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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07318
Pioneer Series Trust VIII
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: Novemberr 30
Date of reporting period: December 1, 2015 through November 30, 2016
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
--------------------------------------------------------------------------------
Annual Report | November 30, 2016
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIIFX
Class C PCITX
Class Y INVYX
[LOGO] PIONEER
Investment(R)
visit us: us.pioneerinvestments.com
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 15
Schedule of Investments 17
Financial Statements 24
Notes to Financial Statements 31
Report of Independent Registered Public Accounting Firm 40
Approval of Investment Advisory Agreement 42
Trustees, Officers and Service Providers 47
Pioneer International Equity Fund | Annual Report | 11/30/16 1
President's Letter
Dear Shareowner,
While investors were greeted with a challenging market environment for the first
several weeks of 2016, the U.S. market generated modest single-digit returns for
both stocks and bonds through September 30, 2016 (the Bloomberg Barclays
Aggregate Bond Index was up by 5.8% through September 30, 2016, and the Standard
& Poor's 500 Index was up by 7.8%). Yet, it is becoming increasingly clear that
the investment landscape is undergoing significant change. For the past eight
years, global central banks have been the dominant force in the markets by
maintaining government bond yields at close to zero in an effort to stimulate
economic growth. With little room to lower rates further, however, central banks
may be losing their effectiveness. Many economies around the world are
experiencing slow growth as they face a variety of challenges, including the
shifting geopolitics driving "Brexit" - the United Kingdom's pending exit from
the European Union - as well as related movements in Europe, limited
productivity gains, aging populations, and transitioning economic models in
China and other emerging markets. In the United States, gross domestic product
(GDP) grew at a rate of approximately 1.2% in the first half of 2016, but GDP
growth registered a strong uptick in the third quarter of the year, driven
primarily by U.S. consumers.
Investors currently face a difficult environment. Government bond yields, as
noted earlier, had been near zero for most of the year and offered minimal
opportunity to produce income. However, recent developments such as the Federal
Reserve's decision to increase the Federal funds rate before the end of 2016
have driven yields slightly higher. The central bank-driven bull market in
riskier assets has pushed up valuations towards historic highs in the equity and
investment-grade and high-yield corporate bond markets. Central banks have
pledged to move gradually to normalize interest-rate policies as the global
economy recovers, but it may take many years for this historic credit cycle to
unwind. Politics may also influence markets or investor sentiment given the
current global political landscape. Donald Trump's victory in the November U.S.
presidential election seems to have sparked a late-year market rally, given the
pro-growth proposals he promoted on the campaign trail, but it is unclear just
how many of his policy initiatives will be implemented. In addition, continued
challenges with Brexit and other geopolitical issues have the potential to
increase market volatility going forward. Against this backdrop, investors are
likely to face ongoing challenges when it comes to finding opportunities for
both income and capital appreciation, and while much has been made of passive
investing, we believe all investment decisions are active choices.
2 Pioneer International Equity Fund | Annual Report | 11/30/16
Throughout Pioneer's history, we have believed in the importance of active
management. During challenging market conditions, we view the value of active
management as even more compelling. Our experienced and tenured investment teams
focus on identifying value across global markets using proprietary research,
careful risk management, and a long-term perspective. We believe our shareowners
can benefit from the experience and tenure of our investment teams as well as
the insights generated from our extensive research process.
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,
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
President and CEO
Pioneer Investment Management USA Inc.
December 19, 2016
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 | 11/30/16 3
Portfolio Management Discussion | 11/30/16
In the following 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, 2016. Ms. Matlock, a senior vice president and a portfolio manager at
Pioneer, and Marco Pirondini, Executive Vice President, Head of Equities, U.S.,
and a portfolio manager at 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, 2016?
A Pioneer International Equity Fund's Class A shares returned -4.70% at net
asset value during the 12-month period ended November 30, 2016, while the
Fund's benchmark, the Morgan Stanley Capital International (MSCI) Europe,
Australasia, Far East (EAFE) ND Index1, returned -3.66%. During the same
period, the average return of the 445 mutual funds in Lipper's
International Multi-Cap Core Funds category was -3.03%, and the average
return of the 767 mutual funds in Morningstar's Foreign Large Blend Funds
category was -3.31%.
Q How would you characterize the investment environment for international
equities during the 12-month period ended November 30, 2016?
A International equities faced macroeconomic headwinds during the period that
weighed on their performance, despite some positive momentum in the second
and third quarters of 2016. During the early months of the 12-month
period, international stocks came under pressure due to a China-led
slowdown in global economic growth, weaker U.S. economic data, and a
renewed decline in oil prices that contributed to a sell-off in
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 | 11/30/16
higher-risk assets. By the middle of February 2016, however, the outlook
for international equities began to brighten as oil prices bottomed in
hopes of an agreement by OPEC (Organization of Petroleum Exporting
Countries) and non-OPEC countries on a production freeze, and then
recovered. The market rally strengthened as the U.S. Federal Reserve (the
Fed) postponed further interest-rate increases until much later in the
calendar year, corporations across the developed markets reported
better-than-expected earnings growth, and investors took encouragement from
fiscal stimulus measures by the European Central Bank and the Bank of Japan.
In late June, the surprising results of the "Brexit" referendum in the
United Kingdom (U.K.), in which the electorate chose to leave the European
Union, caused a steep sell-off. The disruption was very brief, however, as
markets quickly recovered their losses before the end of the month, buoyed
by the promise of still more accommodative monetary policies from central
banks. As the 12-month period neared its end, the market was dealing with
new political uncertainties, questions about further central-bank stimulus
measures, and concerns about the health of some European banks. However,
evidence that both consumer and corporate confidence was improving tended
to balance out the worries.
From a regional perspective, developing markets and Japan delivered
positive results during the period, but weaker performance by European
stocks overshadowed those gains. Consequently, international stocks
underperformed U.S. stocks during the full 12-month period. From a sector
perspective, energy, materials, industrials, information technology, and
financials were the top-performing sectors in the MSCI EAFE ND Index (the
MSCI Index) during the Fund's fiscal year, while health care struggled.
The consumer and utility sectors, too, were down slightly.
Q Which of your investment strategies or individual portfolio holdings
detracted from the Fund's performance relative to the benchmark MSCI Index
during the 12-month period ended November 30, 2016?
A The Fund's investments in U.K. companies, particularly those exposed to the
domestic economy, took a negative toll on benchmark-relative performance
following the Brexit vote. There remains much uncertainty over the
long-term effects of the voters' decision, particularly for companies
waiting to see how the U.K.'s trading relationship with the European Union
will be affected. The British pound has plunged since the Brexit vote,
given questions about the risk of recession in the U.K.
During the period, some of our sector allocation decisions also detracted
from the Fund's benchmark-relative performance. The portfolio's underweight
exposure to the energy sector weighed on relative returns when commodities
prices started to recover from 25-year lows in February
Pioneer International Equity Fund | Annual Report | 11/30/16 5
2016. The Fund's underweight exposure to banks also detracted from
benchmark-relative performance when financials rallied during the second
half of the 12-month period.
Finally, the Fund's holdings in real estate held back benchmark-relative
results. Last August, REITs (real estate investment trusts) and other real
estate-related stocks became a separate sector in the MSCI Index (and other
equity market indices). Previously, REITs/real estate had been a part of
the financials sector.
While international real estate stocks had been performing well up to that
point, it seems as though investors took the opportunity to sell their
holdings in order to lock in profits, thus putting downward pressure on the
stock prices of real estate-related investments.
As for individual portfolio holdings, the Fund's position in the U.K.
hotel, coffee shop, and restaurant business chain Whitbread struggled
during the period in response to Brexit fears. Although earnings growth has
been slower than expected, we believe Whitbread is an excellent franchise
and continue to hold the stock in the portfolio. Hibernia REIT, an Irish
real estate company with a concentration of commercial properties in
Dublin, also detracted from the Fund's benchmark-relative performance. In
recent years, the company has bought distressed properties from banks and
refurbished them for lease to international companies. With management
issuing more stock to finance expansion, we believe that some income-
oriented investors who look to REITs as an income vehicle sold their
positions in Hibernia. We take a longer view with regard to Hibernia's
prospects, however, and remain committed to the stock and its future growth
potential.
The Fund's position in Hitachi, the Japanese multinational conglomerate,
also struggled during the period. Management has been in the process of a
major restructuring of the company's 11 business segments in an attempt to
improve profitability. However, the reorganization has turned out to be a
slow process, and we thought it best to sell the Fund's position.
Q Which of your investment strategies or individual portfolio holdings
contributed to the Fund's benchmark-relative performance during the 12-month
period ended November 30, 2016?
A Stock selection results in the industrials sector, and in some of the Fund's
positions in electronics companies benefited benchmark-relative returns
during the period. While many industrial companies sold off in the wake of
China's economic slowdown, some have successfully developed markets outside
of China, and their stocks began to recover in 2016. As such,
6 Pioneer International Equity Fund | Annual Report | 11/30/16
Daikin Industries was the Fund's top-performing position during the period.
The company is a global manufacturer of quiet and compact residential and
commercial-grade air conditioners, and it has benefited from increased
demand from businesses as well as from a rising middle class in the Pacific
Rim.
Within electronics, shares of Mitsubishi Electric, a global manufacturer of
electric and electronic equipment, including air-conditioning systems,
industrial automation, and communications, aided the Fund's benchmark-
relative performance during the period. We bought the stock when it was, in
our opinion, deeply undervalued. Even with rally over the 12-month period,
we believe Mitsubishi's stock price remains attractive and that the company
has more upside earning potential.
A position in Taiwan Semiconductor, the world's largest dedicated
independent semiconductor foundry, was the third best-performing stock in
the Fund's portfolio over the fiscal year ended November 30, 2016, and
contributed positively to benchmark-relative returns. Taiwan Semiconductor
has a customer base of companies that are leaders in their respective
industries, including Apple. With its factories running at full capacity,
Taiwan Semiconductor's earnings continued to be robust, and that has
resulted in strong performance.
Q Were there any noteworthy shifts in the Fund's strategy or allocations
during the 12-month period ended November 30, 2016?
A We moved the Fund's geographic and sector allocations so that they were more
in line with the MSCI Index by the close of the reporting period, though the
shifts came as a byproduct of our investment decisions. For example, as the
period progressed we uncovered European stocks that we believed had
attractive prices and that offered better growth potential than stocks in
Asia.
After a considerable rally in Japanese stocks, including the Fund's
investments in Alps Electric, Sundrug, and Bridgestone, we scaled back the
portfolio's exposures to those and other Japanese holdings in order to lock
in profits. We subsequently reallocated the proceeds of those sales to
European financial firms, such as ING Group. In recent years, European
banks have strengthened their balance sheets and reduced the risk profile
of their assets. Accordingly, we believe European banks have better
capitalization and operate in a more efficient manner, which should
position them to grow earnings after years of building up capital.
The end result of those and other investment decisions was that the Fund's
underweight in European stocks and its overweight in Asian stocks moved
more in line with benchmark's weightings by the end of the period. In a
Pioneer International Equity Fund | Annual Report | 11/30/16 7
similar fashion, the portfolio's sector allocations shifted closer to the
benchmark's, most notably due to increased exposure to the financials
sector.
Q Did you utilize derivatives in managing the Fund during the 12-month period
ended November 30, 2016, and did the exposure have an effect on performance?
A During the second half of the reporting period, we employed currency-related
derivative securities to help minimize the negative effects of a rising
Japanese yen on the valuation of Japanese stocks held in the portfolio. The
Fund's derivative positions had a positive effect on performance.
Q What is your outlook for international stocks as we head into a new year?
A Looking back on the recently completed 12-month period, we saw large moves
in foreign currencies, especially the Japanese yen, while the British pound
and the euro weakened. We also saw several long-term trends starting to
reverse course. Interest rates began to rise in the United States, after a
16-year period of falling or historically low rates. Inflation, too,
appears poised to start increasing in some markets, most notably the United
States. A push for higher wages in much of the developed world at a time
when a large number of people currently in the workforce are heading
towards retirement may put additional pressure on wage growth. We also
believe that the movement to increase productivity with greater use of
automation will create ripple effects across many industries. Lastly, the
spillover from the Brexit/anti-European Union vote and the rise of
nationalistic sympathies in other countries could lead to fragmentation of
the euro zone, possibly affecting European markets and the future of a
single euro currency.
How these and other unforeseen events may affect global trade, company
profitability, and the performance of international stocks going forward
underscores the importance, in our opinion, of actively managed mutual
funds. We will continue to closely follow these and other developments as
we strive to identify companies with solid balance sheets and the potential
to grow organically amid these myriad crosscurrents.
8 Pioneer International Equity Fund | Annual Report | 11/30/16
Please refer to the Schedule of Investments on pages 17-23 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 Pioneer Investments 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.
Pioneer International Equity Fund | Annual Report | 11/30/16 9
Portfolio Summary | 11/30/16
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Consumer Discretionary 17.2%
Industrials 14.9%
Financials 14.2%
Health Care 11.1%
Information Technology 10.8%
Consumer Staples 8.5%
Real Estate 6.4%
Materials 6.2%
Energy 5.1%
Telecommunication Services 3.7%
Utilities 1.9%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings based on a country of domicile)
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
Japan 24.3%
United Kingdom 16.5%
France 13.4%
Ireland 9.8%
Germany 9.6%
Switzerland 8.0%
Netherlands 3.4%
Sweden 3.0%
Australia 2.8%
Curacao 1.8%
Taiwan, Province of China 1.6%
Spain 1.3%
South Korea 1.2%
Luxembourg 1.0%
Other (individually less than 1%) 2.3%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Mitsubishi Electric Corp. 2.34%
--------------------------------------------------------------------------------
2. Siemens AG 2.10
--------------------------------------------------------------------------------
3. Daikin Industries, Ltd. 2.09
--------------------------------------------------------------------------------
4. Alps Electric Co., Ltd. 2.07
--------------------------------------------------------------------------------
5. BAE Systems Plc 2.05
--------------------------------------------------------------------------------
6. Zurich Insurance Group AG 2.01
--------------------------------------------------------------------------------
7. AXA SA 2.00
--------------------------------------------------------------------------------
8. Henkel AG & Co. KGaA 1.91
--------------------------------------------------------------------------------
9. Kubota Corp. 1.90
--------------------------------------------------------------------------------
10. Roche Holding AG 1.87
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any securities listed.
10 Pioneer International Equity Fund | Annual Report | 11/30/16
Prices and Distributions | 11/30/16
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 11/30/16 11/30/15
--------------------------------------------------------------------------------
A $ 19.45 $ 20.74
--------------------------------------------------------------------------------
C $ 16.95 $ 18.13
--------------------------------------------------------------------------------
Y $ 19.50 $ 20.81
--------------------------------------------------------------------------------
Distributions per Share: 12/1/15-11/30/16
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.3283 $ -- $ --
--------------------------------------------------------------------------------
C $ 0.1908 $ -- $ --
--------------------------------------------------------------------------------
Y $ 0.4205 $ -- $ --
--------------------------------------------------------------------------------
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 12-14.
Pioneer International Equity Fund | Annual Report | 11/30/16 11
Performance Update | 11/30/16 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
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, 2016)
--------------------------------------------------------------------------------
Net Public MSCI
Asset Offering EAFE
Value Price ND
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years -0.47% - 1.05% 0.72%
5 Years 4.20 2.97 5.62
1 Year -4.70 -10.19 -3.66
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.71% 1.45%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer International MSCI EAFE
Equity Fund ND Index
11/06 $ 9,425 $ 10,000
11/07 $ 11,09 $ 11,730
11/08 $ 5,623 $ 6,124
11/09 $ 7,688 $ 8,434
11/10 $ 7,538 $ 8,528
11/11 $ 7,324 $ 8,177
11/12 $ 7,718 $ 9,207
11/13 $ 9,455 $ 11,494
11/14 $ 9,601 $ 11,492
11/15 $ 9,439 $ 11,154
11/16 $ 9,000 $ 10,746
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2017, for Class A shares. There can be no assurance that
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 | 11/30/16
Performance Update | 11/30/16 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, 2016)
--------------------------------------------------------------------------------
MSCI
EAFE
If If ND
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years -1.34% -1.34% 0.72%
5 Years 3.28 3.28 5.62
1 Year -5.50 -5.50 -3.66
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2016)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.42% 2.35%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer International MSCI EAFE
Equity Fund ND Index
11/06 $ 10,000 $ 10,000
11/07 $ 11,682 $ 11,730
11/08 $ 5,865 $ 6,124
11/09 $ 7,944 $ 8,434
11/10 $ 7,721 $ 8,528
11/11 $ 7,435 $ 8,177
11/12 $ 7,768 $ 9,207
11/13 $ 9,433 $ 11,494
11/14 $ 9,489 $ 11,492
11/15 $ 9,245 $ 11,154
11/16 $ 8,736 $ 10,746
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "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, 2017, for Class C shares. There can be no assurance that
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 | 11/30/16 13
Performance Update | 11/30/16 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, 2016)
--------------------------------------------------------------------------------
Net MSCI
Asset EAFE
Value ND
Period (NAV) Index
--------------------------------------------------------------------------------
10 Years -0.15% 0.72%
5 Years 4.61 5.62
1 Year -4.34 -3.66
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2016)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.04%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer International MSCI EAFE
Equity Fund ND Index
11/06 $ 5,000,000 $ 5,000,000
11/07 $ 5,886,505 $ 5,864,985
11/08 $ 2,982,629 $ 3,062,007
11/09 $ 4,090,675 $ 4,216,851
11/10 $ 4,028,791 $ 4,263,833
11/11 $ 3,932,328 $ 4,088,258
11/12 $ 4,160,019 $ 4,603,585
11/13 $ 5,117,665 $ 5,746,893
11/14 $ 5,216,853 $ 5,746,023
11/15 $ 5,149,457 $ 5,576,957
11/16 $ 4,925,943 $ 5,373,111
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted. The performance data quoted represents past
performance, which is no guarantee of future results.
Investment return and principal value will fluctuate, and shares, when redeemed,
may be worth more or less than their original cost.
Class Y shares were first publicly offered on April 16, 2009. Performance shown
for periods prior to the inception of Class Y shares 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 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.
14 Pioneer International Equity Fund | Annual Report | 11/30/16
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, 2016, through November 30, 2016.
-----------------------------------------------------------------------------------------
Share Class A C Y
-----------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 6/1/16
-----------------------------------------------------------------------------------------
Ending Account $ 978.84 $ 974.13 $ 979.92
Value (after expenses)
on 11/30/16
-----------------------------------------------------------------------------------------
Expenses Paid $ 7.17 $ 11.60 $ 5.40
During Period*
-----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.45%,
2.35% and 1.09% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/366 (to reflect the one-half year period).
Pioneer International Equity Fund | Annual Report | 11/30/16 15
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, 2016, through November 30, 2016.
--------------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------------
Beginning Account $ 1,000.00 $ 1,000.00 $ 1,000.00
Value on 6/1/16
--------------------------------------------------------------------------------------
Ending Account $ 1,017.75 $ 1,013.25 $ 1,019.55
Value (after expenses)
on 11/30/16
--------------------------------------------------------------------------------------
Expenses Paid $ 7.31 $ 11.83 $ 5.50
During Period*
--------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.45%,
2.35% and 1.09% for Class A, Class C and Class Y shares, respectively,
multiplied by the average account value over the period, multiplied by
183/366 (to reflect the one-half year period).
16 Pioneer International Equity Fund | Annual Report | 11/30/16
Schedule of Investments | 11/30/16
----------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------
COMMON STOCKS -- 99.7%
ENERGY -- 5.2%
Oil & Gas Equipment & Services -- 1.8%
32,200 Schlumberger, Ltd. $ 2,706,410
----------------------------------------------------------------------------------------
Integrated Oil & Gas -- 3.4%
95,300 Royal Dutch Shell Plc $ 2,435,262
54,300 TOTAL SA 2,599,587
-------------
$ 5,034,849
-------------
Total Energy $ 7,741,259
----------------------------------------------------------------------------------------
MATERIALS -- 6.2%
Specialty Chemicals -- 1.4%
51,082 Croda International Plc $ 2,081,143
----------------------------------------------------------------------------------------
Construction Materials -- 1.8%
80,400 CRH Plc $ 2,670,663
----------------------------------------------------------------------------------------
Paper Packaging -- 3.0%
210,100 Amcor, Ltd. $ 2,234,904
103,000 Smurfit Kappa Group Plc 2,342,008
-------------
$ 4,576,912
-------------
Total Materials $ 9,328,718
----------------------------------------------------------------------------------------
CAPITAL GOODS -- 14.9%
Aerospace & Defense -- 2.0%
407,600 BAE Systems Plc $ 3,062,974
----------------------------------------------------------------------------------------
Building Products -- 3.9%
32,700 Daikin Industries, Ltd. $ 3,135,765
100,800 Kingspan Group Plc 2,684,124
-------------
$ 5,819,889
----------------------------------------------------------------------------------------
Electrical Components & Equipment -- 2.7%
90,200 ABB, Ltd. $ 1,833,548
32,500 Schneider Electric SE 2,159,336
-------------
$ 3,992,884
----------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 2.3%
248,000 Mitsubishi Electric Corp. $ 3,498,732
----------------------------------------------------------------------------------------
Industrial Conglomerates -- 2.1%
27,900 Siemens AG $ 3,150,824
----------------------------------------------------------------------------------------
Agricultural & Farm Machinery -- 1.9%
184,000 Kubota Corp. $ 2,839,006
-------------
Total Capital Goods $ 22,364,309
----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/16 17
Schedule of Investments | 11/30/16 (continued)
----------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 5.9%
Auto Parts & Equipment -- 4.3%
70,602 Gentex Corp. $ 1,305,431
125,400 NGK Spark Plug Co., Ltd. 2,643,613
45,900 Valeo SA 2,554,901
-------------
$ 6,503,945
----------------------------------------------------------------------------------------
Tires & Rubber -- 1.6%
59,900 Bridgestone Corp. $ 2,331,407
-------------
Total Automobiles & Components $ 8,835,352
----------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 5.8%
Consumer Electronics -- 1.4%
194,800 Panasonic Corp. $ 2,027,903
----------------------------------------------------------------------------------------
Homebuilding -- 2.3%
1,225,368 Cairn Homes Plc $ 1,665,984
87,100 Persimmon Plc 1,846,231
-------------
$ 3,512,215
----------------------------------------------------------------------------------------
Household Appliances -- 1.4%
90,300 Electrolux AB $ 2,106,199
----------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 0.7%
68,600 Moncler S.p.A. $ 1,114,869
-------------
Total Consumer Durables & Apparel $ 8,761,186
----------------------------------------------------------------------------------------
CONSUMER SERVICES -- 3.0%
Hotels, Resorts & Cruise Lines -- 1.4%
40,500 Carnival Plc $ 2,048,352
----------------------------------------------------------------------------------------
Restaurants -- 1.6%
57,400 Whitbread Plc $ 2,482,657
-------------
Total Consumer Services $ 4,531,009
----------------------------------------------------------------------------------------
MEDIA -- 2.5%
Advertising -- 1.3%
30,000 Publicis Groupe SA $ 1,944,663
----------------------------------------------------------------------------------------
Broadcasting -- 1.2%
860,400 ITV Plc $ 1,807,132
-------------
Total Media $ 3,751,795
----------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.5%
Drug Retail -- 1.5%
31,400 Sundrug Co., Ltd. $ 2,201,044
-------------
Total Food & Staples Retailing $ 2,201,044
----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer International Equity Fund | Annual Report | 11/30/16
----------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 3.4%
Packaged Foods & Meats -- 3.4%
40,000 Danone SA $ 2,512,704
36,100 Kerry Group Plc 2,554,377
-------------
$ 5,067,081
-------------
Total Food, Beverage & Tobacco $ 5,067,081
----------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.7%
Household Products -- 1.9%
27,900 Henkel AG & Co. KGaA $ 2,851,785
----------------------------------------------------------------------------------------
Personal Products -- 1.8%
68,400 Unilever NV $ 2,736,695
-------------
Total Household & Personal Products $ 5,588,480
----------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 3.3%
Health Care Supplies -- 1.8%
67,600 Hoya Corp. $ 2,709,017
----------------------------------------------------------------------------------------
Health Care Services -- 1.5%
31,200 Fresenius SE & Co. KGaA $ 2,239,710
-------------
Total Health Care Equipment & Services $ 4,948,727
----------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES -- 7.8%
Biotechnology -- 1.8%
47,700 Shire Plc $ 2,777,770
----------------------------------------------------------------------------------------
Pharmaceuticals -- 5.0%
168,900 Astellas Pharma, Inc. $ 2,371,663
33,800 Novartis AG 2,327,410
12,606 Roche Holding AG 2,804,829
-------------
$ 7,503,902
----------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 1.0%
19,600 Gerresheimer AG $ 1,429,740
-------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 11,711,412
----------------------------------------------------------------------------------------
BANKS -- 7.4%
Diversified Banks -- 7.4%
701,500 Aldermore Group Plc $ 1,867,274
836,700 Barclays Plc 2,258,643
38,800 BNP Paribas SA 2,253,204
178,400 ING Groep NV 2,421,406
102,000 Swedbank AB 2,348,268
-------------
$ 11,148,795
-------------
Total Banks $ 11,148,795
----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/16 19
Schedule of Investments | 11/30/16 (continued)
----------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 1.4%
Diversified Capital Markets -- 1.4%
130,000 UBS Group AG $ 2,068,792
-------------
Total Diversified Financials $ 2,068,792
----------------------------------------------------------------------------------------
INSURANCE -- 4.0%
Multi-line Insurance -- 4.0%
127,300 AXA SA $ 2,999,955
11,500 Zurich Insurance Group AG 3,007,651
-------------
$ 6,007,606
-------------
Total Insurance $ 6,007,606
----------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 0.7%
IT Consulting & Other Services -- 0.7%
94,418 HCL Technologies, Ltd. $ 1,108,082
-------------
Total Software & Services $ 1,108,082
----------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 5.0%
Technology Hardware, Storage & Peripherals -- 1.2%
1,200 Samsung Electronics Co., Ltd. $ 1,763,407
----------------------------------------------------------------------------------------
Electronic Equipment Manufacturers -- 1.8%
3,900 Keyence Corp. $ 2,703,797
----------------------------------------------------------------------------------------
Electronic Components -- 2.0%
119,700 Alps Electric Co., Ltd. $ 3,104,969
-------------
Total Technology Hardware & Equipment $ 7,572,173
----------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 5.1%
Semiconductor Equipment -- 1.7%
26,400 Tokyo Electron, Ltd. $ 2,464,345
----------------------------------------------------------------------------------------
Semiconductors -- 3.4%
165,900 Infineon Technologies AG $ 2,772,562
417,000 Taiwan Semiconductor Manufacturing Co., Ltd. 2,384,285
-------------
$ 5,156,847
-------------
Total Semiconductors & Semiconductor Equipment $ 7,621,192
----------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 3.7%
Integrated Telecommunication Services -- 2.1%
46,500 Nippon Telegraph & Telephone Corp. $ 1,874,421
86,400 Orange SA 1,257,628
-------------
$ 3,132,049
----------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.6%
91,800 KDDI Corp. $ 2,409,044
-------------
Total Telecommunication Services $ 5,541,093
----------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer International Equity Fund | Annual Report | 11/30/16
----------------------------------------------------------------------------------------
Shares Value
----------------------------------------------------------------------------------------
UTILITIES -- 1.4%
Electric Utilities -- 1.4%
112,600 SSE Plc $ 2,078,388
-------------
Total Utilities $ 2,078,388
----------------------------------------------------------------------------------------
REAL ESTATE -- 7.8%
Diversified REIT -- 1.4%
1,665,215 Hibernia Real Estate Investment Trust plc $ 2,108,132
----------------------------------------------------------------------------------------
Diversified REIT -- 1.7%
507,700 Hibernia Real Estate Investment Trust plc $ 628,632
189,000 Merlin Properties Socimi SA 1,905,413
-------------
$ 2,534,045
----------------------------------------------------------------------------------------
Industrial REIT -- 1.3%
385,800 Goodman Group $ 1,906,834
----------------------------------------------------------------------------------------
Retail REIT -- 1.1%
46,800 Klepierre $ 1,743,375
----------------------------------------------------------------------------------------
Real Estate Operating Companies -- 2.3%
91,200 Grand City Properties SA $ 1,518,369
59,299 Vonovia SE 1,911,972
-------------
$ 3,430,341
-------------
Total Real Estate $ 11,722,727
----------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $146,186,675) $ 149,699,220
----------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.7%
(Cost $146,186,675) (a)(b) $ 149,699,220
----------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 0.3% $ 421,093
----------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 150,120,313
----------------------------------------------------------------------------------------
REIT Real Estate Investment Trust.
(a) At November 30, 2016, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $147,164,273 was as
follows:
Aggregate gross unrealized appreciation for all investments in which
there is an excess of value over tax cost $ 19,808,551
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (17,273,604)
-----------
Net unrealized appreciation $ 2,534,947
===========
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/16 21
Schedule of Investments | 11/30/16 (continued)
(b) Distributions of investments by country of domicile (excluding
temporary cash investments) as a percentage of total investment in
securities, is as follows:
Japan 24.3%
United Kingdom 16.5
France 13.4
Ireland 9.8
Germany 9.6
Switzerland 8.0
Netherlands 3.4
Sweden 3.0
Australia 2.8
Other (individually less than 1%) 2.3
Curacao 1.8
Taiwan, Province Of China 1.6
Spain 1.3
South Korea 1.2
Luxembourg 1.0
----
100%
====
Purchases and sales of securities (excluding temporary cash investments) for the
year ended November 30, 2016, aggregated $62,569,208 and $70,265,212,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Pioneer Investment
Management, Inc. (PIM), 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, 2016, the
Fund did not engage in cross trade activity.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (Including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- 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 accompanying notes are an integral part of these financial statements.
22 Pioneer International Equity Fund | Annual Report | 11/30/16
The following is a summary of the inputs used as of November 30, 2016, in
valuing the Fund's investments:
-----------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-----------------------------------------------------------------------------------------------------
Common Stocks
Energy
Oil & Gas Equipment
& Services $ 2,706,410 $ -- $ -- $ 2,706,410
Automobiles &
Components
Auto Parts &
Equipment 1,305,431 5,198,514 -- 6,503,945
All Other Common
Stocks* -- 140,488,865 -- 140,488,865
-----------------------------------------------------------------------------------------------------
Total $ 4,011,841 $ 145,687,379 $ -- $ 149,699,220
=====================================================================================================
* Level 2 securities are valued using inputs/data furnished by independent
pricing services using fair value factors.
During the year ended November 30, 2016, 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 | 11/30/16 23
Statement of Assets and Liabilities | 11/30/16
ASSETS:
Investment in securities (cost $146,186,675) $ 149,699,220
Cash 1,988,540
Foreign currencies, at value (cost $168,701) 169,432
Receivables --
Investment securities sold 965,629
Fund shares sold 11,571
Dividends and foreign taxes withheld 579,056
Due from Pioneer Investment Management, Inc. 43,401
Other assets 25,674
----------------------------------------------------------------------------------
Total assets $ 153,482,523
==================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 3,154,559
Fund shares repurchased 29,518
Distributions 114
Trustee fees 1,388
Due to broker 77
Due to affiliates 8,577
Accrued expenses 167,977
----------------------------------------------------------------------------------
Total liabilities $ 3,362,210
==================================================================================
NET ASSETS:
Paid-in capital $ 266,776,675
Undistributed net investment income 562,687
Accumulated net realized loss on investments, futures contracts
and foreign currency transactions (120,643,984)
Net unrealized appreciation on investments 3,512,545
Net unrealized depreciation on other assets and
liabilities denominated in foreign currencies (87,610)
----------------------------------------------------------------------------------
Net assets $ 150,120,313
==================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $65,843,627/3,384,804 shares) $ 19.45
Class C (based on $9,828,876/579,967 shares) $ 16.95
Class Y (based on $74,447,810/3,817,714 shares) $ 19.50
MAXIMUM OFFERING PRICE:
Class A ($19.46 (divided by) 94.25%) $ 20.64
==================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer International Equity Fund | Annual Report | 11/30/16
Statement of Operations
For the Year Ended 11/30/16
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $335,914) $ 4,017,920
-------------------------------------------------------------------------------------------------
Total investment income $ 4,017,920
-------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,341,233
Transfer agent fees
Class A 106,332
Class C 13,968
Class Y 344
Distribution fees
Class A 175,618
Class C 106,934
Shareholder communications expense 148,861
Administrative expense 101,469
Custodian fees 45,939
Registration fees 63,945
Professional fees 68,774
Printing expense 39,612
Fees and expenses of nonaffiliated Trustees 7,739
Miscellaneous 50,730
-------------------------------------------------------------------------------------------------
Total expenses $ 2,271,498
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (159,562)
-------------------------------------------------------------------------------------------------
Net expenses $ 2,111,936
-------------------------------------------------------------------------------------------------
Net investment income $ 1,905,984
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $(10,639,852)
Futures 458,603
Other assets and liabilities denominated in
foreign currencies (21,677) $(10,202,926)
-------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ 450,842
Other assets and liabilities denominated in
foreign currencies 39,412 $ 490,254
-------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments, futures
contracts and foreign currency transactions $ (9,712,672)
-------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (7,806,688)
=================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/16 25
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------
Year Ended Year Ended
11/30/16 11/30/15
------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 1,905,984 $ 1,647,684
Net realized gain (loss) on investments, futures contracts,
and foreign currency transactions (10,202,926) 3,404,402
Change in net unrealized appreciation (depreciation)
on investments, futures contracts
and foreign currency transactions 490,254 (7,901,961)
------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (7,806,688) $ (2,849,875)
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.33 and $1.23 per share, respectively) $ (1,211,983) $ (4,545,498)
Class C ($0.19 and $1.06 per share, respectively) (125,805) (607,330)
Class Y ($0.42 and $1.31 per share, respectively) (1,712,039) (5,990,875)
------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (3,049,827) $(11,143,703)
------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares $ 6,785,651 $ 25,367,243
Reinvestment of distributions 1,332,456 5,077,422
Cost of shares repurchased (21,251,717) (39,313,012)
------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $(13,133,610) $ (8,868,347)
------------------------------------------------------------------------------------------------
Net decrease in net assets $(23,990,125) $(22,861,925)
NET ASSETS:
Beginning of year $174,110,438 $196,972,363
------------------------------------------------------------------------------------------------
End of year $150,120,313 $174,110,438
------------------------------------------------------------------------------------------------
Undistributed net investment income $ 562,687 $ 1,372,098
================================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer International Equity Fund | Annual Report | 11/30/16
---------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
11/30/16 11/30/16 11/30/15 11/30/15
Shares Amount Shares Amount
---------------------------------------------------------------------------------------------
Class A
Shares sold 211,512 $ 4,111,213 648,928 $ 14,153,053
Reinvestment of distributions 57,160 1,153,475 208,185 4,326,091
Less shares repurchased (605,069) (11,814,805) (875,128) (18,854,104)
---------------------------------------------------------------------------------------------
Net decrease (336,397) $ (6,550,117) (18,015) $ (374,960)
=============================================================================================
Class C
Shares sold 80,672 $ 1,374,118 239,041 $ 4,562,598
Reinvestment of distributions 6,660 118,087 30,987 567,691
Less shares repurchased (168,136) (2,860,729) (160,897) (3,055,375)
---------------------------------------------------------------------------------------------
Net increase (decrease) (80,804) $ (1,368,524) 109,131 $ 2,074,914
=============================================================================================
Class Y
Shares sold 65,581 $ 1,300,320 312,314 $ 6,651,592
Reinvestment of distributions 3,021 60,894 8,837 183,640
Less shares repurchased (333,726) (6,576,183) (814,642) (17,403,533)
---------------------------------------------------------------------------------------------
Net decrease (265,124) $ (5,214,969) (493,491) $(10,568,301)
=============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/16 27
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/16 11/30/15 11/30/14 11/30/13 11/30/12
------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 20.74 $ 22.34 $ 22.49 $ 18.67 $ 17.99
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.21(a) $ 0.16(a) $ 0.63 $ 0.27 $ 0.36
Net realized and unrealized gain (loss) on investments (1.17) (0.53) (0.28) 3.87 0.58
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.96) $ (0.37) $ 0.35 $ 4.14 $ 0.94
------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.33) $ (1.23) $ (0.50) $ (0.32) $ (0.26)
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.33) $ (1.23) $ (0.50) $ (0.32) $ (0.26)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.29) $ (1.60) $ (0.15) $ 3.82 $ 0.68
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.45 $ 20.74 $ 22.34 $ 22.49 $ 18.67
==============================================================================================================================
Total return* (4.70)% (1.69)% 1.55% 22.50% 5.38%
Ratio of net expenses to average net assets (b) 1.45% 1.45% 1.46% 1.45% 1.45%
Ratio of net investment income (loss) to average net assets 1.10% 0.73% 2.72% 1.26% 1.89%
Portfolio turnover rate 41% 49% 100% 101% 61%
Net assets, end of period (in thousands) $65,844 $77,173 $83,544 $86,602 $75,784
Ratios with no waiver of fees and assumption of expenses by
Pioneer Investment Management, Inc. and no reduction for
fees paid indirectly:
Total expenses to average net assets (b) 1.68% 1.71% 1.70% 1.69% 1.82%
Net investment income (loss) to average net assets 0.87% 0.47% 2.48% 1.02% 1.53%
==============================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
28 Pioneer International Equity Fund | Annual Report | 11/30/16
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/16 11/30/15 11/30/14 11/30/13 11/30/12
------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 18.13 $ 19.69 $ 19.91 $ 16.57 $ 15.97
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.03(a) $ (0.04)(a) $ 0.35 $ 0.08 $ 0.18
Net realized and unrealized gain (loss) on investments (1.02) (0.46) (0.23) 3.44 0.53
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.99) $ (0.50) $ 0.12 $ 3.52 $ 0.71
------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.19) $ (1.06) $ (0.34) $ (0.18) $ (0.11)
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.19) $ (1.06) $ (0.34) $ (0.18) $ (0.11)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.18) $ (1.56) $ (0.22) $ 3.34 $ 0.60
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 16.95 $ 18.13 $ 19.69 $ 19.91 $ 16.57
==============================================================================================================================
Total return* (5.50)% (2.58)% 0.60% 21.43% 4.48%
Ratio of net expenses to average net assets (b) 2.35% 2.35% 2.36% 2.35% 2.35%
Ratio of net investment income (loss) to average net assets 0.20% (0.20)% 1.78% 0.36% 0.99%
Portfolio turnover rate 41% 49% 100% 101% 61%
Net assets, end of period (in thousands) $ 9,829 $11,981 $10,865 $10,826 $ 9,910
Ratios with no waiver of fees and assumption of expenses by
Pioneer Investment Management, Inc. and no reduction for
fees paid indirectly:
Total expenses to average net assets (b) 2.37% 2.42% 2.44% 2.41% 2.63%
Net investment income (loss) to average net assets 0.18% (0.27)% 1.70% 0.30% 0.71%
==============================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Annual Report | 11/30/16 29
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------
Year Year Year Year Year
Ended Ended Ended Ended Ended
11/30/16 11/30/15 11/30/14 11/30/13 11/30/12
------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 20.81 $ 22.41 $ 22.56 $ 18.73 $ 18.07
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.28(a) $ 0.25(a) $ 1.29 $ 0.37 $ 0.41
Net realized and unrealized gain (loss) on investments (1.17) (0.54) (0.85) 3.87 0.60
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.89) $ (0.29) $ 0.44 $ 4.24 $ 1.01
------------------------------------------------------------------------------------------------------------------------------
Distribution to shareowners:
Net investment income $ (0.42) $ (1.31) $ (0.59) $ (0.41) $ (0.35)
------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.42) $ (1.31) $ (0.59) $ (0.41) $ (0.35)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (1.31) $ (1.60) $ (0.15) $ 3.83 $ 0.66
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 19.50 $ 20.81 $ 22.41 $ 22.56 $ 18.73
==============================================================================================================================
Total return* (4.34)% (1.29)% 1.94% 23.02% 5.79%
Ratio of net expenses to average net assets (b) 1.09% 1.04% 1.06% 1.04% 1.01%
Ratio of net investment income (loss) to average net assets 1.45% 1.16% 3.89% 1.69% 2.35%
Portfolio turnover rate 41% 49% 100% 101% 61%
Net assets, end of period (in thousands) $74,448 $84,957 $102,563 $224,523 $216,217
==============================================================================================================================
* 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.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Includes interest expense of 0.00%, 0.00%, 0.01%, 0.00% and 0.00%,
respectively.
The accompanying notes are an integral part of these financial statements.
30 Pioneer International Equity Fund | Annual Report | 11/30/16
Notes to Financial Statements | 11/30/16
1. Organization and Significant Accounting Policies
Pioneer International Equity Fund (formerly Pioneer International Value Fund)
(the Fund) is the sole portfolio comprising Pioneer Series Trust VIII, a
Delaware statutory trust. The Fund is registered under the Investment Company
Act of 1940 as a diversified, open-end management investment company. The
investment objective of the Fund is long-term growth of capital.
The Fund 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.
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.
Pioneer International Equity Fund | Annual Report | 11/30/16 31
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 principal exchanges and markets for non-U.S. equity securities have
closing times prior to the close of the NYSE. However, the value of these
securities may be influenced by changes in global markets occurring after
the closing times of the local exchanges and markets up to the time the
Fund determines its net asset value. Consequently, the Fund uses a fair
value model developed by an independent pricing service to value non-U.S.
equity securities. On a daily basis, the pricing service recommends
changes, based on a proprietary model, to the closing market prices of each
non-U.S. security held by the Fund to reflect the security's fair value at
the time the Fund determines its net asset value. The Fund applies these
recommendations in accordance with procedures approved by the Board of
Trustees.
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 Pioneer Investment
Management, Inc. (PIM), the Fund's investment adviser and a wholly owned
indirect subsidiary of UniCredit S.p.A. (UniCredit), pursuant to procedures
adopted by the Board of Trustees. PIM's fair valuation team uses fair value
methods approved by the Valuation Committee of the Board of Trustees.
PIM'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.
32 Pioneer International Equity Fund | Annual Report | 11/30/16
At November 30, 2016, there were no securities that were valued using fair
value methods (other than securities valued using prices supplied by
independent pricing services).
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.
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.
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 foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the Statement of Operations from
the effects of changes in 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, 2016, 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, 2016, the Fund paid no such taxes.
Pioneer International Equity Fund | Annual Report | 11/30/16 33
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, 2016, the Fund
reclassified $334,432 to increase undistributed net investment income and
$334,432 to increase accumulated net realized loss on investments, futures
contracts and foreign currency transactions to reflect permanent book/tax
differences. These adjustments have no impact on net assets or the results
of operations.
At November 30, 2016, the Fund was permitted to carry forward indefinitely
$5,265,835 of short-term losses and $5,730,776 of long-term losses under
the Regulated Investment Company Modernization Act of 2010 without
limitation. Additionally, at November 30, 2016, the Fund had a net capital
loss carryforward of $109,242,908, which will expire in 2017 if not
utilized.
The Fund has elected to defer $423,432 of Post-October losses recognized
between December 1, 2015 and November 30, 2016 to its fiscal year ending
November 30, 2017.
The tax character of distributions paid during the fiscal years ended
November 30, 2016 and November 30, 2015 were as follows:
---------------------------------------------------------------------------
2016 2015
---------------------------------------------------------------------------
Distribution paid from:
Ordinary income $3,049,827 $11,143,703
---------------------------------------------------------------------------
Total $3,049,827 $11,143,703
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2016:
--------------------------------------------------------------------------
2016
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 1,559,252
Capital loss carryforward (120,239,519)
Current year late year loss deferral (423,432)
Net unrealized appreciation 2,447,337
--------------------------------------------------------------------------
Total $(116,656,362)
==========================================================================
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 PFICs.
34 Pioneer International Equity Fund | Annual Report | 11/30/16
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit, earned $10,070 in
underwriting commissions on the sale of Class A shares during the year
ended November 30, 2016.
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).
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.
Investing in foreign and/or emerging markets securities involves risks
relating to interest rates, currency exchange rates and economic and
political conditions. The Fund may invest a substantial amount of its
assets in issuers located in a limited number of countries and therefore is
susceptible to adverse economic, political or regulatory developments
affecting those countries. At times, the Fund's investments may represent
industries or industry sectors that are interrelated or have common risks,
making the Fund more susceptible to any economic, political, or regulatory
developments or
Pioneer International Equity Fund | Annual Report | 11/30/16 35
other risks affecting those industries and sectors. The Fund's prospectus
contains unaudited information regarding the Fund's principal risks. Please
refer to that document when considering the Fund's principal risks.
H. Futures Contracts
The Fund may enter into futures transactions in order to attempt to hedge
against changes in interest rates, securities prices and currency exchange
rates or to seek to increase total return. Futures contracts are types of
derivatives. All futures contracts entered into by the Fund are traded on a
futures exchange. Upon entering into a futures contract, the Fund is
required to deposit with a broker an amount of cash or securities equal to
the minimum "initial margin" requirements of the associated futures
exchange. Subsequent payments for futures contracts ("variation margin")
are paid or received by the Fund, depending on the daily fluctuation in the
value of the contracts, and are recorded by the Fund as unrealized gains or
losses. When the contract is closed, the Fund realizes a gain or loss equal
to the difference between the opening and closing value of the contract as
well as any fluctuation in foreign currency exchange rates where
applicable. Futures contracts are subject to market risk, interest rate
risk and currency exchange rate risk. Changes in value of the contracts may
not directly correlate to the changes in value of the underlying
securities. With futures, there is minimal counterparty credit risk to the
Fund since futures are exchange-traded and the exchange's clearinghouse, as
counterparty to all exchange-traded futures, guarantees the futures against
default. The average value of contracts open for the year ended November
30, 2016 was $(1,145,156). At November 30, 2016, the Fund had no open
futures contracts.
2. Management Agreement
PIM manages the Fund's portfolio. Management fees are calculated daily at the
annual rate of 0.85% of the Fund's average daily net assets up to $500 million
and 0.75% of the excess over $500 million. For the year ended November 30, 2016,
the effective management fee (excluding waivers and/or assumptions of expenses)
was equivalent to 0.85% of the Fund's average daily net assets.
PIM contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.45% and 2.35%, of the average daily net
assets attributable to Class A and Class C shares, respectively. These expense
limitations are in effect through April 1, 2018. There can be no assurance that
PIM will extend the expense limitation agreement for a class of shares beyond
the date referred to above. Fees waived and expenses reimbursed during the year
ended November 30, 2016 are reflected on the Statement of Operations. Class Y
shares do not have an expense limitation.
36 Pioneer International Equity Fund | Annual Report | 11/30/16
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
$7,139 in management fees, administrative costs and certain other reimbursements
payable to PIM at November 30, 2016.
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, 2016, such out-of-pocket expenses by class of shares were as
follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $132,721
Class C 15,980
Class Y 160
--------------------------------------------------------------------------------
Total $148,861
================================================================================
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 PFD 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 PFD 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 shares. Included in "Due to
affiliates" reflected on the Statement of Assets and Liabilities is $1,438 in
distribution fees payable to PFD at November 30, 2016.
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
Pioneer International Equity Fund | Annual Report | 11/30/16 37
cost or market value of shares being redeemed. Shares purchased as part of an
exchange remain subject to any CDSC that applied to the original purchase of
those shares. There is no CDSC for Class Y shares. Proceeds from the CDSCs are
paid to PFD. For the year ended November 30, 2016, CDSCs in the amount of $2,151
were paid to PFD.
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 effect until February 9, 2016, was in the amount of $240
million. Effective February 10, 2016, the facility is in the amount of $220
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, 2016, the Fund had no
borrowings under the credit facility.
6. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may subject it to the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments as
a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange risk), whether caused by factors specific to an
individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
38 Pioneer International Equity Fund | Annual Report | 11/30/16
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at November 30, 2016 was as follows:
-------------------------------------------------------------------------------------------
Foreign
Statement of Interest Credit Exchange Commodity
Operations Rate Risk Risk Rate Risk Equity Risk Risk
-------------------------------------------------------------------------------------------
Net realized gain
(loss) on:
Futures contracts $-- $-- $312,432 $146,171 $--
-------------------------------------------------------------------------------------------
Total Value $-- $-- $312,432 $146,171 $--
===========================================================================================
Change in net unrealized
appreciation
(depreciation) on:
Futures contracts $-- $-- $-- $-- $--
-------------------------------------------------------------------------------------------
Total Value $-- $-- $-- $-- $--
===========================================================================================
Pioneer International Equity Fund | Annual Report | 11/30/16 39
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Pioneer Series Trust VIII and the Shareowners 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, 2016,
and the related statement of operations for the year then ended, the statements
of changes in net assets for each of the two years in the period then ended, and
the financial highlights for each of the three years in the period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. The financial
highlights for the years ended November 30, 2013, and 2012, were audited by
other auditors. Those auditors expressed an unqualified opinion on those
financial statements and financial highlights in their report dated January 24,
2014.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Fund's internal control over
financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. Our procedures included confirmation
of securities owned as of November 30, 2016, by correspondence with the
custodian and brokers; where replies were not received from brokers, we
performed other auditing procedures. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer International Equity Fund as of November 30, 2016, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the three years in the period then ended, in conformity with accounting
principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 25, 2017
40 Pioneer International Equity Fund | Annual Report | 11/30/16
Additional Information (unaudited)
Pioneer Investment Management, Inc. (the "Adviser"), the Fund's investment
adviser, is currently an indirect, wholly owned subsidiary of UniCredit S.p.A.
("UniCredit"). On December 12, 2016, UniCredit announced that it has entered
into a binding agreement for the sale of its Pioneer Investments business, which
includes the Adviser, to Amundi (the "Transaction"). Amundi is headquartered in
Paris, France, and, as of September 30, 2016, had more than $1.1 trillion in
assets under management worldwide. The closing of the Transaction is expected to
happen in 2017, subject to certain regulatory and antitrust approvals, and other
conditions.
Under the Investment Company Act of 1940, the closing of the Transaction will
cause the Fund's current investment advisory agreement with the Adviser to
terminate. Accordingly, the Fund's Board of Trustees will be asked to approve a
new investment advisory agreement for the Fund. If approved by the Board, the
Fund's new investment advisory agreement will be submitted to the shareholders
of the Fund for their approval.
Pioneer International Equity Fund | Annual Report | 11/30/16 41
Approval of Investment Advisory Agreement
Pioneer Investment Management, Inc. (PIM) serves as the investment adviser to
Pioneer International Equity Fund (the Fund) pursuant to an investment advisory
agreement between PIM and the Fund. In order for PIM to remain the investment
adviser of the Fund, the Trustees of the Fund must determine annually whether to
renew the investment advisory agreement for the Fund.
The contract review process began in January 2016 as the Trustees of the Fund
agreed on, among other things, an overall approach and timeline for the process.
Contract review materials were provided to the Trustees in March 2016 and May
2016. In addition, the Trustees reviewed and discussed the Fund's performance at
regularly scheduled meetings throughout the year and took into account other
information related to the Fund provided to the Trustees at regularly scheduled
meetings in connection with the review of the Fund's investment advisory
agreement.
In March 2016, the Trustees, among other things, discussed the memorandum
provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Trustees in their deliberations
regarding the renewal of the investment advisory agreement, and reviewed and
discussed the qualifications of the investment management teams, as well as the
level of investment by the Fund's portfolio managers in the Fund. In May 2016,
the Trustees, among other things, reviewed the Fund's management fee and total
expense ratios, the financial statements of PIM and its parent companies, the
profitability analyses provided by PIM, and possible economies of scale. The
Trustees also reviewed the profitability of the institutional business of PIM
and PIM's affiliate, Pioneer Institutional Asset Management, Inc. (together with
PIM, "Pioneer"), as compared to that of PIM's fund management business, and
considered the differences between the fees and expenses of the Fund and the
fees and expenses of Pioneer's institutional accounts, as well as the different
services provided by PIM to the Fund and by Pioneer to the institutional
accounts. The Trustees further considered contract review materials in July and
September 2016.
At a meeting held on September 13, 2016, based on their evaluation of the
information provided by PIM and third parties, the Trustees of the Fund,
including the Independent Trustees voting separately, unanimously approved the
renewal of the investment advisory agreement for another year. In approving the
renewal of the investment advisory agreement, the Trustees considered various
factors that they determined were relevant, including the factors described
below. The Trustees did not identify any single factor as the controlling factor
in determining to approve the renewal of the agreement.
42 Pioneer International Equity Fund | Annual Report | 11/30/16
Nature, Extent and Quality of Services
The Trustees considered the nature, extent and quality of the services that had
been provided by PIM to the Fund, taking into account the investment objective
and strategy of the Fund. The Trustees also reviewed PIM's investment approach
for the Fund and its research process. The Trustees considered the resources of
PIM and the personnel of PIM who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio
managers of the Fund. The Trustees considered the non-investment resources and
personnel of PIM involved in PIM's services to the Fund, including PIM's
compliance and legal resources and personnel. The Trustees noted the substantial
attention and high priority given by PIM's senior management to the Pioneer fund
complex.
The Trustees considered that PIM supervises and monitors the performance of the
Fund's service providers and provides the Fund with personnel (including Fund
officers) and other resources that are necessary for the Fund's business
management and operations. The Trustees also considered that, as administrator,
PIM is responsible for the administration of the Fund's business and other
affairs. The Trustees considered the fees paid to PIM for the provision of
administration services.
Based on these considerations, the Trustees concluded that the nature, extent
and quality of services that had been provided by PIM to the Fund were
satisfactory and consistent with the terms of the investment advisory agreement.
Performance of the Fund
In considering the Fund's performance, the Trustees regularly review and discuss
throughout the year data prepared by PIM and information comparing the Fund's
performance with the performance of its peer group of funds as classified by
each of Morningstar, Inc. (Morningstar) and Lipper, and with the performance of
the Fund's benchmark index. They also discuss the Fund's performance with PIM on
a regular basis. The Trustees' regular reviews and discussions were factored
into the Trustees' deliberations concerning the renewal of the advisory
agreement.
Management Fee and Expenses
The Trustees considered information showing the fees and expenses of the Fund in
comparison to the management fees and expense ratios of its peer group of funds
as classified by Morningstar and also to the expense ratios of a peer group of
funds selected on the basis of criteria determined by the Independent Trustees
for this purpose using data provided by Strategic Insight
Pioneer International Equity Fund | Annual Report | 11/30/16 43
Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent
third party. In all quintile rankings referred to below, first quintile is most
favorable to the Fund's shareowners.
The Trustees considered that the Fund's management fee for the most recent
fiscal year was in the third quintile relative to the management fees paid by
other funds in its Morningstar peer group for the comparable period. The
Trustees also considered the breakpoint in the management fee schedule and the
reduced fee rate above a certain asset level. The Trustees considered that the
expense ratio of the Fund's Class A shares for the most recent fiscal year was
in the fourth quintile relative to its Morningstar peer group and in the fourth
quintile relative to its Strategic Insight peer group, in each case for the
comparable period. The Trustees considered that the expense ratio of the Fund's
Class Y shares for the most recent fiscal year was in the fourth quintile
relative to its Morningstar peer group and in the fourth quintile relative to
its Strategic Insight peer group, in each case for the comparable period. The
Trustees noted that PIM was waiving fees and/or reimbursing expenses in order to
limit the ordinary operating expenses of the Fund. The Trustees noted the Fund's
relatively small asset size compared to most of the other funds in its peer
groups, and that the Fund has not been able to take advantage of the economies
of scale afforded by greater asset size. The Trustees considered the impact of
transfer agency, sub-transfer agency, and other non-management fee expenses on
the expense ratios of the Fund, and noted the impact of expenses relating to
small accounts and omnibus accounts on transfer and sub-transfer agency expenses
generally. The Trustees considered that such non-management fee operating
expenses generally are spread over a smaller asset base than the other funds in
the peer group, which results in these fees being significantly higher as a
percentage of assets. The Trustees noted that they separately review the Fund's
transfer agency, sub-transfer agency and intermediary arrangements and that the
results of the most recent such review were considered in the consideration of
the Fund's expense ratio.
The Trustees reviewed management fees charged by Pioneer to institutional and
other clients, including publicly offered European funds sponsored by affiliates
of Pioneer, unaffiliated U.S. registered investment companies (in a sub-advisory
capacity), and unaffiliated foreign and domestic separate accounts. The Trustees
also considered PIM's costs in providing services to the Fund and Pioneer's
costs in providing services to the other clients and considered the differences
in management fees and profit margins for Fund and non-Fund services. In
evaluating the fees associated with Pioneer's client accounts, the Trustees took
into account the respective demands, resources and complexity associated with
the Fund and client accounts. The Trustees noted that, in some instances, the
fee rates for those clients were lower than the management fee for the Fund and
considered that, under the investment
44 Pioneer International Equity Fund | Annual Report | 11/30/16
advisory agreement with the Fund, PIM performs additional services for the Fund
that it does not provide to those other clients or services that are broader in
scope, including oversight of the Fund's other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the
Fund is subject. The Trustees also considered the different entrepreneurial
risks associated with PIM's management of the Fund and Pioneer's management of
the other client accounts.
The Trustees concluded that the management fee payable by the Fund to PIM was
reasonable in relation to the nature and quality of the services provided by PIM
to the Fund.
Profitability
The Trustees considered information provided by PIM regarding the profitability
of PIM with respect to the advisory services provided by PIM to the Fund,
including the methodology used by PIM in allocating certain of its costs to the
management of the Fund. The Trustees also considered PIM's profit margin in
connection with the overall operation of the Fund. They further reviewed the
financial results, including the profit margins, realized by PIM and its
affiliates from non-fund businesses. The Trustees considered PIM's profit
margins with respect to the Fund in comparison to the limited industry data
available and noted that the profitability of any adviser was affected by
numerous factors, including its organizational structure and method for
allocating expenses. The Trustees concluded that PIM's profitability with
respect to the management of the Fund was not unreasonable.
Economies of Scale
The Trustees considered PIM's views relating to economies of scale in connection
with the Pioneer Funds as fund assets grow and the extent to which any such
economies of scale are shared with funds and fund shareholders. The Trustees
noted the breakpoint in the management fee schedule. The Trustees recognize that
economies of scale are difficult to identify and quantify, and that, among other
factors that may be relevant, are the following: fee levels, expense
subsidization, investment by PIM in research and analytical capabilities and
PIM's commitment and resource allocation to the Fund. The Trustees noted that
profitability also may be an indicator of the availability of any economies of
scale, although profitability may vary for other reasons including reductions in
expenses. The Trustees concluded that economies of scale, if any, were being
appropriately shared with the Funds.
Pioneer International Equity Fund | Annual Report | 11/30/16 45
Other Benefits
The Trustees considered the other benefits to PIM from its relationship with the
Fund. The Trustees considered the character and amount of fees paid by the Fund,
other than under the investment advisory agreement, for services provided by PIM
and its affiliates. The Trustees further considered the revenues and
profitability of PIM's businesses other than the fund business. Pioneer is the
principal U.S. asset management business of Pioneer Global Asset Management, the
worldwide asset management business of UniCredit Group, which manages over $150
billion in assets (including the Funds). Pioneer and the Funds receive
reciprocal intangible benefits from the relationship, including mutual brand
recognition and, for the Funds, direct and indirect access to the resources of a
large global asset manager. The Trustees concluded that any such benefits
received by Pioneer as a result of its relationship with the Funds were
reasonable and their consideration of the advisory agreement between the Fund
and PIM and the fees thereunder were unaffected by Pioneer's possible receipt of
any such intangible benefits.
Conclusion
After consideration of the factors described above as well as other factors, the
Trustees, including all of the Independent Trustees, concluded that the
investment advisory agreement between PIM and the Fund, including the fees
payable thereunder, was fair and reasonable and voted to approve the proposed
renewal of the investment advisory agreement for the Fund.
46 Pioneer International Equity Fund | Annual Report | 11/30/16
Trustees, Officers and Service Providers
Investment Adviser
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Shareowner Services and Transfer Agent
Boston Financial Data Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at www.sec.gov.
Trustees and Officers
The Fund's Trustees and officers are listed below, together with their principal
occupations during at least the past five years. Trustees who are interested
persons of the Fund within the meaning of the 1940 Act are referred to as
Interested Trustees. Trustees who are not interested persons of the Fund are
referred to as Independent Trustees. Each of the Trustees serves as a Trustee of
each of the 45 U.S. registered investment portfolios for which Pioneer serves as
investment adviser (the "Pioneer Funds"). The address for all Trustees and all
officers of the Fund is 60 State Street, Boston, Massachusetts 02109.
The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.
Pioneer International Equity Fund | Annual Report | 11/30/16 47
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 (66) Trustee since 2006. Private investor (2004 - 2008 and 2013 - Director, Broadridge Financial
Chairman of the Board Serves until a present); Chairman (2008 - 2013) and Chief Solutions, Inc. (investor
and Trustee successor trustee is Executive Officer (2008 - 2012), communications and securities
elected or earlier Quadriserv, Inc. (technology products for processing provider for
retirement or removal. securities lending industry); and Senior financial services industry)
Executive Vice President, The Bank of New (2009 - present); Director,
York (financial and securities services) Quadriserv, Inc. (2005 -
(1986 - 2004) 2013); and Commissioner, New
Jersey State Civil Service
Commission (2011 - 2015)
------------------------------------------------------------------------------------------------------------------------------------
David R. Bock (72) Trustee since 2005. Managing Partner, Federal City Capital Director of New York Mortgage
Trustee Serves until a Advisors (corporate advisory services Trust (publicly-traded
successor trustee is company) (1997 - 2004 and 2008 - present); mortgage REIT) (2004 - 2009,
elected or earlier Interim Chief Executive Officer, Oxford 2012 - present); Director of
retirement or removal. Analytica, Inc. (privately-held research The Swiss Helvetia Fund, Inc.
and consulting company) (2010); Executive (closed-end fund) (2010 -
Vice President and Chief Financial Officer, present); Director of Oxford
I-trax, Inc. (publicly traded health care Analytica, Inc. 2008 -
services company) (2004 - 2007); and present); and Director of
Executive Vice President and Chief (Enterprise Community
Financial Officer, Pedestal Inc. Investment, Inc.
(internet-based mortgage trading company) (privately-held affordable
(2000 - 2002); Private consultant housing finance company) (1985
(1995-1997), Managing Director, Lehman - 2010)
Brothers (investment banking firm)
(1992-1995); and Executive, The World Bank
(1979-1992)
------------------------------------------------------------------------------------------------------------------------------------
Benjamin M. Friedman (72) Trustee since 2008. William Joseph Maier Professor of Political Trustee, Mellon Institutional
Trustee Serves until a Economy, Harvard University (1972 - Funds Investment Trust and
successor trustee is present) Mellon Institutional Funds
elected or earlier Master Portfolio (oversaw 17
retirement or removal. portfolios in fund complex)
(1989-2008)
------------------------------------------------------------------------------------------------------------------------------------
48 Pioneer International Equity Fund | Annual Report | 11/30/16
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Margaret B.W. Graham (69) Trustee since 1992. Founding Director, Vice President and None
Trustee Serves until a Corporate Secretary, The Winthrop Group,
successor trustee is Inc. (consulting firm) (1982 - present);
elected or earlier Desautels Faculty of Management, McGill
retirement or removal. University (1999 - present); and Manager of
Research Operations and Organizational
Learning, Xerox PARC, Xerox's advance
research center (1990-1994)
------------------------------------------------------------------------------------------------------------------------------------
Marguerite A. Piret (68) Trustee since 1992. President and Chief Executive Officer, Director of New America High
Trustee Serves until a Newbury Piret Company (investment banking Income Fund, Inc. (closed-end
successor trustee is firm) (1981 - present) investment company) (2004 -
elected or earlier present); and Member, Board of
retirement or removal. Governors, Investment Company
Institute (2000 - 2006)
------------------------------------------------------------------------------------------------------------------------------------
Fred J. Ricciardi (69) Trustee since 2014. Consultant (investment company services) None
Trustee Serves until a (2012 - present); Executive Vice President,
successor trustee is BNY Mellon (financial and investment company
elected or earlier services) (1969 - 2012); Director, BNY
retirement or removal. International Financing Corp. (financial
services) (2002 - 2012); and Director,
Mellon Overseas Investment Corp. (financial
services) (2009 - 2012)
------------------------------------------------------------------------------------------------------------------------------------
Pioneer International Equity Fund | Annual Report | 11/30/16 49
Interested Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Kenneth J. Taubes (58)* Trustee since 2014. Director and Executive Vice President None
Trustee Serves until a (since 2008) and Chief Investment Officer,
successor trustee is U.S. (since 2010) of PIM-USA; Executive
elected or earlier Vice President of Pioneer (since 2008);
retirement or removal. Executive Vice President of Pioneer
Institutional Asset Management, Inc. (since
2009); and Portfolio Manager of Pioneer
(since 1999)
------------------------------------------------------------------------------------------------------------------------------------
* Mr. Taubes is an Interested Trustee because he is an officer of the Fund's
investment adviser and certain of its affiliates.
50 Pioneer International Equity Fund | Annual Report | 11/30/16
Advisory Trustee
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Trustee
------------------------------------------------------------------------------------------------------------------------------------
Lorraine Monchak (60)** Advisory Trustee since Chief Investment Officer, 1199 SEIU Funds Trustee of Pioneer closed-end
Advisory Trustee 2014. (healthcare workers union pension funds) investment companies (5
(2001 - present); Vice President - portfolios) (Sept. 2015 -
International Investments Group, American present)
International Group, Inc. (insurance
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); and
Mortgage Strategies Group, Drexel Burnham
Lambert, Ltd. (investment bank) (1986 -
1987)
------------------------------------------------------------------------------------------------------------------------------------
** Ms. Monchak is a non-voting advisory trustee.
Pioneer International Equity Fund | Annual Report | 11/30/16 51
Fund Officers
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Lisa M. Jones (54) Since 2014. Serves at Chair, Director, CEO and President of Trustee of Pioneer closed-end
President and Chief the discretion of the Pioneer Investment Management-USA (since investment companies (5
Executive Officer Board. September 2014); Chair, Director, CEO and portfolios) (Sept. 2015 -
President of Pioneer Investment Management, present)
Inc. (since September 2014); Chair,
Director, CEO and President of Pioneer Funds
Distributor, Inc. (since September 2014);
Chair, Director, CEO and President of
Pioneer Institutional Asset Management, Inc.
(since September 2014); and Chair, Director,
and CEO of Pioneer Investment Management
Shareholder Services, Inc. (since September
2014); Managing Director, Morgan Stanley
Investment Management (2010 - 2013); and
Director of Institutional Business, CEO of
International, Eaton Vance Management (2005
- 2010)
------------------------------------------------------------------------------------------------------------------------------------
Christopher J. Kelley (51) Since 2003. Serves at Vice President and Associate General Counsel None
Secretary and Chief the discretion of the of Pioneer since January 2008; Secretary and
Legal Officer Board. 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; and Vice President and
Senior Counsel of Pioneer from July 2002 to
December 2007
------------------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (55) Since 2010. Serves at Fund Governance Director of Pioneer since None
Assistant Secretary the discretion of the December 2006 and Assistant Secretary of all
Board. the Pioneer Funds since June 2010; Manager -
Fund Governance of Pioneer from December
2003 to November 2006; and Senior Paralegal
of Pioneer from January 2000 to November
2003
------------------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (54) Since 2010. Serves at Senior Counsel of Pioneer since May 2013 and None
Assistant Secretary the discretion of the Assistant Secretary of all the Pioneer Funds
Board. since June 2010; and Counsel of Pioneer from
June 2007 to May 2013
------------------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (57) Since 2008. Serves at Vice President - Fund Treasury of Pioneer; None
Treasurer and Chief the discretion of the Treasurer of all of the Pioneer Funds since
Financial Board. March 2008; Deputy Treasurer of Pioneer from
and Accounting Officer March 2004 to February 2008; and Assistant
Treasurer of all of the Pioneer Funds from
March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------------------
52 Pioneer International Equity Fund | Annual Report | 11/30/16
------------------------------------------------------------------------------------------------------------------------------------
Name, Age and Term of Office and Other Directorships
Position Held With the Fund Length of Service Principal Occupation Held by Officer
------------------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (51) Since 2000. Serves at Director - Fund Treasury of Pioneer; and None
Assistant Treasurer the discretion of the Assistant Treasurer of all of the Pioneer
Board. Funds
------------------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (58) Since 2002. Serves at Fund Accounting Manager - Fund Treasury of None
Assistant Treasurer the discretion of the Pioneer; and Assistant Treasurer of all of
Board. the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------------------
David F. Johnson (37) Since 2009. Serves at Fund Administration Manager - Fund Treasury None
Assistant Treasurer the discretion of the of Pioneer since November 2008; Assistant
Board. Treasurer of all of the Pioneer Funds since
January 2009; and Client Service Manager -
Institutional Investor Services at State
Street Bank from March 2003 to March 2007
------------------------------------------------------------------------------------------------------------------------------------
Jean M. Bradley (64) Since 2010. Serves at Chief Compliance Officer of Pioneer and of None
Chief Compliance Officer the discretion of the all the Pioneer Funds since March 2010;
Board. Chief Compliance Officer of 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 Pioneer since October 2005;
and Senior Compliance Officer for Columbia
Management Advisers, Inc. from October 2003
to October 2005
------------------------------------------------------------------------------------------------------------------------------------
Kelly O'Donnell (45) Since 2006. Serves at Director - Transfer Agency Compliance of None
Anti-Money Laundering the discretion of the Pioneer and Anti-Money Laundering Officer of
Officer Board. all the Pioneer Funds since 2006
------------------------------------------------------------------------------------------------------------------------------------
Pioneer International Equity Fund | Annual Report | 11/30/16 53
This page for your notes.
54 Pioneer International Equity Fund | Annual Report | 11/30/16
This page for your notes.
Pioneer International Equity Fund | Annual Report | 11/30/16 55
This page for your notes.
56 Pioneer International Equity Fund | Annual Report | 11/30/16
This page for your notes.
Pioneer International Equity Fund | Annual Report | 11/30/16 57
This page for your notes.
58 Pioneer International Equity Fund | Annual Report | 11/30/16
This page for your notes.
Pioneer International Equity Fund | Annual Report | 11/30/16 59
This page for your notes.
60 Pioneer International Equity Fund | Annual Report | 11/30/16
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Pioneer Funds
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(C) 2017 Pioneer Investments 19448-10-0117
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 $31,327
payable to Deloitte & Touche LLP for the year ended
November 30, 2016 and $31,289 for the year ended November 30, 2015.
(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 2016 or 2015.
(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 $7,128
payable to Deloitte & Touche LLP for the year ended
November 30, 2016 and $7,100 for the year ended November 30, 2015.
(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 2016 or 2015.
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
Beginning with non-audit service contracts entered
into on or after May 6, 2003, the effective date of the
new SEC pre-approval rules, the 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 Novemberr 30 2016 and 2015, 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 $7,128
payable to Deloitte & Touche LLP for the year ended
November 30, 2016 and $7,100 for the year ended November 30, 2015.
(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. 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 31, 2017
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 31, 2017
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date January 31, 2017
* Print the name and title of each signing officer under his or her signature.