Pioneer Solutions - Balanced Fund

1 Pioneer Solutions - Balanced fund September 30, 2018. fund FACTS fund STRATEGY. Inception Date 8/9/2004. The fund seeks long-term capital growth and current income through investment in a mix of mutual funds allocated across major asset classes, including equities, international equities, bonds and cash. Total Net Assets (millions) $ Management Fee Call 1-800-622-9876 or visit for the most recent month-end performance results. Gross Expense Ratio A Current performance may be lower or higher than the performance data quoted. The performance data quoted Gross Expense Ratio Y represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Total Holdings 14.

2 Performance results reflect any applicable expense waivers in effect during the periods shown. Without such Total Net Assets and Number of Holdings waivers, fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are represent all share classes. contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the The MSCI information may only be used for prospectus and financial statements for more information. internal use, may not be reproduced or redisseminated in any form and may not be used PERFORMANCE HIGHLIGHTS Time Period: 9/30/08 through 9/30/18. as a basis for or a component of any financial instruments or products or indices. None of the Initial Investment: $10,000 in Class A Shares at net asset value MSCI information is intended to constitute investment advice or a recommendation to make $20,000.

3 (or refrain from making) any kind of investment $17,501. decision and may not be relied on as such. Historical data and analysis should not be taken $15,000. as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an as is basis $10,000 $12,119. 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 $5,000. involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaims all warranties $0. (including, without limitation, any warranties of 9/08 5/09 1/10 9/10 5/11 1/12 9/12 5/13 1/14 9/14 5/15 1/16 9/16 5/17 1/18 9/18. originality, accuracy, completeness, timeliness, Value of initial investment with all dividends & capital gains reinvested Value of initial investment non-infringement, merchantability and fitness for a particular purpose) with respect to this Chart is for illustrative purposes.

4 These results represent the percentage change in net asset value per share. Returns would have been information. Without limiting any of the foregoing, lower had sales charges been reflected. in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, INVESTMENT PROCESS. consequential (including, without limitation, lost The fund is a fund of funds that allocates its assets primarily among other mutual funds, including mutual funds managed by Amundi profits) or any other damages. Pioneer . The fund invests primarily in funds managed by Amundi Pioneer . In addition, Amundi Pioneer does not seek to maintain a ( ) target annualized volatility level or use derivatives to seek incremental return or limit risk. Important: No single asset allocation model is right for every investor.

5 Diversification, asset allocation and portfolio rebalancing do not assure or protect against a loss. The asset Performance for periods prior to the inception of allocation model is not intended as investment advice and does not take into account all of the personal investment factors that an Class Y shares on 9/26/05 reflects the NAV individual should consider before making any investment decision. Before investing, consult your financial advisor regarding your performance of the fund 's Class A Shares. The financial situation. performance does not reflect differences in AVERAGE ANNUAL TOTAL RETURNS (%) through September 30, 2018. expenses, including the 12b-1 fees applicable to Class A Shares. Since fees for Class A shares are 1-Year 3-Year 5-Year 10-Year Since Inception generally higher than those of Class Y, the A Shares w/o sales charge performance shown for the Class Y shares prior to their inception would have been higher.

6 Class Y Y Shares shares are not subject to sales charges and are A Shares w/ sales charge available for limited groups of investors, including MSCI World ND (60%)/BBG Barc US Agg institutional investors. Bond (40%). MSCI World ND Index Class CUSIP Nasdaq Symbol A 723556106 PIALX BBG Barc US Agg Bond Index C 723556304 PIDCX Mstar Allocation--50% to 70% Equity Cat. Avg. R 723556791 BALRX. With sales charge reflects deduction of maximum sales charge. All results are historical and assume the reinvestment of Y 723556825 IMOYX. dividends and capital gains. Other share classes are available for which performance and expenses will differ. Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors. CALENDAR YEAR RETURNS (%) through September 30, 2018.

7 YTD 2017 2016 2015 2014. A Shares w/o sales charge Y Shares MSCI World ND (60%)/BBG Barc US Agg Bond (40%). MSCI World ND Index BBG Barc US Agg Bond Index Mstar Allocation--50% to 70% Equity Cat. Avg. Performance without sales charge results represent the percent change in net asset value per share. Returns would have been Not FDIC insured May lose value No bank guarantee lower had sales charges been reflected. The primary benchmark for the fund consists of a blend of the MSCI World Index (60%). and the BBG Barc US Aggregate Bond Index (40%). The Morgan Stanley Capital International (MSCI) World Index (benchmark). measures the performance of stock markets in the developed world. The Bloomberg Barclays (BBG Barc) US Aggregate Bond Index (benchmark) is a measure of the US bond market. The Morningstar Allocation 50% to 70% Equity Category Average measures the performance of allocation funds with equity exposure between 50% to 70% within the Morningstar universe.

8 Indices are unmanaged and their returns assume reinvestment of dividends and, unlike fund returns, do not reflect any fees or expenses. You cannot invest directly in an index. Periods less than one year are actual, not annualized. Pioneer Solutions - Balanced fund September 30, 2018. PORTFOLIO HIGHLIGHTS*. PORTFOLIO MANAGEMENT Holdings (%) Risk Measures (5-Year). Kenneth J. taubes , Portfolio Manager 1. Pioneer Multi-Asset Income fund Class K As compared to the MSCI World ND (60%)/BBG Barc US. Mr. taubes , an Executive Vice President and Chief Agg Bond (40%). 2. Pioneer Flexible Opportunities fund Class K Investment Officer, US, joined Amundi Pioneer in 1998 Beta and has been an investment professional since 1983. 3. Pioneer International Equity fund R-squared Marco Pirondini, Portfolio Manager Pioneer Multi-Asset Ultrashort Income fund 4.

9 Standard Deviation ( fund ) Mr. Pirondini, a Senior Managing Director and Head of Class K. Equities, US, joined Amundi Pioneer in 1991 and has 5. Standard Deviation (Benchmark) Pioneer Global Equity fund been an investment professional since that time. Source: Morningstar. Risk measures apply to Class A Shares 6. Pioneer Core Equity fund Class K only. Beta is a measure of the volatility of a fund relative to Effective January 26, 2018, Kenneth J. taubes 7. Pioneer Strategic Income fund Class K the overall market. R-squared represents the percentage of and Marco Pirondini became Portfolio Managers for the portfolio's movements that can be explained by the the fund . 8. Pioneer ILS Interval fund general movements of the market. Standard Deviation is a 9. Pioneer Dynamic Credit fund Class Y statistical measure of the historic volatility of a portfolio.

10 10. Pioneer Disciplined Value Class Y 11. Pioneer Floating Rate fund (144A) 12. Pioneer Equity Income fund Class K 13. Pioneer Bond fund Class K 14. Pioneer Floating Rate fund CF *The portfolio is actively managed and current portfolio information is subject to change. The underlying funds'. performance may be lower than the asset class they were selected to represent. Each funds' investment strategies are subject to change. The holdings listed should not be considered recommendations to buy or sell any security listed. The portfolio holdings may or may not add up to 100% due to rounding. Individuals are encouraged to seek advice from their financial, legal, tax and other appropriate advisers before making any investment or financial decisions or purchasing any financial, securities or investment- related product or service, including any product or service described in these materials.