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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07318
Pioneer Series Trust VIII
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Pioneer Investment Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: December 1, 2013 through May 31, 2014
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
Value Fund
--------------------------------------------------------------------------------
Semiannual Report | May 31, 2014
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIIFX
Class B PBIFX
Class C PCITX
Class Y INVYX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 10
Prices and Distributions 11
Performance Update 12
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 25
Notes to Financial Statements 33
Trustees, Officers and Service Providers 46
Pioneer International Value Fund | Semiannual Report | 5/31/14 1
President's Letter
Dear Shareowner,
As we move past the midway point of 2014, U.S. economic growth is still expected
to exceed 2% for the full calendar year, despite the fact that U.S. gross
domestic product (GDP) for the first quarter was revised down to -2.9% in May.
The markets, in fact, almost completely ignored that bad news, as more timely
data -- especially labor market data -- pointed to continuing economic strength.
By mid-year, the number of people filing initial unemployment claims and the
number of job openings were at levels last seen during the boom years of 2005
through 2007, and unemployment was down to just over 6%. Barring an external
shock, we think it's likely that the domestic economic expansion will continue.
A modestly improving European economy and continuing economic improvement in
Japan appear likely to result in improving global economic growth in the second
half of 2014, further supporting the U.S. economy. Some slack remains in the
labor markets and capacity utilization, which offers the potential for
continuing non-inflationary growth.
The Federal Reserve System (the Fed) is widely expected to end its QE
(quantitative easing) program by the end of this year, and to begin raising the
Federal funds rate in 2015. The timing and pace of Fed's actions remain
uncertain: Fed Chair Janet Yellen has continually stressed that Fed policy will
be sensitive to incoming economic data.
While the U.S. economy appears robust and the global economy seems to be
improving, there are still weaknesses and risks to the economic outlook. Risks
of an adverse shock also remain. Military conflicts and political tensions are
widespread, with particular concerns about recent developments in the Middle
East that could prove disruptive to the global oil supply. While most of the
widely recognized risks may already be "priced into" the market, we caution
against complacency and believe investors should continue to expect market
volatility.
At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. And while diversification does not assure a profit
or protect against loss in a declining market, we believe there are still
opportunities for prudent investors to earn attractive returns. Our advice, as
always, is to work closely with a trusted financial advisor to discuss your
goals
2 Pioneer International Value Fund | Semiannual Report | 5/31/14
and work together to develop an investment strategy that meets your
individual needs, keeping in mind that there is no single best strategy that
works for every investor.
Pioneer's investment teams have, since 1928, sought out attractive opportunities
in equity and bond markets, using in-depth research to identify undervalued
individual securities, and using thoughtful risk management to construct
portfolios which seek to balance potential risks and rewards in an ever-changing
world.
We encourage you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer International Value Fund | Semiannual Report | 5/31/14 3
Portfolio Management Discussion | 5/31/14
In the follow interview, Madelynn Matlock discusses the market environment for
international equities and the factors that influenced the performance of
Pioneer International Value Fund during the six-month period ended May 31, 2014.
Ms. Matlock, a senior vice president and portfolio manager at Pioneer, Marco
Pirondini, Head of Equities, U.S., and a portfolio manager at Pioneer, and
Andrea Salvatori, Head of Global Emerging Markets & Latin American Equities,
Head of Emerging Market Equity Research, and a senior portfolio manager at
Pioneer based in Pioneer's London office, are responsible for the day-to-day
management of the Fund.
Q How would you characterize the environment in the international equity
markets during the six-month period ended May 31, 2014?
A International equities continued their positive momentum during the
six-month period, benefiting from low interest rates, signs of improving
global economic growth, and accommodative global central bank policies that
injected massive amounts of liquidity into the capital markets. Europe's
performance led the international markets during the period, with Japan and
the emerging markets trailing, but still in positive territory. From a
sector perspective, utilities, energy, health care and information
technology were the best-performing sectors over the six months.
Q How did the Fund perform against that backdrop during the six-month period
ended May 31, 2014?
A Pioneer International Value Fund's Class A shares returned 4.55% at net
asset value during the six-month period ended May 31, 2014, while the
Fund's benchmark, the Morgan Stanley Capital International (MSCI) Europe,
Australasia, Far East (EAFE) ND Index1 (the MSCI Index), returned 5.33%.
During the same period, the average return for the 377 mutual funds in
Lipper's International Multi-Cap Core Funds category was 4.39%, and the
average return of the 784 mutual funds in Morningstar's Foreign Large Blend
Funds category was 4.30%.
1 The MSCI information may only be used for your internal use, may not be
reproduced or redisseminated in any form and may not be used as a basis for
or a component of any financial instruments or products or indices. None of
the MSCI information is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of investment
decision and may not be relied on as such. Historical data and analysis
should not be taken as an indication or guarantee of any future performance
analysis, forecast or prediction. The MSCI information is provided on an
"as is" basis and the user of this information assumes the entire risk of
any use made of this information. MSCI, each of its affiliates and each
other person involved in or related to compiling, computing or creating
any MSCI information (collectively, the "MSCI Parties") expressly disclaims
all warranties (including, without limitation, any warranties of
originality, accuracy, completeness, timeliness, non-infringement,
merchantability and fitness for a particular purpose) with respect to this
information. Without limiting any of the foregoing, in no event shall any
MSCI Party have any liability for any direct, indirect, special,
incidental, punitive, consequential (including, without limitation, lost
profits) or any other damages.
4 Pioneer International Value Fund | Semiannual Report | 5/31/14
Q What were the main reasons behind the Fund's underperformance relative to
the benchmark MSCI Index during the six-month period ended May 31, 2014?
A The most noteworthy detractor from the Fund's performance relative to the
MSCI Index during the period was the portfolio's lower-than-benchmark
weighting in Europe, which was the best-performing region in the
international markets over the six months. By period end, we had increased
the portfolio's exposure to European stocks to close in on the benchmark's
weighting, adding selectively when we saw well-valued companies with
improving fundamentals.
Another big factor in the Fund's benchmark-relative returns was weak
performance from investments in Japanese banks. Domestic lending in Japan
remains weak as the demand for corporate loans from Japanese companies has
yet to materialize. Japanese stocks in general delivered muted results
during the period, which we attribute in some measure to the unwinding of
foreign-held positions following a very strong 2013. In addition, an
appreciating yen also weighed on sentiment for Japanese equities,
contributing to their lackluster performance during the period. The
developments did not tarnish our outlook there, however, and we remain
upbeat about prospects in Japan given the government's push for economic
reforms designed to make the country more business-friendly.
In addition, the portfolio's lower-than-benchmark exposure to the utilities
sector weighed on relative performance. European utilities turned out to be
a surprisingly strong sector during the period despite heavy government
regulation and weak growth prospects. Given the accommodative monetary
policies of central banks around the globe that kept interest rates low, it
appears that investors were drawn to the higher yields offered by utility
stocks.
Q Which of your investment strategies aided the Fund's performance during the
six-month period ended May 31, 2014?
A We have become increasingly positive on Europe given the signs of recovery
there and the European Central Bank's (ECB's) pro-growth policies. Just
following the close of the reporting period, the ECB reduced its benchmark
interest rate to a record low of 0.15%. In an historic move to stimulate
the Euro zone economy, the ECB also announced that it would begin charging
interest on deposits held by banks to encourage banks to invest excess cash
rather than hoard it. Within Europe, the Fund's investments in the consumer
staples and discretionary sectors augmented performance. Strong performers
during the period included Fund positions in GKN, the British multinational
automotive and aerospace components company, and the Daimler Group. The
latter company, with its premium automotive brand,
Pioneer International Value Fund | Semiannual Report | 5/31/14 5
Mercedes-Benz, delivered strong results during the period. The Fund's
holdings in the pharmaceutical field also made strong contributions to
performance during the period. The U.K. drug maker AstraZeneca, one of the
portfolio's largest holdings, saw its stock rise on speculation of a
takeover bid by Pfizer. The two companies were still engaged in talks at
the close of the period. While no specific offer was at hand, the Fund's
investments in Shire, a specialty biopharmaceutical firm, also rose on
speculation of its takeover potential.
While being underweight in utilities hurt relative performance, stock
selection results in the sector made a positive contribution to the Fund's
returns. The Fund also was underexposed to the financials sector, which was
a good decision that aided returns.
As noted previously, we remain constructive on Japan despite the
underperformance of some of the portfolio's bank positions in the country.
Prime Minister Shinzo Abe's pro-growth policies, known as "Abenomics," have
begun to show signs of success by curbing the deflationary environment. Mr.
Abe's economic reforms are aimed at spurring consumers and businesses to
spend in order to help the country move out of its multi-year
disinflationary cycle. Given our sanguine assessment of prospects there and
our belief that Japanese company fundamentals are solid while stocks remain
attractively valued, the Fund held an overweight exposure to Japanese
equities during the period. Two of the Fund's top-performing Japanese
holdings during the period -- Fujitsu and Suntory Beverage & Food --
exemplify the types of companies that we believe will help to lead that
country out of its malaise. Fujitsu, a leading information and
communications technology company, is benefiting from management's
restructuring efforts to streamline its operations while expanding
investments in new domains in order to achieve its growth strategy. Suntory
Beverage & Food, a company spun out by the Suntory Group, is a distributor
of non-alcoholic beverages and food, selling such notable brands as Pepsi,
Orangina and Schweppes. Suntory's sales volume growth in Japan has
increased steadily over the years, accounting for more than half of the
company's sales, and Suntory's overseas business is expanding rapidly
through aggressive mergers and acquisitions. With the global soft drink
market growing at a fast pace, mostly in the emerging markets, and with the
demands of consumers changing worldwide, with a definitive shift toward
healthier beverages, we believe Suntory is in a good position to
capitalizing on those trends.
Lastly, while the MSCI Index benchmark does not have any emerging markets
exposure, the Fund held a small position in the emerging markets that
delivered mixed results. The asset class experienced great volatility
during the period as investors fluctuated between "risk-on" (aggressive)
and
6 Pioneer International Value Fund | Semiannual Report | 5/31/14
"risk-off " (tentative) sentiment in response to the conflict in the
Ukraine and the U.S. Federal Reserve's (the Fed's) decision to wind down
its stimulative bond buying program, known as quantitative easing (QE).
Emerging markets have been dealing with challenging transitions -- both
internally and externally -- but we believe the asset class continues to
offer opportunities for value-based investors, on a very selective basis.
Chief among the challenges has been the uncertainty about how the emerging
markets would cope with higher interest rates and the Fed's tapering of QE,
as historically low interest rates in the United States created cheap money
that had led investors to embrace high-risk investments in search of yield
and growth opportunities. The unwinding of the historic QE program has left
emerging markets vulnerable during risk-averse periods. But the emerging
markets landscape is far from uniform, and this fact creates pockets of
opportunity in our opinion. When investing in the emerging markets, we
apply a thorough selection process to identify emerging markets countries
that we believe have sound economic policies in place.
Q What is your outlook for international stocks for the coming months?
A We believe the case for investing in international equities remains strong.
The broad global economic outlook is improving, and while the U.S. economy
contracted in the first quarter of 2014, the consensus outlook for the
remainder of the year is for positive growth, albeit at a slow pace. An
improving U.S. economy, with its rising consumer spending power, should
bode well for international companies.
We are cautiously optimistic about economic prospects in Europe given
recent developments there, and we expect to continue looking for
opportunities to further increase the portfolio's exposure to the region
should positive economic trends continue. The Euro zone is emerging from
recession, and the risk of the European Union (E.U.) breaking up has
diminished significantly. Countries that were challenged during the height
of the sovereign-debt crisis, primarily Spain, Portugal, Greece and Italy,
are now able to access the bond markets to raise capital, and the banking
sector across Europe has strengthened. However, there will be wide
differences across European countries with regard to the pace and degree of
the economic recovery. Furthermore, unemployment remains high in some E.U.
counties. The biggest threats to the European recovery that we see today
are geopolitical risks that could create an external shock and a strong
euro and/or weakening external demand, both of which would adversely affect
growth in export-driven industries.
Japan is also emerging from recession, and we believe the ongoing reform
process will continue. Our expectation is for Japanese GDP growth in 2014
to be 1.5%, with core inflation remaining above zero. The key risks to our
Pioneer International Value Fund | Semiannual Report | 5/31/14 7
Japanese outlook are that the April 2014 tax hikes prove to be more
cumbersome for the economy, and that "Abenomics" doesn't succeed in
reviving the Japanese economy.
We remain cautious about investing in emerging markets because we believe
that structural reforms are badly needed in many countries, given that most
economies suffer from excessive credit growth and an overhang of leverage
(that is, the use of debt to finance operations). As such, many developing
countries have experienced deterioration in their macroeconomic outlooks
during the past five years, highlighting the need for reforms, in our
opinion. However, both performance expectations and company valuations have
declined considerably across the emerging markets, suggesting the
possibility of upside potential if global growth accelerates and the reform
process takes root.
8 Pioneer International Value Fund | Semiannual Report | 5/31/14
Please refer to the Schedule of Investments on pages 18-24 for a full listing of
Fund securities.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.
The Fund may invest a substantial amount of its assets in issuers located within
a specific region, and is, therefore, more susceptible to adverse developments
affecting those 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.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes.
Pioneer International Value Fund | Semiannual Report | 5/31/14 9
Portfolio Summary | 5/31/14
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 18.1%
Industrials 15.5%
Consumer Discretionary 11.9%
Consumer Staples 11.0%
Materials 10.5%
Health Care 10.0%
Energy 7.7%
Information Technology 7.3%
Telecommunication Services 4.7%
Utilities 3.3%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Japan 25.6%
Germany 11.8%
United Kingdom 11.7%
France 10.5%
Switzerland 9.7%
United States 6.0%
Australia 5.2%
Spain 3.3%
Netherlands 3.2%
Sweden 2.5%
Jersey Channel Islands 2.2%
Taiwan 1.6%
Singapore 1.5%
Hong Kong 1.2%
Luxembourg 1.1%
Ireland 1.0%
Other (individually less than 1%) 1.9%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total long-term holdings)*
1. Novartis AG 2.49%
--------------------------------------------------------------------------------
2. Roche Holding AG 2.19
--------------------------------------------------------------------------------
3. Total SA 2.19
--------------------------------------------------------------------------------
4. Shire Plc 2.17
--------------------------------------------------------------------------------
5. Suntory Beverage & Food, Ltd.* 2.07
--------------------------------------------------------------------------------
6. BG Group Plc 1.82
--------------------------------------------------------------------------------
7. AXA SA 1.80
--------------------------------------------------------------------------------
8. Fujitsu, Ltd. 1.77
--------------------------------------------------------------------------------
9. Aon Plc* 1.77
--------------------------------------------------------------------------------
10. ACE, Ltd. 1.76
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments.
The portfolio is actively managed, and current holdings may be different.
The holdings listed should not be considered recommendations to buy or sell
any security listed.
10 Pioneer International Value Fund | Semiannual Report | 5/31/14
Prices and Distributions | 5/31/14
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 5/31/14 11/30/13
--------------------------------------------------------------------------------
A $23.00 $22.49
--------------------------------------------------------------------------------
B $20.84 $20.30
--------------------------------------------------------------------------------
C $20.36 $19.91
--------------------------------------------------------------------------------
Y $23.03 $22.56
--------------------------------------------------------------------------------
Distributions per Share: 12/1/13-5/31/14
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-Term Long-Term
Class Dividends Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.4990 $ -- $ --
--------------------------------------------------------------------------------
B $0.2787 $ -- $ --
--------------------------------------------------------------------------------
C $0.3423 $ -- $ --
--------------------------------------------------------------------------------
Y $0.5862 $ -- $ --
--------------------------------------------------------------------------------
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 12-15.
Pioneer International Value Fund | Semiannual Report | 5/31/14 11
Performance Update | 5/31/14 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 Value 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 May 31, 2014)
--------------------------------------------------------------------------------
Net Public MSCI
Asset Offering EAFE
Value Price ND
Period (NAV) (POP) Index
--------------------------------------------------------------------------------
10 Years 5.43% 4.81% 7.06%
5 Years 8.28 7.01 11.43
1 Year 13.97 7.41 18.04
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
1.69% 1.45%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer International
Value Fund MSCI EAFE ND Index
5/31/2004 9,425.00 10,000.00
5/31/2005 10,558.00 11,462.00
5/31/2006 13,822.00 14,699.00
5/31/2007 17,345.00 18,645.00
5/31/2008 16,790.00 18,173.00
5/31/2009 10,746.00 11,520.00
5/31/2010 10,889.00 12,282.00
5/31/2011 13,881.00 16,016.00
5/31/2012 10,957.00 12,736.00
5/31/2013 14,034.00 16,762.00
5/31/2014 15,995.00 19,787.00
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, 2015, 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.
12 Pioneer International Value Fund | Semiannual Report | 5/31/14
Performance Update | 5/31/14 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class B shares of Pioneer International Value 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 May 31, 2014)
--------------------------------------------------------------------------------
MSCI
EAFE
If If ND
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 4.49% 4.49% 7.06%
5 Years 7.32 7.32 11.43
1 Year 12.97 8.97 18.04
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
3.30% 2.35%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer International
Value Fund MSCI EAFE ND Index
5/31/2004 10,000.00 10,000.00
5/31/2005 11,093.00 11,462.00
5/31/2006 14,392.00 14,699.00
5/31/2007 17,902.00 18,645.00
5/31/2008 17,177.00 18,173.00
5/31/2009 10,895.00 11,520.00
5/31/2010 10,939.00 12,282.00
5/31/2011 13,823.00 16,016.00
5/31/2012 10,812.00 12,736.00
5/31/2013 13,729.00 16,762.00
5/31/2014 15,510.00 19,787.00
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). The maximum CDSC for Class B shares is 4% and declines over five years.
For more complete information, please see the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2015, for Class B 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 taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer International Value Fund | Semiannual Report | 5/31/14 13
Performance Update | 5/31/14 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 Value 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 May 31, 2014)
--------------------------------------------------------------------------------
MSCI
EAFE
If If ND
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 4.53% 4.53% 7.06%
5 Years 7.31 7.31 11.43
1 Year 12.92 12.92 18.04
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
2.41% 2.35%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer International
Value Fund MSCI EAFE ND Index
5/31/2004 10,000.00 10,000.00
5/31/2005 11,115.00 11,462.00
5/31/2006 14,431.00 14,699.00
5/31/2007 17,990.00 18,645.00
5/31/2008 17,276.00 18,173.00
5/31/2009 10,947.00 11,520.00
5/31/2010 10,992.00 12,282.00
5/31/2011 13,889.00 16,016.00
5/31/2012 10,867.00 12,736.00
5/31/2013 13,795.00 16,762.00
5/31/2014 15,578.00 19,787.00
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. "If Held"
results represent the percent change in net asset value per share. Returns would
have been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2015, 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.
14 Pioneer International Value Fund | Semiannual Report | 5/31/14
Performance Update | 5/31/14 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 Value 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 May 31, 2014)
--------------------------------------------------------------------------------
MSCI
EAFE
If If ND
Period Held Redeemed Index
--------------------------------------------------------------------------------
10 Years 5.67% 5.67% 7.06%
5 Years 8.74 8.74 11.43
1 Year 14.45 14.45 18.04
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2014)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.04%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer International
Value Fund MSCI EAFE ND Index
5/31/2004 5,000,000.00 5,000,000.00
5/31/2005 5,602,288.00 5,731,053.50
5/31/2006 7,334,405.00 7,349,685.50
5/31/2007 9,203,570.00 9,322,411.00
5/31/2008 8,909,105.00 9,086,382.00
5/31/2009 5,708,848.00 5,760,022.00
5/31/2010 5,807,065.00 6,140,944.00
5/31/2011 7,439,947.00 8,008,224.00
5/31/2012 5,896,383.00 6,367,777.00
5/31/2013 7,582,931.00 8,381,093.50
5/31/2014 8,678,507.00 9,893,297.00
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.
Pioneer International Value Fund | Semiannual Report | 5/31/14 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer International Value Fund
Based on actual returns from December 1, 2013 through May 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 12/1/13
--------------------------------------------------------------------------------
Ending Account $1,045.50 $1,040.60 $1,040.20 $1,047.60
Value (after expenses)
on 5/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.39 $ 11.96 $ 11.95 $ 5.21
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.45%, 2.35%,
2.35% and 1.02% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/365 (to reflect the one-half year period).
16 Pioneer International Value Fund | Semiannual Report | 5/31/14
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), or redemption fees that are charged at the time of the
transaction. Therefore, the table below is useful in comparing ongoing costs
only and will not help you determine the relative total costs of owning
different funds. In addition, if these transaction costs were included, your
costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer International Value Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from December 1, 2013 through May 31, 2014.
--------------------------------------------------------------------------------
Share Class A B C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 12/1/13
--------------------------------------------------------------------------------
Ending Account $1,017.70 $1,013.21 $1,013.21 $1,019.85
Value (after expenses)
on 5/31/14
--------------------------------------------------------------------------------
Expenses Paid $ 7.29 $ 11.80 $ 11.80 $ 5.14
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.45%, 2.35%,
2.35% and 1.02% for Class A, Class B, Class C and Class Y shares,
respectively, multiplied by the average account value over the period,
multiplied by 182/365 (to reflect the one-half year period).
Pioneer International Value Fund | Semiannual Report | 5/31/14 17
Schedule of Investments | 5/31/14 (unaudited)
---------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------
COMMON STOCKS -- 97.0%
ENERGY -- 7.5%
Integrated Oil & Gas -- 6.1%
268,400 BG Group Plc $ 5,496,263
111,800 Eni S.p.A. 2,851,087
103,700 Royal Dutch Shell Plc 4,080,559
94,000 Total SA 6,602,400
-------------
$ 19,030,309
---------------------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 1.4%
69,200 Gulfport Energy Corp.* $ 4,257,876
-------------
Total Energy $ 23,288,185
---------------------------------------------------------------------------------------------
MATERIALS -- 10.2%
Commodity Chemicals -- 1.6%
416,800 Kuraray Co., Ltd. $ 5,026,073
---------------------------------------------------------------------------------------------
Diversified Chemicals -- 2.6%
38,500 BASF SE $ 4,434,079
1,430,400 Incitec Pivot, Ltd. 3,656,416
-------------
$ 8,090,495
---------------------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 1.4%
11,600 Syngenta AG $ 4,469,041
---------------------------------------------------------------------------------------------
Specialty Chemicals -- 1.5%
103,800 Croda International Plc $ 4,585,373
---------------------------------------------------------------------------------------------
Paper Packaging -- 1.7%
535,400 Amcor, Ltd. $ 5,281,685
---------------------------------------------------------------------------------------------
Diversified Metals & Mining -- 1.4%
127,000 BHP Billiton, Ltd. $ 4,312,610
-------------
Total Materials $ 31,765,277
---------------------------------------------------------------------------------------------
CAPITAL GOODS -- 15.1%
Aerospace & Defense -- 1.1%
195,800 Rolls-Royce Holdings Plc $ 3,416,956
26,237,200 Rolls-Royce Holdings Plc* 43,988
-------------
$ 3,460,944
---------------------------------------------------------------------------------------------
Building Products -- 1.4%
71,500 Daikin Industries, Ltd. $ 4,293,703
---------------------------------------------------------------------------------------------
Electrical Components & Equipment -- 3.1%
671,100 Hitachi, Ltd. $ 4,543,455
55,200 Schneider Electric SA 5,216,487
-------------
$ 9,759,942
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer International Value Fund | Semiannual Report | 5/31/14
---------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------
Heavy Electrical Equipment -- 1.0%
129,700 ABB, Ltd. $ 3,086,257
---------------------------------------------------------------------------------------------
Industrial Conglomerates -- 3.8%
538,700 Keppel Corp., Ltd. $ 4,567,514
129,100 Koninklijke Philips NV 4,081,933
23,400 Siemens AG 3,109,377
-------------
$ 11,758,824
---------------------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 1.6%
150,100 Komatsu, Ltd. $ 3,284,147
115,000 Kubota Corp. 1,580,682
-------------
$ 4,864,829
---------------------------------------------------------------------------------------------
Industrial Machinery -- 3.1%
112,500 GEA Group AG $ 4,839,031
214,900 Nabtesco Corp. 4,678,984
-------------
$ 9,518,015
-------------
Total Capital Goods $ 46,742,514
---------------------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 6.4%
Auto Parts & Equipment -- 0.7%
344,200 GKN Plc $ 2,267,868
---------------------------------------------------------------------------------------------
Tires & Rubber -- 2.3%
92,400 Bridgestone Corp. $ 3,354,466
30,200 Cie Generale des Etablissements Michelin 3,732,465
-------------
$ 7,086,931
---------------------------------------------------------------------------------------------
Automobile Manufacturers -- 3.4%
41,200 Daimler AG $ 3,916,553
116,900 Honda Motor Co., Ltd. 4,107,828
554,700 Tata Motors, Ltd. 2,421,832
-------------
$ 10,446,213
-------------
Total Automobiles & Components $ 19,801,012
---------------------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 3.5%
Homebuilding -- 1.9%
383,200 Sekisui Chemical Co., Ltd. $ 4,175,958
120,800 West Holdings Corp. 1,859,091
-------------
$ 6,035,049
---------------------------------------------------------------------------------------------
Apparel, Accessories & Luxury Goods -- 1.4%
31,800 PVH Corp. $ 4,185,834
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Semiannual Report | 5/31/14 19
Schedule of Investments | 5/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------
Textiles -- 0.2%
400,000 Pacific Textiles Holdings, Ltd. $ 490,205
-------------
Total Consumer Durables & Apparel $ 10,711,088
---------------------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.0%
Restaurants -- 1.0%
317,400 Domino's Pizza Group Plc $ 2,996,396
-------------
Total Consumer Services $ 2,996,396
---------------------------------------------------------------------------------------------
RETAILING -- 0.8%
Apparel Retail -- 0.8%
61,100 Hennes & Mauritz AB $ 2,586,084
-------------
Total Retailing $ 2,586,084
---------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 3.6%
Drug Retail -- 1.5%
99,700 Sundrug Co., Ltd. $ 4,489,208
---------------------------------------------------------------------------------------------
Food Retail -- 2.1%
39,500 Casino Guichard Perrachon SA $ 5,095,467
85,738 Koninklijke Ahold NV 1,559,793
-------------
$ 6,655,260
-------------
Total Food & Staples Retailing $ 11,144,468
---------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 4.0%
Soft Drinks -- 2.0%
163,000 Suntory Beverage & Food, Ltd.* $ 6,236,295
---------------------------------------------------------------------------------------------
Packaged Foods & Meats -- 2.0%
53,900 Danone SA $ 4,018,110
19,700 Keurig Green Mountain, Inc. 2,221,766
-------------
$ 6,239,876
-------------
Total Food, Beverage & Tobacco $ 12,476,171
---------------------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.1%
Household Products -- 3.1%
45,700 Henkel AG & Co. KGaA $ 4,636,302
83,300 Unicharm Corp. 5,067,581
-------------
$ 9,703,883
-------------
Total Household & Personal Products $ 9,703,883
---------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 1.5%
Health Care Services -- 1.5%
31,700 Fresenius SE & Co. KGaA $ 4,730,282
-------------
Total Health Care Equipment & Services $ 4,730,282
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer International Value Fund | Semiannual Report | 5/31/14
---------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY
& LIFE SCIENCES -- 8.2%
Pharmaceuticals -- 6.6%
83,400 Novartis AG $ 7,498,726
22,406 Roche Holding AG 6,615,032
113,600 Shire Plc 6,546,775
-------------
$ 20,660,533
---------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 1.6%
73,300 Gerresheimer AG $ 4,936,842
-------------
Total Pharmaceuticals, Biotechnology & Life Sciences $ 25,597,375
---------------------------------------------------------------------------------------------
BANKS -- 6.0%
Diversified Banks -- 6.0%
366,408 Banco Bilbao Vizcaya Argentaria SA $ 4,703,417
889,825 Barclays Plc 3,687,514
24,300 BNP Paribas SA 1,704,189
304,600 Mitsubishi UFJ Financial Group, Inc. 1,725,864
341,000 Nordea Bank AB 5,037,637
41,400 Sumitomo Mitsui Financial Group, Inc. 1,681,678
-------------
$ 18,540,299
-------------
Total Banks $ 18,540,299
---------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 0.7%
Diversified Capital Markets -- 0.7%
115,000 UBS AG $ 2,309,953
-------------
Total Diversified Financials $ 2,309,953
---------------------------------------------------------------------------------------------
INSURANCE -- 6.8%
Insurance Brokers -- 1.7%
59,300 Aon Plc* $ 5,333,442
---------------------------------------------------------------------------------------------
Multi-line Insurance -- 3.4%
29,300 Allianz SE* $ 4,970,523
219,800 AXA SA 5,434,187
-------------
$ 10,404,710
---------------------------------------------------------------------------------------------
Property & Casualty Insurance -- 1.7%
51,200 ACE, Ltd. $ 5,309,952
-------------
Total Insurance $ 21,048,104
---------------------------------------------------------------------------------------------
REAL ESTATE -- 4.1%
Diversified REIT -- 2.3%
2,119,472 Hibernia Real Estate
Investment Trust plc* $ 3,038,734
45,100 Wereldhave NV 4,022,710
-------------
$ 7,061,444
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Semiannual Report | 5/31/14 21
Schedule of Investments | 5/31/14 (unaudited) (continued)
---------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------
Industrial REIT -- 0.7%
485,100 Goodman Group $ 2,295,928
---------------------------------------------------------------------------------------------
Real Estate Operating Companies -- 1.1%
205,600 GAGFAH SA* $ 3,429,295
-------------
Total Real Estate $ 12,786,667
---------------------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 1.7%
IT Consulting & Other Services -- 1.7%
782,000 Fujitsu, Ltd. $ 5,333,581
-------------
Total Software & Services $ 5,333,581
---------------------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 3.8%
Electronic Components -- 3.8%
108,800 Hoya Corp. $ 3,386,694
56,600 Murata Manufacturing Co., Ltd. 4,825,780
295,000 Yaskawa Electric Corp. 3,643,849
-------------
$ 11,856,323
-------------
Total Technology Hardware & Equipment $ 11,856,323
---------------------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.6%
Semiconductors -- 1.6%
306,000 MediaTek, Inc. $ 4,946,178
-------------
Total Semiconductors & Semiconductor Equipment $ 4,946,178
---------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 4.6%
Integrated Telecommunication Services -- 2.3%
44,186 Verizon Communications, Inc. $ 2,205,370
101,931 Verizon Communications, Inc. 5,092,473
-------------
$ 7,297,843
---------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 2.3%
52,000 SoftBank Corp. $ 3,787,447
916,418 Vodafone Group Plc 3,216,487
-------------
$ 7,003,934
-------------
Total Telecommunication Services $ 14,301,777
---------------------------------------------------------------------------------------------
UTILITIES -- 2.8%
Electric Utilities -- 1.6%
59,700 Red Electrica Corp SA $ 5,122,882
---------------------------------------------------------------------------------------------
Water Utilities -- 1.2%
3,333,400 Guangdong Investment, Ltd. $ 3,701,897
-------------
Total Utilities $ 8,824,779
---------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer International Value Fund | Semiannual Report | 5/31/14
---------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $262,519,382) $ 301,490,396
---------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 97.0%
(Cost $262,519,382) (a) (b) $ 301,490,396
---------------------------------------------------------------------------------------------
OTHER ASSETS & LIABILITIES -- 3.0% $ 9,149,671
---------------------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 310,640,067
=============================================================================================
WRITTEN CALL OPTIONS -- (0.0%)+
FOOD, BEVERAGE & TOBACCO -- (0.0%)+
Packaged Foods & Meats -- (0.0%)+
(33) Green Mountain Coffee Roasters, Inc. $ (16,500)
-------------
Total Food, Beverage & Tobacco $ (16,500)
---------------------------------------------------------------------------------------------
TOTAL WRITTEN CALL OPTIONS
(Cost $(42,800)) $ (16,500)
---------------------------------------------------------------------------------------------
+ Amount rounds to less than (0.1%).
* Non-income producing security.
REIT Real Estate Investment Trust.
(a) At May 31, 2014, the net unrealized appreciation on investments
based on cost for federal income tax purposes of $263,346,964 was
as follows:
Aggregate gross unrealized appreciation for all investments
in which there is an excess of value over tax cost $ 46,278,311
Aggregate gross unrealized depreciation for all investments in which
there is an excess of tax cost over value (8,134,879)
------------
Net unrealized appreciation $ 38,143,432
============
(b) Distributions of investments by country of issue (excluding temporary
cash investments) as a percentage of total investment in securities,
is as follows:
Japan 25.6%
Germany 11.8
United Kingdom 11.7
France 10.5
Switzerland 9.7
United States 6.0
Australia 5.2
Spain 3.3
Netherlands 3.2
Sweden 2.5
Jersey Channel Islands 2.2
Taiwan 1.6
Singapore 1.5
Hong Kong 1.2
Luxembourg 1.1
Ireland 1.0
Other (individually less than 1%) 1.9
-----
100.0%
=====
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Semiannual Report | 5/31/14 23
Schedule of Investments | 5/31/14 (unaudited) (continued)
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended May 31, 2014 aggregated $116,882,173 and $137,943,547
respectively.
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 -- quoted prices in active markets for identical securities.
Level 2 -- other significant observable inputs (Including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.) See Notes to Financial Statements -- 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.
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services or broker-dealers)
are categorized as Level 3. See Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of May 31, 2014, in valuing the
Fund's investments:
--------------------------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------------------------------
Common Stocks*
Energy
Oil & Gas Exploration
& Production $ 4,257,876 $ -- $ -- $ 4,257,876
Consumer Durables & Apparel
Apparel, Accessories &
Luxury Goods 4,185,834 -- -- 4,185,834
Food, Beverage & Tobacco
Packaged Foods & Meats 2,221,766 -- -- 2,221,766
Insurance
Insurance Brokers 5,333,442 -- -- 5,333,442
Property & Casualty Insurance 5,309,952 -- -- 5,309,952
Telecommunication Services
Integrated Telecommunication
Services 5,092,473 -- -- 5,092,473
All Other Common Stocks -- 275,089,053 -- 275,089,053
--------------------------------------------------------------------------------------------------------
Total $ 26,401,343 $ 275,089,053 $ -- $ 301,490,396
========================================================================================================
Other Financial Instruments
Net unrealized appreciation
on written options 26,300 -- -- 26,300
Net unrealized depreciation
on forward foreign currency
contracts -- (326) -- (326)
--------------------------------------------------------------------------------------------------------
Total Other Financial
Instruments $ 26,300 $ (326) $ -- $ 25,974
========================================================================================================
* Level 2 securities are valued by independent pricing services using fair
value factors.
During the six months ended May 31, 2014, there were no transfers between Levels
1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
24 Pioneer International Value Fund | Semiannual Report | 5/31/14
Statement of Assets and Liabilities | 5/31/14 (unaudited)
ASSETS:
Investment in securities (cost $262,519,382) $ 301,490,396
Cash 7,493,860
Foreign currencies, at value (cost $351,054) 351,034
Receivables --
Fund shares sold 48,799
Dividends and foreign taxes withheld 1,787,524
Interest 12,264
Prepaid expenses 34,230
--------------------------------------------------------------------------------------
Total assets $ 311,218,107
======================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 336,030
Fund shares repurchased 70,254
Dividends 124
Trustee fees 1,662
Written options (premiums received $42,800) 16,500
Net unrealized depreciation on forward foreign currency contracts 326
Due to affiliates 70,328
Due from Pioneer Investment Management, Inc. 15,103
Accrued expenses 67,713
--------------------------------------------------------------------------------------
Total liabilities $ 578,040
======================================================================================
NET ASSETS:
Paid-in capital $ 399,395,705
Undistributed net investment income 7,877,928
Accumulated net realized loss on investments and foreign
currency transactions (135,640,134)
Net unrealized appreciation on investments 38,971,014
Net unrealized appreciation on written options 26,300
Net unrealized appreciation on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 9,254
--------------------------------------------------------------------------------------
Total net assets $ 310,640,067
======================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $88,116,842/3,831,922 shares) $ 23.00
Class B (based on $2,535,145/121,653 shares) $ 20.84
Class C (based on $11,500,505/564,785 shares) $ 20.36
Class Y (based on $208,487,575/9,052,894 shares) $ 23.03
MAXIMUM OFFERING PRICE:
Class A ($23.00 (divided by) 94.25%) $ 24.40
======================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Semiannual Report | 5/31/14 25
Statement of Operations (unaudited)
For the Six Month Ended 5/31/14
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $519,925) $ 10,823,029
Interest 1,096
-----------------------------------------------------------------------------------------
Total investment income $ 10,824,125
-----------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 1,356,631
Transfer agent fees and expenses
Class A 136,095
Class B 16,243
Class C 16,443
Class Y 438
Distribution fees
Class A 107,708
Class B 13,648
Class C 55,276
Shareholder communications expense 101,272
Administrative reimbursement 60,557
Custodian fees 35,675
Registration fees 31,815
Professional fees 37,460
Printing expense 16,187
Fees and expenses of nonaffiliated Trustees 5,704
Miscellaneous 9,090
-----------------------------------------------------------------------------------------
Total expenses $ 2,000,242
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (100,202)
-----------------------------------------------------------------------------------------
Net expenses $ 1,900,040
-----------------------------------------------------------------------------------------
Net investment income $ 8,924,085
-----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS,
WRITTEN OPTIONS, AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 10,529,707
Written options 245,400
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies 874,647 $ 11,649,754
-----------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments $ (5,606,385)
Written options 21,900
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (815,524) $ (6,400,009)
-----------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 5,249,745
-----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 14,173,830
=========================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer International Value Fund | Semiannual Report | 5/31/14
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------
Six Months
Ended
5/31/14 Year Ended
(unaudited) 11/30/13
------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 8,924,085 $ 4,963,376
Net realized gain (loss) on investments, written options
and foreign currency transactions 11,649,754 33,556,958
Change in net unrealized appreciation (depreciation) on
investments, written options and foreign
currency transactions (6,400,009) 27,936,203
------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 14,173,830 $ 66,456,537
------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.50 and $0.32 per share, respectively) $ (1,912,284) $ (1,303,856)
Class B ($0.28 and $0.13 per share, respectively) (41,082) (31,192)
Class C ($0.34 and $0.18 per share, respectively) (190,075) (106,135)
Class Y ($0.59 and $0.41 per share, respectively) (5,869,819) (4,720,129)
------------------------------------------------------------------------------------------
Total distributions to shareowners $ (8,013,260) $ (6,161,312)
------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 12,222,860 $ 25,441,277
Reinvestment of distributions 4,707,493 4,183,759
Cost of shares repurchased (37,510,098) (70,825,484)
------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (20,579,745) $ (41,200,448)
------------------------------------------------------------------------------------------
Net increase (decrease) in net assets $ (14,419,175) $ 19,094,777
NET ASSETS:
Beginning of period 325,059,242 305,964,465
------------------------------------------------------------------------------------------
End of period $ 310,640,067 $ 325,059,242
------------------------------------------------------------------------------------------
Undistributed net investment income $ 7,877,928 $ 6,967,103
==========================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Semiannual Report | 5/31/14 27
Statements of Changes in Net Assets (continued)
-----------------------------------------------------------------------------------------
'14 Shares '14 Amount
(unaudited) (unaudited) '13 Shares '13 Amount
-----------------------------------------------------------------------------------------
Class A
Shares sold 200,111 $ 4,611,274 403,715 $ 8,332,086
Reinvestment of distributions 80,979 1,812,307 64,674 1,235,232
Less shares repurchased (299,420) (6,683,365) (677,810) (13,923,598)
-----------------------------------------------------------------------------------------
Net decrease (18,330) $ (259,784) (209,421) $ (4,356,280)
=========================================================================================
Class B
Shares sold or exchanged 4,669 $ 95,991 9,005 $ 172,833
Reinvestment of distributions 1,987 40,465 1,756 30,472
Less shares repurchased (38,105) (770,480) (98,308) (1,818,162)
-----------------------------------------------------------------------------------------
Net decrease (31,449) $ (634,024) (87,547) $ (1,614,857)
=========================================================================================
Class C
Shares sold 69,464 $ 1,372,259 87,071 $ 1,610,139
Reinvestment of distributions 8,830 175,627 5,859 99,898
Less shares repurchased (57,312) (1,126,896) (147,362) (2,701,419)
-----------------------------------------------------------------------------------------
Net increase
(decrease) 20,982 $ 420,990 (54,432) $ (991,382)
=========================================================================================
Class Y
Shares sold 275,207 $ 6,143,336 745,049 $ 15,326,219
Reinvestment of distributions 119,763 2,679,094 147,625 2,818,157
Less shares repurchased (1,292,818) (28,929,357) (2,484,552) (52,382,305)
-----------------------------------------------------------------------------------------
Net decrease (897,848) $ (20,106,927) (1,591,878) $ (34,237,929)
=========================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer International Value Fund | Semiannual Report | 5/31/14
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/14 Ended Ended Ended Ended Ended
(unaudited) 11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 22.49 $ 18.67 $ 17.99 $ 18.72 $ 19.16 $ 14.15
------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.60 $ 0.27 $ 0.36 $ 0.37 $ 0.24 $ 0.14
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.41 3.87 0.58 (0.88) (0.61) 5.01
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.01 $ 4.14 $ 0.94 $ (0.51) $ (0.37) $ 5.15
------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.50) $ (0.32) $ (0.26) $ (0.22) $ (0.07) $ (0.14)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.51 $ 3.82 $ 0.68 $ (0.73) $ (0.44) $ 5.01
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.00 $ 22.49 $ 18.67 $ 17.99 $ 18.72 $ 19.16
==============================================================================================================================
Total return* 4.55% 22.50% 5.38% (2.84)% (1.94)% 36.72%
Ratio of net expenses to average net assets 1.45%** 1.45% 1.45% 1.45% 1.45% 1.52%
Ratio of net investment income to average net assets 5.34%** 1.26% 1.89% 1.80% 1.18% 0.97%
Portfolio turnover rate 75%** 101% 61% 66% 66% 54%
Net assets, end of period (in thousands) $88,117 $86,602 $75,784 $79,559 $89,145 $106,263
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.65%** 1.69% 1.82% 1.77% 1.76% 2.10%
Net investment income 5.14%** 1.02% 1.53% 1.48% 0.86% 0.39%
==============================================================================================================================
* 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.
** Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Semiannual Report | 5/31/14 29
Financial Highlights (continued)
--------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/14 Ended Ended Ended Ended Ended
(unaudited) 11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
--------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 20.30 $ 16.85 $ 16.17 $ 16.82 $ 17.31 $ 12.77
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.53 $ 0.18 $ 0.30 $ 0.31 $ 0.09 $ (0.05)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.29 3.40 0.43 (0.94) (0.58) 4.59#
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.82 $ 3.58 $ 0.73 $ (0.63) $ (0.49) $ 4.54
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.28) $ (0.13) $ (0.05) $ (0.02) $ -- $ --
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.54 $ 3.45 $ 0.68 $ (0.65) $ (0.49) $ 4.54
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.84 $ 20.30 $ 16.85 $ 16.17 $ 16.82 $ 17.31
================================================================================================================================
Total return* 4.06% 21.40% 4.52% (3.74)% (2.83)% 35.55%
Ratio of net expenses to average net assets 2.35%** 2.35% 2.35% 2.35% 2.35% 2.40%
Ratio of net investment income (loss) to average net assets 4.24%** 0.35% 0.95% 0.85% 0.26% (0.06)%
Portfolio turnover rate 75%** 101% 61% 66% 66% 54%
Net assets, end of period (in thousands) $ 2,535 $ 3,108 $ 4,054 $ 5,987 $ 9,790 $ 14,538
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 3.38%** 3.30% 3.24% 2.94% 2.88% 3.05%
Net investment income (loss) 3.21%** (0.60)% 0.06% 0.26% (0.27)% (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.
** Annualized.
# The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
The accompanying notes are an integral part of these financial statements.
30 Pioneer International Value Fund | Semiannual Report | 5/31/14
--------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/14 Ended Ended Ended Ended Ended
(unaudited) 11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
--------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 19.91 $ 16.57 $ 15.97 $ 16.64 $ 17.12 $ 12.64
--------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.42 $ 0.08 $ 0.18 $ 0.19 $ 0.06 $ (0.05)
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.37 3.44 0.53 (0.80) (0.54) 4.53#
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 0.79 $ 3.52 $ 0.71 $ (0.61) $ (0.48) $ 4.48
--------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.34) $ (0.18) $ (0.11) $ (0.06) $ -- $ --
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.45 $ 3.34 $ 0.60 $ (0.67) $ (0.48) $ 4.48
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.36 $ 19.91 $ 16.57 $ 15.97 $ 16.64 $ 17.12
================================================================================================================================
Total return* 4.02% 21.43% 4.48% (3.71)% (2.80)% 35.44%
Ratio of net expenses to average net assets 2.35%** 2.35% 2.35% 2.35% 2.35% 2.40%
Ratio of net investment income (loss) to average net assets 4.44%** 0.36% 0.99% 0.90% 0.26% (0.04)%
Portfolio turnover rate 75%** 101% 61% 66% 66% 54%
Net assets, end of period (in thousands) $11,500 $10,826 $ 9,910 $10,523 $ 12,126 $ 14,839
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 2.38%** 2.41% 2.63% 2.52% 2.58% 2.74%
Net investment income (loss) 4.41%** 0.30% 0.71% 0.73% 0.02% (0.38)%
================================================================================================================================
* 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.
** Annualized.
# The amount shown for a share outstanding does not correspond with the
aggregate gain on investments for the period due to the timing of sales and
repurchases of shares in relation to fluctuating market values of the
investments of the Fund.
The accompanying notes are an integral part of these financial statements.
Pioneer International Value Fund | Semiannual Report | 5/31/14 31
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year 4/16/09 (a)
5/31/14 Ended Ended Ended Ended to
(unaudited) 11/30/13 11/30/12 11/30/11 11/30/10 11/30/09
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 22.56 $ 18.73 $ 18.07 $ 18.80 $ 19.22 $ 14.11
------------------------------------------------------------------------------------------------------------------------------------
Increase from investment operations:
Net investment income $ 0.68 $ 0.37 $ 0.41 $ 0.44 $ 0.30 $ 0.10
Net realized and unrealized gain (loss) on investments
and foreign currency transactions 0.38 3.87 0.60 (0.87) (0.59) 5.01
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.06 $ 4.24 $ 1.01 $ (0.43) $ (0.29) $ 5.11
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.59) $ (0.41) $ (0.35) $ (0.30) $ (0.13) $ --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 0.47 $ 3.83 $ 0.66 $ (0.73) $ (0.42) $ 5.11
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 23.03 $ 22.56 $ 18.73 $ 18.07 $ 18.80 $ 19.22
====================================================================================================================================
Total return* 4.76% 23.02% 5.79% (2.39)% (1.51)% 36.22%(b)
Ratio of net expenses to average net assets 1.02%** 1.04% 1.01% 1.01% 1.01% 1.01%**
Ratio of net investment income to average net assets 5.77%** 1.69% 2.35% 2.26% 1.63% 1.10%**
Portfolio turnover rate 75%** 101% 61% 66% 66% 54%(b)
Net assets, end of period (in thousands) $208,488 $224,523 $216,217 $189,321 $195,147 $ 195,132
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses 1.02%** 1.04% 1.01% 1.01% 1.01% 1.01%**
Net investment income 5.77%** 1.69% 2.35% 2.26% 1.63% 1.10%**
====================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
(a) Class Y shares were first publicly offered on April 16, 2009.
(b) Not annualized.
The accompanying notes are an integral part of these financial statements.
32 Pioneer International Value Fund | Semiannual Report | 5/31/14
Notes to Financial Statements | 5/31/14 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer International Value Fund (the Fund) is the sole portfolio comprising
Pioneer Series Trust VIII, a Delaware statutory trust. The Fund is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is long-term growth of
capital.
The Fund offers four classes of shares designated as Class A, Class B, Class C
and Class Y shares. Class Y shares were first publicly offered on April 16,
2009. Effective as of the close of business on December 31, 2009, Class B shares
are no longer offered to new or existing shareholders, except that dividends
and/or capital gain distributions may continue to be reinvested in Class B
shares, and shareholders may exchange their Class B shares for Class B shares of
other Pioneer funds, as permitted by existing exchange privileges. Each class of
shares represents an interest in the same portfolio of investments of the Fund
and has identical rights (based on relative net asset values) to assets and
liquidation proceeds. Share classes can bear different rates of class-specific
fees and expenses such as transfer agent and distribution fees. Differences in
class-specific fees and expenses will result in differences in net investment
income and, therefore, the payment of different dividends from net investment
income earned by each class. The Amended and Restated Declaration of Trust of
the Fund gives the Board the flexibility to specify either per-share voting or
dollar-weighted voting when submitting matters for shareholder approval. Under
per-share voting, each share of a class of the Fund is entitled to one vote.
Under dollar-weighted voting, a shareholder's voting power is determined not by
the number of shares owned, but by the dollar value of the shares on the record
date. Each share class has exclusive voting rights with respect to matters
affecting only that class, including with respect to the distribution plan for
that class. There is no distribution plan for Class Y shares. Class B shares
convert to Class A shares approximately eight years after the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gain or loss on investments during the reporting period.
Actual results could differ from those estimates.
Pioneer International Value Fund | Semiannual Report | 5/31/14 33
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In
computing the net asset value, securities that have traded on an exchange
are valued using the last sale price on the principal exchange where they
are traded. Securities that have not traded on the date of valuation, or
securities for which sale prices are not available, generally are valued
using the mean between the last bid and asked prices. Short-term fixed
income securities with remaining maturities of sixty days or less generally
are valued at amortized cost. Shares of money market mutual funds are
valued at such funds' net asset value.
The Fund invests primarily in securities of non-U.S. issuers. The principal
exchanges and markets for such securities have closing times prior to the
close of the NYSE. However, the value of these securities may be influenced
by changes in global markets occurring after the closing times of the local
exchanges and markets up to the time the Fund determines its net asset
value. Consequently, the Board of Trustees of the Fund has determined that
daily adjustments to the valuation of securities of non-U.S. issuers by
utilizing an independent pricing service that supplies an appropriate fair
value factor is appropriate for the Fund.
Securities for which independent pricing services are unable to supply
prices or for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued by a fair valuation
team comprised of certain personnel of Pioneer Investment Management, Inc.
(PIM), the Fund's investment adviser, pursuant to procedures adopted by the
Fund's 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 value 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
34 Pioneer International Value Fund | Semiannual Report | 5/31/14
disasters, terrorist activity or trading halts. Thus, the valuation of the
Fund's securities may differ significantly from exchange prices and such
differences could be material.
At May 31, 2014, there were no securities valued using fair value methods
(other than securities valued using prices supplied by independent pricing
services or broker-dealers).
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence. Interest income, including
interest on income-bearing cash accounts, is recorded on the accrual basis.
Dividend and interest income are reported net of unrecoverable foreign
taxes withheld at the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually
received. Further, the effects of changes in foreign currency exchange
rates on investments are not segregated in the Statement of Operations from
the effects of changes in the market prices of those securities but are
included with the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized appreciation or depreciation
are recorded in the Fund's financial statements. The Fund records realized
gains and losses at the time a contract is offset by entry into a closing
transaction or extinguished by delivery of the currency. Risks may arise
upon entering into these contracts from the potential inability of
counterparties to meet the terms of the contract and from unanticipated
movements in the value of foreign currencies relative to the U.S. dollar
(see Note 6).
Pioneer International Value Fund | Semiannual Report | 5/31/14 35
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no provision for federal income taxes is required.
As of November 30, 2013, 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 the requirements of the Internal Revenue Code, the Fund may
also be required to pay local taxes on the recognition of capital gains
and/or the repatriation of foreign currencies in certain countries. During
the six months ended May 31, 2014, the Fund paid no such taxes.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. generally accepted accounting principles.
Distributions in excess of net investment income or net realized gains are
temporary overdistributions for financial statement purposes resulting from
differences in the recognition or classification of income or distributions
for financial statement and tax purposes. Capital accounts within the
financial statements are adjusted for permanent book/tax differences to
reflect tax character, but are not adjusted for temporary differences.
The tax character of current year distributions payable will be determined
at the end of the current taxable year. The tax character of distributions
paid during the years ended November 30, 2013 was as follows:
---------------------------------------------------------------------------
2013
---------------------------------------------------------------------------
Distribution paid from:
Ordinary income $6,161,312
---------------------------------------------------------------------------
Total $6,161,312
===========================================================================
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2013:
---------------------------------------------------------------------------
2013
---------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 8,012,270
Capital loss carryforward (146,690,135)
Net unrealized appreciation 43,761,657
---------------------------------------------------------------------------
Total $ (94,916,208)
===========================================================================
36 Pioneer International Value Fund | Semiannual Report | 5/31/14
The difference between book-basis and tax-basis net unrealized appreciation
is attributable to the tax deferral of losses on wash sales, the
mark-to-market of foreign currency contracts and adjustments relating to
passive foreign investment companies.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the
Fund and a wholly owned indirect subsidiary of UniCredit S.p.A.
(UniCredit), earned $5,645 in underwriting commissions on the sale of Class
A shares during the six months ended May 31, 2014.
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, Class B and Class C shares of the Fund,
respectively (see Note 4). Class Y shares do not pay distribution fees. All
expenses and fees paid to the transfer agent, Pioneer Investment Management
Shareholder Services, Inc. (PIMSS), for its services are allocated among
the classes of shares based on the number of accounts in each class and the
ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time except that net
investment income dividends to Class A, Class B, Class C and Class Y shares
can reflect different transfer agent and distribution expense rates.
G. Risks
Investing in foreign and/or emerging markets securities involves risks
relating to interest rates, currency exchange rates and economic and
political conditions. The Fund may invest a substantial amount of its
assets in issuers located in a limited number of countries and therefore is
susceptible to adverse economic, political or regulatory developments
affecting those countries. At times, the Fund's investments may represent
industries or industry sectors that are interrelated or have common risks,
making the Fund more susceptible to any economic, political, or regulatory
developments or other risks affecting those industries and sectors. The
Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
Pioneer International Value Fund | Semiannual Report | 5/31/14 37
H. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value
of the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The
collateral for all repurchase agreements is held in safekeeping in the
customer-only account of the Fund's custodian or a subcustodian of the
Fund. PIM is responsible for determining that the value of the collateral
remains at least equal to the repurchase price.
I. 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. The use of futures contracts involves, to varying degrees,
elements of market, interest rate, currency exchange rate and counterparty
risks, which may exceed the amounts recognized by the Fund. Changes in
value of the contracts may not directly correlate to the changes in value
of the underlying securities. During the six months ended May 31, 2014 the
Fund had no outstanding futures contracts. There were no open futures
contracts on May 31, 2014.
J. Option Writing
The Fund may write put and covered call options to seek to increase total
return. When an option is written, the Fund receives a premium and becomes
obligated to purchase or sell the underlying security at a fixed price,
upon the exercise of the option. When the Fund writes an option, an amount
equal to the premium received by the Fund is recorded as a liability and is
subsequently adjusted to the current value of the option written. Premiums
received from writing options that expire unexercised are treated by the
Fund on the expiration date as realized gains from investments. The
difference between the premium and the amount paid on effecting a closing
purchase transaction, including brokerage commissions, is also treated as a
realized gain, or, if the premium is less than the amount paid for the
closing purchase
38 Pioneer International Value Fund | Semiannual Report | 5/31/14
transaction, as a realized loss. If a call option is exercised, the premium
is added to the proceeds from the sale of the underlying security in
determining whether the Fund has realized a gain or loss. The Fund as
writer of an option bears the market risk of an unfavorable change in the
price of the security underlying the written option.
The average value of contracts open during the six months ended May 31,
2014 was $55,792. Written put option contracts outstanding at period end
are listed at the end of the Fund's schedule of investments.
The Fund held one written call option contract that was open at May 31,
2014. If the call option had been exercised at May 31, 2014, the maximum
amount the Fund would have been required to pay was $42,800.
Transactions in written call options for the six months ended May 31, 2014
are summarized as follows:
--------------------------------------------------------------------------------------------------
Number of Contracts Premiums Received
--------------------------------------------------------------------------------------------------
Options outstanding at beginning of period 400 $ 245,400
Options opened (33) (42,800)
Options exercised -- --
Options closed -- --
Options expired (400) (245,400)
--------------------------------------------------------------------------------------------------
Options outstanding at beginning of period (33) $ (42,800)
==================================================================================================
K. Purchased Options
The Fund may purchase call and put options in order to seek to increase
total return. Purchased call and put options entitle the Fund to buy and
sell a specified number of shares or units of a particular security,
currency or index at a specified price at a specific date or within a
specific period of time. Upon the purchase of a call or put option, the
premium paid by the Fund is included in the Statement of Assets and
Liabilities as an investment. All premiums are marked-to-market daily, and
any unrealized gains or losses are recorded in the Fund's financial
statements. As the purchaser of an index option, the Fund has the right to
receive a cash payment equal to any depreciation in the value of the index
below the strike price of the option (in the case of a put) or equal to any
appreciation in the value of the index over the strike price of the option
(in the case of a call) as of the valuation date of the option. Premiums
paid for purchased calls and put options which have expired are treated as
realized losses on investments in the Statement of Operations. Upon the
exercise or closing of a purchased put option, the premium is offset
against the proceeds on the sale of the underlying security or financial
instrument in order to determine the realized gain or loss on investments.
Upon the exercise or closing of a purchased call option, the premium is
added to the cost of the
Pioneer International Value Fund | Semiannual Report | 5/31/14 39
security or financial instrument. The risk associated with purchasing
options is limited to the premium originally paid. During the six months
ended May 31, 2014, the Fund had no purchased options.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.85% of
the Fund's average daily net assets up to $500 million and 0.75% of the excess
over $500 million. For the six months ended May 31, 2014, 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 has contractually agreed to limit ordinary operating expenses to the extent
required to reduce Fund expenses to 1.45%, 2.35% and 2.35%, of the average daily
net assets attributable to Class A, Class B and Class C shares, respectively.
Fees waived and expenses reimbursed during the six months ended May 31, 2014 are
reflected on the Statement of Operations. Class Y shares do not have an expense
limitation. These expense limitations are in effect through April 1, 2015. There
can be no assurance that PIM will extend the expense limitation agreement for a
class of shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$26,269 in management fees, administrative costs and certain other
reimbursements payable to PIM at May 31, 2014.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended May 31, 2014, such out-of-pocket expenses by class of
shares were as follows:
--------------------------------------------------------------------------------
Shareholder Communications:
--------------------------------------------------------------------------------
Class A $ 46,942
Class B 2,913
Class C 5,904
Class Y 45,513
--------------------------------------------------------------------------------
Total $101,272
================================================================================
40 Pioneer International Value Fund | Semiannual Report | 5/31/14
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $41,087 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at May 31, 2014.
4. Distribution Plan
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B and Class C
shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average daily net
assets attributable to Class A shares as compensation for personal services
and/or account maintenance services or distribution services with regard to
Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of the
average daily net assets attributable to Class B and Class C shares. The fee for
Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $2,972 in distribution fees payable to PFD at November 30, 2013.
In addition, redemptions of each class of shares (except Class Y shares) may be
subject to a contingent deferred sales charge (CDSC). A CDSC of 1.00% may be
imposed on redemptions of certain net asset value purchases of Class A shares
within 12 months of purchase. Class B shares redeemed within five years of
purchase are subject to a CDSC at declining rates beginning at 4.00%, based on
the lower of cost or market value of shares being redeemed. Redemptions of Class
C shares within 12 months of purchase are subject to a CDSC of 1.00%, based on
the lower of cost or market value of shares being redeemed. Shares purchased as
part of an exchange remain subject to any CDSC that applied to the original
purchase of those shares. There is no CDSC for Class Y shares. Proceeds from the
CDSCs are paid to PFD. For the six months ended May 31, 2014, CDSCs in the
amount of $857 were paid to PFD.
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses, due to interest earned
on cash held by PIMSS. For the six month ended May 31, 2014, the Fund's expenses
were not reduced under such arrangements.
6. Forward Foreign Currency Contracts
At May 31, 2014, the Fund had entered into various forward foreign currency
contracts that obligate the Fund to deliver or take delivery of currencies at
specified future maturity dates. Alternatively, prior to the settlement date of
a forward foreign currency contract, the Fund may close out such contract by
entering into an offsetting contract. The average value of forward foreign
currency contracts open during the six month ended May 31, 2014 was $3,152,844.
Pioneer International Value Fund | Semiannual Report | 5/31/14 41
Open forward foreign currency contracts at May 31, 2014 were as follows:
--------------------------------------------------------------------------------------------
Net
Net In Unrealized
Contracts Exchange Settlement Appreciation
Currency to Deliver For Date Value (Depreciation)
--------------------------------------------------------------------------------------------
JPY (Japanese Yen) (5,609,250) $55,149 6/2/14 $55,122 $ (27)
GBP (British Pound) (36,849) 61,779 6/3/14 61,593 (186)
GBP (British Pound) (25,525) 42,793 6/3/14 42,664 (129)
HKD (Hong Kong Dollar) 991,722 127,898 6/3/14 127,914 16
--------------------------------------------------------------------------------------------
Total $ (326)
============================================================================================
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
credit facility in effect until February 12, 2014 was in the amount of $215
million. As of February 12, 2014, the facility is in the amount of $240 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate (LIBOR) plus 0.90% (0.85% as of
February 12, 2014) on an annualized basis, or the Alternate Base Rate, which is
the greater of (a) the facility's administrative agent's daily announced prime
rate on the borrowing date, (b) 2% plus the Federal Funds Rate on the borrowing
date and (c) 2% plus the overnight Euro dollar rate on the borrowing date. The
Funds pay an annual commitment fee to participate in a credit facility. The
commitment fee is allocated among participating Funds based on an allocation
schedule set forth in the credit agreement. For the six months ended May 31,
2014, the Fund had no outstanding borrowings.
42 Pioneer International Value Fund | Semiannual Report | 5/31/14
8. Assets and Liabilities Offsetting
Financial instruments subject to an enforceable master netting agreement have
been offset on the Statement of Assets and Liabilities. The following charts
show gross assets and liabilities of the Fund as of May 31, 2014.
Assets:
------------------------------------------------------------------------------------------------
Net
Gross Amounts Gross Amounts
Amounts of Assets Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement ------------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Assets Liabilities Liabilities Instruments Received Amount
------------------------------------------------------------------------------------------------
Written options $ -- $ -- $ -- $ -- $ -- $ --
Forward foreign
currency
contracts 16 $(16) -- -- -- --
------------------------------------------------------------------------------------------------
$ 16 $(16) $ -- $ -- $ -- $ --
================================================================================================
Liabilities:
------------------------------------------------------------------------------------------------
Net
Gross Amounts Gross Amounts
Amounts of Assets Not Offset in
Offset Presented the Statement of
in the in the Assets and Liabilities
Gross Statement Statement -----------------------
Amounts of of Assets of Assets Cash
Recognized and and Financial Collateral Net
Description Liabilities Liabilities Liabilities Instruments Pledged Amount
------------------------------------------------------------------------------------------------
Written options $ 16,500 $ -- $ 16,500 $ -- $ -- $ 16,500
Forward foreign
currency
contracts 342 $ (16) 326 -- -- 326
------------------------------------------------------------------------------------------------
$ 16,842 $ (16) $ 16,826 $ -- $ -- $ 16,826
================================================================================================
Pioneer International Value Fund | Semiannual Report | 5/31/14 43
9. Additional Disclosures about Derivative Instruments and Hedging Activities
Values of derivative instruments as of May 31, 2014 were as follows:
-----------------------------------------------------------------------------------------------------
Derivatives Not
Accounted for as Asset Derivatives 2014 Liabilities Derivatives 2014
Hedging Instruments ----------------------------------------------------------------
Under Accounting Statement of Statement of
Standards Codification Assets and Liabilities Assets and Liabilities
(ASC) 815 Location Value Location Value
-----------------------------------------------------------------------------------------------------
Forward foreign Unrealized Unrealized
currency contracts appreciation on depreciation on
forward foreign forward foreign
currency currency
contracts $ -- contracts $ 326
Written options Unrealized Unrealized
appreciation on depreciation on
written options 26,300 written options --
-----------------------------------------------------------------------------------------------------
Total $ 26,300 $ 326
=====================================================================================================
The effect of derivative instruments on the Statement of Operations for the
six months ended May 31, 2014 was as follows:
---------------------------------------------------------------------------------------------------------
Derivatives Not Realized Change in
Accounted for as Gain or Unrealized
Hedging Instruments (Loss) on Gain or (Loss)
Under Accounting Location of Gain or (Loss) Derivatives on Derivatives
Standards Codification on Derivatives Recognized Recognized Recognized
(ASC) 815 in Income in Income in Income
---------------------------------------------------------------------------------------------------------
Forward foreign Change in net unrealized appreciation
currency contracts (depreciation) on forward foreign
currency contracts and other assets
and liabilities denominated in
foreign currencies $(815,524)
Forward foreign Net realized gain (loss) on forward
currency contracts foreign currency contracts and
other assets and liabilities
denominated in foreign currencies $874,647
Written options Change in net unrealized appreciation
(depreciation) on written options 21,900
Written options Net realized gain (loss) on
written options 245,400
44 Pioneer International Value Fund | Semiannual Report | 5/31/14
10. Change in Independent Registered Public Accounting Firm
The Board of Trustees of the Fund, with the approval and recommendation of the
Audit Committee, appointed Deloitte & Touche LLP to serve as the Fund's
independent registered public accounting firm for the fiscal year ending
November 30, 2014. Deloitte & Touche LLP replaces Ernst & Young LLP, which
resigned as the Fund's independent registered public accounting firm, effective
upon completion of the audit of the Fund's financial statements for the fiscal
year ended November 30, 2013.
During the periods that Ernst & Young LLP served as the Fund's independent
registered public accounting firm, including the Fund's two most recent fiscal
years, Ernst & Young LLP's reports on the financial statements of the Fund have
not contained an adverse opinion or disclaimer of opinion and have not been
qualified or modified as to uncertainty, audit scope or accounting principles.
Further, there have been no disagreements with Ernst & Young LLP on any matter
of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, which, if not resolved to the satisfaction of Ernst
& Young LLP would have caused Ernst & Young LLP to make reference to the subject
matter of the disagreement in connection with its report on the financial
statements. In addition, there have been no reportable events of the kind
described in Item 304 (a)(1)(v) of Regulation S-K under the Securities Exchange
Act of 1934.
Pioneer International Value Fund | Semiannual Report | 5/31/14 45
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Daniel K. Kingsbury, President*
David R. Bock Mark D. Goodwin, Executive
Benjamin M. Friedman Vice President
Margaret B.W. Graham Mark E. Bradley, Treasurer**
Daniel K. Kingsbury Christopher J. Kelley, Secretary
Marc O. Mayer***
Marguerite A. Piret
Kenneth J. Taubes
Stephen K. West****
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information re-
garding 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.
* Chief Executive Officer of the Fund.
** Chief Financial and Accounting Officer of the Fund.
*** Mr. Mayer resigned as a Trustee of the Pioneer Funds effective May 6, 2014.
**** Mr. West resigned as a Trustee of the Pioneer Funds effective
July 15, 2014.
46 Pioneer International Value Fund | Semiannual Report | 5/31/14
This page for your notes.
Pioneer International Value Fund | Semiannual Report | 5/31/14 47
This page for your notes.
48 Pioneer International Value Fund | Semiannual Report | 5/31/14
This page for your notes.
Pioneer International Value Fund | Semiannual Report | 5/31/14 49
This page for your notes.
50 Pioneer International Value Fund | Semiannual Report | 5/31/14
This page for your notes.
Pioneer International Value Fund | Semiannual Report | 5/31/14 51
This page for your notes.
52 Pioneer International Value Fund | Semiannual Report | 5/31/14
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] PIONEER
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) 2014 Pioneer Investments 19390-08-0714
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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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
----------------------- ------------------------- -----------------------------------------------
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
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GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
(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.
Not applicable.
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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date July 29, 2014
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/ Daniel K. Kingsbury
Daniel K. Kingsbury, President
Date July 29, 2014
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 29, 2014
* Print the name and title of each signing officer under his or her signature.