N-Q 1 intlvalue.htm INTERNATIONAL VALUE intlvalue.htm 
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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY



  Investment Company Act file number 811-07318


                         Pioneer Series Trust VIII
               (Exact name of registrant as specified in charter)


                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)


            Terrence J. Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)


Registrant's telephone number, including area code:  (617) 742-7825


Date of fiscal year end:  November 30

Date of reporting period:  February 28, 2015

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
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.


<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.












  
  
  
  


Pioneer International Value Fund


  
  


  
  
  
  


Schedule of Investments 2/28/15 (unaudited)


  
  


  
  
  
  
  
  
  


  


Shares


  
  
  
  


Value




  
  
  
  


COMMON STOCKS - 96.6%


  
  


  
  
  
  


Energy - 3.9%


  
  


  
  
  
  


Oil & Gas Equipment & Services - 1.2%


  
  


  


26,200


  
  


Schlumberger, Ltd.




$




2,204,992




  
  
  
  


Integrated Oil & Gas - 1.8%


  
  


  


236,100


  
  


BG Group Plc




$




3,479,064




  
  
  
  


Oil & Gas Exploration & Production - 0.9%


  
  


  


135,200


  
  


Encana Corp.




$




1,759,955




  
  
  
  


Total Energy




$




7,444,011




  
  
  
  


Materials - 8.1%


  
  


  
  
  
  


Commodity Chemicals - 1.4%


  
  


  


195,000


  
  


Kuraray Co., Ltd.




$




2,682,711




  
  
  
  


Diversified Chemicals - 1.9%


  
  


  


1,172,400


  
  


Incitec Pivot, Ltd.




$




3,723,456




  
  
  
  


Fertilizers & Agricultural Chemicals - 1.7%


  
  


  


9,200


  
  


Syngenta AG




$




3,242,471




  
  
  
  


Specialty Chemicals - 1.8%


  
  


  


83,200


  
  


Croda International Plc




$




3,502,524




  
  
  
  


Paper Packaging - 1.3%


  
  


  


223,600


  
  


Amcor, Ltd.




$




2,382,573




  
  
  
  


Total Materials




$




15,533,735




  
  
  
  


Capital Goods - 13.1%


  
  


  
  
  
  


Aerospace & Defense - 0.5%


  
  


  


69,500


  
  


Rolls-Royce Holdings Plc




$




1,016,682




  
  
  
  


Building Products - 2.4%


  
  


  


35,400


  
  


Daikin Industries, Ltd.




$




2,308,852




  


165,000


  
  


TOTO, Ltd.


  


2,296,675




  
  
  
  
  


$




4,605,527




  
  
  
  


Electrical Components & Equipment - 1.7%


  
  


  


41,200


  
  


Schneider Electric SE




$




3,313,224




  
  
  
  


Heavy Electrical Equipment - 1.0%


  
  


  


158,000


  
  


Mitsubishi Electric Corp.




$




1,852,868




  
  
  
  


Industrial Conglomerates - 2.8%


  
  


  


118,400


  
  


Koninklijke Philips NV




$




3,542,900




  


16,300


  
  


Siemens AG


  


1,820,134




  
  
  
  
  


$




5,363,034




  
  
  
  


Construction & Farm Machinery & Heavy Trucks - 1.3%


  
  


  


117,800


  
  


Komatsu, Ltd.




$




2,453,265




  
  
  
  


Agricultural & Farm Machinery - 0.7%


  
  


  


86,000


  
  


Kubota Corp.




$




1,399,019




  
  
  
  


Industrial Machinery - 2.7%


  
  


  


52,000


  
  


GEA Group AG




$




2,570,828




  


92,600


  
  


Nabtesco Corp.


  


2,486,111




  
  
  
  
  


$




5,056,939




  
  
  
  


Total Capital Goods




$




25,060,558




  
  
  
  


Automobiles & Components - 2.1%


  
  


  
  
  
  


Tires & Rubber - 1.2%


  
  


  


60,100


  
  


Bridgestone Corp.




$




2,303,935




  
  
  
  


Automobile Manufacturers - 0.9%


  
  


  


18,400


  
  


Daimler AG




$




1,779,248




  
  
  
  


Total Automobiles & Components




$




4,083,183




  
  
  
  


Consumer Durables & Apparel - 3.4%


  
  


  
  
  
  


Homebuilding - 3.0%


  
  


  


102,900


  
  


Persimmon Plc




$




2,800,309




  


227,200


  
  


Sekisui Chemical Co., Ltd.


  


2,916,490




  
  
  
  
  


$




5,716,799




  
  
  
  


Textiles - 0.4%


  
  


  


566,000


  
  


Pacific Textiles Holdings, Ltd.




$




846,184




  
  
  
  


Total Consumer Durables & Apparel




$




6,562,983




  
  
  
  


Consumer Services - 1.2%


  
  


  
  
  
  


Restaurants - 1.2%


  
  


  


206,700


  
  


Domino's Pizza Group Plc




$




2,303,705




  
  
  
  


Total Consumer Services




$




2,303,705




  
  
  
  


Media - 1.0%


  
  


  
  
  
  


Advertising - 1.0%


  
  


  


23,200


  
  


Publicis Groupe SA




$




1,891,072




  
  
  
  


Total Media




$




1,891,072




  
  
  
  


Retailing - 1.4%


  
  


  
  
  
  


Apparel Retail - 1.4%


  
  


  


61,100


  
  


Hennes & Mauritz AB




$




2,664,206




  
  
  
  


Total Retailing




$




2,664,206




  
  
  
  


Food & Staples Retailing - 4.4%


  
  


  
  
  
  


Drug Retail - 2.0%


  
  


  


76,300


  
  


Sundrug Co., Ltd.




$




3,757,358




  
  
  
  


Food Retail - 1.4%


  
  


  


28,900


  
  


Casino Guichard Perrachon SA




$




2,720,432




  
  
  
  


Hypermarkets & Super Centers - 1.0%


  
  


  


259,900


  
  


Distribuidora Internacional de Alimentacion SA




$




1,974,522




  
  
  
  


Total Food & Staples Retailing




$




8,452,312




  
  
  
  


Food, Beverage & Tobacco - 4.2%


  
  


  
  
  
  


Soft Drinks - 1.5%


  
  


  


77,400


  
  


Suntory Beverage & Food, Ltd. *




$




2,899,882




  
  
  
  


Packaged Foods & Meats - 2.7%


  
  


  


39,100


  
  


Danone SA




$




2,725,366




  


54,900


  
  


Unilever NV


  


2,387,526




  
  
  
  
  


$




5,112,892




  
  
  
  


Total Food, Beverage & Tobacco




$




8,012,774




  
  
  
  


Household & Personal Products - 3.0%


  
  


  
  
  
  


Household Products - 3.0%


  
  


  


31,300


  
  


Henkel AG & Co. KGaA




$




3,293,318




  


90,800


  
  


Unicharm Corp.


  


2,513,188




  
  
  
  
  


$




5,806,506




  
  
  
  


Total Household & Personal Products




$




5,806,506




  
  
  
  


Health Care Equipment & Services - 1.8%


  
  


  
  
  
  


Health Care Services - 1.8%


  
  


  


59,400


  
  


Fresenius SE & Co. KGaA




$




3,401,272




  
  
  
  


Total Health Care Equipment & Services




$




3,401,272




  
  
  
  


Pharmaceuticals, Biotechnology & Life Sciences - 9.5%


  
  


  
  
  
  


Pharmaceuticals - 7.7%


  
  


  


168,900


  
  


Astellas Pharma, Inc.




$




2,685,880




  


43,700


  
  


Novartis AG


  


4,472,779




  


11,406


  
  


Roche Holding AG


  


3,090,924




  


56,500


  
  


Shire Plc


  


4,567,724




  
  
  
  
  


$




14,817,307




  
  
  
  


Life Sciences Tools & Services - 1.8%


  
  


  


58,800


  
  


Gerresheimer AG




$




3,384,639




  
  
  
  


Total Pharmaceuticals, Biotechnology & Life Sciences




$




18,201,946




  
  
  
  


Banks - 9.4%


  
  


  
  
  
  


Diversified Banks - 9.4%


  
  


  


288,108


  
  


Banco Bilbao Vizcaya Argentaria SA




$




2,883,526




  


620,900


  
  


Barclays Plc


  


2,464,135




  


52,200


  
  


BNP Paribas SA


  


3,037,740




  


96,000


  
  


National Australia Bank, Ltd.


  


2,838,847




  


89,500


  
  


Sumitomo Mitsui Financial Group, Inc.


  


3,563,203




  


123,700


  
  


Swedbank AB


  


3,215,261




  
  
  
  
  


$




18,002,712




  
  
  
  


Total Banks




$




18,002,712




  
  
  
  


Diversified Financials - 1.2%


  
  


  
  
  
  


Diversified Capital Markets - 1.2%


  
  


  


130,800


  
  


UBS Group AG




$




2,292,367




  
  
  
  


Total Diversified Financials




$




2,292,367




  
  
  
  


Insurance - 6.9%


  
  


  
  
  
  


Insurance Brokers - 1.5%


  
  


  


28,400


  
  


Aon Plc *




$




2,850,224




  
  
  
  


Multi-line Insurance - 4.0%


  
  


  


160,300


  
  


AXA SA




$




4,064,367




  


11,500


  
  


Zurich Insurance Group AG


  


3,670,779




  
  
  
  
  


$




7,735,146




  
  
  
  


Property & Casualty Insurance - 1.4%


  
  


  


23,800


  
  


ACE, Ltd.




$




2,713,438




  
  
  
  


Total Insurance




$




13,298,808




  
  
  
  


Real Estate - 6.6%


  
  


  
  
  
  


Diversified REIT's - 2.9%


  
  


  


1,665,215


  
  


Hibernia Real Estate Investment Trust plc




$




2,224,657




  


507,700


  
  


Hibernia Real Estate Investment Trust plc *


  


681,555




  


37,472


  
  


Wereldhave NV


  


2,574,817




  
  
  
  
  


$




5,481,029




  
  
  
  


Industrial REIT's - 1.1%


  
  


  


441,400


  
  


Goodman Group




$




2,148,776




  
  
  
  


Diversified Real Estate Activities - 1.0%


  
  


  


68,000


  
  


Mitsui Fudosan Co., Ltd.




$




1,869,293




  
  
  
  


Real Estate Operating Companies - 1.6%


  
  


  


133,800


  
  


GAGFAH SA




$




3,099,111




  
  
  
  


Total Real Estate




$




12,598,209




  
  
  
  


Technology Hardware & Equipment - 7.2%


  
  


  
  
  
  


Electronic Equipment Manufacturers - 2.3%


  
  


  


438,100


  
  


Hitachi, Ltd.




$




2,997,887




  


1,086,000


  
  


PAX Global Technology, Ltd. *


  


989,292




  


512,000


  
  


Wasion Group Holdings, Ltd.


  


507,393




  
  
  
  
  


$




4,494,572




  
  
  
  


Electronic Components - 4.9%


  
  


  


82,000


  
  


Hoya Corp.




$




3,311,081




  


22,900


  
  


Murata Manufacturing Co., Ltd.


  


2,824,898




  


232,000


  
  


Yaskawa Electric Corp.


  


3,241,805




  
  
  
  
  


$




9,377,784




  
  
  
  


Total Technology Hardware & Equipment




$




13,872,356




  
  
  
  


Telecommunication Services - 5.0%


  
  


  
  
  
  


Integrated Telecommunication Services - 1.2%


  
  


  


125,700


  
  


Orange SA




$




2,288,886




  
  
  
  


Wireless Telecommunication Services - 3.8%


  
  


  


38,000


  
  


KDDI Corp.




$




2,634,072




  


27,700


  
  


SoftBank Corp.


  


1,706,937




  


848,118


  
  


Vodafone Group Plc


  


2,937,950




  
  
  
  
  


$




7,278,959




  
  
  
  


Total Telecommunication Services




$




9,567,845




  
  
  
  


Utilities - 3.2%


  
  


  
  
  
  


Electric Utilities - 2.0%


  
  


  


22,800


  
  


Red Electrica Corp SA




$




1,939,464




  


77,900


  
  


SSE Plc


  


1,890,471




  
  
  
  
  


$




3,829,935




  
  
  
  


Multi-Utilities - 1.2%


  
  


  


104,357


  
  


GDF Suez




$




2,317,562




  
  
  
  


Total Utilities




$




6,147,497




  
  
  
  


TOTAL COMMON STOCKS


  
  


  
  
  
  


(Cost $169,996,212)




$




185,198,057




  
  
  
  
  
  
  


  
  
  
  


TOTAL INVESTMENT IN SECURITIES - 96.6%


  
  


  
  
  
  


(Cost $169,996,212) (a)




$




185,198,057




  
  
  
  


OTHER ASSETS & LIABILITIES - 3.4%




$




6,551,337




  
  
  
  


TOTAL NET ASSETS - 100.0%




$




191,749,394




  
  
  
  
  
  
  


  
  
  
  
  
  
  


  


*


  
  


Non-income producing security.


  
  


  
  
  
  
  
  
  


  


REIT


  
  


Real Estate Investment Trust.


  
  


  
  
  
  
  
  
  


  


(a)


  
  


At February 28, 2015, the net unrealized appreciation on investments based on cost for


  


  
  
  
  


federal income tax purposes of $171,378,937 was as follows:


  
  


  
  
  
  
  
  
  


  
  
  
  


Aggregate gross unrealized appreciation for all investments


  
  


  
  
  
  


in which there is an excess of value over tax cost


  


$36,010,732




  
  
  
  
  
  
  


  
  
  
  


Aggregate gross unrealized depreciation for all investments in which


  
  


  
  
  
  


there is an excess of tax cost over value


  


(22,191,612)




  
  
  
  
  
  
  


  
  
  
  


Net unrealized appreciation


  


$13,819,120




  
  
  
  
  
  
  


  


(b)


  
  


Distributions of investments by country of issue (excluding temporary cash investments) as




  
  
  
  


a percentage of total investment in securities, is as follows:


  
  


  
  
  
  
  
  
  


  
  
  
  


Japan


  


27.5%




  
  
  
  


United Kingdom


  


11.7%




  
  
  
  


France


  


11.3%




  
  
  
  


Switzerland


  


9.8%




  
  
  
  


Germany


  


8.2%




  
  
  
  


United States


  


6.6%




  
  
  
  


Australia


  


5.6%




  
  
  
  


Netherlands


  


4.3%




  
  
  
  


Spain


  


3.4%




  
  
  
  


Sweden


  


3.0%




  
  
  
  


Jersey Channel Islands


  


2.3%




  
  
  
  


Luxembourg


  


1.6%




  
  
  
  


Ireland


  


1.5%




  
  
  
  


Curacao


  


1.1%




  
  
  
  


Other


  


2.1%




  
  
  
  
  
  


100.0%




  
  
  
  
  
  
  




TOTAL RETURN SWAP AGREEMENT


  
  


  
  
  
  
  
  
  

















  
 


Notional Principal


 


Counterparty




Pay / Receive




Obligation Entity/Index




Coupon




Expiration Date


 


Net Unrealized Appreciation


 




JPY


 
 
112,506
 


Citibank NA




Pay




JPX-NIKKEI INDEX 400




1M Libor +53 bps




6/2/15


 
$
922,938
 


  
 
 
 
 
  
  
  
  
  
 
 
 
 




NOTE:


 


Principal amounts are denominated in U.S. Dollars unless otherwise noted:


  
  
 
 
 
 




JPY


 


Japanese Yen


  
  
  
  
 
 
 
 



















Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.




  
  
  
  
  
  




Level 1 – quoted prices in active markets for identical securities


  




Level 2 – other significant observable inputs (Including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)






Level 3 – significant unobservable inputs (Including the Fund's own assumptions in determining fair value of investments)


  


  
  
  
  
  
  




Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued






using fair value methods (other than prices supplied by independent pricing services or broker-dealers) are categorized as Level 3.




  
  
  
  
  
  




The following is a summary of the inputs used as of  February 28, 2015, in valuing the Fund’s investments:


  

















  
 


Level 1


 
 


Level 2


 
 


Level 3


 
 


Total


 




Common Stocks


 


 


 
 


 


 
 


 


 
 


 


 




  Energy


 
 
 
 
 
 
 
 
 
 
 
 




    Oil & Gas Equipment & Services


 
$
2,204,992
 
 
$
-
 
 
$
-
 
 
$
2,204,992
 




    Oil & Gas Exploration & Production


 
 
1,759,955
 
 
 
-
 
 
 
-
 
 
 
1,759,955
 




  Insurance


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




    Insurance Brokers


 
 
2,850,224
 
 
 
-
 
 
 
-
 
 
 
2,850,224
 




    Property & Casualty Insurance


 
 
2,713,438
 
 
 
-
 
 
 
-
 
 
 
2,713,438
 




  All Other Common Stocks


 
 
-
 
 
 
175,669,448
 
 
 
-
 
 
 
175,669,448
 




Total


 
$
9,528,609
 
 
$
175,669,448
 
 
$
-
 
 
$
185,198,057
 


  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Other Financial Instruments


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Net unrealized depreciation on futures contracts


 
$
-
 
 
$
(1,460,443
)
 
$
-
 
 
$
(1,460,443
)




Net unrealized appreciation on swap contracts


 
 
922,938
 
 
 
-
 
 
 
-
 
 
 
922,938
 




Net unrealized depreciation on forward foreign currency contracts


 
 
(36,567
)
 
 
-
 
 
 
-
 
 
 
(36,567
)




Total Other Financial Instruments


 
$
886,371
 
 
$
(1,460,443
)
 
$
-
 
 
$
(574,072
)


  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




During the period ended February 28, 2015, there were no transfers between Levels 1, 2 and 3.


 
 
 
 
 
 
 
 
 
 
 
 
 















 ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial 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 270.30a-3(b))) and Rule 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 their 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 controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter 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. ITEM 3. EXHIBITS. File as exhibits as part of this Form 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: CERTIFICATIONS I, [identify the certifying individual], certify that: 1. I have reviewed this report on Form N-Q of [identify registrant]; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. Date: [Signature] [Title] Filed herewith. <PAGE> 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 and Chief Executive Officer Date April 29, 2015 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 and Chief Executive Officer Date April 29, 2015 By (Signature and Title)* /s/ Mark E. Bradley ----------------- Mark E. Bradley, Treasurer and Chief Accounting and Financial Officer Date April 29, 2015 * Print the name and title of each signing officer under his or her signature.