Source: Pioneer Investments Data as at 1 April 2015.

JUNE 2015 Update DR Funds The commentary provided is based on the information provided by Cerberus Capital Management, L.P. to Pioneer Investments. The DR Funds allocate a large portion of their capital to one hedge fund manager Cerberus Capital Management, L.P. ( Cerberus ). Allocations are split between three underlying funds: Cerberus International SPV ( CI SPV ), Styx International Fund ( Styx ) and Cerberus Institutional Overseas IV, Ltd ( Cerberus Institutional ). Please find below allocation information for each of the DR Funds as well as a brief update on these underlying funds. DR Fund Name CI SPV Styx Cerberus Institutional Total Special Investment Class Fund 57% 12% 15% 84% DR DebtMaster Fund 65% 9% 17% 91% DR AllWeather Fund 68% 18% 86% DR2 AllWeather Fund 33% 36% 9% 78% DR AllWeather Strategies II Fund 67% 18% 85% DR2 AllWeather Strategies II Fund 11% 50% 3% 65% DR Meteor Opportunities Fund 59% 16% 75% Source: Pioneer Investments Data as at 1 April 2015. Cerberus has $29.1 billion of assets under management as of April 1, 2015. Approximately $20.2 billion of these assets are invested in distressed securities/assets (including private equity); $6.9 billion in lending funds; and $2.1bn in real estate funds. CI SPV recorded positive performance for Q1 2015 of +5.79%. This performance follows equally impressive returns of +26.9% in 2014 and +14.99% in 2013. In comparison, the HFRX ED: Distressed Restructuring Index is up +0.47% in Q1 2015. The HFRX ED: Distressed Restructuring Index was up +0.48% in 2014 and +5.37% in 2013. Performance over the quarter continued to be driven by the the appreciation in share value following the IPO of shares in the CI SPV s largest remaining position, a Japanese urban transport and hotel group. The shares listed in April 2014 and by the end of Q1 2015 had traded up over 100%. Also contributing were strong mark-to-market gains in a European Financial company. 1 For use by Merrill Lynch and its existing clients only and not to be distributed to the public or other third parties

Below is the composition of the CI SPV portfolio as at 31 March 2015 (unless otherwise noted, shown as a % of CI SPV NAV): 1. CI SPV is primarily invested through its Private Equity book, which accounts for approximately 84% of the fund. Within this book, the fund is relatively concentrated with the top five positions accounting for 79% of the fund; 2. The remaining positions are in real estate (4.3%); mortgage (1.4%) and distressed trading (1.5%). 3. The private equity book is concentrated in a small number of names where CI SPV, together with other Cerberus managed funds, typically has material, or majority, holdings in the underlying companies equity. 4. The fund s largest position, referred to above, completed an IPO in April 2014 and represents 43% of CI SPV. Cerberus will seek to exit this position when market opportunity permits. 5. The next largest position at 23% is a European Financial company which is performing well and may be positioned for an IPO in early 2016. 6. In each of the next four positions in the Private Equity book Cerberus is seeking to work with the underlying company and other stakeholders to engineer an exit of the positions. 7. The CI SPV portfolio is mainly invested across the following main sectors (shown as a % of the portfolio): industrials (49%), financials (41%) and consumer discretionary (9%); 8. The CI SPV geographical exposure (shown as a % of the portfolio) is as follows: Asia (48%), which is primarily to Japan. United States (18%), Europe including UK (30%) and Latin America and Caribbean (4%) account for the rest of the regional exposure of the portfolio. At period end, gross exposure stood at 91%. Cerberus continues to work towards creating liquidity for its shareholders and making distributions, wherever possible. To date in 2015, one distribution was received equating to 2% of the CI SPV s September 2009 NAV. As at 31 March 2015, the manager has distributed approximately 110% of the CI SPV s September 2009 NAV over 29 distributions. The outlook for liquidating CI SPV continues to depend on a number of factors, such as the stability of equity markets, the availability of appropriately priced bids or how conducive the period is to completing an IPO and regulatory restrictions. Potential further liquidity events may include: - The sale of some or all of the shares held in a Japanese urban transport and hotel group which completed an IPO in 2014; - Seeking an IPO or strategic exit from a European financial position, which is trading well and has repaid all state support received from its domestic government; - In addition, the manager continues to work on realizing value from the divestiture of a number of high-profile consumer discretionary manufacturing companies. 2 For use by Merrill Lynch and its existing clients only and not to be distributed to the public or other third parties

Styx was down -0.22% in Q1 2015, having returned +1.29% in 2014. As at March 2015, the Styx portfolio consists of 29 individual loans to 18 borrowers together with some equity received through restructurings. The book is diversified across sectors albeit with relatively large exposures to the consumer durable and automotive sectors. The portfolio continues to shrink as a result of acceleration in the pace of loan payoffs since 2010. By way of illustration, the portfolio has shrunk from 203 loans to 118 borrowers at the end of December 2009, to 29 loans to 18 borrowers at the end of Q1 2015. Below is the composition of the Styx portfolio as at 31 March 2015: 1. Top 10 positions represent approximately 96% of the portfolio; 2. The Styx portfolio is spread across a wide number of sectors with the largest single exposure being to consumer durables and apparel at 44%; 3. Other large sector exposures include automobiles & components (16%), healthcare (8%), and consumer services (10%); 4. Geographic exposure is primarily to North America; 5. As at the end of March 2015, based on principal amounts, 56% of portfolio loans were floating rate, and 44% were fixed rate; 6. As at the end of March 2015, 44% of the portfolio is not rated currently by Standard & Poor s. Of those positions that are rated, 29% are rated CCC+ and 27% CC; 7. The weighted average yield to maturity of the portfolio is 2.35%; 8. The weighted average life of the portfolio is 1.49 years. No new deals have been funded through Styx since 2009 because it is in managed liquidation. At period end, the portfolio is comprised entirely of long positions. Styx is in managed liquidation since receiving large redemption requests in 2009. A majority of the Styx portfolio consists of middle market loans, which are non-tradable and hence illiquid. Styx must usually wait for its holdings to pay down or be re-financed. The average loan life of the portfolio is currently at 1.49 years. Cerberus expects the liquidation to take approximately 1-2 years, assuming that the average life of the portfolio is extended as some portfolio loans approach maturity and companies look to restructure their loans. Adverse selection may kick in as the portfolio becomes more concentrated. In order to optimise the value of the portfolio, maturities could be extended. As at 31 March 2015, Styx had distributed approximately 97% over 35 distributions since the beginning of the liquidation in December 2009. A total of 2 repayments (totaling 0.5% of the December 2009 holding) were received in 2015. As Cerberus are clearly looking to liquidate the tail or residual 3% of the fund (as measured from the start of the liquidation in December 2009), future liquidity events will be opportunistic and may include sales of holdings, refinancing and reorganizations. Styx is well known for its conservative approach which is a strong positive given that, in general, the resilience of a portfolio depends on a manager s credit standards. Furthermore, Styx relies on its own work-outs and is well positioned to achieve a maximum recovery on loans. 3 For use by Merrill Lynch and its existing clients only and not to be distributed to the public or other third parties

Cerberus Institutional is up +2.1% in Q1 2015, following a return of +8.74% in 2014. The HFRX ED: Distressed Restructuring Index is up +0.47% in Q1 2015 and up +0.48% in 2014. Notable gains for the fund during the period included: Continued regular distributions from the fund s mortgage book, which now accounts for 22% of the fund; The sale by an underlying PE company of a suite of generic drug products; Mark-to-market gains on the value of a European financials company as sentiment toward the sector and the company improves. Below is the composition of the Cerberus Institutional portfolio as at 31 March 2015 (shown as a % of market value of portfolio, unless otherwise stated): 1. The Cerberus Institutional portfolio is diversified across five main strategies with a bias to private equity holdings (62%) and mortgage products (22%). The rest of the allocations are accounted for by real estate (2%), distressed debt (7%), NPL structured products (7%); 2. Sector exposure is diversified across several sectors including approximately 27% to financial, 26% to healthcare, 22% to diversified financials, 15% to consumer discretionary, 5% to industrials and 3% to energy; 3. Cerberus Institutional is mainly invested in the United States (67%) with a smaller exposure to Europe (30%) and Asia (2%). The investment period for the manager ended in November 2011. Currently, the manager is in the harvesting period and will not make new investments. However, they are allowed to make add-on investments and harvest existing positions. Following the most recent capital call, in November 2011, approximately 7.66% of our original capital commitment could be potentially called over the remaining life of Cerberus Institutional to make add-on investments or meet expenses. The manager expects to return the bulk of the capital in 2-3 years, but a small remainder in residual private equity holdings may take longer. Since the end of the investment period in November 2011, they have returned approximately 95% of committed capital in 25 distributions (up until end of May 2015). Those distributions have been primarily driven by liquidation of mortgage trading positions, both in CMBS and RMBS, as well as proceeds received from the sale of core holdings. The Net IRR for Cerberus Institutional is 8.0% since inception. 4 For use by Merrill Lynch and its existing clients only and not to be distributed to the public or other third parties

Important Information Unless otherwise stated, all commentary information contained in this document is from Pioneer Investments based on the information available as of 2. Unless otherwise stated, all allocation information contained in this document is from Pioneer Investments and is as at the 31 March 2015. This document was prepared by the staff and management of Pioneer Global Investments Limited. In preparing this document, information has been received and collated from various companies comprising the Pioneer Global Asset Management S.p.A. group of companies. Whilst every effort has been made to ensure that all factual data provided is accurate based on the most current information available at the time of preparation, Pioneer Global Investments Limited cannot accept liability for any errors or omissions contained within and expressly disclaim any liability whether in contract or negligence to the addressee of this document or any third party who may review it or use any material from it in respect of any loss or damage occasioned whether direct or consequential. This document is provided at the express request of Merrill Lynch for information purposes only. The document is not intended for and no reliance can be placed on this document by retail clients to whom this document should not be provided. For use by qualifying/designated investors/institutions or professionals only and not to be distributed to the public. Merrill Lynch has not participated in preparing, and takes no responsibility for the accuracy of any information contained in this material. This information does not reflect the opinions or recommendations of Merrill Lynch. DR Funds Limited has been specifically created to aggregate and manage certain illiquid investments. DR AllWeather Fund (the DR Fund ) is a class fund of DR Funds Limited, a Bermuda based multi-class fund company incorporated on 11th October 2011. Shares in the DR Fund will not be redeemable at the option of the shareholder until the holdings of the illiquid assets, in whole or in part, become liquid. As assets become liquid, holders of shares in the DR Fund will receive cash equal to their pro-rata holding of shares in the DR Fund in exchange for an equivalent portion of their shares in the DR Fund. Small amounts of cash received in respect of assets in the DR Fund may not be paid immediately, but held until aggregated with larger cash amounts. For further information regarding the impact of this change, please contact your Pioneer Investments Representative. 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. Investments employing the strategies of the funds referred to in this document are by nature highly speculative and may be volatile, involve leverage and be affected by a lack of liquidity. No reliance should be placed for any purpose whatsoever on the information on the underlying funds or on its completeness or accuracy. The information provided is subject to change at any time based on market and other conditions. There can be no assurances that the Manager (as defined below) views on the liquidity or otherwise of the underlying funds are accurate or will remain so. For some of the funds above, the figures and data provided are based on estimates they should not be relied upon and may be subject to change. 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. Investments employing the strategies of the fund referred to in this document are by nature highly speculative and may be volatile, involve leverage and be affected by a lack of liquidity. This document is for information purposes only. It is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities or services. Pioneer Investment Management Limited (the Manager ) is regulated by the Central Bank of Ireland. In preparing this document, information has been received and collated from various companies comprising the Pioneer Global Asset Management S.p.A. group of companies. Whilst every effort has been made to ensure that all factual data provided is accurate based on the most current information available at the time of preparation, Pioneer Global Investments Limited cannot accept liability for any errors or omissions contained within and expressly disclaim any liability whether in contract or negligence to the addressee of this document or any third party who may review it or use any material from it in respect of any loss or damage occasioned whether direct or consequential. The Pioneer Investments fund of hedge funds mentioned in this document (the Schemes ) are class funds of mutual fund companies incorporated under the laws of Bermuda with a separate class of funds for each class of shares created from time to time. No offer of any interest in any the Schemes will be made in any jurisdiction in which the offer, solicitation or sale is not authorised, or to any person to whom it is unlawful to make such offer, solicitation or sale. The shares of the Schemes are not available in all jurisdictions. The shares of the Schemes may not be offered for sale in the United States of America, or in any of its territories or possessions subject to its jurisdiction or to/for the benefit of a US Person. This document is not a prospectus, does not constitute investment advice or an offering of shares of the Fund and should not be used for solicitation purposes. This material is not a prospectus and does not constitute an 5 For use by Merrill Lynch and its existing clients only and not to be distributed to the public or other third parties

offer to buy or a solicitation to sell any shares of the funds described in this document or any services, by or to anyone in any jurisdiction. 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 1933. This content of this document is approved by PGIL. 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), 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. 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. Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA 02109 ( PFD ), a U.S.-registered broker-dealer, provides marketing services in connection with the distribution of Pioneer Investments products. PFD markets these products to financial intermediaries, both within and outside of the U.S. (in jurisdictions where permitted to do so) for sale to clients who are not United States persons. Only For Use by Merrill Lynch and, in Merrill Lynch s sole discretion, for use with existing investors in the Fund. It may not be distributed to the public or other third parties. PGIL takes no responsibility for determining the suitability or appropriateness of this document for clients of Merrill Lynch. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies. Date of First Use: 8 6 For use by Merrill Lynch and its existing clients only and not to be distributed to the public or other third parties