The document provides a quarterly update on market direction and outlook for Q1 2017. It discusses the global economic context and outlook for the US economy. It reviews performance of major asset classes in 2016 and provides 10-year returns and volatility. The outlook expects modest US growth pending new policies, corporate earnings to improve, and selectivity in emerging markets. It believes developed sovereign debt looks unattractive while select corporate credit and emerging market debt offer value. Volatility may persist on policy uncertainty.

1. Pioneer Compass
A Quarterly Update on
the Direction of the Markets
Q1 2017 / As of January 2017
The views expressed in this presentation 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 an indication of trading intent on behalf of any Pioneer investment product.

2. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 2 29282-03-0117 I January 2017
Topics of Discussion
1. Overview and Global Context
2. US Economic Outlook
3. Equity Markets
4. Fixed Income Markets
5. Alternatives
6. Appendix

3. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 3 29282-03-0117 I January 2017
2016: Low Interest Rates Have Benefited Many Asset Classes
2016 Index Performance
Source: Pioneer Investments. Bloomberg data as of December 31, 2016. Indices used to represent asset classes, commodities and currencies include: Emerging Markets Stocks - MSCI Emerging
Markets Index. US Large Caps – S&P 500 Index. World Stocks - MSCI All Country (AC) World Daily Index. US Small Caps – Russell 2000. Non-US Developed - MSCI EAFE Index. Global Bonds -
BBGBarc Global Aggregate Bond Index. Emerging Markets Bonds - Bloomberg Emerging Markets Index. US Treasuries - Bloomberg US 7-10 Treasuries. US High Yield - BoA ML US High Yield Bond
Index US IG Corporate - BBGBarc US Aggregate Bond. Municipals –BofA ML Municipal Bond Index Bank Loans – S&P LSTA Leveraged Performing Loan Index. Gold – Bloomberg Spot Price. West
Texas Crude (Oil) - Bloomberg West Texas Intermediate Crude Index. Global Commodities – Bloomberg Commodities Index. Dollar Spot – BBGBarc US Dollar Spot Index. Yen-USD X-RATE -
Japanese Yen/USD Exchange Rate Bloomberg. Euro-USD X-RATE - Euro/USD Exchange Rate Bloomberg. Sterling-USD X-Rate - British Pound/USD Exchange Rate Bloomberg. See pages 52-56 for
more information.
21.3%
12.0% 11.3%
7.9%
1.6%
17.5%
10.1% 9.6%
2.6% 2.1% 1.0% 0.4%
45.0%
11.4%
8.1%
3.6% 2.8%
-3.2%
-16.3%-20%
-10%
0%
10%
20%
30%
40%
50%
USSmallCaps
USLargeCaps
EMStocks
WorldStocks
Non-USDeveloped
USHighYield
BankLoans
EMBonds
USInvestGrade
GlobalBonds
USTreasuries
Municipals
Oil
GlobalCommodities
Gold
DOLLARSPOT
JPY-USDX-RATE
EUR-USDX-RATE
GBP-USDX-RATE
Equity Fixed Income Commodities Currencies

4. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 4 29282-03-0117 I January 2017
Economic Update
We expect:
Modest growth in the short term pending implementa-
tion of President Trump’s proposed policies.
The US to move from monetary to fiscal stimulus.
Corporate earnings should improve next year, even
with some pressure from wage increases.
Emerging markets are selectively attractive despite a
stronger dollar
An immediate trend will be a higher dollar due to
strong relative growth in US, interest rate differentials
and diverging monetary policies.
More
Economic
Information
Overview &
Global Context
Page 3
US Economic
Outlook
Page 4
Appendix
Pages 43-47
As of December 31, 2016

5. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 5 29282-03-0117 I January 2017
Market Update
We believe:
Developed market sovereigns, including most US government debt, still
look unattractive. Select emerging market sovereigns may be attractive.
The Federal Reserve is likely to continue to raise rates on continued
economic improvement and a modest upturn in inflation.
Corporate credit offers value. Floating rate securities may be attractive
to hedge interest rate risk.
Global GDP growth, modest inflation, and interest rates may all move
higher, which can benefit stocks. Quality stocks may rebound.
Volatility will likely persist from uncertainty over new policies out of
Washington. Cyclical and economically sensitive companies could
benefit.
Increased dollar exposure may benefit investors from a higher interest
rate backdrop.
More
Market
Information
Equity Markets
Pages 19-30
Fixed Income
Pages 31-42
Alternatives
Pages 43-45
Appendix
Pages 43-47
As of December 31, 2016

6. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 6 29282-03-0117 I January 2017
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
10 Years
Annualized
MSCI EM
39.42%
Treasuries
13.98%
MSCI EM
78.51%
Russell 2000
26.85%
Munis
10.70%
MSCI EM
18.22%
Russell 2000
38.82%
S&P 500
13.69%
Munis
3.30%
Russell 2000
21.31%
US HY
7.45%
MSCI EAFE
11.17%
BBGBarc
US Agg.
5.24%
US HY
58.21%
MSCI EM
18.88%
Treasuries
9.79%
MSCI EAFE
17.32%
S&P 500
32.39%
Munis
9.05%
S&P 500
1.38%
US HY
17.13%
Russell 2000
7.07%
BBGBarc
Global Agg.
9.48%
BBGBarc
Global Agg.
4.79%
Bank Loans
52.53%
US HY
15.12%
BBGBarc
US Agg.
7.84%
Russell 2000
16.35%
MSCI EAFE
22.78%
Treasuries
6.02%
Treasuries
0.83%
S&P 500
11.96%
S&P 500
6.95%
Treasuries
9.06%
Munis
-2.47%
MSCI EAFE
31.78%
S&P 500
15.06%
BBGBarc
Global Agg.
5.64%
S&P 500
16.00%
US HY
7.44%
BBGBarc
US Agg.
5.97%
BBGBarc
US Agg.
0.55%
MSCI EM
11.19%
Bank Loans
4.84%
BBGBarc
US Agg.
6.97%
US HY
-26.16%
Russell 2000
27.17%
Bank Loans
10.38%
US HY
4.98%
US HY
15.81%
Bank Loans
5.41%
Russell 2000
4.89%
Bank Loans
0.10%
Bank Loans
10.36%
BBGBarc
US Agg.
4.34%
S&P 500
5.49%
Bank Loans
-29.32%
S&P 500
26.46%
MSCI EAFE
7.75%
S&P 500
2.11%
Bank Loans
9.76%
BBGBarc
US Agg.
-2.02%
US HY
2.45%
MSCI EAFE
-0.81%
BBGBarc
US Agg.
2.65%
Munis
4.25%
Munis
3.36%
Russell 2000
-33.79%
Munis
12.91%
BBGBarc
US Agg.
6.54%
Bank Loans
1.50%
Munis
6.78%
Munis
-2.55%
Bank Loans
1.82%
BBGBarc
Global Agg.
-3.15%
BBGBarc
Global Agg.
2.09%
Treasuries
4.03%
Bank Loans
2.04%
S&P 500
-37.00%
BBGBarc
Global Agg.
6.93%
Treasuries
5.88%
Russell 2000
-4.18%
BBGBarc
Global Agg.
4.32%
BBGBarc
Global Agg.
-2.60%
BBGBarc
Global Agg.
0.59%
Russell 2000
-4.41%
Treasuries
1.14%
BBGBarc
Global Agg.
3.29%
US HY
1.87%
MSCI EAFE
-43.38%
BBGBarc
US Agg.
5.93%
BBGBarc
Global Agg.
5.54%
MSCI EAFE
-12.14%
BBGBarc
US Agg.
4.21%
MSCI EM
-2.60%
MSCI EM
-2.19%
US HY
-4.47%
MSCI EAFE
1.00%
MSCI EM
1.84%
Russell 2000
-1.57%
MSCI EM
-53.33%
Treasuries
-3.72%
Munis
2.38%
MSCI EM
-18.42%
Treasuries
2.16%
Treasuries
-3.35%
MSCI EAFE
-4.90%
MSCI EM
-14.92%
Munis
0.25%
MSCI EAFE
0.75%
10 Years of Asset Class Returns
Asset class performance varies year over year
Source: Bloomberg. Annual data as of December 31, 2016. Chart returns updated annually. Asset classes represented by the following indices: US Stocks – S&P 500 Index. Small Cap
Stocks – Russell 2000 Index. US High Yield Bonds - BofA ML US High Yield Bond Index. Bank Loans - S&P/LSTA Leveraged Loan Index. Municipals - BBGBarc Municipal Index. US Treasuries
- BofA ML US Treasury Master Index. US Bonds – BBGBarc US Aggregate Bond Index. Global Investment Grade Bonds – BBGBarc Global Aggregate Index. Non-US Developed - MSCI EAFE
(Europe, Australasia, and Far East) Growth Index. Emerging Market Stocks - MSCI Emerging Markets (EM) Free Index. See pages 52-56 for more information on indices.

7. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 7 29282-03-0117 I January 2017
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
10 Years
Annualized
Munis
2.37%
BBGBarc
US Agg.
6.09%
BBGBarc
US Agg.
3.34%
BBGBarc
US Agg.
2.91%
BBGBarc
US Agg.
2.35%
BBGBarc
US Agg.
2.01%
Bank Loans
1.69%
Bank Loans
1.76%
Munis
2.48%
Bank Loans
1.03%
BBGBarc
US Agg.
3.31%
BBGBarc
US Agg.
2.64%
Treasuries
6.76%
Treasuries
5.63%
Treasuries
4.26%
Munis
3.27%
Bank Loans
2.27%
BBGBarc
US Agg.
3.19%
Munis
2.15%
Bank Loans
2.61%
BBGBarc
US Agg.
1.07%
Treasuries
4.44%
Treasuries
3.73%
Munis
8.10%
Munis
5.79%
Munis
4.37%
Treasuries
3.66%
BBGBarc
Global Agg.
2.99%
Treasuries
3.23%
BBGBarc
US Agg.
2.31%
BBGBarc
US Agg.
2.95%
Treasuries
1.36%
Munis
4.54%
BBGBarc
Global Agg.
4.58%
BBGBarc
Global Agg.
9.70%
BBGBarc
Global Agg.
8.35%
Bank Loans
4.38%
BBGBarc
Global Agg.
5.12%
Treasuries
3.15%
Munis
4.53%
Treasuries
2.44%
BBGBarc
Global Agg.
3.08%
Munis
1.39%
BBGBarc
Global Agg.
5.92%
Bank Loans
4.67%
Bank Loans
16.37%
Bank Loans
10.14%
BBGBarc
Global Agg.
6.58%
Bank Loans
6.05%
Munis
3.52%
US HY
4.77%
BBGBarc
Global Agg.
4.01%
Treasuries
4.07%
US HY
1.75%
Bank Loans
8.35%
US HY
6.16%
S&P 500
21.02%
US HY
13.03%
US HY
7.17%
US HY
9.55%
US HY
3.99%
BBGBarc
Global Agg.
4.84%
US HY
4.53%
US HY
6.41%
BBGBarc
Global Agg.
2.12%
US HY
10.75%
MSCI EAFE
9.62%
US HY
21.68%
S&P 500
22.28%
S&P 500
19.26%
S&P 500
15.94%
S&P 500
10.52%
S&P 500
8.48%
S&P 500
8.26%
S&P 500
13.66%
S&P 500
2.97%
S&P 500
15.28%
S&P 500
9.66%
MSCI EAFE
27.02%
MSCI EAFE
25.62%
MSCI EM
21.08%
MSCI EAFE
19.52%
Russell 2000
12.94%
Russell 2000
10.90%
MSCI EAFE
9.69%
Russell 2000
14.48%
MSCI EAFE
3.88%
MSCI EAFE
18.62%
Russell 2000
12.42%
Russell 2000
28.49%
MSCI EM
28.85%
MSCI EAFE
22.99%
Russell 2000
23.27%
MSCI EAFE
16.68%
MSCI EM
11.81%
MSCI EM
13.59%
MSCI EAFE
15.24%
MSCI EM
5.13%
Russell 2000
20.14%
MSCI EM
18.42%
MSCI EM
37.46%
Russell 2000
29.35%
Russell 2000
24.26%
MSCI EM
24.50%
MSCI EM
19.68%
MSCI EAFE
12.15%
Russell 2000
15.52%
MSCI EM
17.67%
Russell 2000
5.28%
MSCI EM
23.44%
10 Years of Asset Class Standard Deviation
Relative volatility tends to persist over time
Source: Bloomberg. Annual data as of December 31, 2016. Chart returns updated annually. Standard Deviation - A statistical measure of the historic volatility of a portfolio; a lower standard
deviation indicates historically less volatility Asset classes represented by the following indices: US Stocks – S&P 500 Index. Small Cap Stocks – Russell 2000 Index. US High Yield Bonds - BofA
ML US High Yield Bond Index. Bank Loans - S&P/LSTA Leveraged Loan Index. Municipals - BBGBarc Municipal Index. US Treasuries - BofA ML US Treasury Master Index. US Bonds – BBGBarc
US Aggregate Bond Index. Global Investment Grade Bonds – BBGBarc Global Aggregate Index. Non-US Developed - MSCI EAFE (Europe, Australasia, and Far East) Growth Index. Emerging Market
Stocks - MSCI Emerging Markets (EM) Index. See pages 52-56 for more information on indices.

8. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 8 29282-03-0117 I January 2017
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
10 Years
Annualized
Energy
35.3%
Staples
-15.4%
Technology
61.7%
Real Estate
28.0%
Utilities
19.9%
Financials
28.7%
Discretionary
43.1%
Utilities
29.0%
Discretionary
10.1%
Energy
27.4%
Staples
10.1%
Materials
22.4%
Health Care
-22.8%
Materials
48.6%
Discretionary
27.7%
Staples
14.0%
Discretionary
23.9%
Health Care
41.5%
Real Estate
26.1%
Health Care
6.9%
Telecom
23.5%
Technology
9.9%
Utilities
19.4%
Utilities
-29.0%
Discretionary
41.3%
Industrials
26.7%
Health Care
12.7%
Telecom
18.3%
Industrials
40.6%
Health Care
25.3%
Staples
6.6%
Financials
22.7%
Discretionary
9.6%
Technology
16.3%
Telecom
-30.5%
Industrials
20.9%
Materials
22.2%
Real Estate
7.9%
Health Care
17.9%
Financials
35.6%
Technology
20.1%
Technology
5.9%
Industrials
18.8%
Health Care
9.6%
Staples
14.2%
Discretionary
-33.5%
Real Estate
20.8%
Energy
20.4%
Telecom
6.3%
Real Estate
16.2%
Technology
28.4%
Staples
16.0%
Telecom
3.4%
Materials
16.7%
Industrials
7.8%
Industrials
12.0%
Energy
-34.9%
Health Care
19.7%
Telecom
19.0%
Discretionary
6.1%
Industrials
15.3%
Staples
26.1%
Financials
15.2%
Real Estate
1.2%
Utilities
16.3%
Utilities
7.0%
Telecom
11.9%
Industrials
-39.9%
Financials
17.1%
Staples
14.1%
Energy
4.7%
Materials
15.0%
Materials
25.6%
Industrials
9.8%
Financials
-1.6%
Technology
13.8%
Telecom
6.4%
Health Care
7.1%
Technology
-43.1%
Staples
14.9%
Financials
12.1%
Technology
2.4%
Technology
14.8%
Energy
25.0%
Discretionary
9.7%
Industrials
-2.6%
Discretionary
6.0%
Materials
6.0%
Discretionary
-13.2%
Real Estate
-45.0%
Energy
13.8%
Technology
10.2%
Industrials
-0.6%
Staples
10.8%
Utilities
13.2%
Materials
6.9%
Utilities
-4.8%
Staples
5.4%
Energy
4.4%
Financials
-18.6%
Materials
-45.7%
Utilities
11.9%
Utilities
5.5%
Materials
-9.8%
Energy
4.6%
Telecom
11.5%
Telecom
3.0%
Materials
-8.4%
Real Estate
1.1%
Real Estate
0.8%
Real Estate
-20.5%
Financials
-55.3%
Telecom
8.9%
Health Care
2.9%
Financials
-17.1%
Utilities
1.3%
Real Estate
-1.5%
Energy
-7.8%
Energy
-21.1%
Health Care
-2.7%
Financials
-0.4%
Performance of the S&P 500 Sectors
Sector leadership changes as a result of economic conditions
Source: Bloomberg. Data as of December 31, 2016. Chart shows returns for the sectors that make up the S&P 500 Index, a commonly used measure of the broad US stock market.

9. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 9 29282-03-0117 I January 2017
Historically Investors Have Had to Assume Higher Risk in their Portfolios
. . . in order to generate similar levels of return
4%
12%5%
13%14%
22%
5%
8%
20%
33%
100%
Bonds
52%
12%
1995 2005 2015
Projected Risk and Return of Different Asset Mixes
Bonds
US Large Cap
US Small Cap
Non-US Equity
Real Estate
Private Equity
Expected
Return
Standard
Deviation
7.5% 7.5% 7.5%
6.0% 8.9% 17.2%
Charts show the asset mix and associated risk needed in order to achieve an expected 7.5% return at different points in history based on Callan Associates’ forward-
looking capital market projections in each of the years shown (1995, 2005 and 2015).
Source: Callan Associates research. Last data point available December 31, 2015. Asset classes represented by the following indices: Bonds - BBGBarc Aggregate Bond Index, BBGBarc
Global Aggregate Bond Index ex USD, BBGBarc Long Government/Credit Index and 90-day US T-Bills. US Large Cap - S&P 500 Index. US Small Cap - Russell 2500 Index. Non-US Equity - MSCI
World index ex USA and MSCI Emerging Markets Index. Real Estate - NCREIF Property Index. Private Equity – Cambridge Associates Private Equity Index. See pages 52-56 for more index
information. Standard Deviation - A statistical measure of the historic volatility of a portfolio; a lower standard deviation indicates historically less volatility.

10. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 10 29282-03-0117 I January 2017
2017 - 2018 GDP Outlook
Source: Pioneer Investments’ forecasts. Data as of December 31, 2016.
GDP Growth for Main Economic Regions
Our US GDP estimate in 2017: Over 2.0% real growth
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
WORLD US EURO AREA UK JAPAN CHINA EM
GDPGrowth(%)
2016 2017 2018

11. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 11 29282-03-0117 I January 2017
Central Bank Outlook
Tightening
Hold
Easing
EM: Pressure to ease remains widespread,
with few exceptions. However, less room in
2017 than in 2016.
BoJ: Maintain accom-
modative monetary policy.
PBoC: Move from easing
to neutral stance due to
pickup in economic growth
and rising inflation
pressures.
Fed: Following a year delay
between two rate hikes, we
expect a pickup in the pace of
tightening in 2017 - at least
two hikes - possibly three if the
economy shows signs of
overheating and inflation
overshooting.
ECB: Easy monetary policy
has run its course. Barring
a downturn in economic
activity or a return of
deflation, we expect
gradual tapering in the
second half of 2017.
BoE: Has moved to a
neutral stance that it will
maintain into 2018 as
Brexit negotiations develop.
Continental Europe (SNB,
Riksbank): Expected to
shadow the ECB.
Note: Federal Reserve (Fed), Swiss National Bank (SNB), Bank of England (BOE), Peoples Bank of China (PBoC), Bank of Japan (BOJ), Riksbank (Swedish Central bank). European
Central Bank (ECB) Emerging Markets (EM).
Source: Pioneer Investments, Bloomberg. data as of December 31, 2016.

12. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 12 29282-03-0117 I January 2017
Topics of Discussion
1. Overview and Global Context
2. US Economic Outlook
3. Equity Markets
4. Fixed Income Markets
5. Alternatives
6. Appendix

13. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 13 29282-03-0117 I January 2017
We Expect Continued Strength in Consumer Spending in 2017
Source: Bloomberg updated as of January 5, 2017. Last data points: GDP 9/30/16; Consumer Credit, 9/30/16; Auto Sales, 12/31/16, Home Sales, 11/30/16.
-1%
0%
1%
2%
3%
4%
5%
2012 2013 2014 2015 2016
US Quarterly GDP
Change from Year Ago Quarter
3.5%
3Q16
1.7%
GDP Rebounded in the 3rd Quarter After a Subdued First Half
-200
-150
-100
-50
0
50
100
150
200
250
300
08 09 10 11 12 13 14 15 16
IndexLevel
Consumer Credit Borrowing
0
5
10
15
20
25
00 02 04 06 08 10 12 14 16
MillionsUnits
Auto Sales
18.3
0
0.5
1
1.5
0
2
4
6
8
00 02 04 06 08 10 12 14 16
Thousands
MillionsUnits
Home Sales
Existing Home Sales (Left)
New One Family Houses (Right)

14. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 14 29282-03-0117 I January 2017
Solid Employment Picture with Wages Rising
Source: Bloomberg. Last data point for Unemployment November 30, 2016. The JOLTS Report is the Labor Department's Job Openings and Labor Turnover Survey.
Job Openings are all positions that are open (not filled) on the last business day of the month. Wages are average hourly earnings from the Bureau of Labor Statistics as of 11/30/16.
J
O
L
T
S
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
1
2
3
4
5
6
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
UnemploymentRate
Millionspeople
Job Openings Quits Layoffs and Discharges Unemployment Rate (Right)
0%
1%
2%
3%
4%
5%
'08 '09 '10 '11 '12 '13 '14 '15 '16
Manufacturing Wages
Total NonFarm
-1%
0%
1%
2%
3%
4%
5%
6%
'08 '09 '10 '11 '12 '13 '14 '15 '16
Info Tech Wages
-1%
0%
1%
2%
3%
4%
5%
'08 '09 '10 '11 '12 '13 '14 '15 '16
Leisure and Hospitality
Wages
0%
1%
2%
3%
4%
5%
'08 '09 '10 '11 '12 '13 '14 '15 '16
Education and Health
Services Wages

15. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 15 29282-03-0117 I January 2017
Change in Labor Force Growth Forecast – Ages 20-64
5-year changes beginning 1960; ending 2040
-
2
4
6
8
10
12
Million People
2000-15
∆ = 25;
+15%
vs. 2000
2015-30
∆ = 4;
+2%
vs. 2015
Next
15 Years
Previous
15 Years
USA
(6)
(4)
(2)
-
2
4
6
8
Million People
2000-15
∆ = (7);
-9%
vs. 2000
2015-30
∆ = (7);
-10%
vs. 2015
Previous
15 Years
Next
15 Years
Previous
15 Years
Japan
Source: UN, EVRISI Calculations
(60)
(40)
(20)
-
20
40
60
80
100
Million People
2000-15
∆ = 163;
+21%
vs. 2000
2015-30
∆ = (49);
-5%
vs. 2015
Previous
15 Years
Next
15 Years
China
(6)
(4)
(2)
-
2
4
6
8
Million People
2000-15
∆ = 1;
+1%
vs. 2000
2015-30
∆ = (7);
-6%
vs. 2015
Previous
15 Years
Next
15 Years
Western Europe

16. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 16 29282-03-0117 I January 2017
US Productivity Growth Has Been Limited -- A Challenge to Economic Growth
3-year average of year-over-year seasonally adjusted percent change. Source: Bureau of Labor Statistics and Pioneer Investments.
Last data point available 9/30/16.
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
1997 2000 2003 2006 2009 2012 2015
US Productivity – Nonfarm Business Sector

17. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 17 29282-03-0117 I January 2017
The ISM Indexes are Still Signaling Growth
Strength in services combined with an upturn in manufacturing
•Source: Bloomberg as of December 31, 2016. ISM Manufacturing New Orders Index - Monitors employment, production inventories, new orders and supplier deliveries. The index based on
surveys of more than 300 manufacturing firms by the Institute of Supply Management (ISM). ISM Manufacturing Purchasing Managers Index (PMI) - An indicator of the economic health of the
manufacturing sector. ISM Non-Manufacturing Index - An index based on surveys of more than 400 non-manufacturing firms' purchasing and supply executives, within 60 sectors across the
nation, by the Institute of Supply Management (ISM). ISM Non-Manufacturing New Orders Index - An index based on surveys of more than 400 non-manufacturing firms' purchasing and supply
executives that tracks new orders, seasonally adjusted.
Above 50 indicates expansion, below 50 indicates contraction
30
40
50
60
70
30
40
50
60
70
IndexLevel
Manufacturing / Non-Manufacturing
ISM Non-Manufacturing Index ISM Manufacturing Purchasing Managers Index
20
30
40
50
60
70
20
30
40
50
60
70
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
IndexLevel
New Orders
ISM Non-Manufacturing New Orders Index ISM Manufacturing New Orders Index

18. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 18 29282-03-0117 I January 2017
Federal Funds Forecast: Federal Open Market Committee (FOMC) “Dot Plot”
Divergence between the FOMC and the Federal Funds Futures Market
Source: Federal Reserve Summary of Economic Projections Report; Latest projections as of December 31, 2016.
0.63%
1.38%
2.13%
2.88%
3.00%
1.19%
1.68%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
2.00%
2.20%
2.40%
2.60%
2.80%
3.00%
3.20%
3.40%
3.60%
3.80%
4.00%
2016 2017 2018 2019 Longer Term
FOMC Dec-16 Meeting Median
FOMC Dec-15 Meeting Median
Fed Funds Futures as of 12/31/16
Fed estimates for rates shifted significantly
downward from December 2015
Fed Fund Futures — bets by the market on policy rates —
were consistently below the Fed's estimates until recently
The Fed "Dot Plot" Shows How Members of the FOMC Voted at the Last Policy Meeting

19. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 19 29282-03-0117 I January 2017
Topics of Discussion
1. Overview and Global Context
2. US Economic Outlook
3. Equity Markets
4. Fixed Income Markets
5. Alternatives
6. Appendix
Stock markets and investments in individual stocks involve certain risks, including issuer, market, economic, industry, political, regulatory, geopolitical, and other risks. Investment
return and principal value may go down as well as up and could result in the loss of all capital invested.

20. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 20 29282-03-0117 I January 2017
Earnings Growth Should Resume
Source: Bloomberg and Pioneer Investments. Last data point December 31, 2016. West Texas Intermediate (WTI) is a grade of crude oil used as a benchmark in oil pricing. The Trade-
weighted US dollar index, also known as the broad index, is a measure of the value of the US dollar relative to other world currencies.
0
500
1000
1500
2000
2500
$0
$5
$10
$15
$20
$25
$30
$35
Price
EarningsPerShare
S&P 500 Earnings Per Share S&P 500 Price
Earnings Drive Stocks, and Earnings are Growing Again . . .
$60
$65
$70
$75
$80
$85
$90
$95
$100$0
$20
$40
$60
$80
$100
$120
$140
$160
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
USTradeWeightedDollar
WTICrude
WTI Crude US Trade-Weighted Dollar (inverted for comparison)
. . . as Oil Prices Recover (though the dollar may still be a headwind)

21. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 21 29282-03-0117 I January 2017
A Secular Bull Market for Equities?
Source: Bloomberg and Pioneer Investments as of December 31, 2016. A secular market trend is a long-term trend that lasts 5 to 25 years and consists of a series of primary trends.
A secular bear market consists of smaller bull markets and larger bear markets; a secular bull market consists of larger bull markets and smaller bear markets.
1
10
100
1000
10000
1929 1939 1949 1959 1969 1979 1989 1999 2009
Bull Markets S&P 500
Secular Momentum is a Key Difference Today
In a secular bull market, upside swings have
generally been stronger and downside
swings have been relatively muted.

22. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 22 29282-03-0117 I January 2017
Equities Attractive vs. Fixed Income
. . . modestly expensive vs. historic averages
Source: Bloomberg (P/E Ratio). Data as of December 31, 2016. Investment grade bonds represented by BofA ML Corporate Bond Master Index. Equities are represented by S&P 500 Index.
See page 52-56 for more information about the indices. YTW (Yield to Worst) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. Trailing P/E
(price/earnings) is the sum of a company's price-to-earnings, calculated by taking the current stock price and dividing it by the trailing earnings per share for the past 12 months.
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
1976 1981 1986 1991 1996 2001 2006 2011 2016
Percent
Investment Grade Corporate Yield
(YTW) vs. S&P 500
Mean
+1
+2
-1 SD
-2 SD
Investment Grade Bond Yld > S&P 500
Trailing Earnings Yield
Investment Grade Bond Yld < S&P
500 Trailing Earnings Yield 0
5
10
15
20
25
30
35
1976 1981 1986 1991 1996 2001 2006 2011 2016
Ratio
Trailing P/E
Average
S&P 500 Trailing P/E
Current
P/E 21
Average P/E
16.6

23. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 23 29282-03-0117 I January 2017
The Second Longest Bull Market on Record
Overdue for a correction?
S&P 500 Bull Market Cycles Since 1928
Source: S&P Dow Jones Indices and Pioneer Investments. Last data point December 31, 2016. Trough-to-Peak Duration - The stage of the market cycle from its ultimate cyclical bottom
(trough) to a period of growth (peak).
1932
1942
1949
1957
19621966
1970
1974
1982
1987
1990
2002
2009 - Present
0%
100%
200%
300%
400%
500%
600%
- 20 40 60 80 100 120
PercentCumulativeReturn
Trough to Peak Duration – Months

24. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 24 29282-03-0117 I January 2017
Fed Balance Sheet Size vs. S&P 500 Correlation
0%
200%
400%
600%
800%
1000%
1200%
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
PercentChange(Rebasedto100)
Fed Balance Sheet S&P 500 NASDAQ
.96 R2
.17 R2
.32 R2
Source: Bloomberg and Pioneer Investments as of December 31, 2016. See page 52 for more information about S&P 500 Index and NASDAQ. R2 - Represents the
percentage of the portfolio's movements that can be explained by the general movements of the market. Index portfolios will tend to have R2 values very close to 100.

25. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 25 29282-03-0117 I January 2017
Investment Style Valuations: December 31, 2016
Source: Russell Investment Group, IBES, FactSet, Pioneer Investments. Data as of December 31, 2016. Price-Earnings Ratio is a valuation ratio of a company's current share price
compared to its per-share earnings. Past performance does not guarantee and is not indicative of future results.
Value Blend Growth
LargeMidSmall
Current P/E vs. 15-Year Average P/E
16.9
15.3
16.2
13.8
18.1
17.6
18.1
16.4
17.0
14.7
19.5
19.1
23.5
19.8
19.6
14.3
30.3
23.8
Value Blend Growth
117% 110% 103%
116% 110% 102%
137% 119% 127%
LargeMidSmall
Current P/E as % of 15-Year Average P/E

26. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 26 29282-03-0117 I January 2017
Growth and Value Relative Performance At Historical Average
Source: Ned Davis Research. Last data point as of December 31, 2016. The Russell 1000 Growth Index measures the performance of large cap US growth stocks. The Russell
1000 Value Index measures the performance of large cap US value stocks. See pages 52-56 for more information about indices.
60
80
100
120
140
160
180
200
60
80
100
120
140
160
180
200
Price
Russell 1000 Growth vs. Russell 1000 Value
Growth Outperforms
Value Outperforms
Growth Completes a 15-year base vs. Value

27. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 27 29282-03-0117 I January 2017
Growth vs. Value Sector Exposures
Source: Pioneer Investments and Bloomberg. As of December 31, 2016. Russell 1000 Growth Index - Measures the performance of large cap US growth stocks. Russell
1000 Value Index - Measures the performance of large cap US value stocks. See pages 52-56 for more information about indices.
0%
5%
10%
15%
20%
25%
30%
35%
Sector Weights Russell 1000 Growth vs. Russell 1000 Value
Russell 1000 Growth Russell 1000 Value
Growth provides greater
exposure to Consumer
Discretionary, Health Care &
Technology, while Value has
greater exposure to Energy,
Financials, and Utilities.

28. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 28 29282-03-0117 I January 2017
Dividend Growers and Initiators Outperformed Over Time
Source: Ned Davis Research. Last data point December 31, 2016. Returns based on monthly equal–weighted geometric average of total returns of S&P 500 component stocks.
0
1000
2000
3000
4000
5000
6000
7000
1972 1975 1978 1981 1984 1987 1990 1993 1995 1998 2001 2004 2007 2010 2013 2016
IndexLevel(Rebasedto100)
S&P 500 Segmented by Dividend Policy
Growers & Initiators
All Dividend-Paying Stocks
S&P 500
Payers w/No Change in
Dividends
Non Dividend-Paying
Stocks
Average Annual
Total Return
9.9%
9.1%
7.5%
7.4%
2.4%
On average, 262 stocks in this
category since 1972

29. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 29 29282-03-0117 I January 2017
High Quality Stocks Have Historically Outperformed
Source: Ned Davis Research as of December 31, 2016. Based on S&P common stock rankings and calculated by Ned Davis Research.
0
1,000
2,000
3,000
4,000
5,000
6,000
1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016
IndexLevel(rebasedto100)
S&P 500 Stock Index (cap weighted) Total Return
High Quality Stocks (equal-dollar-weighted) Total Return
Low Quality Stocks (equal-dollar-weighted) Total Return
11.47%
11.15%
10.86%
S&P 500 Segmented by Quality Average
Annual Total
Return

30. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 30 29282-03-0117 I January 2017
Equity Market Volatility Likely to Increase
Source: Bloomberg. Data as of December 31, 2016. VIX Index – A trademarked ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, a popular measure of the implied
volatility of S&P 500 index options. Implied volatility (VIX Index) reflects what investors expect the S&P 500’s value to be in the next 30 days. Realized volatility reflects actual returns.
Monday after Brexit
Announcement
6/27/16
0
5
10
15
20
25
30
35
40
Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16
IndexLevel
Equity Market Volatility (S&P 500)
Aug
Implied Volatility (VIX)
Realized Volatility
Multi-year Lows
Election

31. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 31 29282-03-0117 I January 2017
Topics of Discussion
1. Overview and Global Context
2. US Economic Outlook
3. Equity Markets
4. Fixed Income Markets
5. Alternatives
6. Appendix
Fixed income investments are subject to certain risks, including interest rate changes and possible loss due to financial failure of issuers; investments in high yield or lower rated
securities are subject to greater volatility, illiquidity and possibility of default.

32. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 32 29282-03-0117 I January 2017
Inflation
CPI Core Inflation and CPI Services are trending higher. Commodities remain a drag.
Year-over-year monthly percent change. Source: Bloomberg. Last data point November 30, 2016. Consumer Price Index (CPI) - A measure that examines the weighted average of prices of a
basket of consumer goods and services; one of the most frequently used statistics for identifying periods of inflation or deflation.
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
2008 2009 2010 2011 2012 2013 2014 2015 2016
CPI Core Inflation (Ex-food and energy) CPI Services (Ex-energy)
CPI Medical Services CPI Commodities
Evidence of Inflation

33. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 33 29282-03-0117 I January 2017
Previous Fed Tightening Cycles: Treasury Curve Flattening
We expect the yield curve to flatten with an increase in monetary policy
4
5
6
7
8
9
10
11
3m 6m 1Y 2Y 3Y 5Y 10Y 30Y
Yield%
Cycle 1 Begins Cycle 1 Ends
U.S. Treasury Curve 3/25/88 - 2/24/89
0
2
4
6
8
10
3m 6m 1Y 2Y 3Y 5Y 10Y 30Y
Yield%
Cycle 2 Begins Cycle 2 Ends
U.S. Treasury Curve 1/28/94 - 2/3/95
2
3
4
5
6
7
8
3m 6m 1Y 2Y 3Y 5Y 10Y 30Y
Yield%
Cycle 3 Begins Cycle 3 Ends
U.S. Treasury Curve 6/25/99 - 5/19/00
0
1
2
3
4
5
6
7
3m 6m 1Y 2Y 3Y 5Y 10Y 30Y
Yield%
Cycle 4 Begins Cycle 4 Ends
U.S. Treasury Curve 6/25/04 - 06/30/06
Source: Bloomberg. Dates as shown. A flattening yield curve may be a result from long-term interest rates falling more than short-term interest rates or short-term rates increasing more than
long-term rates.

34. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 34 29282-03-0117 I January 2017
Previous Fed Tightening Cycles
Credit sectors have tended to outperform
Rate Rise Period
2/4/94 – 2/1/95
Rate Rise Period
6/30/99 – 5/16/00
Rate Rise Period
6/25/04 – 6/29/06
-7.64%
-2.04%
-3.38%
-1.71%
-3.56%
1.13%
-0.49%
1.75%
#N/A #N/A
-8.26%-10%
-8%
-6%
-4%
-2%
0%
2%
4%
10-Year
Treasury
BBGBarc
Agg
IG
Corporates
U.S. High
Yield Munis
BBGBarc
Global Agg MBS ABS HY Muni
Bank
Loans Global HY
0.79%
2.02%
0.10%
-1.84%
-0.16%
-2.53%
2.27%
4.44%
-2.39%
2.76%
4.99%
-4%
-2%
0%
2%
4%
6%
1.92%
3.15% 3.04%
7.66%
4.65% 4.00% 3.49% 3.63%
10.97%
5.25%
10.11%
0%
2%
4%
6%
8%
10%
12%
Source: Bloomberg. Dates as shown. Asset classes represented by the following indices: 10-Year Treasury – BBGBarc 10-Year U.S. Treasury Bellwether Index. US Bonds – BBGBarc US Aggregate
Bond Index. Investment Grade Corporates - BBGBarc US Corporate Investment Grade Index. US High Yield - BofA ML US High Yield Bond Index. Global Investment Grade Bonds - BBGBarc Global
Aggregate Bond Index. Municipals - BBGBarc Municipal Index, High Yield Municipal Bonds - BBGBarc US High Yield Municipal Bond Index, Bank Loans – S&P LSTA Bank Loan Index, Mortgage-
Backed Securities (MBS) - BBGBarc US Agency MBS Index, Asset-backed Securities (ABS) - BofA ML US Fixed & Floating Rate Asset-Backed Securities Index. Global High Yield – BBGBarc Global
High Yield Index. See pages 52-56 for more information about indices.

35. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 35 29282-03-0117 I January 2017
The Impact of Rising Rates on Bond Portfolios
BBGBarc US Aggregate Bond Index Historically vs. Today
Data represents past performance, which is no guarantee of future results. Sources: Bloomberg BBGBarc US Aggregate Bond Index, left chart. BofA ML 10-Year Treasury Index as
of 12/31/16, right chart. Graph represent the effect of duration and a rise in interest rates. This hypothetical example is for illustrative purposes only and does not represent any particular
Pioneer product or strategy. This effect only applies if the bonds are sold prior to maturity. Changes in interest rates may have a different effect on other types of fixed income
investments based on various factors including duration and credit rating.

36. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 36 29282-03-0117 I January 2017
US High Yield Spreads and Defaults
Source: BofA ML and Moody’s as of December 31, 2016. Default Rate - Calculated as the amount defaulted over the last twelve months divided by the amount outstanding at the beginning of
the twelve-month period. Option-Adjusted Spread (OAS) - The measurement of the spread of a fixed income security rate and the risk-free rate of return, adjusted to take into account an
embedded option. Basis Point (bp) - A unit of measure used to describe the percentage change in the value or rate of a financial instrument. One basis point is equivalent to 0.01% (1/100th
of a percent) or 0.0001 in decimal form. In most cases, it refers to changes in interest rates and bond yields.
0%
5%
10%
15%
20%
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Defaults OAS
Current OAS =
422 bp
Current
Default Rate =
5.8%
Averages:
Spread = 562
basis points
Default = 4.58%

37. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 37 29282-03-0117 I January 2017
US Bank Loan Spreads Over LIBOR and Defaults
Source: S&P LSTA Leveraged Loan Index through December 31, 2016; Pioneer Investments. Spread to Maturity - The difference in return on bonds that have different maturity dates; typically
bonds with a longer maturity have a higher return. London Interbank Offer Rate (LIBOR) - The interest rate participating banks offer to other banks for loans on the London market; the most
widely used benchmark for short-term interest rates in the world, mainly because most of the world’s largest borrowers borrow money on the London market.
Bank Loan Risk: Floating rate loans may not be fully collateralized and therefore may decline significantly in value. Floating rate loans may reduce, but not eliminate, interest rate risk.

38. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 38 29282-03-0117 I January 2017
LIBOR has Risen in Reaction to Pending New Regulations for Money Markets
. . . potentially “breaking the floor” and raising floating rate coupons in 2017
Source: Bloomberg. Data as of December 31, 2016.
Global Financial Crisis
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
LIBOR Fed Funds Target Rate
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
0.6%
0.7%
0.8%
0.9%
1.0%
SEC Issues New Rules
to regulate money
markets July 2014
New Rules applied
October 2016

39. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 39 29282-03-0117 I January 2017
Municipal Yields and Tax Equivalent Returns
BBGBarc Municipal Bond Index
Yield to Taxable Taxable
Worst Equivalent at 43.4% Equivalent at 28%
2.65% 4.68% 3.68%
• An investor in the 43.4% tax bracket earning 2.65% on a
tax-free investment would need to earn 4.68% on a
taxable investment of comparable safety and maturity.
• An investor in the 28% tax bracket, earning 2.65% on a
tax-tree investment would need to earn 3.68% on a
taxable investment of comparable safety and maturity.
Tax Equivalent Yields for
Investment Grade Municipal Bonds
The value of municipal securities can be adversely affected by changes in
financial conditions of municipal issuers, lower revenues, and regulatory
and political developments. A portion of income may be subject to local,
state, federal and/or alternative minimum tax. Capital gains, if any, are
subject to capital gains tax.
Chart 1 Source: Municipal Market Advisors, Inc. (MMA). As of December 31, 2016. General Obligation Bonds (GOs) - Bonds backed by the “full faith and credit” of the issuer, with no specific
project identified as the source of funds. Chart 2 Source: BBGBarc as of December 31, 2016. This chart is for illustrative purposes only and not intended to predict or project investment
performance of any Pioneer fund. Yield to Worst - Calculated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if provisions, including
prepayment, call or sinking fund, are used by the issuer. Tax Equivalent Yield - Measures what an investor would have to earn on a taxable investment in order to match the yield provided by
a tax-exempt municipal bond. BBGBarc Municipal Bond Index - A broad measure of the municipal bond market. See pages 52-56 for more information about indices.
1.2%
1.8%
2.4%
3.2%
1.6%
2.5%
3.3%
4.4%
2.1%
3.1%
4.2%
5.6%
0%
1%
2%
3%
4%
5%
6%
2 yr 5 Yr 10yr 30 Yr
Yield
MMA 5% AAA General Obligation Yield
Tax-Equivalent (28% Tax Rate)
Tax-Equivalent (43.4% Tax Rate)
MMA AAA GO (General Obligation)

40. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 40 29282-03-0117 I January 2017
Municipal Tax-Equivalent Attractive vs. Other Major Asset Classes
Source: Municipal Market Advisors, Inc. As of 12/31/16. Standard Deviation - A statistical measure of the historic volatility of a portfolio; a lower standard deviation indicates historically less
volatility. Asset classes represented by the following indices: Mortgage-Backed Securities (MBS) - BBGBarc US Agency Fixed Rate MBS Index, Asset-Backed Securities (ABS) - BofA ML ABS
Master Floating Rate Index, US High Yield - BofA ML U.S. High Yield Bond Index, Treasury - BBGBarc US Treasury Index. Agency - BBGBarc US Agency Index, Municipals (Muni) - BBGBarc
Municipal Index, Aggregate - BBGBarc US Aggregate Bond Index, High Yield Municipals (Muni HY) - BBGBarc US High Yield Municipal Index, US Stocks - S&P 500 Index. Small Cap Stocks -
Russell 2000 Index. Global Treasury - BBGBarc Global Treasury Index. US Credit - BBGBarc US Credit Index. See pages 52-56 for more information on indices.
MBS
ABS
US High Yield
TreasuryAgency
Muni
Aggregate
Muni HY
S&P 500
Russell 2000
Global Treasury
US Credit
Tax-adjusted Muni
Tax-adjusted Muni HY
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22%
AnnualizedReturn
Annualized Standard Deviation
10-Year Risk / Return Profile

41. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 41 29282-03-0117 I January 2017
Individuals Still Own the Bulk of Municipal Bonds, But Call Risk has Increased
Left Chart - Source BBGBarc as of December 31, 2016. Right Chart – Source: JPMorgan as of June 30, 2016 (most recent data available). Refunding – The process of retiring or redeeming
an outstanding bond issue at maturity by using the proceeds from a new debt issue. The new issue is almost always issued at a lower rate of interest than the refunded issue, ensuring
significant reduction in interest expense for the issuer.
$1,500
$1,550
$1,600
$1,650
$1,700
$1,750
$1,800
$1,850
$1,900
$1,950
$2,000
$400
$450
$500
$550
$600
$650
$700
'09Q3
'10Q3
'11Q3
'12Q3
'13Q3
'14Q3
'15Q3
'16Q2
$billions
Mutual Funds (left) Households (right)
Market Flow Trend
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
New Capital vs. Refunding
as % of Supply
New Capital Refunding

42. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 42 29282-03-0117 I January 2017
Getting Paid to be in Munis
Source: Bloomberg as of December 31, 2016. BVAL AAA Municipal Yield % of Treasury Indexes for 5-, 10- and 30-year maturities represents AAA municipal yield (BVAL) as a percentage of
equivalent Treasury yield.
0.5
1.0
1.5
2.0
2.5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
MunicipalYield/TreasuryRatio
5-year Muni/Treasury
10-Year Muni/Treasury
30-year Muni/Treasury
Investment Grade Municipal/Treasury Historical Valuations
0.7
0.8
0.9
1.0
1.1
1.2
1.3

43. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 43 29282-03-0117 I January 2017
Topics of Discussion
1. Overview and Global Context
2. US Economic Outlook
3. Equity Markets
4. Fixed Income Markets
5. Alternatives
6. Appendix
Alternative investments products involve a high degree of risk, often engaging in leveraging and other speculative investment practices that may increase the risk of investment loss. Alternative
investments can be highly illiquid, are not always transparent, and can increase the risk of loss. Alternative investments can be volatile, and subject the investor to loss of all or a substantial
amount of the investment.

44. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 44 29282-03-0117 I January 2017
Insurance-linked Investments Can Offer Attractive Diversification
Catastrophe (“Cat”) Bonds -- Low Correlation to Financial Markets
Left Chart - Source: Artemis and Aon Benfield as of 12/31/16. Right chart – Source: Morningstar as of 12/31/16; correlation of 1.0 is highest. Catastrophe (Cat) Bonds – A high yield debt
instrument that is usually insurance linked and meant to raise money in case of a catastrophe such as a hurricane or earthquake. Asset classes are represented by the following indices. Cat
Bonds – Swiss Re Global Cat Bond Performance Index. US High Yield Bonds - BBGBarc US High Yield Index. US Credit – BBGBarc US Credit Index. Non-US Developed Stocks – MSCI EAFE Index.
Emerging Markets Bonds – JPMorgan Emerging Markets Bonds Plus Index. Emerging Markets Stocks - MSCI Emerging Markets Free Index. US Large Growth -- Russell 1000 Growth Index.
Municipals – BBGBarc Municipal Bond Index. US Large Caps Stocks– S&P 500 Index. US Large Value -- Russell 1000 Value Index. Global Bonds Unhedged – BBGBarc Global Aggregate Index
Unhedged. US Small Caps Stocks -- Russell 2000 Index. See pages 52-56 for more information on indices.
YTD 2016
$0
$5
$10
$15
$20
$25
$30
1997 1999 2001 2003 2005 2007 2009 2011 2013 2015
Market Size Issued
Cat Bond Market Growth (Assets $billions)
0.13
0.15
0.15
0.18
0.18
0.19
0.21
0.23
0.23
0.25
0.28
0.00 0.20 0.40 0.60 0.80 1.00
US Small Caps
Global Bonds Unhedged
US Large Value
US Large Caps
Emerging Markets
Munis
US Large Growth
Emerging Markets
Non-US Developed
US Credit
US High Yield Bonds
Cat Bonds Have Low Correlation to Traditional Stock
and Bond Indices
10-Year Correlation to Swiss Re Global Cat Bond Index
Equity
Fixed Income

45. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 45 29282-03-0117 I January 2017
Cat Bonds Have Remained Attractive Compared to Corporate Bonds
Data represents past performance, which is no guarantee of future results. Please note that insurance-linked securities (ILS) are subject to additional risk. Data is not meant to represent the
performance of any Pioneer product. Sources: Swiss Re Capital Markets and BBGBarc as of June 30, 2016, which is produced bi-annually. ILS data is published twice yearly and is most
recent available. ILS represented by Swiss Re Capital Markets pricing indications only; weighted average seasonally adjusted spread of all ILS cat bonds with a US wind component currently
outstanding. BBGBarc US High Yield Index - Measures the performance of the US noninvestment-grade bond market. See pages 52-56 for more information on indices.
470
575
0
200
400
600
800
1,000
1,200
1,400
2012 2013 2014 2015 2016
YieldSpread(basispoints)
Cat Bond B Corporate B
Cat Bonds vs. Corporate Bonds (B-Rated)
394
370
200
300
400
500
600
700
800
900
2012 2013 2014 2015 2016
YieldSpread(basispoints)
Cat Bond BB Corporate BB
Cat Bonds vs. Corporate Bonds (BB-Rated)

46. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 46 29282-03-0117 I January 2017
Topics of Discussion
1. Overview and Global Context
2. U.S. Economic Outlook
3. Equity Markets
4. Fixed Income Markets
5. Alternatives
6. Appendix

47. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 47 29282-03-0117 I January 2017
Source: Pioneer Investments, Bloomberg and Federal Reserve. Dates as shown before and after second rate hike in 2016.
Equity Sector Returns
Before and after Fed target rate increases

48. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 48 29282-03-0117 I January 2017
Alpha from Currencies Can Be Possible in US Dollar Bull OR Bear Markets*
Managing for currency will be critical going forward.
Macro, geopolitical, and monetary policy factors will affect risk
Source: Pioneer Investments, BBGBarc. Dates as shown. Periods above represent the greatest bull and bear market periods for the US dollar in the past 20 years. *A bear market for the US
dollar is when it depreciates, and a bull market is when it appreciates. Alpha - Measures risk-adjusted performance, representing excess return relative to the return of the benchmark. A
positive alpha suggests risk-adjusted value added by the manager versus the index. BBGBarc Global Aggregate Index Hedged - Provides a broad-based measure of the global investment-grade
fixed income markets hedged in USD. BBGBarc Global Aggregate Index Unhedged - Provides a broad-based measure of the global investment-grade fixed income markets denominated in local
currency.. See pages 52-56 for more information on indices.

49. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 49 29282-03-0117 I January 2017
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Brazil
79.68%
South Africa
-15.77%
Brazil
128.62%
South Africa
20.76%
South Africa
4.52%
India
29.60%
Japan
49.66%
India
26.41%
Japan
10.91%
Brazil
66.74%
China
66.63%
UK
-31.55%
Russia
103.24%
Russia
19.48%
US
2.11%
Germany
26.34%
US
32.37%
South Africa
16.81%
Germany
10.45%
Russia
55.94%
India
52.46%
Australia
-35.96%
India
93.70%
India
16.23%
UK
-5.42%
South Africa
23.15%
Germany
24.11%
US
13.68%
Russia
4.99%
UK
14.25%
Russia
24.57%
US
-37.00%
China
62.70%
Germany
15.21%
Australia
-9.42%
China
22.86%
Australia
23.02%
Japan
10.90%
Australia
3.22%
Australia
13.90%
Germany
21.38%
Germany
-41.82%
Australia
39.19%
US
15.06%
Germany
-15.74%
Australia
21.53%
South Africa
16.30%
China
8.28%
US
1.37%
US
11.95%
Australia
17.80%
Japan
-42.48%
US
26.45%
UK
8.47%
China
-18.32%
Japan
19.41%
UK
14.06%
Australia
7.46%
South Africa
0.31%
Germany
11.12%
South Africa
14.12%
China
-51.12%
South Africa
25.72%
Brazil
7.10%
Japan
-18.60%
Russia
14.30%
India
8.58%
Germany
4.31%
India
-1.61%
South Africa
4.63%
US
5.68%
Brazil
-56.03%
UK
22.28%
China
5.10%
Russia
-19.38%
US
14.22%
China
3.99%
UK
-3.06%
UK
-5.88%
Japan
2.08%
UK
2.96%
India
-56.28%
Germany
18.57%
Australia
2.10%
Brazil
-21.58%
UK
5.93%
Russia
1.33%
Brazil
-13.82%
China
-7.69%
China
1.15%
Japan
-10.12%
Russia
-73.77%
Japan
9.28%
Japan
0.69%
India
-25.38%
Brazil
-0.74%
Brazil
-15.79%
Russia
-45.96%
Brazil
-41.19%
India
1.12%
10 Years of Country Returns (Equity)
No one country has outperformed every year
Source: Bloomberg. Data of December 31, 2016. Chart updated annually at year-end. Countries represented by the following indices: US - S&P 500 Index. All other countries - Country-specific
Morgan Stanley Capital International (MSCI) indices. See page 52 for more information on country indices.

50. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 50 29282-03-0117 I January 2017
Diverse Asset Classes Can Offer the Advantage of Lower Correlated Returns
Correlation among fixed income asset classes: 10 years as of 12/31/16
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
1 U.S. Treasuries 1.00
2 Agencies 0.93 1.00
3 Agency MBS 0.81 0.87 1.00
4 CMBS -0.02 0.14 0.01 1.00
5 Investment Grade Corporates 0.42 0.57 0.53 0.48 1.00
6 TIPS 0.57 0.63 0.63 0.41 0.67 1.00
7 Municipals 0.32 0.38 0.41 0.31 0.56 0.44 1.00
8 Non Agency ABS -0.43 -0.41 -0.31 0.38 0.15 0.07 0.14 1.00
9 High Yield -0.25 -0.04 0.02 0.72 0.64 0.43 0.33 0.49 1.00
10 Leveraged Bank Loans -0.46 -0.33 -0.17 0.53 0.39 0.23 0.25 0.67 0.85 1.00
11 Convertibles -0.31 -0.12 -0.07 0.56 0.53 0.30 0.22 0.43 0.87 0.75 1.00
12 Preferred Stock 0.00 0.08 -0.02 0.51 0.51 0.25 0.29 0.17 0.51 0.29 0.54 1.00
13 International Bonds 0.52 0.61 0.52 0.31 0.53 0.58 0.29 -0.18 0.26 -0.04 0.20 0.30 1.00
14 Emerging Market Bonds 0.23 0.42 0.44 0.53 0.77 0.65 0.50 0.17 0.74 0.48 0.64 0.41 0.56 1.00
15 Event-Linked Bonds 0.04 0.07 0.07 0.20 0.26 0.18 0.19 0.27 0.28 0.34 0.28 0.10 0.11 0.23 1.00
Traditional Fixed Income Sectors
Non-Traditional Fixed
Income Sectors
Low Medium High
Source: BBGBarc, BofA ML, JP Morgan, Morningstar. As of December 31, 2016. Asset classes represented by the following indices: US Treasuries – BBGBarc US Treasury Index. Agencies - BBGBarc US
Agency Index. Agency MBS - BBGBarc US Agency Fixed Rate MBS Index. CMBS - BBGBarc CMBS Investment Grade Index. Investment Grade Corporates - BBGBarc US Corporate Investment Grade Index.
TIPS - BBGBarc US Treasury TIPS Index. Municipals - BBGBarc Municipal Index. Non Agency ABS - BofA ML ABS Master Floating Rate Index. High Yield - BofA ML US High Yield Bond Index. Leveraged
Bank Loans - Credit Suisse Leveraged Loan Index. Convertibles – BofA ML All Convertible Index. Preferred Stock - BofA ML Preferred Stock Index. International Bonds – Citi WGBI non USD Index.
Emerging Market Bonds – JPMorgan EMBI Plus Index. Event-linked Bonds – SwissRe Cat Bond Index. See pages 52-56 for more information on indices.

51. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 51 29282-03-0117 I January 2017
Disclosures and Definitions
This presentation provides comprehensive data and commentary on global markets without reference to specific Pioneer products. Designed as a tool to help clients
understand the markets and support investment decision-making, the capital markets update explores the potential implications of current economic data and changing
market conditions.
IMPORTANT DEFINITIONS
•Alpha – measures risk-adjusted performance, representing excess return relative to the return of the benchmark. A positive alpha suggests risk-adjusted value added by
the manager versus the index.
•Basis Point - A unit of measure used to describe the percentage change in the value or rate of a financial instrument. One basis point is equivalent to 0.01% (1/100th of
a percent) or 0.0001 in decimal form. In most cases, it refers to changes in interest rates and bond yields
•Correlation – The degree to which assets or asset class prices have moved in relation to one another. Correlation ranges from -1 (always moving in opposite directions)
through 0 (absolutely independent) to 1 (always move together).
•Curve Bear Flattener - A yield-rate environment in which short-term rates are increasing at a rate faster than long-term rates, which causes the yield curve to flatten as
the short-term and long-term rates start to converge.
•Diversification – Does not protect against profit or loss.
•Duration – A measure of the sensitivity of the price (the value of principal) of a fixed income investment to a change in interest rates, expressed as a number of years.
•Price to Earnings (P/E) Ratio - The price of a stock divided by its earnings per share.
•R2 - Represents the percentage of the portfolio's movements that can be explained by the general movements of the market. Index portfolios will tend to have R2 values
very close to 100.
•Spread - The difference between two prices or interest rates.
•Standard Deviation - A statistical measure of the historic volatility of a portfolio; a lower standard deviation indicates historically less volatility.
•Trailing P/E (price/earnings) - The sum of a company's price-to-earnings, calculated by taking the current stock price and dividing it by the trailing earnings per share for
the past 12 months.
•Trough to Peak - The change in a data measure - from its highest point to its lowest point, often used to refer to declines during a cyclical downturn.
•Yield to Maturity - The total return anticipated on a bond if the bond is held until the end of its lifetime.
•Yield to Worst (YTW) - The lowest potential yield that can be received on a bond without the issuer actually defaulting.

52. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 52 29282-03-0117 I January 2017
Index Definitions – General
The historical index performance shown is provided to illustrate market trends and is not intended to represent the past or future performance of any Pioneer product. Indices are
unmanaged and their returns assume reinvestment of dividends, and unlike investment products returns, do not reflect any fees or expenses. It is not possible to invest directly in an
index.
Bloomberg Dollar Spot Index - Tracks the performance of a basket of 10 leading global currencies versus the US Dollar.
Bloomberg West Texas Intermediate (WTI) Crude Index – A single commodity sub-index of the Bloomberg Commodity Index (CI) composed of futures contracts on crude oil. It reflects
the return of underlying commodity futures price movements only and is quoted in USD
•Cambridge Associates LLC U.S. Private Equity Index®: An end-to-end calculation based on data compiled from 1,199 U.S. private equity funds (buyout, growth equity, private equity
energy and mezzanine funds), including fully liquidated partnerships, formed between 1986 and 2014.
•Citigroup World Government Bond (Citi WGBI) Index - Measures the government bond markets around the world.
•JP Morgan Emerging Markets Bond Plus (the EMBI Plus) Index - Is comprised of external-currency-denominated debt instruments issued by emerging market sovereign and quasi-
sovereign entities. Issues include: Brady bonds (restructured bank loans) Eurobonds and other U.S. dollar-denominated bonds
•JP Morgan Emerging Markets (EM) Bond Index - Measures the total return performance of international government bonds issued by emerging market countries that are considered
sovereign (issued in something other than local currency
•Morningstar MSCI Long-Short Credit Index - Tracks the performance of strategies that seek to take exposure to credit-sensitive securities, long and/or short, based upon credit
analysis of issuers and securities, and credit market views.
•Morningstar MSCI Relative Value Index - Tracks the performance of strategies that focus on spread relationships between pricing components of financial assets or commodities.
•Nasdaq Composite Index - Market-capitalization weighted index of the more than 3,000 common equities listed on the Nasdaq stock exchange.
• NCREIF (National Council of Real Estate Investment Fiduciaries) Property Index - A quarterly time series composite total rate of return measure of investment performance of a very
large pool of individual commercial real estate properties acquired in the private market for investment purposes only.
•Russell 1000 Growth Index – Measures the performance of large cap US growth stocks. Russell 1000 Value Index – Measures the performance of large cap US value stocks.
•Russell 2000 Index - Measures the performance of US small cap stocks. Russell 2500 Index - A broad index featuring 2,500 stocks that cover the small and mid cap market
capitalizations.
•Russell Mid Cap Index - Measures the performance of US mid cap stocks.
•S&P 500 Index – A commonly used measure of the broad US stock market.
•S&P GSCI Index - Recognized as a leading measure of general price movements and inflation in the world economy and includes the most liquid commodity futures
•S&P/LSTA Leveraged Loan Index - A capitalization-weighted syndicated loan index based upon market weightings, spreads and interest payments for the US market.
•S&P/LSTA European Leveraged Loan Index - A capitalization-weighted syndicated loan index based upon market weightings, spreads and interest payments for the European
market.
•Swiss Re Cat Bond Index - Constructed to track the price return and the total rate of return for US dollar-denominated catastrophe bonds.
•Swiss Re Global Cat Bond Performance Index – Tracks the aggregate performance of all USD, Europe and Japan-denominated cat bonds.
•VIX Index – A trademarked ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, a popular measure of the implied volatility of S&P 500 index options.

53. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 53 29282-03-0117 I January 2017
Index Definitions - BBGBarc
The historical index performance shown is provided to illustrate market trends and is not intended to represent the past or future performance of any Pioneer product. Indices
are unmanaged and their returns assume reinvestment of dividends, and unlike investment products returns, do not reflect any fees or expenses. It is not possible to invest
directly in an index.
•BBGBarc 10-Year US Treasury Bellwethers Index - A universe of Treasury bonds, and used as a benchmark against the market for long-term maturity fixed-income
securities.
•BBGBarc Investment Grade Commercial Mortgage-backed Securities (CMBS) Index – Measures performance of the mortgage-backed securities market.
•BBGBarc Emerging Markets Debt (EMD) USD Aggregate Index - A flagship hard currency emerging markets debt benchmark that includes USD-denominated debt from
sovereign, quasi-sovereign, and corporate emerging markets issuers.
•BBGBarc Eurodollar Index - Contains US dollar-denominated securities that are registered outside the US (except for global issues that can be SEC-registered).
•BBGBarc Global Aggregate Bond Index – Provides a broad-based measure of the global investment grade fixed income market.
• BBGBarc Global Aggregate Index Hedged - Provides a broad-based measure of the global investment-grade fixed income markets hedged in USD.
• BBGBarc Global Aggregate Index Unhedged - Provides a broad-based measure of the global investment-grade fixed income markets denominated in local currency.
•BBGBarc Global High-Yield Index – A broad-based measure of the global high-yield fixed income markets.
•BBGBarc Global Treasury Index - Tracks fixed-rate, local currency government debt of investment grade countries, both developed and emerging markets.
BBGBarc Long Government/Credit Index -
•BBGBarc Municipal Bond Index – A broad-based measure of the municipal bond market.
•BBGBarc US Treasury Index - Measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury, excluding Treasury bills.
•BBGBarc US Treasury Inflation Protection Securities (TIPS) Index – Includes all publicly issued, US TIPS with one year remaining to maturity, are rated investment grade.
•BBGBarc US Agency MBS Index - Tracks agency mortgage backed pass-through securities (both fixed-rate and hybrid ARM) guaranteed by Ginnie Mae (GNMA), Fannie Mae
(FNMA), and Freddie Mac (FHLMC).
•BBGBarc US Aggregate Bond Index – A measure of the US bond market.
•BBGBarc US Corporate Investment Grade Index - An unmanaged index considered representative of the US investment-grade, fixed-rate bond market.
•BBGBarc US Credit Index - A broad measure of the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets
•BBGBarc US High Yield Index - A measure of the broad non-investment grade bond market.
•BBGBarc US High Yield Municipal Index - Measures the non-investment grade and non-rated US dollar-denominated, fixed-rate, tax-exempt bond market.
•BBGBarc US Securitized Index - A subset of the BBGBarc US Aggregate Bond Index that includes the mortgage-backed securities (MBS), asset-backed securities (ABS) and
commercial mortgage-backed securities (CMBS) sectors.

54. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 54 29282-03-0117 I January 2017
Index Definitions – Bank of America Merrill Lynch (BofA ML)
The historical index performance shown is provided to illustrate market trends and is not intended to represent the past or future performance of any Pioneer product.
Indices are unmanaged and their returns assume reinvestment of dividends, and unlike investment products returns, do not reflect any fees or expenses. It is not possible
to invest directly in an index.
•BofA ML All US Convertibles Index - Consists of convertible bonds traded in the US dollar-denominated investment grade and non-investment grade convertible securities
sold into the US market and publicly traded in the US.
•BofA ML Preferred Stock Fixed Rate Index - Consists of fixed rate US dollar denominated preferred securities and fixed-to-floating rate securities.
•BofA ML US High Yield Master II Index - A commonly accepted measure of the performance of high yield securities.
•BofA ML US Corporate Master Index – Includes publicly-issued, fixed-rate, nonconvertible investment grade dollar-denominated, SEC-registered corporate debt having at
least one year to maturity and an outstanding par value of at least $250 million.
•BofA ML US Mortgage Backed Securities Index - Tracks the performance of US dollar-denominated fixed rate and hybrid residential mortgage pass-through securities
publicly issued by US agencies in the US domestic market.
•BofA ML US Asset Backed Securities (ABS) Floating Rate Index - Tracks the performance of US dollar-denominated investment grade floating rate asset backed securities
publicly issued in the US domestic market.
•BofA ML US Asset Backed Securities (ABS) Fixed Rate Home Equity Loan Index - A subset of the BofA ML US Fixed Rate Asset Backed Securities Index including all asset
backed securities collateralized by home equity loans.
•BofA ML US Treasury Bill Index - Tracks the performance of US dollar-denominated US Treasury Bills publicly issued in the US domestic market.
•BofA ML US Treasury Current 10-year Index – Measures the total return performance of US Treasury bonds with an outstanding par greater than or equal to $25 million.
The maturity range of these securities is greater than ten years.
•BofA ML US Treasury Master Index – Tracks the performance of US dollar-denominated sovereign debt publicly issued by the US government in its domestic market.
•BofA ML Euro Large Cap Corporate Index - Tracks the performance of large capitalization euro-denominated investment grade corporate debt publicly issued in the
eurobond or Euro member domestic markets.
•BofA ML Pan-Europe Government Bond Index – A subset of the BofA ML Global Government Index including all securities issued by countries associated with the
geographical region of Europe.
•BofA ML Euro High Yield Index - Tracks the performance of euro-denominated below-investment grade corporate debt publicly issued in the euro domestic or eurobond
markets.

55. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 55 29282-03-0117 I January 2017
Index Definitions – Credit Suisse
The historical index performance shown is provided to illustrate market trends and is not intended to represent the past or future performance of any Pioneer product.
Indices are unmanaged and their returns assume reinvestment of dividends, and unlike investment products returns, do not reflect any fees or expenses. It is not possible
to invest directly in an index.
•Credit Suisse Dedicated Short Bias Index - Measures the aggregate performance of dedicated short bias strategies.
•Credit Suisse Fixed Income Arbitrage Index - Measures the aggregate performance of fixed income arbitrage strategies.
•Credit Suisse Global Macro Index - Measures the aggregate performance of global macro strategies.
•Credit Suisse Leveraged Loan Index - Tracks the investable market of the U.S. dollar denominated leveraged loan market.
•Credit Suisse Liquid Alternative Index - Reflects the returns of a dynamic basket of liquid, investable market factors selected and weighted in accordance with an
algorithm that aims to approximate the aggregate returns of the universe of hedge fund managers, as represented by the Credit Suisse Hedge Fund Index.
•Credit Suisse Long/Short Equity Index - Measures the aggregate performance of long/short equity strategies.
•Credit Suisse Managed Futures Index - Measures the aggregate performance of managed futures strategies.
•Credit Suisse Multi-Strategy Index - Measures the aggregate performance of multi-strategy strategies.

56. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 56 29282-03-0117 I January 2017
Index Definitions - Morgan Stanley Capital International (MSCI)
The historical index performance shown is provided to illustrate market trends and is not intended to represent the past or future performance of any Pioneer product.
Indices are unmanaged and their returns assume reinvestment of dividends, and unlike investment products returns, do not reflect any fees or expenses. It is not possible
to invest directly in an index.
•MSCI ACWI - Captures large and mid-cap representation across 23 Developed Markets (DM) and 23 Emerging Markets (EM) countries.
•MSCI EAFE (Europe, Australasia, and Far East) Growth Index - A commonly used measure of international growth stocks.
•MSCI Emerging Markets (EM) Free Index - A free float‐adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
•MSCI Country Indices measure the performance of the large and mid-cap segments of the specific country’s market, including Russia, Japan, Germany, United Kingdom,
China, India, Australia, South Africa and Brazil.
•MSCI US REIT Index - Defines and measures the investable universe of publicly traded real estate investment trusts domiciled in the U.S.
•MSCI World Index - Captures large and mid-cap representation across 23 developed markets (DM) countries.
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. (www.mscibarra.com).

57. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 57 29282-03-0117 I January 2017
Investment Suitability is Important
There is no guarantee that forecasts discussed will be realized.
Unless otherwise stated, all information contained in this document is from Pioneer Investments and is as of June 30,
2016. 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..
Before investing, consider the product’s investment objectives, risks, charges and expenses. Contact your advisor or
Pioneer Investments for a prospectus or a summary prospectus containing this information. Read it carefully.
Neither Pioneer, nor its representatives are legal or tax advisors. In addition, Pioneer does not provide advice or
recommendations. The investments you choose should correspond to your financial needs, goals, and risk
tolerance. For assistance in determining your financial situation, please consult an investment professional.
Securities offered through Pioneer Funds Distributor, Inc.
Underwriter of Pioneer mutual funds, Member SIPC
60 State Street
Boston, Massachusetts
us.pioneerinvestments.com
2017 Pioneer Investments

58. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.
Page 58 29282-03-0117 I January 2017