Pioneer Multi-Sector Credit Strategy

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Pioneer Multi-Sector Credit Strategy Profile, March 2015 For Professional Investor Use Only and Not to be Distributed to the Public.

Strategy Overview The Pioneer Multi-Sector Credit Strategy takes a flexible approach to multiple credit pools and diversification* across asset classes, countries, sectors and currencies. We believe this approach can achieve competitive risk-adjusted returns over a market cycle. It focuses on protecting against permanent capital impairment and relies on sophisticated credit research that uses fundamental, quantitative and relative value inputs. Asset allocation and bottom-up security selection are the key primary sources of alpha. Objective The Pioneer Multi-Sector Credit Strategy seeks to outperform its benchmark over a market cycle. Inception Date: 30 April 2008 Benchmark: 50% Merrill Lynch US High Yield Master II Index and 50% Merrill Lynch US Corporate Master Index Investment Vehicles: Segregated account and pooled fund Location of Investment Manager: Boston, MA AUM: 298 mn (as of 31 March 2015) Portfolio Management Team Michael Temple Director of Credit Research, Lead Portfolio Manager Ken Taubes Chief Investment Officer, U.S., Portfolio Manager Andrew Feltus Portfolio Manager Tracy Wright Portfolio Manager Key Features The Pioneer Multi-Sector Credit Strategy allows investors to access the wide range of opportunities available within the credit universe with the ability to move between the different sectors to seek optimal risk-adjusted returns. This flexible strategy is managed by an experienced fixed income investment team using a sophisticated risk management framework. Pioneer Multi-Sector Credit Strategy offers: A Value-Centric Approach that focuses on mispriced sectors and securities, relative value, and downside protection. Active Asset Allocation that assesses and shifts investments towards credit sectors that exhibit the potential for strong risk-adjusted returns. Lower Correlations produced by investments in a broad range of credit pools that provide better diversification than those accessed via a typical high yield strategy. A Multi-dimensional Risk Management Framework that integrates security selection, asset allocation. An Experienced, Stable Investment Team with portfolio managers who have an average of 24 years experience and a fixed income team with an average of more than 20 years of experience per team member. A Proven Track Record of delivering strong absolute and risk-adjusted results since inception relative to its peer group. Investment Process Philosophy We believe a value-centric investing approach with the ability to access multiple credit pools can deliver attractive risk-adjusted returns over a credit cycle. Hence, this strategy utilises Pioneer Investments' broad range of specialist credit teams to exploit diversified alpha sources. Our asset allocation and security selection process includes three important elements: à An integrated approach that interweaves top-down (macro) views with bottom-up security selection. à The flexibility to exploit mispriced sectors and securities across a broad range of credit asset classes. à A multi-layer risk management framework that emphasises the oversight of drawdown risk. The views expressed are those of Pioneer and are subject to change at any time. These views should not be relied upon as investment advice, as securities recommendations, or as indication of trading intent on behalf of any of Pioneer's strategies. Charles Melchreit Portfolio Manager *Diversification does not guarantee a profit or protect against a loss. 2 For Professional Investor Use Only and Not to be Distributed to the Public.

Macro Themes & Outlook Blending top-down & bottom-up Asset Allocation Portfolio Construction & Risk Assessment Security Selection Fundamental & quantitative inputs Security Research & Analysis Investment Guidelines The portfolio managers construct each portfolio in accordance with its investment objectives, guidelines, and risk tolerances. Pioneer Investments is able to customise the strategy based on specific client guidelines and needs. Investment Guidelines Asset Class: Currency: Derivatives: Industry: Issuer: Investment Ranges 75% maximum High Yield/Bank Loans (Corporate Credit) 75% maximum MBS/ABS (Structured Credit) 20% maximum Event-Linked (Catastrophe) Bonds; 5% maximum per geography/peril 15% maximum non-usd 10% maximum Exposure 25% maximum limit 3% maximum limit 2% maximum for Catastrophe Bonds Investment Horizon: 1 to 3 years; typically turnover range of 40% to 60% Please Note: The Internal Guidelines referenced do not necessarily represent statutory limitations. These internal guidelines are used as guidance in the daily management of the strategy s investments. These guidelines are subject to change and should not be relied upon as a long term view of the strategy s exposures, limitations, and/or risks. Top Down/Bottom-Up Approach Broad Investment Universe: Bank loans, high yield corporates, investment grade corporates, agency MBS, non-agency MBS/ABS, emerging markets debt, insurance-linked securities, convertibles, currency, preferred stock and credit default swaps. Integrated Decision Making: All decisions, including asset allocation and security selection, are made in an integrated and research-intensive process that blends top-down and bottom-up fundamental and quantitative inputs. Non-Siloed Process: The team considers each security in the context of the overall strategy. We believe we can optimise the risk/return trade-off, helping reduce or eliminate unintended risk exposures and avoid over diversification. Assets aren't allocated to stand-alone, sub portfolios. Weekly, Formal Macro Meetings: An all hands on deck gathering that reviews macroeconomic/market developments, recommends broad investment strategy changes, and provides the framework for portfolio implementation. Clear Ownership of Investment Responsibility: While determining the strategic investment direction is a collaborative process, the portfolio management team takes ultimate responsibility for all investment decisions. 3 For Professional Investor Use Only and Not to be Distributed to the Public.

Asset Allocation Strategy Macro Indicators drive our view of where we are in the credit, interest rate and business cycle. We analyse a host of economic trends and indicators, including GDP and monetary base growth, inflation, shape of the yield curve, credit spreads, currency trends, and political factors. Market/Sector Valuations and Risk shape our asset allocation decisions. We analyse spread relationships (current vs. long-term averages within sectors, between sectors, and across credit quality), fundamental trends (credit metrics), and technical trends (issuance quality). Bottom-Up Themes are developed and implemented based on analyst sector and company outlooks that have broader implications for sector allocations and portfolio positioning. Total Risk Exposure determines the strategy's allocations. Portfolio managers consider value at risk (VAR), tracking error volatility, and rank order risk factors, with respect to contributions to these overall measures. Pioneer Multi-Sector Credit Strategy Historical Sector Allocation as of 31 March 2015 100% 90% 80% 70% 60% 50% 40% Non-Agency Mortgage-Backed/ Municipals Asset-Backed Securities Non-Agency U.S. Investment Grade Mortgage-Backed Securities Bank Loans Agency Mortgage- Backed Securities International Investment Grade U.S. High Yield 30% International High Yield 20% Emerging Markets Event-Linked Bonds 10% 0% Convertible Securities Other* May 08 Mar 09 Jan 10 Nov 10 Sep 11 Jul 12 May 13 Mar 14 Mar 15 Data as at 31 March 2015. *Common and Preferred Stock Cash Asset-Backed Securities Commercial Mortgage - Backed Securities 3% 4% 1% 3% 16% 4% 16% 31% 5% 4% 2% 7% 3% Ratio à The active, dynamic sector allocation over time demonstrates the strategies diversified approach. à Significant floating rate asset exposure (loans, non-agency MBS/ABS, insurance-linked bonds) is utilised to hedge against rising rates. Based on a representative portfolio. Exposure to bank loans, if any, would be achieved via indirect exposure through derivative instruments. Quantitative Models While we incorporate information from risk models in our decision-making process for asset allocation, models do not drive the investment process. We consider quantitative model output as an additional input into well-reasoned views on future return, risk, and correlations arrived at by our team of highly seasoned investment professionals. 4 For Professional Investor Use Only and Not to be Distributed to the Public.

Risk Management A combination of top-down asset allocation and bottom-up security selection help combat the challenges of managing investments in a volatile environment: Asset Allocation begins with the top-down view of where we are in the credit cycle and the compensation for risk. We compare risk and return expectations of each asset class and adjust the allocation accordingly. The strategy is able to invest across a broad spectrum of credit quality and duration, allowing for flexible allocation adjustments based on changing market conditions. Security Selection within each asset class is also informed by our credit cycle outlook, sector views (i.e., cyclical and non-cyclical) and risk compensation within each credit quality and spread duration bucket. We also adjust average and maximum position sizes depending upon our view of the compensation for idiosyncratic risk. Credit and Portfolio Risk More broadly, we manage credit and portfolio risk through a number of different measures: Monitor credit (including sector/industry, quality, and issuer), interest rate and currency/country risk, including the corresponding interactions and changing correlations among them. Analyse projected drawdown risk using stress testing and scenario analysis. As credit managers, we also seek to manage risk at the sector, industry and issuer levels. Sector Risk: In-depth analysis by seasoned specialist investment teams who assess relative value and fundamentals helps the firm avoid at-risk sectors and industries. Issuer Default Risk: Assessing and monitoring the risk of default at the issuer level is at the core of our credit research process. Credit losses stand well below market averages. Third-Party Tools We also assess and manage portfolio risk using third-party tools: BlackRock Global Risk Model (from Aladdin), a model that focuses on volatility and value at risk. - Output reviewed weekly. Reports cover ex-ante risks (relative (if relevant) and absolute basis) - Ensure that we are positioning the portfolio appropriately with respect to our views of relative value and fundamentals. Assesses VaR (Value at Risk), including contribution by risk factor to this estimate. 5 For Professional Investor Use Only and Not to be Distributed to the Public.

Why Pioneer Investments for Multi-Sector Credit? Flexible approach to capture growth opportunities across the broad credit universe The ability to invest tactically and strategically within a strict risk management framework Investment skill and expertise to invest globally in any credit market and in a wide range of fixed income securities Broad diversification, active sector rotation, and security selection help to pursue capital appreciation 6 For Professional Investor Use Only and Not to be Distributed to the Public.

Unless otherwise stated all information contained in this document is from Pioneer Investments and is as at 31 March 2015. We are providing this statement to you, as a prospective client of Pioneer Institutional Asset Management, Inc. ( PIAM ), to comply with Rule 206(4)-3(b) of the U.S. Investment Advisers Act of 1940. You may also receive this disclosure statement if you are signing a new or updated Investment Advisory Agreement with PIAM. From time to time Pioneer Global Investments Limited ( PGIL ) and/or Pioneer Investment Management Limited, Singapore Branch ( PIML Singapore ) and their employees and representatives assist PIAM in soliciting investment advisory business for PIAM. In these situations, PGIL or PIML Singapore is acting as an independent contractor on behalf of PIAM. Please be advised that PGIL, PIML Singapore and PIAM are indirect affiliates under common control since they are all subsidiaries of Pioneer Global Asset Management S.p.A. Under the written agreements between PIAM and PGIL and PIML Singapore covering accounts such as this account, if you become a client of PIAM, PIAM will be compensating PGIL or PIML Singapore, as appropriate, for its solicitation efforts. The payments by PIAM to PGIL or PIML Singapore will not increase the advisory fee that you pay to PIAM. The investment schemes or strategies described in this document (the Schemes ) may not be registered for sale with the relevant authorities of individual Member States of the EEA or in Switzerland. Where unregistered, the Schemes may not be sold or offered except in the circumstances permitted by law and therefore no action may be taken, directly or indirectly, which could be construed as a promotion or solicitation of the Schemes (including the provision of any Scheme documentation or advertising materials to any third party). The shares/units of any Scheme 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. 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. Past performance is not indicative of and does not guarantee future results. 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. Please seek professional advice before you invest. This document does not constitute investment advice or any offering of shares/units and does not take account of the investment objectives or needs of or suitability for a specific investor. The content of this document is approved by Pioneer Global Investments Limited. In the UK, 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. This document is addressed only to those persons in the UK falling within one or more of the following exemptions from the restrictions in s 238 FSMA: authorised firms under FSMA and certain other investment professionals falling within article 14 of the FSMA (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, as amended (the CIS Order ) and their directors, officers and employees acting for such entities in relation to investment; high value entities falling within article 22 CIS Order and their directors, officers and employees acting for such entities in relation to investment; other persons who are in accordance with the Rules of the FCA prior to 1 November 2007 classified as Intermediate Customers or Market Counterparties or on or thereafter classified as Professional Clients or Eligible Counterparties. The distribution of this document to any person in the UK not falling within one of the above categories is not permitted by Pioneer Global Investments Limited (London Branch) and may contravene FSMA. No person in the UK falling outside those categories should rely or act on it for any purposes whatever. Pioneer Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies. For Professional Investor Use Only and Not to be Distributed to the Public. Date of First Use: 31 March 2015 7 For Professional Investor Use Only and Not to be Distributed to the Public.

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