4 Reasons to Invest in Pioneer Funds Real Assets Target Income. ~40% of Total Income: Premium 1 from Call and Put Options

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1 4 Reasons to Invest in Pioneer Funds Real Assets Target Income A High Yielding Response to Rising Inflation FOCUS 4Reasons 1. Seeks to protect purchasing power by offering real returns, which may rise with inflation 2. Attractive and sustainable income potential, enhanced by the use of derivatives i.e. sale of call and put options on equities 3. Utilises options to reduce the volatility of investing in higher yielding assets 4. Annual income target declared at the beginning of each year and paid at regular intervals to provide transparency on distributions Pioneer Funds Real Assets Target Income (the Portfolio ) is a unique income solution offering the prospect of real returns through flexible and active investment in a broad range of real economy sectors: Amid low bond yields, high yielding bond sectors such as corporate debt and emerging markets debt have benefited significantly from investor flows. As we begin to transition from an environment of secular stagnation to a moderate normalisation in market conditions, bond values are likely to come under pressure from higher interest rates. Bond flows may reverse abruptly in such an environment, resulting in illiquidity particularly in the corporate bond sector if default rates start to rise correspondingly. Pioneer Funds Real Assets Target Income: Focus on Real Returns and Income Generation ~60% of Total Income: Diversified Asset Classes FX hedge will be maintained on the non-usd Exposure 2017 Target Distribution*: 5.25% ($)** ~40% of Total Income: Premium 1 from Call and Put Options Long-Term Capital Growth 2 Holdings linked to global inflationary trends Active risk management to help manage drawdowns Total Return Source: Pioneer Investments. For Illustrative Purposes only. Pioneer Funds Real Assets Target Income Class A USD Quarterly Distributing distributes income on a quarterly basis and gross of fees. *The income target can be exceeded or undershot and should not be construed as an assurance or guarantee. The reference currency for the target income is USD. **Please note that the value achieved might deviate significantly from the forecast (also to the downside), especially in periods of pronounced market fluctuations. The Portfolio s target yield is adjusted annually. 1 Option premiums earned. Model calculations based on historical data of the last few years. Please note that the value may also deviate significantly from model calculations (also to the downside). 2 The performance of the asset class exposure to some extent also depends on general market trends and is subject to considerable fluctuations. It may thus also draw down the fund s total. Past performance does not guarantee and is not indicative of future results. 1 For Broker/Dealer Use Only and Not to be Distributed to the Public.

2 1 Protecting Purchasing Power Amid Rising Inflation The Portfolio invests actively in real economy sectors with asset-intensive business models such as global infrastructure, real estate, utilities, energy, etc. through listed equities and bonds. As indicated in the chart below, such sectors have reacted positively to inflation during periods in which inflation was surprising on the upside or trending up, which is similar to the environment we are in now. To benefit from rising inflation, we invest primarily in cash-rich businesses that own tangible assets, such as toll roads, airports, pipelines, etc. As these asset-intensive companies are sensitive to the underlying economy, their asset values tend to rise with higher growth and inflationary prospects. Real Economy Sectors Tend to Correlate Positively with Inflation Correlation of Real Economy Sectors to US CPI Year-on-Year (Using Monthly Data) Global REITs Physical Gold Global Energy Global Infrastructure Global Materials Global Consumer Staples Global Utilities June 2010 to September 2011 Oct 2006 to July 2008 June 2002 to July 2003 June 1998 to June 2000 Source: Pioneer Investments, Bloomberg. Represented Indices: Global REITs = FTSE EPRA/NAREIT Global Real Estate Index, Physical Gold = Spot Gold, Global Energy = MSCI Global Energy, Global Infrastructure = MSCI Global Infrastructure, Global Materials = MSCI Global Materials, Global Consumer Staples = MSCI Global Consumer Staples, Global Utilities = MSCI Global Utilities. For MSCI Disclaimer, please see additional notes. Moreover, prospects of high pricing power due to monopolistic industry positioning (eg: airports) or inelastic demand (eg: utilities) provides resilience for some bond-like sectors such as utilities, infrastructure and food & staples during economic downturns as demonstrated in the chart over leaf. 2 For Broker/Dealer Use Only and Not to be Distributed to the Public.

3 Real Economy Sectors had a Lower Equity Market Down Capture Global Equity Market (Using MSCI World Index) Down-Capture % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Global Utilities Global Agri & Global Transp & Global Oil & Global Equity Equity Food Equity Infr. Equity Gas Equity Source: Bloomberg. Data from 30 September, 2001 to 31 December 2016 using quarterly data. Downside capture measures the performance of the different indexes relative to the performance of the MSCI World Index during periods of down markets (quarters when the MSCI World Index had a negative performance). Global Equity = MSCI World Index, Global Utilities Equity = MSCI World Utility Index, Global Agri & Food Equity = MSCI World Agriculture & Food Chain Index, Global Transp. & Infr. Equity = MSCI Transport & Infrastructure Index, Global Oil & Gas Equity = MSCI Oil & Gas Index. All indexes are total return in USD unhedged. Data represents past performance, which is no guarantee of future results. 2 Potential for Sustainable and Attractive Income Enhancing the appeal of such real economy companies is their inflation-linked income potential. Income streams of our Portfolio companies are typically linked to inflation due to regulatory frameworks or contractual agreements. Such features seek to generate strong cash flows and sustain high dividend payouts, making their distributions potentially more bond-like and hence more predictable in the long-term. For instance, concession agreements for toll road and airport operators allow their tariffs to be explicitly linked to inflation. Utilities and pipeline operators are permitted by regulators to adjust their tariffs to cost-price inflation to ensure that they earn a real return on their asset base, which is higher than their cost of capital. Real estate companies are also able to adjust their rental income to underlying inflation rates and often generate rental yields in excess of inflation. Investment structures in the form of trusts and partnerships for real estate and energy infrastructure companies respectively stipulate a high distribution of their cash flows in exchange of tax benefits, which helps sustain a high dividend yield. The chart over leaf indicates the dividend yield for the real economy sectors where we invest across equity markets (highlighted in orange). Dividend yields are high in comparison to the MSCI World Index, which pays a dividend yield of 2.4%. Yields are attractive also in comparison to bond markets, which range from as low as 0.5% in the case of German government bonds to 6.0% for US High Yield bonds (all data as at 10 March 2017). 3 For Broker/Dealer Use Only and Not to be Distributed to the Public.

4 Focus on Real Economy Sectors with Sustainable Dividend Yields Dividend Yields for Global Equity Indices 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 1.3% 1.0% Global Payout Ratio ~58% 2.0% 2.1% 2.2% 2.3% 2.4% 2.4% 2.4% 2.5% 2.5% 2.5% 4.2% 3.8% 3.9% 3.6% 3.2% 3.3% 3.0% MSCI Wd Software & Servs MSCI World Retailing Inx MSCI WD Tech Hardw b& Eqm MSCI World/Hlth Care MSCI Wd Transportation MSCI World/Industrl MSCI World Cap Goods Inx MSCI World Food/STPL Inx MSCI Wd Consumer Service MSCI World Materials Inx MSCI Wd House& Per Prod MSCI Wd Pharm & Biotech MSCI World Auto Comp Inx MSCI World Insurance Inx MSCI World Bank Index MSCI World Real Estate MSCI World/Energy MSCI World Utilities Inx MSCI Wd Telecom Services Source: Pioneer Investments, Bloomberg. Data as at 10 March For the MSCI disclaimer, please see additional notes 3 Enhanced Income Potential and Risk Management Through Option Writing To sustain an attractive income distribution, we aim to generate a proportion of the income from equity option writing through the use of derivatives, such as the sale of call and put options. Selling options in a higher volatility environment may generate higher premiums, thus improving the overall income potential. A secondary benefit of option writing, utilised frequently in our Portfolio, is for risk management purposes. Our aim is to reduce the volatility of investing in equity markets by targeting a Portfolio volatility of 7-12%. Monthly volatility since inception has remained at the lower end of this range at 7.4%. As some of our sector exposures may exhibit high volatility occasionally, we use option writing to seek to manage exposure to the sector. Strike prices of the options written are in line with the price targets set by our sector specialist, fundamental research analysts. In this manner, we can enter and exit stocks at desirable and pre-determined prices. Moreover, option writing helps to lower Portfolio turnover, thus helping to reduce our transaction costs. For instance, within the energy sector, oil & gas holdings have been highly volatile in past years due to demand-supply imbalances. We choose to implement different option strategies depending on the circumstances and our objectives: Sell call options on specific stocks held in the Portfolio (called covered call overwriting) with the aim to reduce the overall exposure to the energy sector Sell deep out-of-the-money call options (i.e. strike price further away from the stock price) to reduce the probability of the call being exercised 4 For Broker/Dealer Use Only and Not to be Distributed to the Public.

5 If we believe that the stock has reached our target price, sell call options at a strike price closer to the underlying stock price with the intention to reduce exposure to the stock. Sell put options with the intention to build exposure to stocks in case of market corrections, as these downturns are often accompanied by a spike in overall volatility Case Study: The Energy sector experienced a spike in volatility due to a slowdown in global growth, technological advancements in the U.S. and geopolitical concerns. We wrote call and put options to generate income given the potential for higher premiums but also to manage portfolio risk exposure/volatility. Sector Exposure Historical Volatility Actual Volatility Actual Yield Option Strategy Short Call Options Energy 12.96% 20.80% 3.28% Short Put Options Source: Pioneer Investments. For Illustrative Purposes Only. 4 Explicit Income Target We set an income target 1 at the beginning of the year in order to provide investors with clarity regarding distributions. After exceeding or meeting our income target every year since inception in March 2014, we have maintained an income target of 5.25% in Moreover, payouts are evenly distributed throughout the year depending on unit class (monthly, quarterly or semi-annual frequency) to ensure a regular income stream potential. 7% 6% 5% 4% 3% 2% 1% 0% 3.94% 5.75% 5.25% 5.25% 5.25% 5.25% 5.25% (Pro-rated Target) Full Year Target: 5.25% Inception Date: 28 March % 4 Target Distribution Actual Distribution The income target can be exceeded or undershot and should not be constructed as an assurance or guarantee. The reference currency for the target income is USD. Source: Pioneer Investments. Data as at 31 March The income target can be exceeded or undershot and should not be construed as an assurance or guarantee. 2 Expected target distribution in Please note that the value achieved might deviate significantly from the forecast (also to the downside), especially in periods of pronounced market fluctuations. The Portfolio s target yield is adjusted annually. The income earned is distributed monthly, quarterly or semi-annually. 3 Target was based on a full-year Pioneer Funds Real Assets Target Income (the Sub-Fund ) was launched on 28 March The Sub-Fund aimed to achieve a pro-rated percentage of the full year income target. 4 Paid on 25 April Past performance does not guarantee and is not indicative of future results. Distributions are gross of fees. 5 For Broker/Dealer Use Only and Not to be Distributed to the Public.

6 Conclusion Global macro conditions appear to have held up well in Q1 despite geopolitical risks and the inflation outlook continues to improve due to strong macro momentum and higher commodity prices. We remain constructive on risk assets and reiterate a bias to global equity sectors linked to the real economy to meet our real return and income objectives. We continue to seek asset-intensive companies whose incomes are sensitive to global inflationary trends given their link to underlying commodity and real estate markets. We have reduced some exposure to Real Estate given the surge in underlying bond yields, which is typically negative for this sector. We expect the gradual increase in rates to have a modest impact on the property sector going forward, which we believe has helped stabilise the market recently. We remain selective however and expect to manage exposure and volatility through optionality given the heightened volatility in the sector. We have reduced exposure to Materials, which have experienced a strong rally in recent months, while increasing our defensive positioning through Utilities (includes water utilities, power generation & transmission and telecommunications). We also favour positioning in bond proxy sectors such as Infrastructure, which offers a predictable return potential that is higher compared to government bond yields. More importantly, their dividend yields have the potential to grow over time as their asset intensive business models are sensitive to inflation. Within fixed income, we maintain a positive outlook on inflation-linked bonds (across the U.S, Europe and UK) given the reflationary backdrop. Credit exposure remains limited with a bias to Non-Financials. Pioneer Funds Real Assets Target Income Asset/Sector Allocation 16% 14% 12% 10% 8% 6% 4% 2% 0% Real Estate Energy Energy Infrastructure Food & Staples Materials Utilities Infrastructure Satellites* Inflation-Linked Bonds Government Bonds Investment Grade Credit High Yield Credit Precious Metals Other Commodities** Cash (Incl. cash Collateral) Source: Pioneer Investments. Data as at 31 March *Includes thematic stock exposure to Fish Farming, Forest, Paper & Packaging, Lithium, etc. **Pioneer Funds Real Assets Target Income does not invest directly in commodities. Any references in this document to investing in commodities sholud be read as achieving exposure through the entering into of derivative transactions linked to the performance of commodity future indices and sub-indices. 6 For Broker/Dealer Use Only and Not to be Distributed to the Public.

7 Additional Notes: Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. ( Important Information Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 25 April Pioneer Funds - Real Assets Target Income is a sub-fund (the Sub-Fund ) of Pioneer Funds (the Fund ), a fonds commun de placement with several separate sub-funds established under the laws of the Grand Duchy of Luxembourg. Past performance does not guarantee and is not indicative of future results. Unless otherwise stated, all views expressed are those of Pioneer Investments. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected. Investments involve certain risks, including political and currency risks. Investment return and principal value may go down as well as up and could result in the loss of all capital invested. More recent returns may be different than those shown. Please contact your local sales representative for more current performance results. This material is not a prospectus and does not constitute an offer to buy or a solicitation to sell any units of the Fund or any services, by or to anyone in any jurisdiction in which such offer or solicitation would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. For additional information on the Fund, a free prospectus should be requested from Pioneer Global Investments Limited ( PGIL ), 1 George s Quay Plaza, George s Quay, Dublin 2, Ireland. Call Fax or your local Pioneer Investments sales office. This information is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services in the United States or in any of its territories or possessions subject to its jurisdiction to or for the benefit of any Restricted U.S. Investor (as defined in the prospectus of the Fund). The Fund has not been registered in the United States under the Investment Company Act of 1940 and units of the Fund are not registered in the United States under the Securities Act of This content of this document is approved by Pioneer Global Investments Limited. In the UK, it is directed at professional clients and not at retail clients and it is approved for distribution by Pioneer Global Investments Limited (London Branch), Portland House, 8th Floor, Bressenden Place, London SW1E 5BH. Pioneer Global Investments Limited is authorised and regulated by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority ( FCA ) are available from us on request. The Fund is an unregulated collective investment scheme under the UK Financial Services and Markets Act 2000 and therefore does not carry the protection provided by the UK regulatory system. For Broker/Dealer Use Only and Not to be Distributed to the Public. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies. Date of First Use: 3 May For Broker/Dealer Use Only and Not to be Distributed to the Public. REF-1209