UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07318
Pioneer Series Trust VIII
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Amundi Pioneer Asset Management, Inc.,
60 State Street, Boston, MA 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: (617) 742-7825
Date of fiscal year end: November 30
Date of reporting period: December 1, 2018 through May 31, 2019
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Pioneer International
Equity Fund
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Semiannual Report | May 31, 2019
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Ticker Symbols:
Class A PIIFX
Class C PCITX
Class Y INVYX
Beginning in February 2021, as permitted by regulations adopted by the
Securities and Exchange Commission, paper copies of the Fund's shareholder
reports like this one will no longer be sent by mail, unless you specifically
request paper copies of the reports from the Fund or from your financial
intermediary, such as a broker-dealer, bank or insurance company. Instead, the
reports will be made available on the Fund's website, and you will be notified
by mail each time a report is posted and provided with a website link to access
the report.
If you already elected to receive shareholder reports electronically, you will
not be affected by this change and you need not take any action. You may elect
to receive shareholder reports and other communications electronically by
contacting your financial intermediary or, if you invest directly with the
Fund, by calling 1-800-225-6292.
You may elect to receive all future reports in paper free of charge. If you
invest directly with the Fund, you can inform the Fund that you wish to
continue receiving paper copies of your shareholder reports by calling
1-800-225-6292. If you invest through a financial intermediary, you can contact
your financial intermediary to request that you continue to receive paper
copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your
financial intermediary or all funds held within the Pioneer Fund complex if you
invest directly.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
visit us: www.amundipioneer.com/us
Table of Contents
President's Letter 2
Portfolio Management Discussion 4
Portfolio Summary 9
Prices and Distributions 10
Performance Update 11
Comparing Ongoing Fund Expenses 14
Schedule of Investments 16
Financial Statements 22
Notes to Financial Statements 29
Trustees, Officers and Service Providers 39
Pioneer International Equity Fund | Semiannual Report | 5/31/19 1
President's Letter
Since 1928, active portfolio management based on in-depth, fundamental
research, has been the foundation of Amundi Pioneer's investment approach. We
believe an active management investment strategy is a prudent approach to
investing, especially during periods of market volatility, which can result
from any number of risk factors, including slow U.S. economic growth, rising
interest rates, and geopolitical factors. Of course, in today's global economy,
risk factors extend well beyond U.S. borders. In fact, it's not unusual for
political and economic issues on the international front to cause or contribute
to volatility in U.S. markets.
At Amundi Pioneer, each security under consideration is researched by our team
of experienced investment professionals, who communicate directly with the
management teams of those companies. At the end of this research process, if we
have conviction in a company's business model and management team, and regard
the security as a potentially solid investment opportunity, an Amundi Pioneer
portfolio manager makes an active decision to invest in that security. The
portfolio resulting from these decisions represents an expression of his or her
convictions, and strives to balance overall risk and return opportunity.
As an example, the Standard & Poor's 500 Index -- the predominant benchmark for
many U.S. Large-Cap Core Equity funds -- has 500 stocks. An Amundi Pioneer
portfolio manager chooses to invest in only those companies that he or she
believes can offer the most attractive opportunities to pursue the fund's
investment objective, thus potentially benefiting the fund's shareowners. This
process results in a portfolio that does not own all 500 stocks, but a much
narrower universe.
The same active decision to invest in a company is also applied when we decide
to sell a security, either due to changing fundamentals, valuation concerns, or
market risks. We apply this active decision-making across all of our equity,
fixed-income, and global portfolios.
Today, as investors, we have many options. It is our view that active
management can serve shareholders well not only when markets are thriving, but
also during periods of market volatility and uncertainty, thus making it a
compelling investment choice. As you consider the many choices today, we
encourage you to work with your financial advisor to develop an overall
investment plan that addresses both your short- and long-term goals, and to
implement such a plan in a disciplined manner.
2 Pioneer International Equity Fund | Semiannual Report | 5/31/19
We greatly appreciate the trust you have placed in us and look forward to
continuing to serve you in the future.
Sincerely,
/s/ Lisa M. Jones
Lisa M. Jones
Head of the Americas, President and CEO of U.S.
Amundi Pioneer Asset Management USA, Inc.
May 31, 2019
Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 3
Portfolio Management Discussion | 5/31/19
In the follow interview, Madelynn Matlock, Lead Portfolio Manager of Pioneer
International Equity Fund, discusses the market environment for international
equities and the factors that influenced the performance of Pioneer
International Equity Fund during the six-month period ended May 31, 2019. Ms.
Matlock, a senior vice president and a portfolio manager at Amundi Pioneer
Asset Management, Inc. (Amundi Pioneer), and Marco Pirondini, Senior Managing
Director, Head of Equities, U.S., and a portfolio manager at Amundi Pioneer,
are responsible for the day-to-day management of the Fund.
Q How did the Fund perform during the six-month period ended May 31, 2019?
A Pioneer International Equity Fund's Class A shares returned -1.68% at net
asset value during the six-month period ended May 31, 2019, while the
Fund's benchmark, the Morgan Stanley Capital International (MSCI) Europe,
Australasia, Far East (EAFE) ND Index (the MSCI EAFE Index)(1), returned
2.41%. During the same period, the average return for the 744 mutual funds
in Morningstar's Foreign Large Blend Funds category was 1.86%.
Q How would you characterize the investment environment for international
equities during the six-month period ended May 31, 2019?
A In a striking reversal from December 2018, when risk-oriented assets
struggled significantly, international equities rallied strongly during
the January to April 2019 timeframe, as investors' concerns eased amid
signs that U.S.-China trade talks were progressing and the possibility of
a hard "Brexit" from the European Union by the United Kingdom (U.K.) was
less likely. The U.S. Federal Reserve's (Fed's) less aggressive messaging
with regard to monetary policy, and its decision to temporarily pause on
future interest-rate hikes amid slowing U.S. economic growth also
contributed to the rally.
1 The MSCI information may only be used for your internal use, may not be
reproduced or re-disseminated in any form and may not be used as a basis
for or a component of any financial instruments or products or indices.
None of the MSCI information is intended to constitute investment advice
or a recommendation to make (or refrain from making) any kind of
investment decision and may not be relied on as such. Historical data and
analysis should not be taken as an indication or guarantee of any future
performance analysis, forecast or prediction. The MSCI information is
provided on an "as is" basis and the user of this information assumes the
entire risk of any use made of this information. MSCI, each of its
affiliates and each other person involved in or related to compiling,
computing or creating any MSCI information (collectively, the "MSCI
Parties") expressly disclaims all warranties (including, without
limitation, any warranties of originality, accuracy, completeness,
timeliness, non-infringement, merchantability and fitness for a particular
purpose) with respect to this information. Without limiting any of the
foregoing, in no event shall any MSCI Party have any liability for any
direct, indirect, special, incidental, punitive, consequential (including,
without limitation, lost profits) or any other damages.
4 Pioneer International Equity Fund | Semiannual Report | 5/31/19
However, much of the gains realized from January through April evaporated
in May, when U.S.-China trade talks hit an impasse. The Trump
administration announced an increase in tariffs, from 10% to 25%, on $200
billion worth of Chinese goods, while barring U.S. companies from doing
business with the Chinese telecommunications giant Huawei. China
retaliated by raising tariffs on $60 billion worth of U.S. goods and
threatened to tax rare-earth metals, which could adversely affect U.S.
technology companies. Then, just before the close of the six-month period,
the administration surprised investors when it threatened to levy tariffs
on Mexico in order to entice that country to help curb the flow of illegal
immigrants into the U.S. In reaction to those policy moves, global equity
markets turned sharply negative in May, as the MSCI EAFE Index returned
-4.80% for the month.
For the full six-month period, international stocks outperformed U.S.
stocks, led by solid returns in Europe and the emerging markets. Within
the MSCI EAFE Index, five of the 11 economic sectors had positive results,
led by information technology and utilities. Health care, energy, and
communication services were among the worst-performing sectors over the
period.
Q Which of your investment strategies or individual portfolio holdings
detracted from the Fund's benchmark-relative performance during the
six-month period ended May 31, 2019?
A The Fund's underperformance relative to the benchmark MSCI EAFE Index over
the six-month period was due primarily to individual stock selection
results.
The position that detracted the most from the Fund's benchmark-relative
returns during the six-month period was Seven & i Holdings (Seven & i),
which we added to the portfolio as a restructuring story. Seven & i is a
Japanese retailer with a large and successful convenience store franchise
throughout Asia and the U.S. The company also owns general merchandise
stores, which have struggled of late. Management has been making
substantial changes to the company's efficiencies, supply chain, and
consumer offerings in an attempt to increase earnings and growth
potential. However, the efforts are taking longer than expected to come to
fruition, and Seven & I announced disappointing earnings results during
the period.
Another detractor from the Fund's benchmark-relative performance during
the period was a position in TUI AG, one of Europe's leading tourism
companies. The uncertainty surrounding Brexit and the weak U.K. pound has
led to a slowdown in British travel demand, while the grounding of
Boeing's 737 Max jets also created temporary headwinds for the company.
However, TUI managed to lease replacement planes and return to full
operations, and we believe the company may be eligible for some
compensation from Boeing, though it is too early to know how much.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 5
Finally, the Fund's position in Henkel, a German multinational company
that is active in both the consumer and industrial sectors, detracted from
benchmark-relative performance during the six-month period. Henkel
specializes in adhesive technologies, laundry & home care, and beauty
care. In an effort to branch into the U.S. market, Henkel began offering
its leading detergent brand, Persil, in Walmart stores. After good initial
results, sales growth has stalled, creating challenges at the same time
that Henkel's wide-ranging adhesive business has slowed. That said, we
continue to believe Henkel's adhesive technologies are positioned to
benefit from such megatrends as e-mobility and connectivity.
All three stocks remained in the portfolio at period-end, as we believe
they continue to offer longer-term upside potential.
Q Which individual portfolio holdings contributed positively to the Fund's
benchmark-relative performance results during the six-month period ended
May 31, 2019?
A The top contributor to the Fund's benchmark-relative performance during
the six-month period was a position in Swiss-based Temenos. The company is
a leading provider of integrated software systems used by European banks
to digitize their operations, and its cloud-friendly banking software has
made Temenos a leader in digital-banking platforms. In January, the
company announced the launch of two new products considered as
breakthroughs for the digital front office and the next generation in core
banking. The products offer high levels of security as well as
infrastructure savings to banks, whether they run the software on their
premises or on the cloud. We believe Temenos could potentially benefit
from European banks looking to increase automation as a way to reduce
costs and improve service to customers.
The second-best performing stock in the portfolio during the period,
Dometic Group, is a Swedish manufacturer that sells a broad range of
convenience products for the recreational vehicle (RV), marine, and ground
transport industries. With a dynamic chief executive officer laying the
groundwork for a new strategic approach, the company has continued to grow
organically in RV markets and through the sale of mobile "living" products
-- such as refrigerator consoles -- to the boat, automobile, truck, and
motor home markets. Additionally, management has been making acquisitions
in areas such as the commercial ship and trucking industries in an effort
to apply Dometic's technology more widely, and to broaden its customer
segments.
6 Pioneer International Equity Fund | Semiannual Report | 5/31/19
Another key contributor to the Fund's benchmark-relative returns during
the six-month period was an investment in Euronext, the largest stock
exchange in continental Europe. Euronext, which operates in Brussels,
London, Lisbon, Dublin, and Paris, completed its acquisition of the Oslo
Bors just before the close of the reporting period, thus bringing
Scandinavia into its trading network. By broadening its product line and
adding new geographies, Euronext is able to increase average daily
volumes, which drive its revenue base. We believe Euronext's solid credit
profile, growth goals, and strategy make it a high-quality franchise and
an attractive investment.
Q Did the Fund have any derivative exposure during the six-month period
ended May 31, 2019?
A We did not use derivatives as part of our equity investment strategy, but
we did employ forward foreign currency contracts (currency forwards)
during the period as part of the cash management process within the
portfolio. The currency forwards had no effect on the Fund's performance.
Q What is your outlook for international equities for the balance of 2019,
and how are you positioning the Fund?
A We remain cautious in our outlook for international equities due to the
evolving global economic and political landscapes. The uncertainty
stemming from trade disputes, slower gross domestic product growth in
China, and the ongoing Brexit situation in the U.K. pose challenges for
the pace of both global economic growth and corporate earnings.
Furthermore, the Trump administration's protectionist trade policies have
begun to take a toll on U.S. economic growth as well, thus adding to the
volatility in the global financial markets. Those developments have
contributed to the aforementioned Fed pivot to a less aggressive policy
stance and the pause in its interest-rate-tightening cycle. Globally,
other central banks are also "on hold" or easing interest rates to help
stimulate economic growth.
With regard to the Fund's positioning as of May 31, 2019, the portfolio
remains underweight relative to the benchmark in cyclical sectors such as
consumer discretionary and financials, due to our concerns about slowing
global economic growth. Meanwhile, the Fund is overweight to defensive
sectors such as health care, consumer staples, and real estate.
In managing the portfolio, we continue to favor owning stocks of what we
consider to be quality companies with strong underlying business
fundamentals -- companies that can potentially hold up well even if the
economic outlook deteriorates.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 7
Please refer to the Schedule of Investments on pages 16-21 for a full listing
of Fund securities.
All investments are subject to risk, including the possible loss of principal.
In the past several years, financial markets have experienced increased
volatility, depressed valuations, decreased liquidity and heightened
uncertainty. These conditions may continue, recur, worsen or spread.
Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political
conditions.
To the extent the Fund invests in issuers located within specific countries or
regions, the Fund may be particularly affected by adverse markets, rates, and
events, which may occur in those countries and regions.
When interest rates rise, the prices of fixed-income securities in the Fund
will generally fall. Conversely, when interest rates fall, the prices of
fixed-income securities in the Fund will generally rise.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries or sectors.
These risks may increase share price volatility.
Before investing, consider the product's investment objectives, risks, charges
and expenses. Contact your advisor or Amundi Pioneer Asset Management, Inc.,
for a prospectus or summary prospectus containing this information. Read it
carefully.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. Past performance is no
guarantee of future results.
8 Pioneer International Equity Fund | Semiannual Report | 5/31/19
Portfolio Summary | 5/31/19
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments)*
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Financials 15.8%
Health Care 15.4%
Consumer Staples 14.3%
Industrials 11.4%
Consumer Discretionary 10.3%
Information Technology 10.0%
Materials 7.5%
Real Estate 6.3%
Energy 4.7%
Communication Services 4.3%
Geographical Distribution
--------------------------------------------------------------------------------
(As a percentage of total investments based on country of domicile)*
[THE FOLLOWING DATA WAS REPRESENTED AS A BAR CHART IN THE PRINTED MATERIAL]
Japan 17.3%
France 17.0%
Germany 14.8%
Switzerland 12.1%
United Kingdom 11.5%
Netherlands 8.1%
Ireland 5.0%
United States 2.1%
Sweden 2.0%
Taiwan 1.9%
Spain 1.6%
Denmark 1.5%
Malaysia 1.4%
Luxembourg 1.2%
Other (individually less than 1%) 2.5%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of total investments)*
1. Kerry Group Plc 2.78%
--------------------------------------------------------------------------------
2. Schneider Electric SE 2.75
--------------------------------------------------------------------------------
3. Daikin Industries, Ltd. 2.69
--------------------------------------------------------------------------------
4. Royal Dutch Shell Plc 2.66
--------------------------------------------------------------------------------
5. Allianz SE 2.51
--------------------------------------------------------------------------------
6. Zurich Insurance Group AG 2.43
--------------------------------------------------------------------------------
7. Lonza Group AG 2.31
--------------------------------------------------------------------------------
8. AXA SA 2.30
--------------------------------------------------------------------------------
9. Koninklijke Philips NV 2.21
--------------------------------------------------------------------------------
10. Henkel AG & Co. KGaA 2.12
--------------------------------------------------------------------------------
* Excludes temporary cash investments and all derivative contracts except
for options purchased. The Fund is actively managed, and current holdings
may be different. The holdings listed should not be considered
recommendations to buy or sell any securities.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 9
Prices and Distributions | 5/31/19
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 5/31/19 11/30/18
--------------------------------------------------------------------------------
A $20.09 $20.97
--------------------------------------------------------------------------------
C $17.45 $18.09
--------------------------------------------------------------------------------
Y $20.09 $21.03
--------------------------------------------------------------------------------
Distributions per Share: 12/1/18-5/31/19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net
Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $0.4953 $ -- $ --
--------------------------------------------------------------------------------
C $0.2449 $ -- $ --
--------------------------------------------------------------------------------
Y $0.5894 $ -- $ --
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The MSCI EAFE ND Index is an unmanaged, commonly used measure of international
stocks. Index returns are calculated monthly, assume reinvestment of dividends
and, unlike Fund returns, do not reflect any fees, expenses or sales charges.
It is not possible to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 11-13.
10 Pioneer International Equity Fund | Semiannual Report | 5/31/19
Performance Update | 5/31/19 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class A shares of Pioneer International Equity Fund at
public offering price during the periods shown, compared to that of the Morgan
Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) ND
Index.
Average Annual Total Returns
(As of May 31, 2019)
----------------------------------------------------
Net Public MSCI
Asset Offering EAFE
Value Price ND
Period (NAV) (POP) Index
----------------------------------------------------
10 Years 4.34% 3.72% 6.23%
5 Years 0.54 -0.64 1.27
1 Year -11.98 -17.05 -5.75
----------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2019)
----------------------------------------------------
Gross Net
----------------------------------------------------
1.37% 1.15%
----------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer
International MSCI EAFE ND
Equity Fund Index
5/09 $ 9,425 $10,000
5/10 $ 9,550 $10,638
5/11 $12,175 $13,903
5/12 $ 9,610 $11,055
5/13 $12,309 $14,550
5/14 $14,029 $17,176
5/15 $14,456 $17,093
5/16 $13,043 $15,439
5/17 $15,181 $17,977
5/18 $16,376 $19,410
5/19 $14,413 $18,294
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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. POP
returns reflect deduction of maximum 5.75% sales charge. NAV 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, 2020, for Class A shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 11
Performance Update | 5/31/19 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Class C shares of Pioneer International Equity Fund during
the periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Europe, Australasia and Far East (EAFE) ND Index.
Average Annual Total Returns
(As of May 31, 2019)
----------------------------------------------------
MSCI
EAFE
If If ND
Period Held Redeemed Index
----------------------------------------------------
10 Years 3.42% 3.42% 6.23%
5 Years -0.33 -0.33 1.27
1 Year -12.68 -12.68 -5.75
----------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2019)
----------------------------------------------------
Gross
----------------------------------------------------
2.10%
----------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Pioneer
International MSCI EAFE ND
Equity Fund Index
5/09 $10,000 $10,000
5/10 $10,040 $10,638
5/11 $12,687 $13,903
5/12 $ 9,926 $11,055
5/13 $12,601 $14,550
5/14 $14,230 $17,176
5/15 $14,531 $17,093
5/16 $13,006 $15,439
5/17 $14,986 $17,977
5/18 $16,026 $19,410
5/19 $13,994 $18,294
Call 1-800-225-6292 or visit www.amundipioneer.com/us for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). "If Held" results represent the percent change in
net asset value per share. NAV 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 performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
12 Pioneer International Equity Fund | Semiannual Report | 5/31/19
Performance Update | 5/31/19 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Class Y shares of Pioneer International Equity Fund during
the periods shown, compared to that of the Morgan Stanley Capital International
(MSCI) Europe, Australasia and Far East (EAFE) ND Index.
Average Annual Total Returns
(As of May 31, 2019)
----------------------------------------------------
Net MSCI
Asset EAFE
Value ND
Period (NAV) Index
----------------------------------------------------
10 Years 4.76% 6.23%
5 Years 0.93 1.27
1 Year -11.63 -5.75
----------------------------------------------------
Expense Ratio
(Per prospectus dated April 1, 2019)
----------------------------------------------------
Gross Net
----------------------------------------------------
0.89% 0.70%
----------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Pioneer
International MSCI EAFE ND
Equity Fund Index
5/09 $5,000,000 $5,000,000
5/10 $5,086,022 $5,318,964
5/11 $6,516,155 $6,951,557
5/12 $5,164,250 $5,527,564
5/13 $6,641,385 $7,275,228
5/14 $7,600,927 $8,587,903
5/15 $7,862,074 $8,546,659
5/16 $7,127,115 $7,719,494
5/17 $8,317,591 $8,988,301
5/18 $9,007,385 $9,704,875
5/19 $7,959,433 $9,147,225
Call 1-800-225-6292 or visit www.amundipioneer.com/us 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 are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through April 1, 2020, for Class Y shares. There can be no assurance
that Amundi Pioneer will extend the expense limitation beyond such time. Please
see the prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Please refer to the financial highlights for a more current expense ratio.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 13
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value [divided by] $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer International Equity Fund
Based on actual returns from December 1, 2018, through May 31, 2019.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 12/1/18
--------------------------------------------------------------------------------
Ending Account $983.20 $979.00 $985.20
Value (after expenses)
on 5/31/19
--------------------------------------------------------------------------------
Expenses Paid $5.69 $9.82 $3.46
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.15%,
1.99% and 0.70% for Class A, 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).
14 Pioneer International Equity Fund | Semiannual Report | 5/31/19
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads), or redemption fees that are charged at the time of the
transaction. Therefore, the table below is useful in comparing ongoing costs
only and will not help you determine the relative total costs of owning
different funds. In addition, if these transaction costs were included, your
costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer International Equity Fund
Based on a hypothetical 5% return per year before expenses, reflecting the
period from December 1, 2018, through May 31, 2019.
--------------------------------------------------------------------------------
Share Class A C Y
--------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00
Value on 12/1/18
--------------------------------------------------------------------------------
Ending Account $1,019.20 $1,015.01 $1,021.44
Value (after expenses)
on 5/31/19
--------------------------------------------------------------------------------
Expenses Paid $5.79 $10.00 $3.53
During Period*
--------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized net expense ratio of 1.15%,
1.99% and 0.70% for Class A, 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 Equity Fund | Semiannual Report | 5/31/19 15
Schedule of Investments | 5/31/19 (unaudited)
---------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------
UNAFFILIATED ISSUERS -- 96.4%
COMMON STOCKS -- 96.4% of Net Assets
Auto Components -- 3.5%
31,500 Aisin Seiki Co., Ltd. $ 1,042,793
260,500 Dometic Group AB (144A) 2,364,032
37,000 Valeo SA 976,951
-------------
Total Auto Components $ 4,383,776
---------------------------------------------------------------------------------------------------------------
Automobiles -- 1.6%
33,500 Toyota Motor Corp. $ 1,972,447
-------------
Total Automobiles $ 1,972,447
---------------------------------------------------------------------------------------------------------------
Banks -- 5.4%
28,350 BNP Paribas SA $ 1,292,139
720,200 CYBG Plc 1,667,260
201,500 ING Groep NV 2,175,298
762,500 Malayan Banking Bhd 1,641,881
-------------
Total Banks $ 6,776,578
---------------------------------------------------------------------------------------------------------------
Building Products -- 2.6%
26,900 Daikin Industries, Ltd. $ 3,257,511
-------------
Total Building Products $ 3,257,511
---------------------------------------------------------------------------------------------------------------
Capital Markets -- 2.9%
24,500 Euronext NV (144A) $ 1,741,695
162,000(a) UBS Group AG 1,864,616
-------------
Total Capital Markets $ 3,606,311
---------------------------------------------------------------------------------------------------------------
Chemicals -- 4.5%
28,300 BASF SE $ 1,868,660
29,170 Croda International Plc 1,870,406
3,800 LG Chem, Ltd. 1,061,983
97,500 Tokai Carbon Co., Ltd. 924,443
-------------
Total Chemicals $ 5,725,492
---------------------------------------------------------------------------------------------------------------
Communications Equipment -- 2.0%
376,000 Accton Technology Corp. $ 1,452,083
211,600 Nokia OYJ 1,058,312
-------------
Total Communications Equipment $ 2,510,395
---------------------------------------------------------------------------------------------------------------
Construction Materials -- 1.2%
47,000 CRH Plc $ 1,459,331
-------------
Total Construction Materials $ 1,459,331
---------------------------------------------------------------------------------------------------------------
Containers & Packaging -- 1.5%
174,100 DS Smith Plc $ 696,697
44,485 Smurfit Kappa Group Plc 1,239,388
-------------
Total Containers & Packaging $ 1,936,085
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16 Pioneer International Equity Fund | Semiannual Report | 5/31/19
---------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------
Diversified Telecommunication Services -- 1.7%
137,100 Orange SA $ 2,142,899
-------------
Total Diversified Telecommunication Services $ 2,142,899
---------------------------------------------------------------------------------------------------------------
Electrical Equipment -- 2.6%
42,200 Schneider Electric SE $ 3,328,510
-------------
Total Electrical Equipment $ 3,328,510
---------------------------------------------------------------------------------------------------------------
Electronic Equipment, Instruments & Components -- 3.4%
41,400 Hitachi, Ltd. $ 1,394,253
3,700 Keyence Corp. 2,074,479
108,800 Sunny Optical Technology Group Co., Ltd. 922,246
-------------
Total Electronic Equipment, Instruments & Components $ 4,390,978
---------------------------------------------------------------------------------------------------------------
Equity Real Estate Investment Trusts (REITs) -- 2.7%
13,700 Covivio $ 1,436,761
146,800 Merlin Properties Socimi SA 1,951,571
-------------
Total Equity Real Estate Investment Trusts (REITs) $ 3,388,332
---------------------------------------------------------------------------------------------------------------
Food & Staples Retailing -- 3.8%
71,000 Seven & i Holdings Co., Ltd. $ 2,389,318
43,500 Sundrug Co., Ltd. 1,090,487
438,500 Tesco Plc 1,252,613
-------------
Total Food & Staples Retailing $ 4,732,418
---------------------------------------------------------------------------------------------------------------
Food Products -- 4.6%
29,900 Danone SA $ 2,386,385
29,300 Kerry Group Plc 3,373,685
-------------
Total Food Products $ 5,760,070
---------------------------------------------------------------------------------------------------------------
Health Care Equipment & Supplies -- 4.6%
32,100 Hoya Corp. $ 2,220,526
68,000 Koninklijke Philips NV 2,679,308
21,300 Siemens Healthineers AG (144A) 828,181
-------------
Total Health Care Equipment & Supplies $ 5,728,015
---------------------------------------------------------------------------------------------------------------
Health Care Providers & Services -- 1.4%
34,200 Fresenius SE & Co. KGaA $ 1,736,152
-------------
Total Health Care Providers & Services $ 1,736,152
---------------------------------------------------------------------------------------------------------------
Hotels, Restaurants & Leisure -- 4.1%
50,400 Carnival Plc $ 2,487,547
155,800 TUI AG 1,433,793
20,400 Whitbread Plc 1,193,976
-------------
Total Hotels, Restaurants & Leisure $ 5,115,316
---------------------------------------------------------------------------------------------------------------
Household Durables -- 0.8%
41,800 Persimmon Plc $ 1,037,494
-------------
Total Household Durables $ 1,037,494
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 17
Schedule of Investments | 5/31/19 (unaudited) (continued)
---------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------
Household Products -- 2.0%
29,600 Henkel AG & Co. KGaA $ 2,563,626
-------------
Total Household Products $ 2,563,626
---------------------------------------------------------------------------------------------------------------
Industrial Conglomerates -- 2.0%
22,200 Siemens AG $ 2,515,029
-------------
Total Industrial Conglomerates $ 2,515,029
---------------------------------------------------------------------------------------------------------------
Insurance -- 7.0%
13,700 Allianz SE $ 3,042,965
113,300 AXA SA 2,786,948
9,100 Zurich Insurance Group AG 2,949,932
-------------
Total Insurance $ 8,779,845
---------------------------------------------------------------------------------------------------------------
Life Sciences Tools & Services -- 2.2%
9,100(a) Lonza Group AG $ 2,796,549
-------------
Total Life Sciences Tools & Services $ 2,796,549
---------------------------------------------------------------------------------------------------------------
Machinery -- 2.1%
6,562(a) Knorr-Bremse AG $ 722,507
125,200 Kubota Corp. 1,900,084
-------------
Total Machinery $ 2,622,591
---------------------------------------------------------------------------------------------------------------
Media -- 1.4%
32,600 Publicis Groupe SA $ 1,783,235
-------------
Total Media $ 1,783,235
---------------------------------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels -- 4.5%
104,000 Royal Dutch Shell Plc $ 3,225,377
47,700 TOTAL SA 2,467,396
-------------
Total Oil, Gas & Consumable Fuels $ 5,692,773
---------------------------------------------------------------------------------------------------------------
Personal Products -- 3.4%
7,700 L'Oreal SA $ 2,066,459
36,032 Unilever NV 2,171,527
-------------
Total Personal Products $ 4,237,986
---------------------------------------------------------------------------------------------------------------
Pharmaceuticals -- 6.7%
27,900 AstraZeneca Plc $ 2,056,932
28,900 Novartis AG 2,483,258
39,000 Novo Nordisk AS, Class B 1,838,127
7,706 Roche Holding AG 2,023,229
-------------
Total Pharmaceuticals $ 8,401,546
---------------------------------------------------------------------------------------------------------------
Real Estate Management & Development -- 3.4%
57,400 Grand City Properties SA $ 1,474,761
455,900 Ichigo, Inc. 1,368,003
27,099 Vonovia SE 1,421,319
-------------
Total Real Estate Management & Development $ 4,264,083
---------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer International Equity Fund | Semiannual Report | 5/31/19
---------------------------------------------------------------------------------------------------------------
Shares Value
---------------------------------------------------------------------------------------------------------------
Semiconductors & Semiconductor Equipment -- 2.1%
97,700 Infineon Technologies AG $ 1,762,331
110,000 Taiwan Semiconductor Manufacturing Co., Ltd. 816,787
-------------
Total Semiconductors & Semiconductor Equipment $ 2,579,118
---------------------------------------------------------------------------------------------------------------
Software -- 2.0%
14,668(a) Temenos AG $ 2,548,961
-------------
Total Software $ 2,548,961
---------------------------------------------------------------------------------------------------------------
Trading Companies & Distributors -- 1.6%
49,200 Ashtead Group Plc $ 1,154,102
14,215 Ferguson Plc 917,340
-------------
Total Trading Companies & Distributors $ 2,071,442
---------------------------------------------------------------------------------------------------------------
Wireless Telecommunication Services -- 1.1%
51,900 KDDI Corp. $ 1,332,438
-------------
Total Wireless Telecommunication Services $ 1,332,438
---------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $116,896,854) $ 121,177,332
---------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS -- 96.4%
(Cost $116,896,854)(b) $ 121,177,332
---------------------------------------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES -- 3.6% $ 4,539,286
---------------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 125,716,618
===============================================================================================================
REIT Real Estate Investment Trust.
(144A) Security is exempt from registration under Rule 144A of the
Securities Act of 1933. Such securities may be resold normally to
qualified institutional buyers in a transaction exempt from
registration. At May 31, 2019, the value of these securities amounted
to $4,933,908, or 3.9% of net assets.
(a) Non-income producing security.
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 19
Schedule of Investments | 5/31/19 (unaudited) (continued)
(b) Distribution of investments by country of domicile (excluding
temporary cash investments) as a percentage of total investments in
securities, is as follows:
Japan 17.3%
France 17.0
Germany 14.8
Switzerland 12.1
United Kingdom 11.5
Netherlands 8.1
Ireland 5.0
United States 2.1
Sweden 2.0
Taiwan 1.9
Spain 1.6
Denmark 1.5
Malaysia 1.4
Luxembourg 1.2
Other (individually less than 1%) 2.5
------
100.0%
======
Purchases and sales of securities (excluding temporary cash investments) for
the six months ended May 31, 2019, aggregated $19,324,404 and $27,216,293,
respectively.
The Fund is permitted to engage in purchase and sale transactions ("cross
trades") with certain funds and accounts for which Amundi Pioneer Asset
Management, Inc., (the "Adviser") serves as the Fund's investment adviser, as
set forth in Rule 17a-7 under the Investment Company Act of 1940, pursuant to
procedures adopted by the Board of Trustees. Under these procedures, cross
trades are effected at current market prices. During the six months ended May
31, 2019, the Fund did not engage in cross trade activity.
At May 31, 2019, the net unrealized appreciation on investments based on cost
for federal tax purposes of $118,802,750 was as follows:
Aggregate gross unrealized appreciation for all investments in which there
is an excess of value over tax cost $ 16,794,198
Aggregate gross unrealized depreciation for all investments in which there
is an excess of tax cost over value (14,419,616)
------------
Net unrealized appreciation $ 2,374,582
============
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risks, etc.). See Notes to Financial Statements -- Note 1A.
Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining fair value of investments). See Notes
to Financial Statements -- Note 1A.
The accompanying notes are an integral part of these financial statements.
20 Pioneer International Equity Fund | Semiannual Report | 5/31/19
The following is a summary of the inputs used as of May 31, 2019, in valuing
the Fund's investments:
-------------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
-------------------------------------------------------------------------------------
Common Stocks* $ -- $121,177,332 $ -- $ 121,177,332
-------------------------------------------------------------------------------------
Total Investments
in Securities $ -- $121,177,332 $ -- $ 121,177,332
=====================================================================================
* Securities are valued using inputs/data furnished by independent pricing
services using fair value factors.
During the six months ended May 31, 2019, there were no transfers between
Levels 1, 2 and 3.
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 21
Statement of Assets and Liabilities | 5/31/19 (unaudited)
ASSETS:
Investments in unaffiliated issuers, at value (cost $116,896,854) $121,177,332
Cash 2,418,656
Foreign currencies, at value (cost $186,151) 185,833
Receivables --
Investment securities sold 1,533,431
Fund shares sold 111,087
Dividends 1,069,524
Due from the Adviser 24,620
Other assets 33,318
---------------------------------------------------------------------------------------------
Total assets $126,553,801
=============================================================================================
LIABILITIES:
Payables --
Investment securities purchased $ 2,963
Fund shares repurchased 645,257
Trustees' fees 1,240
Professional fees 17,009
Transfer agent fees 22,149
Registration fees 45,993
Administrative fees 13,901
Shareowner communications expense 30,585
Due to affiliates 27,326
Accrued expenses 30,760
---------------------------------------------------------------------------------------------
Total liabilities $ 837,183
=============================================================================================
NET ASSETS:
Paid-in capital $124,088,857
Distributable earnings 1,627,761
---------------------------------------------------------------------------------------------
Net assets $125,716,618
=============================================================================================
NET ASSET VALUE PER SHARE:
No par value (unlimited number of shares authorized)
Class A (based on $67,487,520/3,359,076 shares) $ 20.09
Class C (based on $5,966,357/341,877 shares) $ 17.45
Class Y (based on $52,262,741/2,601,004 shares) $ 20.09
MAXIMUM OFFERING PRICE PER SHARE:
Class A (based on $20.09 net asset value per share/100%-5.75%
maximum sales charge) $ 21.32
=============================================================================================
The accompanying notes are an integral part of these financial statements.
22 Pioneer International Equity Fund | Semiannual Report | 5/31/19
Statement of Operations (unaudited)
For the Six Months Ended 5/31/19
INVESTMENT INCOME:
Dividends from unaffiliated issuers (net of foreign taxes
withheld $414,122) $ 2,600,515
Interest from unaffiliated issuers 48,114
-----------------------------------------------------------------------------------------------------
Total investment income $ 2,648,629
-----------------------------------------------------------------------------------------------------
EXPENSES:
Management fees $ 425,109
Administrative expense 63,861
Transfer agent fees
Class A 68,584
Class C 5,460
Class Y 2,828
Distribution fees
Class A 86,730
Class C 31,147
Shareowner communications expense 46,970
Custodian fees 18,392
Registration fees 20,384
Professional fees 28,170
Pricing fees 5,207
Trustees' fees 3,604
Insurance expense 821
Miscellaneous 8,042
-----------------------------------------------------------------------------------------------------
Total expenses $ 815,309
Less fees waived and expenses reimbursed by the Adviser (162,590)
-----------------------------------------------------------------------------------------------------
Net expenses $ 652,719
-----------------------------------------------------------------------------------------------------
Net investment income $ 1,995,910
-----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers $(2,712,147)
Forward foreign currency contracts 3,670
Other assets and liabilities denominated in
foreign currencies (56,067) $(2,764,544)
-----------------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers $(1,519,557)
Other assets and liabilities denominated in
foreign currencies 26,348 $(1,493,209)
-----------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments $(4,257,753)
-----------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $(2,261,843)
=====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 23
Statements of Changes in Net Assets
------------------------------------------------------------------------------------------------------------
Six Months
Ended
5/31/19 Year Ended
(unaudited) 11/30/18
------------------------------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income (loss) $ 1,995,910 $ 2,848,755
Net realized gain (loss) on investments (2,764,544) 8,544,569
Change in net unrealized appreciation (depreciation)
on investments (1,493,209) (27,850,190)
------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from operations $ (2,261,843) $(16,456,866)
------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Class A ($0.50 and $1.22 per share, respectively) $ (1,681,724) $ (4,016,261)
Class C ($0.24 and $1.05 per share, respectively) (86,795) (417,489)
Class Y ($0.59 and $1.31 per share, respectively) (1,624,064) (4,194,410)
------------------------------------------------------------------------------------------------------------
Total distributions to shareowners $ (3,392,583) $ (8,628,160)
------------------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sales of shares $ 4,706,029 $ 15,797,432
Reinvestment of distributions 3,266,689 4,436,109
Cost of shares repurchased (13,698,016) (43,439,034)
------------------------------------------------------------------------------------------------------------
Net decrease in net assets resulting from Fund
share transactions $ (5,725,298) $(23,205,493)
------------------------------------------------------------------------------------------------------------
Net decrease in net assets $(11,379,724) $(48,290,519)
NET ASSETS:
Beginning of period $137,096,342 $185,386,861
------------------------------------------------------------------------------------------------------------
End of period $125,716,618 $137,096,342
============================================================================================================
The accompanying notes are an integral part of these financial statements.
24 Pioneer International Equity Fund | Semiannual Report | 5/31/19
----------------------------------------------------------------------------------------------------
Six Months Six Months
Ended Ended
5/31/19 5/31/19 Year Ended Year Ended
Shares Amount 11/30/18 11/30/18
(unaudited) (unaudited) Shares Amount
----------------------------------------------------------------------------------------------------
Class A
Shares sold 154,762 $ 3,122,526 481,533 $ 11,638,123
Reinvestment of distributions 85,270 1,609,962 173,769 3,866,476
Less shares repurchased (309,507) (6,234,570) (490,609) (11,896,291)
----------------------------------------------------------------------------------------------------
Net increase (decrease) (69,475) $(1,502,082) 164,693 $ 3,608,308
====================================================================================================
Class C
Shares sold 48,967 $ 861,425 115,408 $ 2,453,775
Reinvestment of distributions 5,283 86,795 21,632 416,502
Less shares repurchased (75,363) (1,325,135) (288,611) (5,985,316)
----------------------------------------------------------------------------------------------------
Net decrease (21,113) $ (376,915) (151,571) $ (3,115,039)
====================================================================================================
Class Y
Shares sold 36,052 $ 722,078 69,769 $ 1,705,534
Reinvestment of distributions 83,285 1,569,932 6,651 153,131
Less shares repurchased (307,580) (6,138,311) (1,064,516) (25,557,427)
----------------------------------------------------------------------------------------------------
Net decrease (188,243) $(3,846,301) (988,096) $(23,698,762)
====================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 25
Financial Highlights
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/19 Ended Ended Ended Ended Ended
(unaudited) 11/30/18 11/30/17 11/30/16* 11/30/15* 11/30/14*
------------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 20.97 $ 24.72 $ 19.45 $ 20.74 $ 22.34 $ 22.49
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.30(a) $ 0.37(a) $ 0.24(a) $ 0.21(a) $ 0.16(a) $ 0.63
Net realized and unrealized gain (loss) on investments (0.68) (2.90) 5.21 (1.17) (0.53) (0.28)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.38) $ (2.53) $ 5.45 $ (0.96) $ (0.37) $ 0.35
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.50) $ (0.45) $ (0.18) $ (0.33) $ (1.23) $ (0.50)
Net realized gain -- (0.77) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.50) $ (1.22) $ (0.18) $ (0.33) $ (1.23) $ (0.50)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.88) $ (3.75) $ 5.27 $ (1.29) $ (1.60) $ (0.15)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.09 $ 20.97 $ 24.72 $ 19.45 $ 20.74 $ 22.34
====================================================================================================================================
Total return (b) (1.68)%(c) (10.46)% 28.24% (4.70)% (1.69)% 1.55%
Ratio of net expenses to average net assets (d) 1.15%(e) 1.23% 1.38% 1.45% 1.45% 1.46%
Ratio of net investment income (loss) to average net assets 2.91%(e) 1.53% 1.09% 1.10% 0.73% 2.72%
Portfolio turnover rate 15%(c) 41% 36% 41% 49% 100%
Net assets, end of period (in thousands) $67,488 $71,885 $80,688 $65,844 $77,173 $83,544
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (d) 1.45%(e) 1.54% 1.59% 1.68% 1.71% 1.70%
Net investment income (loss) to average net assets 2.61%(e) 1.22% 0.88% 0.87% 0.47% 2.48%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(d) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.01%,
respectively.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
26 Pioneer International Equity Fund | Semiannual Report | 5/31/19
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/19 Ended Ended Ended Ended Ended
(unaudited) 11/30/18 11/30/17 11/30/16* 11/30/15* 11/30/14*
------------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $18.09 $ 21.52 $ 16.95 $18.13 $ 19.69 $ 19.91
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.18(a) $ 0.15(a) $ 0.04(a) $ 0.03(a) $ (0.04)(a) $ 0.35
Net realized and unrealized gain (loss) on investments (0.58) (2.53) 4.55 (1.02) (0.46) (0.23)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $(0.40) $ (2.38) $ 4.59 $(0.99) $ (0.50) $ 0.12
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $(0.24) $ (0.28) $ (0.02) $(0.19) $ (1.06) $ (0.34)
Net realized gain -- (0.77) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $(0.24) $ (1.05) $ (0.02) $(0.19) $ (1.06) $ (0.34)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $(0.64) $ (3.43) $ 4.57 $(1.18) $ (1.56) $ (0.22)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $17.45 $ 18.09 $ 21.52 $16.95 $ 18.13 $ 19.69
====================================================================================================================================
Total return (b) (2.10)%(c) (11.22)% 27.09% (5.50)% (2.58)% 0.60%
Ratio of net expenses to average net assets (d) 1.99%(e) 2.09% 2.26% 2.35% 2.35% 2.36%
Ratio of net investment income (loss) to average net assets 2.06%(e) 0.73% 0.22% 0.20% (0.20)% 1.78%
Portfolio turnover rate 15%(c) 41% 36% 41% 49% 100%
Net assets, end of period (in thousands) $5,966 $ 6,565 $11,072 $9,829 $11,981 $10,865
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (d) 2.17%(e) 2.27% 2.32% 2.37% 2.42% 2.44%
Net investment income (loss) to average net assets 1.88%(e) 0.55% 0.16% 0.18% (0.27)% 1.70%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period and no sales
charges. Total return would be reduced if sales charges were taken into
account.
(c) Not annualized.
(d) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.01%,
respectively.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 27
Financial Highlights (continued)
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
5/31/19 Ended Ended Ended Ended Ended
(unaudited) 11/30/18 11/30/17 11/30/16* 11/30/15* 11/30/14*
------------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 21.03 $ 24.79 $ 19.50 $ 20.81 $ 22.41 $ 22.56
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ 0.34(a) $ 0.46(a) $ 0.33(a) $ 0.28(a) $ 0.25(a) $ 1.29
Net realized and unrealized gain (loss) on investments (0.69) (2.91) 5.21 (1.17) (0.54) (0.85)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ (0.35) $ (2.45) $ 5.54 $ (0.89) $ (0.29) $ 0.44
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income $ (0.59) $ (0.54) $ (0.25) $ (0.42) $ (1.31) $ (0.59)
Net realized gain -- (0.77) -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions $ (0.59) $ (1.31) $ (0.25) $ (0.42) $ (1.31) $ (0.59)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ (0.94) $ (3.76) $ 5.29 $ (1.31) $ (1.60) $ (0.15)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 20.09 $ 21.03 $ 24.79 $ 19.50 $ 20.81 $ 22.41
====================================================================================================================================
Total return (b) (1.48)%(c) (10.15)% 28.76% (4.34)% (1.29)% 1.94%
Ratio of net expenses to average net assets (d) 0.70%(e) 0.87% 0.99% 1.09% 1.04% 1.06%
Ratio of net investment income (loss) to average net assets 3.34%(e) 1.91% 1.48% 1.45% 1.16% 3.89%
Portfolio turnover rate 15%(c) 41% 36% 41% 49% 100%
Net assets, end of period (in thousands) $52,263 $58,647 $93,627 $74,448 $84,957 $102,563
Ratios with no waiver of fees and assumption of expenses by
the Adviser and no reduction for fees paid indirectly:
Total expenses to average net assets (d) 0.89%(e) 1.06% 1.06% 1.09% 1.04% 1.06%
Net investment income (loss) to average net assets 3.15%(e) 1.72% 1.41% 1.45% 1.16% 3.89%
====================================================================================================================================
* The Fund was audited by an independent registered public accounting firm
other than Ernst & Young LLP.
(a) The per-share data presented above is based on the average shares
outstanding for the period presented.
(b) Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions and the complete redemption of
the investment at net asset value at the end of each period.
(c) Not annualized.
(d) Includes interest expense of 0.00%, 0.00%, 0.00%, 0.00%, 0.00% and 0.01%,
respectively.
(e) Annualized.
The accompanying notes are an integral part of these financial statements.
28 Pioneer International Equity Fund | Semiannual Report | 5/31/19
Notes to Financial Statements | 5/31/19 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer International Equity Fund (the "Fund") is the sole portfolio comprising
Pioneer Series Trust VIII, a Delaware statutory trust. The Fund is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The investment objective of the Fund is long-term growth of
capital.
The Fund offers four classes of shares designated as Class A, Class C, Class K
and Class Y shares. Class K had not commenced operations as of May 31, 2019.
Each class of shares represents an interest in the same portfolio of
investments of the Fund and has identical rights (based on relative net asset
values) to assets and liquidation proceeds. Share classes can bear different
rates of class-specific fees and expenses such as transfer agent and
distribution fees. Differences in class-specific fees and expenses will result
in differences in net investment income and, therefore, the payment of
different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board of
Trustees the flexibility to specify either per-share voting or dollar-weighted
voting when submitting matters for shareowner approval. Under per-share voting,
each share of a class of the Fund is entitled to one vote. Under
dollar-weighted voting, a shareowner'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.
Amundi Pioneer Asset Management, Inc., an indirect, wholly owned subsidiary of
Amundi and Amundi's wholly owned subsidiary, Amundi USA, Inc., serves as the
Fund's investment adviser (the "Adviser"). Amundi Pioneer Distributor, Inc., an
affiliate of Amundi Pioneer Asset Management, Inc., serves as the Fund's
distributor (the "Distributor").
In August 2018, the Securities and Exchange Commission ("SEC") released a
Disclosure Update and Simplification Final Rule. The Final Rule amends
Regulation S-X disclosures requirements to conform them to U.S. Generally
Accepted Accounting Principles ("U.S. GAAP") for investment companies. The
Fund's financial statements were prepared in compliance with the new amendments
to Regulation S-X.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 29
The Fund is an investment company and follows investment company accounting and
reporting guidance under U.S. GAAP. U.S. GAAP requires the management of the
Fund to make estimates and assumptions that affect the reported amounts of
assets and liabilities, the disclosure of contingent assets and liabilities at
the date of the financial statements, and the reported amounts of income,
expenses and gain or loss on investments during the reporting period. Actual
results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements:
A. Security Valuation
The net asset value of the Fund is computed once daily, on each day the
New York Stock Exchange ("NYSE") is open, as of the close of regular
trading on the NYSE.
Equity securities that have traded on an exchange are valued by using the
last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities
for which sale prices are not available, generally are valued using the
mean between the last bid and asked prices or, if both last bid and asked
prices are not available, at the last quoted bid price. Last sale and bid
and asked prices are provided by independent third party pricing services.
In the case of equity securities not traded on an exchange, prices are
typically determined by independent third party pricing services using a
variety of techniques and methods.
The principal exchanges and markets for non-U.S. equity securities have
closing times prior to the close of the NYSE. However, the value of these
securities may be influenced by changes in global markets occurring after
the closing times of the local exchanges and markets up to the time the
Fund determines its net asset value. Consequently, the Fund uses a fair
value model developed by an independent pricing service to value non-U.S.
equity securities. On a daily basis, the pricing service recommends
changes, based on a proprietary model, to the closing market prices of
each non-U.S. security held by the Fund to reflect the security's fair
value at the time the Fund determines its net asset value. The Fund
applies these recommendations in accordance with procedures approved by
the Board of Trustees.
Forward foreign currency exchange contracts are valued daily using the
foreign exchange rate or, for longer term forward contract positions, the
spot currency rate and the forward points on a daily basis, in each case
provided by a third party pricing service. Contracts whose forward
settlement date falls between two quoted days are valued by interpolation.
30 Pioneer International Equity Fund | Semiannual Report | 5/31/19
Securities for which independent pricing services or broker-dealers are
unable to supply prices or for which market prices and/or quotations are
not readily available or are considered to be unreliable are valued by a
fair valuation team comprised of certain personnel of the Adviser pursuant
to procedures adopted by the Fund's Board of Trustees. The Adviser's fair
valuation team uses fair value methods approved by the Valuation Committee
of the Board of Trustees. The Adviser's fair valuation team is responsible
for monitoring developments that may impact fair valued securities and for
discussing and assessing fair values on an ongoing basis, and at least
quarterly, with the Valuation Committee of the Board of Trustees.
Inputs used when applying fair value methods to value a security may
include credit ratings, the financial condition of the company, current
market conditions and comparable securities. The Fund may use fair value
methods if it is determined that a significant event has occurred after
the close of the exchange or market on which the security trades and prior
to the determination of the Fund's net asset value. Examples of a
significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts.
Thus, the valuation of the Fund's securities may differ significantly from
exchange prices, and such differences could be material.
At May 31, 2019, no securities were valued using fair value methods (other
than securities valued using prices supplied by independent pricing
services, broker-dealers or using a third party insurance industry pricing
model).
B. Investment Income and Transactions
Dividend income is recorded on the ex-dividend date, except that certain
dividends from foreign securities where the ex-dividend date may have
passed are recorded as soon as the Fund becomes aware of the ex-dividend
data in the exercise of reasonable diligence.
Interest income, including interest on income-bearing cash accounts, is
recorded on the accrual basis. Dividend and interest income are reported
net of unrecoverable foreign taxes withheld at the applicable country
rates and net of income accrued on defaulted securities.
Interest and dividend income payable by delivery of additional shares is
reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Security transactions are recorded as of trade date. Gains and losses on
sales of investments are calculated on the identified cost method for both
financial reporting and federal income tax purposes.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 31
C. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on
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 on 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.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all of its net taxable income and net realized capital gains,
if any, to its shareowners. Therefore, no provision for federal income
taxes is required. As of November 30, 2018, 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 on the Statement of
Operations. Tax returns filed within the prior three years remain subject
to examination by federal and state tax authorities.
The amount and character of income and capital gain distributions to
shareowners are determined in accordance with federal income tax rules,
which may differ from U.S. GAAP. Distributions in excess of net investment
income or net realized gains are temporary over distributions 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 year ended November 30, 2018 was as follows:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributions paid from:
Ordinary income $3,640,894
Long-term capital gain 4,987,266
--------------------------------------------------------------------------
Total $8,628,160
==========================================================================
32 Pioneer International Equity Fund | Semiannual Report | 5/31/19
The following shows the components of distributable earnings on a federal
income tax basis at November 30, 2018:
--------------------------------------------------------------------------
2018
--------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $3,038,719
Undistributed long-term capital gain 401,862
Net unrealized appreciation 3,841,606
--------------------------------------------------------------------------
Total $7,282,187
==========================================================================
The difference between book-basis and tax-basis net unrealized
appreciation is attributable to the tax deferral of losses on wash sales
and adjustments relating to Passive Foreign Investment Companies
("PFICs").
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date. The
Distributor earned $4,429 in underwriting commissions on the sale of Class
A shares during the six months ended May 31, 2019.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning
of the day.
Distribution fees are calculated based on the average daily net asset
value attributable to Class A and Class C shares of the Fund, respectively
(see Note 4). Class Y shares do not pay distribution fees. All expenses
and fees paid to the Fund's transfer agent for its services are allocated
among the classes of shares based on the number of accounts in each class
and the ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class C and Class Y shares can
reflect different transfer agent and distribution expense rates.
G. Risks
The value of securities held by the Fund may go up or down, sometimes
rapidly or unpredictably, due to general market conditions, such as real
or perceived adverse economic, political or regulatory conditions,
inflation, changes in interest rates, lack of liquidity in the bond
markets or adverse investor sentiment. In the past several years,
financial markets have experienced increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty. These
conditions may continue, recur, worsen or spread.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 33
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 investments
in foreign markets and countries with limited developing markets may
subject the Fund to a greater degree of risk than investments in a
developed market. These risks include disruptive political or economic
conditions and the imposition of adverse governmental laws or currency
exchange restrictions. Lack of information and less market regulation also
may affect the value of these securities. Withholding and other non-U.S.
taxes may decrease the Fund's return. Non-U.S. issuers may be located in
parts of the world that have historically been prone to natural disasters.
Investing in depositary receipts is subject to many of the same risks as
investing directly in non-U.S. issuers. Depositary receipts may involve
higher expenses and may trade at a discount (or premium) to the underlying
security. A number of countries in the European Union (EU) have
experienced, and may continue to experience, severe economic and financial
difficulties. In addition, voters in the United Kingdom have approved
withdrawal from the EU. Other countries may seek to withdraw from the EU
and/or abandon the euro, the common currency of the EU. 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.
With the increased use of technologies such as the Internet to conduct
business, the Fund is susceptible to operational, information security and
related risks. While the Fund's Adviser has established business
continuity plans in the event of, and risk management systems to prevent,
limit or mitigate, such cyber-attacks, there are inherent limitations in
such plans and systems, including the possibility that certain risks have
not been identified. Furthermore, the Fund cannot control the
cybersecurity plans and systems put in place by service providers to the
Fund such as Brown Brothers Harriman & Co., the Fund's custodian and
accounting agent, and DST Asset Manager Solutions, Inc., the Fund's
transfer agent. In addition, many beneficial owners of Fund shares hold
them through accounts at broker-dealers, retirement platforms and other
financial market participants over which neither the Fund nor Amundi
Pioneer exercises control. Each of these may in turn rely on service
providers to them, which are also subject to the risk of cyber-attacks.
Cybersecurity failures or breaches at Amundi Pioneer or the Fund's service
providers or intermediaries have the ability to cause disruptions and
impact business operations, potentially resulting in financial losses,
interference with the Fund's ability to calculate its net asset value,
impediments to trading, the inability of Fund shareowners to effect share
purchases, redemptions or exchanges or receive distributions, loss of or
34 Pioneer International Equity Fund | Semiannual Report | 5/31/19
unauthorized access to private shareowner information and violations of
applicable privacy and other laws, regulatory fines, penalties,
reputational damage, or additional compliance costs. Such costs and losses
may not be covered under any insurance. In addition, maintaining vigilance
against cyber-attacks may involve substantial costs over time, and system
enhancements may themselves be subject to cyber-attacks.
The Fund's prospectus contains unaudited information regarding the Fund's
principal risks. Please refer to that document when considering the Fund's
principal risks.
H. 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 is 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).
At May 31, 2019, the Fund had entered into various forward foreign
currency contracts that obligated 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 market value of forward foreign currency contracts open during
the six months ended May 31, 2019, was $81,469. There were no open forward
foreign currency contracts at May 31, 2019.
2. Management Agreement
The Adviser manages the Fund's portfolio. Effective October 1, 2018, management
fees are calculated daily at the annual rate of 0.65% of the Fund's average
daily net assets up to $1 billion and 0.60% of the Fund's average net assets
over $1 billion. The fee is accrued daily and paid monthly. Prior to October 1,
2018, management fees were calculated daily at the annual rate of 0.85% of the
Fund's average daily net assets up to $500 million and 0.75% on assets over
$500 million. For the six months ended May 31, 2019, the effective management
fee (excluding waivers and/or assumptions of expenses) was equivalent to 0.65%
(annualized) of the Fund's average daily net assets.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 35
Effective October 1, 2018, the Adviser has contractually agreed to limit
ordinary operating expenses (ordinary operating expenses means all fund
expenses other than extraordinary expenses, such as litigation, taxes,
brokerage commissions and acquired fund fees and expenses) to the extent
required to reduce Fund expenses to 1.15%, 2.15% and 0.70%, of the average
daily net assets attributable to Class A, Class C and Class Y shares,
respectively. These expense limitations will be in effect through April 1,
2020. There can be no assurance that the Adviser will extend the expense
limitation agreement for a class of shares beyond the date referred to above.
Fees waived and expenses reimbursed during the six months ended May 31, 2019,
are reflected on the Statement of Operations. In addition, under the management
and administration agreements, certain other services and costs, including
accounting, regulatory reporting and insurance premiums, are paid by the Fund
as administrative reimbursements. Included in "Due to affiliates" reflected on
the Statement of Assets and Liabilities is $24,012 in management fees,
administrative costs and certain other reimbursements payable to the Adviser at
May 31, 2019.
3. Transfer Agent
DST Asset Manager Solutions, Inc. serves as the transfer agent to the Fund at
negotiated rates. Transfer agent fees and payables shown on the Statement of
Operations and the Statement of Assets and Liabilities, respectively, include
sub-transfer agent expenses incurred through the Fund's omnibus relationship
contracts.
In addition, the Fund reimbursed the transfer agent for out-of-pocket expenses
incurred by the transfer agent related to shareowner communications activities
such as proxy and statement mailings, and outgoing phone calls. For the six
months ended May 31, 2019, such out-of-pocket expenses by class of shares were
as follows:
--------------------------------------------------------------------------------
Shareowner Communications:
--------------------------------------------------------------------------------
Class A $43,468
Class C 3,502
--------------------------------------------------------------------------------
Total $46,970
================================================================================
4. Distribution and Service Plans
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 of
the Investment Company Act of 1940 with respect to its Class A and Class C
shares. Pursuant to the Plan, the Fund pays the Distributor 0.25% of the
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays the
Distributor
36 Pioneer International Equity Fund | Semiannual Report | 5/31/19
1.00% of the average daily net assets attributable to Class C shares. The fee
for Class C shares consists of a 0.25% service fee and a 0.75% distribution fee
paid as compensation for personal services and/or account maintenance services
or distribution services with regard to Class C shares. Included in "Due to
affiliates" reflected on the Statement of Assets and Liabilities is $3,314 in
distribution fees payable to the Distributor at May 31, 2019.
In addition, redemptions of Class A and Class C shares may be subject to a
contingent deferred sales charge ("CDSC"). A CDSC of 1.00% may be imposed on
redemptions of certain net asset value purchases of Class A shares within 12
months of purchase. Redemptions of Class C shares within 12 months of purchase
are subject to a CDSC of 1.00%, based on the lower of cost or market value of
shares being redeemed. Shares purchased as part of an exchange remain subject
to any CDSC that applied to the original purchase of those shares. There is no
CDSC for Class Y shares. Proceeds from the CDSCs are paid to the Distributor.
For the six months ended May 31, 2019, CDSCs in the amount of $673 were paid to
the Distributor.
5. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds (the
"Funds"), participates in a committed, unsecured revolving line of credit
facility. Borrowings are used solely for temporary or emergency purposes. The
Fund may borrow up to the lesser of the amount available under the facility or
the limits set for borrowing by the Fund's prospectus and the 1940 Act. The
Fund participates in a credit facility that is in the amount of $25 million.
Under such facility, depending on the type of loan, interest on borrowings is
payable at the London Interbank Offered Rate ("LIBOR") plus 0.90% on an
annualized basis, or the Alternate Base Rate, which is the greater of (a) the
facility's administrative agent's daily announced prime rate on the borrowing
date, (b) 2% plus the Federal Funds Rate on the borrowing date, or (c) 2% plus
the overnight Eurodollar rate on the borrowing date. The Fund pays 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, 2019, the Fund had no
borrowings under the credit facility.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 37
6. Additional Disclosures about Derivative Instruments and Hedging Activities
The Fund's use of derivatives may enhance or mitigate the Fund's exposure to
the following risks:
Interest rate risk relates to the fluctuations in the value of interest-bearing
securities due to changes in the prevailing levels of market interest rates.
Credit risk relates to the ability of the issuer of a financial instrument to
make further principal or interest payments on an obligation or commitment that
it has to the Fund.
Foreign exchange rate risk relates to fluctuations in the value of an asset or
liability due to changes in currency exchange rates.
Equity risk relates to the fluctuations in the value of financial instruments
as a result of changes in market prices (other than those arising from interest
rate risk or foreign exchange rate risk), whether caused by factors specific to
an individual investment, its issuer, or all factors affecting all instruments
traded in a market or market segment.
Commodity risk relates to the risk that the value of a commodity or commodity
index will fluctuate based on increases or decreases in the commodities market
and factors specific to a particular industry or commodity.
The effect of derivative instruments (not considered to be hedging instruments
for accounting disclosure purposes) on the Statement of Operations by risk
exposure at May 31, 2019 was as follows:
----------------------------------------------------------------------------------------
Statement of Operations
Foreign
Interest Credit Exchange Equity Commodity
Rate Risk Risk Rate Risk Risk Risk
----------------------------------------------------------------------------------------
Net realized
gain (loss) on:
Forward foreign
currency contracts $ -- $ -- $3,670 $ -- $ --
----------------------------------------------------------------------------------------
Total Value $ -- $ -- $3,670 $ -- $ --
=========================================================================================
38 Pioneer International Equity Fund | Semiannual Report | 5/31/19
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman Lisa M. Jones, President and
David R. Bock Chief Executive Officer
Benjamin M. Friedman Mark E. Bradley, Treasurer and
Margaret B.W. Graham Chief Financial and
Lisa M. Jones Accounting Officer
Lorraine H. Monchak Christopher J. Kelley, Secretary and
Marguerite A. Piret Chief Legal Officer
Fred J. Ricciardi
Kenneth J. Taubes
Investment Adviser and Administrator
Amundi Pioneer Asset Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Amundi Pioneer Distributor, Inc.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer Agent
DST Asset Manager Solutions, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at www.amundipioneer.com/us. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 39
This page is for your notes.
40 Pioneer International Equity Fund | Semiannual Report | 5/31/19
This page is for your notes.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 41
This page is for your notes.
42 Pioneer International Equity Fund | Semiannual Report | 5/31/19
This page is for your notes.
Pioneer International Equity Fund | Semiannual Report | 5/31/19 43
This page is for your notes.
44 Pioneer International Equity Fund | Semiannual Report | 5/31/19
How to Contact Amundi Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFoneSM for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
--------------------------------------------------------------------------------
Amundi Pioneer
P.O. Box 219427
Kansas City, MO 64121-9427
Our toll-free fax 1-800-225-4240
Our internet e-mail address us.askamundipioneer@amundipioneer.com
(for general questions about Amundi Pioneer only)
Visit our web site: www.amundipioneer.com/us
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of portfolio holdings with the Securities
and Exchange Commission for the first and third quarters of each fiscal year as
an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form
N-PORT by visiting the Commission's web site at https://www.sec.gov.
[LOGO] Amundi Pioneer
==============
ASSET MANAGEMENT
Amundi Pioneer Asset Management Inc.
60 State Street
Boston, MA 02109
www.amundipioneer.com/us
Securities offered through Amundi Pioneer Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
[C] 2019 Amundi Pioneer Asset Management 19390-13-0719
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)).
Mr. David R. Bock, 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.
N/A
(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.
N/A
(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.
N/A
(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.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Amudi Pioneer Asset Management, Inc, the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
----------------------- --------------------------- -----------------------------------------------
--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
------------------------------------------- ------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
--------------------------------------------------------------------------------
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
Non-Audit Services
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountants engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrants accountant
for services rendered to the registrant, and rendered to the registrants
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrants audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrants investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees
has considered whether the provision of non-audit
services that were rendered to the Affiliates (as
defined) that were not pre- approved pursuant to
paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is
compatible with maintaining the principal accountant's
independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrant's audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule of Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.1212
of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrant's portfolio ("Portfolio Manager"). Also state each Portfolio
Manager's business experience during the past 5 years.
Not applicable to open-end management investment companies.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrant's equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781).
Not applicable to open-end management investment companies.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrant's board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of
Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15))
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrant's board of
directors since the registrant last provided disclosure in response
to the requirements of Item 407(c)(2)(iv) of Regulation S-R of Schedule 14(A)
in its definitive proxy statement, or this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive and
principal financials officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR
270.30a-3(c))) as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph,
based on the evaluation of these controls and procedures required by Rule
30a-3(b) under the Act (17 CFR 270.30(a)-3(b) and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on the evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that
occured during the second fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
Item 12. Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
(a) If the registrant is a closed-end management investment company,
provide the following dollar amounts of income and compensation related
to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities
lending activities and related services: any share of revenue generated
by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services
(including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative
fees that are not included in the revenue split; fees for
indemnification that are not included in the revenue split; rebates
paid to borrowers; and any other fees relating to the securities lending
program that are not included in the revenue split, including a description
of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2); and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount in
paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in
the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)) , exactly as set forth below:
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Series Trust VIII
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 26, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President & Chief Executive Officer
Date July 26, 2019
By (Signature and Title)* /s/ Mark E. Bradley
Mark E. Bradley, Treasurer & Chief Accounting & Financial Officer
Date July 26, 2019
* Print the name and title of each signing officer under his or her signature.