had concluded that such matters would not impair EY's ability to
exercise objective and impartial judgment in connection with the audits of the
financial statements of the Funds under the SEC and Public Company Accounting
Oversight Board independence rules, and that a reasonable investor with
knowledge of all relevant facts and circumstances would reach the same
conclusion. Management and the Audit Committee considered these matters and
discussed the matters with EY and, based upon EY's description of the matters
and statements made by EY, Management and the Audit Committee believe that EY
will be capable of exercising objective and impartial judgment in connection
with the audits of the financial statements of the Fund, and Management further
believes that a reasonable investor with knowledge of all relevant facts and
circumstances would reach the same conclusion.
Pioneer International Equity Fund | Annual Report | 11/30/17 39
Results of Shareholder Meeting
At a special meeting held on June 13, 2017, shareholders of the Fund were asked
to consider the proposals described below. A report of the total votes cast by
the Fund's shareholders follows:
--------------------------------------------------------------------------------------------
For Against Abstain Broker Non-Votes
--------------------------------------------------------------------------------------------
Proposal 1 - To approve 5,443,931.324 98,584.303 130,192.840 439,127.360
a New Management
Agreement with
the Adviser
-----------------------------------------------------------------------------
Nominee For Withheld
-----------------------------------------------------------------------------
Proposal 2 - To elect Trustees
-----------------------------------------------------------------------------
David R. Bock 5,986,784.249 125,051.578
-----------------------------------------------------------------------------
Benjamin M. Friedman 5,989,451.273 122,384.554
-----------------------------------------------------------------------------
Margaret B.W. Graham 5,966,053.972 145,781.855
-----------------------------------------------------------------------------
Lisa M. Jones 5,990,747.981 121,087.846
-----------------------------------------------------------------------------
Lorraine H. Monchak 5,982,966.520 128,869.307
-----------------------------------------------------------------------------
Thomas J. Perna 5,990,134.330 121,701.497
-----------------------------------------------------------------------------
Marguerite A. Piret 5,961,322.896 150,512.931
-----------------------------------------------------------------------------
Fred J. Ricciardi 5,957,591.940 154,243.887
-----------------------------------------------------------------------------
Kenneth J. Taubes 5,993,813.277 118,022.550
-----------------------------------------------------------------------------
40 Pioneer International Equity Fund | Annual Report | 11/30/17
Trustees, Officers and Service Providers
Investment Adviser
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Ernst & Young LLP
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
DST Asset Manager Solutions, 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 www.amundipioneer.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 below, together with their
principal occupations and other directorships they have held 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 44 U.S. registered
investment portfolios for which Amundi 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.
Pioneer International Equity Fund | Annual Report | 11/30/17 41
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 (67) Trustee since 2006. Private investor (2004 - 2008 and Director, Broadridge Financial
Chairman of the Board Serves until a successor 2013 - present); Chairman (2008 - Solutions, Inc. (investor
and Trustee trustee is elected or 2013) and Chief Executive Officer communications and securities
earlier retirement or (2008 - 2012), Quadriserv, Inc. processing provider for
removal. (technology products for securities financial services industry)
lending industry); and Senior (2009 - present); Director,
Executive Vice President, The Bank Quadriserv, Inc. (2005 - 2013);
of New York (financial and and Commissioner, New Jersey
securities services) (1986 - 2004) State Civil Service Commission
(2011 - 2015)
---------------------------------------------------------------------------------------------------------------------------------
David R. Bock (73) Trustee since 2005. Managing Partner, Federal City Director of New York Mortgage
Trustee Serves until a successor Capital Advisors (corporate advisory Trust (publicly-traded mortgage
trustee is elected or services company) (1997 - 2004 and REIT) (2004 - 2009, 2012 -
earlier retirement or 2008 - present); Interim Chief present); Director of The Swiss
removal. Executive Officer, Oxford Analytica, Helvetia Fund, Inc. (closed-end
Inc. (privately held research and fund) (2010 - present);
consulting company) (2010); Director of Oxford Analytica,
Executive Vice President and Chief Inc. (2008 - present); and
Financial Officer, I-trax, Inc. Director of Enterprise
(publicly traded health care Community Investment, Inc.
services company) (2004 - 2007); and (privately-held affordable
Executive Vice President and Chief housing finance company)
Financial Officer, Pedestal Inc. (1985 - 2010)
(internet-based mortgage trading
company) (2000 - 2002); Private
Consultant (1995 - 1997); Managing
Director, Lehman Brothers (1992 -
1995); Executive, The World Bank
(1979 - 1992)
---------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (73) Trustee since 2008. William Joseph Maier Professor of Trustee, Mellon Institutional
Trustee Serves until a successor Political Economy, Harvard Funds Investment Trust and
trustee is elected or University (1972 - present) Mellon Institutional Funds
earlier retirement or Master Portfolio (oversaw 17
removal. portfolios in fund complex)
(1989 - 2008)
---------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (70) Trustee since 1992. Founding Director, Vice-President None
Trustee Serves until a successor and Corporate Secretary, The
trustee is elected or Winthrop Group, Inc. (consulting
earlier retirement or firm) (1982 - present); Desautels
removal. Faculty of Management, McGill
University (1999 - present); and
Manager of Research Operations and
Organizational Learning, Xerox PARC,
Xerox's advance research center
(1990-1994)
---------------------------------------------------------------------------------------------------------------------------------
42 Pioneer International Equity Fund | Annual Report | 11/30/17
---------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
---------------------------------------------------------------------------------------------------------------------------------
Lorraine H. Monchak (61) Trustee since 2017. Chief Investment Officer, 1199 SEIU None
Trustee (Advisory Trustee from Funds (healthcare workers union
2014 - 2017) Serves pension funds) (2001 - present);
until a successor Vice President - International
trustee is elected or Investments Group, American
earlier retirement or International Group, Inc. (insurance
removal. company) (1993 - 2001); Vice
President, Corporate Finance and
Treasury Group, Citibank, N.A. (1980
- 1986 and 1990 - 1993); Vice
President - Asset/Liability
Management Group, Federal Farm
Funding Corporation
(government-sponsored issuer of debt
securities) (1988 - 1990); Mortgage
Strategies Group, Shearson Lehman
Hutton, Inc. (investment bank) (1987
- 1988); Mortgage Strategies Group,
Drexel Burnham Lambert, Ltd.
(investment bank) (1986 - 1987)
---------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (69) Trustee since 1992. President and Chief Executive Director of New America High
Trustee Serves until a successor Officer, Newbury Piret Company Income Fund, Inc. (closed-end
trustee is elected or (investment banking firm) (1981 - investment company) (2004 -
earlier retirement or present) present); and Member, Board of
removal. Governors, Investment Company
Institute (2000 - 2006)
---------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (70) Trustee since 2014. Consultant (investment company None
Trustee Serves until a successor services) (2012 - present);
trustee is elected or Executive Vice President, BNY Mellon
earlier retirement or (financial and investment company
removal. services) (1969 - 2012); Director,
BNY International Financing Corp.
(financial services) (2002 - 2012);
Director, Mellon Overseas Investment
Corp. (financial services)
(2009 - 2012)
---------------------------------------------------------------------------------------------------------------------------------
Pioneer International Equity Fund | Annual Report | 11/30/17 43
Interested Trustees
---------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
---------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (55)* Trustee since 2017. Chair, Director, CEO and President None
Trustee, President and Serves until a successor of Amundi Pioneer Asset Management
Chief Executive Officer trustee is elected or USA, Inc. (since September 2014);
earlier retirement or Chair, Director and CEO of Amundi
removal Pioneer Asset Management, Inc.
(since September 2014); Chair,
Director and CEO of Amundi Pioneer
Distributor, Inc. (since September
2014); Chair, Director, CEO and
President of Amundi Pioneer
Institutional Asset Management, Inc.
(since September 2014); Managing
Director, Morgan Stanley Investment
Management (2010 - 2013); Director
of Institutional Business, CEO of
International, Eaton Vance
Management (2005 - 2010)
---------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (59)* Trustee since 2014. Director and Executive Vice None
Trustee Serves until a successor President (since 2008) and Chief
trustee is elected or Investment Officer, U.S. (since
earlier retirement or 2010) of Amundi Pioneer Asset
removal Management USA, Inc.; Executive Vice
President and Chief Investment
Officer, U.S. of Amundi Pioneer
(since 2008); Executive Vice
President of Amundi Pioneer
Institutional Asset Management, Inc.
(since 2009); Portfolio Manager of
Amundi Pioneer (since 1999)
---------------------------------------------------------------------------------------------------------------------------------
* Ms. Jones and Mr. Taubes are Interested Trustees because they are officers
or directors of the Fund's investment adviser and certain of its
affiliates.
44 Pioneer International Equity Fund | Annual Report | 11/30/17
Fund Officers
---------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
---------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (52) Since 2003. Serves at Vice President and Associate General None
Secretary and the discretion of the Counsel of Amundi Pioneer since
Chief Legal Officer Board January 2008; Secretary and Chief
Legal Officer of all of the Pioneer
Funds since June 2010; Assistant
Secretary of all of the Pioneer
Funds from September 2003 to May
2010; Vice President and Senior
Counsel of Amundi Pioneer from July
2002 to December 2007
---------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (56) Since 2010. Serves at Fund Governance Director of Amundi None
Assistant Secretary the discretion of the Pioneer since December 2006 and
Board Assistant Secretary of all the
Pioneer Funds since June 2010;
Manager - Fund Governance of Amundi
Pioneer from December 2003 to
November 2006; and Senior Paralegal
of Amundi Pioneer from January 2000
to November 2003
---------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (55) Since 2010. Serves at Senior Counsel of Amundi Pioneer None
Assistant Secretary the discretion of the since May 2013 and Assistant
Board Secretary of all the Pioneer Funds
since June 2010; Counsel of Amundi
Pioneer from June 2007 to May 2013
---------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (58) Since 2008. Serves at Vice President - Fund Treasury of None
Treasurer and the discretion of the Amundi Pioneer; Treasurer of all of
Chief Financial and Board the Pioneer Funds since March 2008;
Accounting Officer Deputy Treasurer of Amundi 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 (52) Since 2000. Serves at Director - Fund Treasury of Amundi None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of
Board all of the Pioneer Funds
---------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (59) Since 2002. Serves at Fund Accounting Manager - Fund None
Assistant Treasurer the discretion of the Treasury of Amundi Pioneer; and
Board Assistant Treasurer of all of the
Pioneer Funds
---------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (38) Since 2009. Serves at Fund Administration Manager - Fund None
Assistant Treasurer the discretion of the Treasury of Amundi Pioneer since
Board November 2008; Assistant Treasurer
of all of the Pioneer Funds since
January 2009; Client Service Manager
- Institutional Investor Services at
State Street Bank from March 2003 to
March 2007
---------------------------------------------------------------------------------------------------------------------------------
Pioneer International Equity Fund | Annual Report | 11/30/17 45
Fund Officers (continued)
---------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
---------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (65) Since 2010. Serves at Chief Compliance Officer of Amundi None
Chief Compliance Officer the discretion of the Pioneer and of all the Pioneer Funds
Board since March 2010; Chief Compliance
Officer of Amundi Pioneer
Institutional Asset Management, Inc.
since January 2012; Chief Compliance
Officer of Vanderbilt Capital
Advisors, LLC since July 2012:
Director of Adviser and Portfolio
Compliance at Amundi Pioneer since
October 2005; Senior Compliance
Officer for Columbia Management
Advisers, Inc. from October 2003 to
October 2005
---------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (46) Since 2006. Serves at Director - Transfer Agency None
Anti-Money the discretion of the Compliance of Amundi Pioneer and
Laundering Officer Board Anti-Money Laundering Officer of all
the Pioneer Funds since 2006
---------------------------------------------------------------------------------------------------------------------------------
46 Pioneer International Equity Fund | Annual Report | 11/30/17
This page is for your notes.
Pioneer International Equity Fund | Annual Report | 11/30/17 47
This page is for your notes.
48 Pioneer International Equity Fund | Annual Report | 11/30/17
This page is for your notes.
Pioneer International Equity Fund | Annual Report | 11/30/17 49
This page is for your notes.
50 Pioneer International Equity Fund | Annual Report | 11/30/17
This page is for your notes.
Pioneer International Equity Fund | Annual Report | 11/30/17 51
This page is for your notes.
52 Pioneer International Equity Fund | Annual Report | 11/30/17
How to Contact Amundi 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:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.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] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2018 Amundi Pioneer Asset Management 19448-11-0118
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 12(a)(1), 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.
The audit fees for the Trust were $25,000
payable to Ernst & Young LLP for the year ended
November 30, 2017 and $31,327 payable to Deloitte & Touche LLP
for the year ended November 30, 2016.
(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.
There were no audit-related services in 2017 or 2016.
(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.
The tax fees for the Trust were $8,028
payable to Ernst & Young LLP for the year ended
November 30, 2017 and $7,128 payable to Deloitte & Touche LLP
for the year ended November 30, 2016.
(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.
There were no other fees in 2017 or 2016.
(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 Amudi Pioneer Asset Management, Inc, 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
----------------------- ------------------------- -----------------------------------------------
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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.
------------------------------------------- ------------------------------
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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 Trust'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 Trust. For the
years ended November 30 2017 and 2016, there were no
services provided to an affiliate that required the
Trust's audit committee pre-approval.
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants 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 registrants accountant
for services rendered to the registrant, and rendered to the registrants
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 Trust were $8,028
payable to Ernst & Young LLP for the year ended
November 30, 2017 and $7,128 payable to Deloitte & Touche LLP
for the year ended November 30, 2016.
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants 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 registrant's 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 of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
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 registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's 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 registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
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 registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
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 registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R 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 and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
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. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) 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.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date January 26, 2018
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/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date January 26, 2018
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date January 26, 2018
* Print the name and title of each signing officer under his or her signature.