AMSOUTH/PIONEER TRANSACTION Q&A UPDATED AS OF JULY 14, 2005 EXECUTIVE SUMMARY On June 27, 2005, AmSouth announced that Pioneer Investment Management, Inc. (Pioneer) signed a definitive agreement to acquire AmSouth's mutual fund advisory business. This transaction is subject to fund shareholder and regulatory approvals. On June 22, 2005, the Board of Trustees of the AmSouth Funds approved the reorganization of the AmSouth Funds into Pioneer Funds with generally similar investment objectives and strategies, subject to shareholder approval. 18 of AmSouth's 23 mutual funds will be reorganized into existing Pioneer funds and the remaining 5 will result in new Pioneer funds - ------------------------------------------------------------------------------------------- AmSouth Capital Growth Fund Pioneer Oak Ridge Large Cap Growth Fund - ------------------------------------------------------------------------------------------- AmSouth Large Cap Fund Pioneer Oak Ridge Large Cap Growth Fund - ------------------------------------------------------------------------------------------- AmSouth Enhanced Market Fund Pioneer Fund - ------------------------------------------------------------------------------------------- AmSouth Value Fund Pioneer Value Fund - ------------------------------------------------------------------------------------------- AmSouth Mid Cap Fund Pioneer Mid Cap Value Fund - ------------------------------------------------------------------------------------------- AmSouth Small Cap Fund Pioneer Growth Opportunities Fund - ------------------------------------------------------------------------------------------- AmSouth International Equity Fund Pioneer International Core Equity Fund (NEW) - ------------------------------------------------------------------------------------------- AmSouth Select Equity Fund Pioneer Focused Equity Fund (NEW) - ------------------------------------------------------------------------------------------- AmSouth Balanced Fund Pioneer Classic Balanced Fund (NEW) - ------------------------------------------------------------------------------------------- AmSouth Strategic Aggressive Growth Pioneer Ibbotson Aggressive Allocation Fund Portfolio - ------------------------------------------------------------------------------------------- AmSouth Strategic Growth Portfolio Pioneer Ibbotson Growth Allocation Fund - ------------------------------------------------------------------------------------------- AmSouth Strategic Growth and Income Pioneer Ibbotson Moderate Allocation Fund Portfolio - ------------------------------------------------------------------------------------------- AmSouth Strategic Moderate Growth & Income Pioneer Ibbotson Moderate Allocation Fund Portfolio - ------------------------------------------------------------------------------------------- AmSouth High Quality Bond Fund Pioneer Bond Fund - ------------------------------------------------------------------------------------------- AmSouth Florida Tax-Exempt Fund Pioneer Florida Tax Free Income Fund (NEW) - ------------------------------------------------------------------------------------------- AmSouth High Quality Municipal Bond Fund Pioneer Tax Free Income Fund - ------------------------------------------------------------------------------------------- AmSouth Tennessee Tax-Exempt Fund Pioneer Tax Free Income Fund - ------------------------------------------------------------------------------------------- AmSouth Government Income Fund Pioneer America Income Trust - ------------------------------------------------------------------------------------------- AmSouth Limited Term Bond Fund Pioneer Short Term Income Fund - ------------------------------------------------------------------------------------------- AmSouth Treasury Reserve Money Market Fund Pioneer Cash Reserves Fund - ------------------------------------------------------------------------------------------- AmSouth Prime Money Market Fund Pioneer Cash Reserves Fund - ------------------------------------------------------------------------------------------- AmSouth Tax-Exempt Money Market Fund Pioneer Tax Free Money Market Fund - ------------------------------------------------------------------------------------------- AmSouth Institutional Prime Obligations Pioneer Institutional Money Market Fund Money Market Fund (NEW) - ------------------------------------------------------------------------------------------- Pending shareholder approval, the Funds in the left column above will be reorganized into the Pioneer mutual funds listed in the column on the right. Shareholders will be asked to consider and vote on a Plan of Reorganization at a special shareholder meeting to be held on September 22, 2005. If shareholders approve this plan, the reorganization is expected to occur late in the third quarter of 2005. On or about September 19, the AmSouth Funds will close to new purchases in light of the proposed reorganization of these funds. PRELIMINARY TIMELINE June 29 SEC Filing July 29 Record Date August 23 Shareholders begin receiving Proxy mailing September 22 Shareholder meeting The following Q&A may assist you with client questions... Q. What is AmSouth selling? A. AmSouth is selling its mutual fund advisory business to Pioneer. As part of this transaction, the AmSouth Funds will be reorganized into Pioneer Funds with similar investment objectives and strategies, subject to shareholder approval. Q. Why did AmSouth select Pioneer? A. Pioneer was selected from several qualified bidders after a lengthy due diligence process. Pioneer was selected for a number of reasons including its record of investment performance across the investment spectrum, a disciplined investment management process, the breadth and depth of investment choices and competitive fund expenses, among other factors. Pioneer has a long history in the mutual fund business, founded in 1928. Today, Pioneer Investment Management, Inc. is the U.S. subsidiary of the larger Pioneer Global Asset Management S.p.A. (PGAM). As the investment management arm of Unicredito Italiano Banking Group (UCI) based in Milan, PGAM manages approximately $175 billion under the name Pioneer Investments(R), with over $40 billion managed in the U.S. Q. What does "reorganization" mean? A. Essentially, we are planning to transfer all asset and liabilities of the Funds listed in the left column of the table to the Funds shown in the right column. So, for example, AmSouth Capital Growth Fund will be reorganized into Pioneer Oak Ridge Large Cap Growth Fund. These reorganizations are, of course, subject to shareholder approval. Q. How will a shareholder's investment be changed by these reorganizations? A. A shareholder's fund investment would be converted into an investment with the objective, principal investment strategies and investment risks of the acquiring funds. Q. How will shareclasses map? A. Class A Shares will reorganize into Pioneer A Shares, Class B Shares will reorganize into Pioneer B Shares and Class I Shares will reorganize into Pioneer Y Shares. Investors who own B shares of AmSouth Funds will maintain the AmSouth Funds Contingent Deferred Sales Charge (CDSC) Schedule; they will not convert to Pioneer's schedule. Some Pioneer Funds do not currently offer Y Shares. Pioneer is in the process of creating a Y Share class for those funds in order to accommodate AmSouth Class I Share investors. Q. How will shareholders be notified? A. AIS clients who hold AmSouth Funds as of the record date will be notified of the proposed reorganization via a prospectus supplement and the receipt of proxy materials. The prospectus supplement was mailed in early July 2005. Shareholders are expected to begin receiving proxy materials in August 2005. For fiduciary clients where AmSouth is exercising investment discretion an independent fiduciary will vote the shares on AmSouth's behalf unless the client has reserved the right to vote the proxy. Q. What will shareholders receive in the mail? A. Only those shareholders who are entitled to vote will receive materials. The proxy materials consist of the Plan of Reorganization, combined prospectus for the acquiring funds and proxy solicitation for the acquired funds, voting instructions and voting cards. REMEMBER: IF YOUR CLIENT IS THE BENEFICIARY OF A TRUST FOR WHICH AMSOUTH IS TRUSTEE, YOUR CLIENT WILL NOT RECEIVE ANY DOCUMENTS. AN INDEPENDENT FIDUCIARY WILL VOTE THOSE SHARES ON AMSOUTH'S BEHALF. Q. Will shareholders be required to take any action? A. Shareholders will be asked to consider and vote on these proposed reorganizations at a special shareholder meeting that will be held in September 2005. Proxy materials detailing the proposals will be sent to shareholders in August 2005. If the Bank or another entity is responsible for voting proxies on behalf of an account, the shareholder will not receive proxy materials. OVERVIEW OF FUND REORGANIZATIONS The following Funds will be reorganized into "shells." These are new Funds that Pioneer is creating specifically for the Reorganization. AmSouth Select Equity into Pioneer Focused Equity Fund Oakbrook will continue as sub-adviser. AmSouth Balanced Fund into Pioneer Classic Balanced Fund This Fund will be managed by John Carey and Ken Taubes. Mr. Carey is the lead portfolio manager for Pioneer Fund and Pioneer Equity Income Fund. Mr. Taubes is responsible for overseeing Pioneer's fixed income team. He is the lead portfolio manager for Pioneer Bond Fund and Pioneer Strategic Income Fund. AmSouth International Equity Fund into Pioneer International Core Equity Fund AmSouth Florida Tax-Exempt into Pioneer Florida Tax Free Income Fund This is a new shell. - ------------------------------------------------------------------------------------------------- AMSOUTH VALUE FUND PIONEER VALUE FUND - ------------------------------------------------------------------------------------------------- Objective The Fund seeks capital growth by Current income and long-term investing primarily in a diversified growth of capital from a portfolio of common stock and portfolio consisting primarily of securities convertible into common income producing securities of US stock, such as convertible corporation. bonds and convertible preferred stock. The production of current income is an incidental objective. - ------------------------------------------------------------------------------------------------- Benchmark S&P BARRA/Value Russell 1000 Value - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- Lipper Category Multi-Cap Value Lipper Large Cap Value - ------------------------------------------------------------------------------------------------- Investment Approach Classic value, fundamental & At least 80% in income producing quantitative analysis securities. Up to 25% in REITS, classic value approach, income emphasis. Up to 20% in bonds, up to 10% no-investment grade - ------------------------------------------------------------------------------------------------- DIFFERENCES PIONEER PLACES GREATER EMPHASIS ON DIVIDENDS AND PROVIDING SHAREHOLDERS WITH CURRENT INCOME. - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- AMSOUTH MIDCAP FUND PIONEER MIDCAP VALUE - ------------------------------------------------------------------------------------------------- Objective The Fund seeks to provide investors Capital appreciation by investing with capital appreciation. in a diversified portfolio of securities consisting primarily of common stocks. - ------------------------------------------------------------------------------------------------- Benchmark S&P MIdCap 400 Russell MidCap Value Index - ------------------------------------------------------------------------------------------------- Lipper Category MidCap Core MidCap Value - ------------------------------------------------------------------------------------------------- Investment Approach Enhanced index based on S&P MidCap Value approach, fundamental 400, quantitative approach research - ------------------------------------------------------------------------------------------------- International No Up to 25% Exposure - ------------------------------------------------------------------------------------------------- DIFFERENCES CHANGE FROM AN ENHANCED INDEX APPROACH TO ACTIVE MANAGEMENT. PIONEER USES FUNDAMENTAL RESEARCH TO FIND QUALITY STOCKS BELIEVED TO BE UNDERVALUED, WITH A CATALYST FOR APPRECIATION. CHANGE FROM CORE HOLDING TO VALUE ORIENTATION. - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- AMSOUTH SMALLCAP FUND PIONEER GROWTH OPPORTUNITIES - ------------------------------------------------------------------------------------------------- Objective The Fund seeks capital appreciation by Growth of capital. investing primarily in a diversified portfolio of securities consisting of common stocks and securities convertible into common stocks such as convertible bonds and convertible preferred stocks. Any current income generated from these securities is incidental. - ------------------------------------------------------------------------------------------------- Benchmark Russell 2000 Growth Russell 2000 - ------------------------------------------------------------------------------------------------- Lipper Category SmallCap Growth SmallCap Core - ------------------------------------------------------------------------------------------------- Investment Approach Fundamental, bottom up Fundamental bottom up, GARP - ------------------------------------------------------------------------------------------------- International No Up to 20% non-US/up to 5% Exposure emerging markets - ------------------------------------------------------------------------------------------------- DIFFERENCES MOVE FROM GROWTH ORIENTATION TO CORE SPACE. - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- AMSOUTH ENHANCED MARKET PIONEER FUND - ------------------------------------------------------------------------------------------------- Objective The Fund seeks to produce long-term Reasonable income and growth. growth of capital by investing primarily in a diversified portfolio of common stock and securities convertible into common stocks such as - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- convertible bonds and convertible preferred stock. The Fund's investment sub advisor does not currently intend to purchase convertible securities. - ------------------------------------------------------------------------------------------------- Benchmark S&P 500 S&P 500 - ------------------------------------------------------------------------------------------------- Lipper Category LargeCap Core LargeCap Core - ------------------------------------------------------------------------------------------------- Investment Approach Enhanced index based on S&P 500, Value bias, fundamental quantitative approach - ------------------------------------------------------------------------------------------------- International No Up to 10% in equity & debt Exposure - ------------------------------------------------------------------------------------------------- DIFFERENCES CHANGE FROM QUANTITATIVELY DRIVEN ENHANCED INDEX STRATEGY TO ACTIVE, FUNDAMENTAL RESEARCH DRIVEN INVESTMENT APPROACH. - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- AMSOUTH LARGE CAP AMSOUTH CAPITAL GROWTH PIONEER OAK RIDGE LC GROWTH - ------------------------------------------------------------------------------------------------- Objective The Fund seeks to provide The Fund seeks to Capital appreciation. investors with long-term provide investors with capital appreciation. capital growth. - ------------------------------------------------------------------------------------------------- Benchmark S&P 500 S&P BARRA/Growth Russell 1000 Growth - ------------------------------------------------------------------------------------------------- Lipper Category Large Cap Core LargeCap Growth Large Cap Growth - ------------------------------------------------------------------------------------------------- Investment Approach Fundamental, concentrates Fundamental, may Concentrated on traditional growth purchase up to 20% in portfolio (35-45) sectors mid-caps Bottom up, fundamental growth style emphasis on earnings quality, sustainability - ------------------------------------------------------------------------------------------------- International Up to 25% Up to 25% Up to 20%/no more Exposure than 5% in emerging markets - ------------------------------------------------------------------------------------------------- DIFFERENCES CONCENTRATED PORTFOLIO, FOCUS ON EARNINGS. - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- AMSOUTH HIGH QUALITY BOND FUND PIONEER BOND - ------------------------------------------------------------------------------------------------- Objective The Fund seeks current income To provide current income from an consistent with the investment grade portfolio with due preservation of capital. regard to preservation of capital and prudent investment risk. The Fund also seeks a relatively stable level of dividends; however, the level of dividends will be maintained only if consistent with preserving the investment grade quality of the funds' portfolio - ------------------------------------------------------------------------------------------------- Benchmark Lehman Govt/Credit Index. Lehman Aggregate Bond Index - ------------------------------------------------------------------------------------------------- Lipper Category Corporate Debt A Rated Corporate Debt A Rated - ------------------------------------------------------------------------------------------------- Investment Approach The Fund invests primarily in Primarily high quality, up to 20% rated - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- high quality bonds and other below investment grade. fixed income securities. Only investment grade. No limit on duration, typically benched to the Lehman Govt/Credit Index. - ------------------------------------------------------------------------------------------------- DIFFERENCES GREATER USE OF BELOW INVESTMENT GRADE SECURITIES. PIONEER TAKES A VALUE ORIENTATION;COMBINES FUNDAMENTAL AND CREDIT ANALYSIS WITH QUANTITATIVE ANALYSIS. - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- AMSOUTH LIMITED TERM BOND PIONEER SHORT TERM INCOME FUND - ------------------------------------------------------------------------------------------------- Objective The Fund seeks current income A high level of current income to the consistent with the extent consistent with a relatively high preservation of capital. level of stability of principal. - ------------------------------------------------------------------------------------------------- Benchmark Merrill Lynch 1-5 ML 1-3 Year Treasury Govt/Corporate - ------------------------------------------------------------------------------------------------- Lipper Category Short-Intermediate Investment Short Investment Grade Debt Grade Debt - ------------------------------------------------------------------------------------------------- Investment Approach High quality securities, Normally, at least 80% rated investment maturities of 5 years or less grade at time of purchase- up to 10% below investment grade. Dollar weighted average portfolio maturity of no more than 3 years - ------------------------------------------------------------------------------------------------- DIFFERENCES PIONEER SHORT TERM INCOME FUND SLIGHTLY SHORTER DURATION - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- AMSOUTH GOVERNMENT INCOME PIONEER AMERICA INCOME TRUST - ------------------------------------------------------------------------------------------------- Objective The Fund seeks current income As high a level of current income as is consistent with the consistent with preservation of capital preservation of capital. and prudent investment risk. - ------------------------------------------------------------------------------------------------- Benchmark Lehman Mortgage Index Lehman Government Bond Index and Lehman Fixed Rate Mortgage - Backed Securities Index - ------------------------------------------------------------------------------------------------- Lipper Category Lipper U S Mortgage Lipper General US Government - ------------------------------------------------------------------------------------------------- Investment Approach Emphasizes mortgage securities Invests exclusively in full faith and credit securities, repo and "when issues" commitments with respect to these securities. Average dollar weighted maturity will not exceed 20 years. - ------------------------------------------------------------------------------------------------- DIFFERENCES PIONEER INVESTS ONLY IN "FULL FAITH AND CREDIT" SECURITIES - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- AMSOUTH HIGH QUALITY MUNI AMSOUTH TENNESSEE PIONEER TAX FREE INCOME BOND FUND TAX-EXEMPT FUND - ------------------------------------------------------------------------------------------------- Objective The Fund seeks to produce The Fund seeks to As high a level of as high a level of current provide investors current income exempt federal tax-exempt income with current from federal income as is consistent with the income exempt from taxes as possible preservation of capital. federal and consistent with the Tennessee income preservation of capital. taxes without assuming undue risk - ------------------------------------------------------------------------------------------------- Benchmark Merrill Lynch 1-12 Year Merrill Lynch 1-12 Lehman Municipal Bond Muni Bond Index. Year Muni Bond Index Index. - ------------------------------------------------------------------------------------------------- Lipper Category General Muni Debt Other States General Muni Debt Intermediate Muni - ------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------- Investment Approach The Fund invests primarily The Fund normally At least 80% of its in high quality municipal invests total assets in securities that provide substantially all investment grade income that is exempt from of its assets in securities that provide federal income tax and is municipal income that is exempt not a tax preference item obligations of the from regular federal for purposes of federal State of Tennessee. income tax and alternative minimum tax. The Fund invests May not be subject to Investment grade only in investment the alternative minimum securities. The Fund will grade municipal tax (AMT). have a dollar-weighted obligations The Fund may invest in average maturity of five securities of any to ten years. maturity. The Fund may invest 25% or more of its assets in issuers in any one or more states or securities the payments on which are derived from gas, electric, telephone, sewer and water segments of the municipal bond market. Up to 20% of assets in industrial development bonds. - ------------------------------------------------------------------------------------------------- DIFFERENCES THE PIONEER FUND HAS THE FLEXIBILITY TO INVEST A PORTION OF THE FUND'S ASSETS IN BELOW-INVESTMENT-GRADE, MUNICIPAL BONDS TO ENHANCE YIELD AND TOTAL RETURN POTENTIAL. - ------------------------------------------------------------------------------------------------- AmSouth Strategic Portfolios will be reorganized into the Pioneer Ibbotson Asset Allocation Series. o AmSouth Strategic Portfolios: Aggressive Growth into Pioneer Ibbotson Aggressive Allocation Fund o AmSouth Strategic Portfolios: Growth into Pioneer Ibbotson Growth Allocation Fund o AmSouth Strategic Portfolios: Growth and Income into Pioneer Ibbotson Moderate Allocation Fund o AmSouth Strategic Portfolios: Moderate Growth and Income into Pioneer Ibbotson Moderate Allocation Fund Like the AmSouth Strategic Portfolios, the Pioneer Ibbotson Asset Allocation Series is structured as a fund of funds. Asset allocation and day-to-day management is the responsibility of Ibbotson Associates. The underlying funds are managed by Pioneer. AMSOUTH FUNDS & PIONEER FUNDS PERFORMANCE THROUGH 6/30/05 PERFORMANCE IS SHOWN ONLY FOR THOSE PIONEER FUNDS INVOLVED IN THE REORGANIZATION ONLY THOSE SHARECLASSES INVOLVED IN THE REORGANIZATION ARE SHOWN; FOR CERTAIN FUNDS, PIONEER IS CREATING Y SHARES ACQUIRING PIONEER FUNDS ARE HIGHLIGHTED. PERFORMANCE IS SHOWN AT NAV. THE PERFORMANCE DATA QUOTED 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. SOURCE FOR PERFORMANCE: LIPPER - ------------------------------------------------------------------------------------------------------------------------------------ YTD 1 YRS 3 YRS 5 YRS 10 YRS 12/31/2004 06/30/2004 06/30/2002 06/30/2000 06/30/1995 06/30/2005 06/30/2005 06/30/2005 06/30/2005 06/30/2005 Fund Cum Prim Cum Prim Ann Prim Ann Prim Ann Prim Name Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc - ------------------------------------------------------------------------------------------------------------------------------------ BALANCED FUNDS - --------------------------------------------------------------------------------------------------- PIONEER CLASSIC BALANCED THIS IS A NEW SHELL. THE AMSOUTH FUND PERFORMANCE WILL CARRY OVER. - --------------------------------------------------------------------------------------------------- AmSouth:Balanced;A 0.25 57 5.97 62 6.87 53 6.20 8 8.18 35 AmSouth:Balanced;B -0.11 70 5.21 74 6.08 68 5.42 11 N/A N/A AmSouth:Balanced;I 0.40 51 6.12 59 7.06 48 6.38 8 N/A N/A - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Ibbtsn Md Al;A 0.83 33 N/A N/A N/A N/A N/A N/A N/A N/A - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Ibbtsn Md Al;B 0.38 52 N/A N/A N/A N/A N/A N/A N/A N/A AmSouth:Modt Gr & Inc;A 0.41 50 5.65 76 6.25 74 3.61 20 N/A N/A AmSouth:Modt Gr & Inc;B 0.01 64 4.87 83 5.44 90 2.85 24 N/A N/A AmSouth:Modt Gr & Inc;I 0.33 52 5.57 77 6.24 74 3.65 19 N/A N/A AmSouth:Gro & Inc;A 0.17 49 5.72 80 6.76 80 2.74 61 N/A N/A AmSouth:Gro & Inc;B -0.27 61 4.88 87 5.95 92 1.99 72 N/A N/A AmSouth:Gro & Inc;I 0.19 48 5.73 80 6.77 79 2.79 60 N/A N/A Lipper Balanced Funds Avg 0.35 649 6.49 617 6.97 458 1.90 367 7.66 163 Lipper Flexible Portfolio Avg 0.24 432 7.25 373 7.51 257 1.26 188 7.82 85 Lipper LC Value Avg 0.21 447 8.74 436 8.10 356 3.87 234 9.49 103 PERCENTILE RANKINGS FOR AMSOUTH MODERATE G&I ARE FOR THE LIPPER FLEXIBLE PORTFOLIO OBJECTIVE PERCENTILE RANKINGS FOR AMSOUTH G&I ARE FOR THE LIPPER LARGE CAP VALUE OBJECTIVE - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ EQUITY FUNDS LARGE-CAP GROWTH FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Oak Lg Cp Gr;A -1.17 38 5.19 23 6.34 32 -0.57 3 N/A N/A - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Oak Lg Cp Gr;B -1.64 46 4.19 34 N/A N/A N/A N/A N/A N/A Past Performance is no guarantee of future results - ------------------------------------------------------------------------------------------------------------------------------------ YTD 1 YRS 3 YRS 5 YRS 10 YRS 12/31/2004 06/30/2004 06/30/2002 06/30/2000 06/30/1995 06/30/2005 06/30/2005 06/30/2005 06/30/2005 06/30/2005 Fund Cum Prim Cum Prim Ann Prim Ann Prim Ann Prim Name Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Oak Lg Cp Gr;Y -1.09 36 N/A N/A N/A N/A N/A N/A N/A N/A AmSouth:Cap Gro;A -1.79 50 1.42 67 4.43 72 -6.42 25 N/A N/A AmSouth:Cap Gro;B -2.13 59 0.58 75 3.62 83 -7.11 31 N/A N/A AmSouth:Cap Gro;I -1.69 47 1.54 65 4.58 69 -6.26 22 N/A N/A AmSouth:Lg Cap;A -1.84 68 1.90 76 5.47 64 -3.74 57 9.97 16 AmSouth:Lg Cap;B -2.23 75 1.11 81 4.67 77 -4.47 64 N/A N/A AmSouth:Lg Cap;I -1.78 66 2.07 75 5.63 62 -3.61 55 N/A N/A Lipper Large Cap Growth Avg -1.74 679 2.90 663 5.70 545 -8.81 432 6.90 140 Lipper Large Cap Core Average -1.20 933 4.41 908 6.16 774 -3.62 618 8.15 231 PERCENTILE RANKINGS FOR AMSOUTH LARGE CAP FUND ARE FOR THE LIPPER LARGE CAP CORE OBJECTIVE - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ LARGE-CAP CORE FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Fund;A -0.93 45 8.39 12 6.58 42 -1.20 21 10.29 13 - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Fund;B -1.31 57 7.52 18 5.65 60 -2.05 33 N/A N/A Pioneer Fund;Y -0.74 42 8.84 10 7.05 34 -0.77 19 N/A N/A AmSouth:Enhanced Mkt;A 0.63 16 7.61 18 7.84 22 -2.71 43 N/A N/A AmSouth:Enhanced Mkt;B 0.27 21 6.79 26 7.04 34 -3.45 53 N/A N/A AmSouth:Enhanced Mkt;I 0.69 15 7.73 17 8.00 19 -2.57 41 N/A N/A Lipper Average -1.20 933 4.41 908 6.16 774 -3.62 618 8.15 231 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ LARGE-CAP VALUE FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Value;A 0.39 44 8.95 50 8.45 42 4.58 35 7.47 84 - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Value;B -0.12 57 8.00 57 7.20 69 3.50 49 N/A N/A Pioneer Value;Y 0.68 39 N/A N/A N/A N/A N/A N/A N/A N/A AmSouth:Value;A 0.85 49 12.70 27 6.46 94 3.77 70 8.64 79 AmSouth:Value;B 0.43 58 11.87 36 5.63 99 2.98 77 N/A N/A AmSouth:Value;I 0.93 46 12.89 25 6.60 92 3.89 68 N/A N/A Lipper Large Cap Value Avg 0.21 447 8.74 436 8.10 356 3.87 234 9.49 103 Lipper Multi Cap Value Avg 0.87 490 10.72 467 10.09 361 6.22 237 10.14 89 PERCENTILE RANKINGS FOR AMSOUTH VALUE FUND ARE FOR THE LIPPER MULTICAP VALUE OBJECTIVE - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Past Performance is no guarantee of future results - ------------------------------------------------------------------------------------------------------------------------------------ YTD 1 YRS 3 YRS 5 YRS 10 YRS 12/31/2004 06/30/2004 06/30/2002 06/30/2000 06/30/1995 06/30/2005 06/30/2005 06/30/2005 06/30/2005 06/30/2005 Fund Cum Prim Cum Prim Ann Prim Ann Prim Ann Prim Name Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc - ------------------------------------------------------------------------------------------------------------------------------------ MID-CAP VALUE FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Md-Cp Value;A 4.10 30 16.45 32 15.83 20 13.23 46 11.36 60 - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Md-Cp Value;B 3.58 37 15.38 43 14.80 29 12.28 59 10.45 81 Pioneer Md-Cp Value;Y 4.33 26 17.23 30 16.47 16 13.82 40 N/A N/A AmSouth:Mid Cap;A 4.24 20 14.36 30 12.55 42 -2.85 92 N/A N/A AmSouth:Mid Cap;B 3.81 26 13.55 40 11.70 59 -3.63 93 N/A N/A AmSouth:Mid Cap;I 4.32 18 14.59 26 12.75 36 -2.75 91 N/A N/A Lipper MidCap Value Fund Avg 2.40 249 13.79 239 14.36 191 12.73 101 12.30 41 Lipper MidCap Core Fund Avg 2.09 313 11.90 305 12.01 261 4.88 175 11.45 52 PERCENTILE RANKINGS FOR AMSOUTH MID CAP FUND ARE FOR THE LIPPER MIDCAP CORE OBJECTIVE - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ MULTI-CAP CORE FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Ibbtsn Ag Al;A 1.07 19 N/A N/A N/A N/A N/A N/A N/A N/A - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Ibbtsn Ag Al;B 0.64 26 N/A N/A N/A N/A N/A N/A N/A N/A Pioneer Ibbtsn Gr Al;A 1.00 20 N/A N/A N/A N/A N/A N/A N/A N/A Pioneer Ibbtsn Gr Al;B 0.49 28 N/A N/A N/A N/A N/A N/A N/A N/A AmSouth:Aggr Gro;A -0.75 63 6.89 58 7.50 66 -0.12 45 N/A N/A AmSouth:Aggr Gro;B -1.05 70 6.12 64 6.73 76 -0.85 49 N/A N/A AmSouth:Aggr Gro;I -0.75 63 6.89 58 7.55 66 -0.07 45 N/A N/A - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Focused Equity Fund THIS IS A NEW SHELL. THE AMSOUTH FUND PERFORMANCE WILL CARRY OVER. - ------------------------------------------------------------------------------------------------------------------------------------ AmSouth:Select Eqty;A -6.86 99 -2.13 98 7.19 69 8.98 7 N/A N/A AmSouth:Select Eqty;B -7.26 99 -2.93 99 6.37 79 8.20 8 N/A N/A AmSouth:Select Eqty;I -6.87 99 -2.06 98 7.31 68 9.14 6 N/A N/A - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Ibbtsn Gr Al;A 1.00 20 N/A N/A N/A N/A N/A N/A N/A N/A - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Ibbtsn Gr Al;B 0.49 28 N/A N/A N/A N/A N/A N/A N/A N/A Pioneer Ibbtsn Gr Al;C 0.47 29 N/A N/A N/A N/A N/A N/A N/A N/A AmSouth:Gro Port;A -0.11 39 6.27 42 7.32 70 1.47 7 N/A N/A AmSouth:Gro Port;B -0.59 45 5.43 51 6.52 80 0.68 8 N/A N/A AmSouth:Gro Port;I -0.20 40 6.27 42 7.37 69 1.50 7 N/A N/A Lipper Multi Cap Core Funds Avg -0.35 782 7.11 753 8.53 540 -0.39 384 9.31 126 Lipper MultiCap Growth Funds Avg -1.40 435 5.13 423 9.42 362 -8.55 248 8.48 74 PERCENTILE RANKINGS FOR AMSOUTH GROWTH PORTFOLIO ARE FOR THE LIPPER MULTICAP GROWTH OBJECTIVE Past Performance is no guarantee of future results - ------------------------------------------------------------------------------------------------------------------------------------ YTD 1 YRS 3 YRS 5 YRS 10 YRS 12/31/2004 06/30/2004 06/30/2002 06/30/2000 06/30/1995 06/30/2005 06/30/2005 06/30/2005 06/30/2005 06/30/2005 Fund Cum Prim Cum Prim Ann Prim Ann Prim Ann Prim Name Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ SMALL-CAP CORE FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Gr Opptys;A -1.54 73 11.18 51 9.58 86 5.24 74 N/A N/A - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Gr Opptys;B -1.90 78 10.30 57 8.74 91 4.49 80 N/A N/A AmSouth:Sm Cap;A 0.32 26 9.49 28 6.24 77 -4.56 58 N/A N/A AmSouth:Sm Cap;B -0.11 32 8.51 36 5.38 84 -5.31 62 N/A N/A AmSouth:Sm Cap;I 0.42 25 9.59 27 6.35 76 -4.43 57 N/A N/A Lipper Small Cap Core Fds Avg -0.05 632 10.48 596 12.78 476 8.36 332 11.03 97 Lipper Small Cap Growth Fds Avg -1.74 534 5.42 522 9.84 439 -3.57 320 8.70 90 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ INTERNATIONAL MULTI-CAP VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer International Core Equity THIS IS A NEW SHELL. THE AMSOUTH FUND PERFORMANCE WILL CARRY OVER. - ------------------------------------------------------------------------------------------------------------------------------------ AmSouth:Intl Eq;A -1.74 71 14.62 48 17.28 7 2.33 68 N/A N/A AmSouth:Intl Eq;B -2.15 85 13.74 56 16.55 20 1.65 75 N/A N/A AmSouth:Intl Eq;I -1.73 70 14.67 48 17.54 6 2.52 67 N/A N/A Lipper Average -0.83 118 14.30 118 13.23 90 3.65 74 8.47 25 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ FIXED INCOME FUNDS GENERAL U.S. GOVERNMENT FDS - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer America Inc;A 2.00 69 4.97 72 3.90 60 5.71 63 5.47 58 - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer America Inc;B 1.48 91 4.12 90 3.04 92 4.84 92 4.63 93 AmSouth:Govt Income;A 1.27 94 3.77 94 3.51 72 5.55 69 5.77 52 AmSouth:Govt Income;B 0.90 99 3.00 97 2.74 96 4.76 97 N/A N/A AmSouth:Govt Income;I 1.34 90 3.92 92 3.66 66 5.71 64 N/A N/A Lipper General US Govt Fd Avg 2.74 181 6.44 179 4.41 158 6.14 130 5.65 79 Lipper US Mortgage Fund Avg 1.77 81 5.10 81 4.00 72 6.02 57 5.76 42 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ CORPORATE DEBT FUNDS A RATED - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Bond;A 2.58 22 7.64 11 7.27 17 8.01 12 6.34 40 - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Bond;B 2.13 51 6.72 33 6.34 26 7.10 35 5.47 88 Pioneer Bond;Y 2.71 16 8.07 7 7.74 11 N/A N/A N/A N/A AmSouth:Hi Qual Bond;A 2.81 11 5.88 72 4.94 76 6.69 58 6.20 46 Past Performance is no guarantee of future results - ------------------------------------------------------------------------------------------------------------------------------------ YTD 1 YRS 3 YRS 5 YRS 10 YRS 12/31/2004 06/30/2004 06/30/2002 06/30/2000 06/30/1995 06/30/2005 06/30/2005 06/30/2005 06/30/2005 06/30/2005 Fund Cum Prim Cum Prim Ann Prim Ann Prim Ann Prim Name Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc - ------------------------------------------------------------------------------------------------------------------------------------ AmSouth:Hi Qual Bond;B 2.45 30 5.11 94 4.17 93 5.89 85 N/A N/A AmSouth:Hi Qual Bond;I 2.88 9 6.03 67 5.10 72 6.84 47 N/A N/A Lipper Average 2.22 200 6.60 199 5.87 154 6.88 117 6.20 69 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ SHORT INVESTMENT GRADE DEBT FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Sht Trm Inc;A 0.93 43 N/A N/A N/A N/A N/A N/A N/A N/A - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Sht Trm Inc;B 0.50 89 N/A N/A N/A N/A N/A N/A N/A N/A Pioneer Sht Trm Inc;Y 0.99 35 N/A N/A N/A N/A N/A N/A N/A N/A AmSouth:Ltd Term Bd;A 0.60 85 1.60 90 2.33 96 4.55 88 4.89 84 AmSouth:Ltd Term Bd;B 0.13 96 0.75 94 1.55 100 3.76 97 N/A N/A AmSouth:Ltd Term Bd;I 0.57 87 1.65 89 2.48 91 4.70 82 N/A N/A Lipper Short Investment Grade Avg 0.88 221 2.31 211 2.68 144 4.24 107 4.81 58 Lipper Short-Inter Invest. Grade Avg 1.07 150 3.43 150 3.86 121 5.57 96 5.49 49 PERCENTILE RANKINGS FOR AMSOUTH LIMITED TERM BOND FUND ARE FOR THE LIPPER SHORT INTERMEDIATE TERM DEBT OBJECTIVE - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ GENERAL MUNICIPAL DEBT FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Tax-Free Inc;A 3.99 4 10.76 4 5.98 15 6.60 24 5.79 24 - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Tax-Free Inc;B 3.52 9 9.88 6 5.16 44 5.77 60 4.98 74 AmSouth:Hi Qual Muni;A 1.02 95 3.67 99 3.32 97 4.89 93 N/A N/A AmSouth:Hi Qual Muni;B 0.66 97 2.91 99 2.56 100 4.09 100 N/A N/A AmSouth:Hi Qual Muni;I 1.00 96 3.72 97 3.47 97 5.03 91 N/A N/A AmSouth:TN Tx Ex;A 0.76 93 3.13 93 2.88 93 4.38 85 3.99 91 AmSouth:TN Tx Ex;B 0.39 100 2.36 100 2.10 100 3.59 99 N/A N/A AmSouth:TN Tx Ex;I 0.83 91 3.28 92 3.02 88 4.52 74 N/A N/A Lipper General Muni Debt Avg 2.44 283 7.30 281 5.04 257 5.99 225 5.40 146 Lipper Other States Inter. Muni 1.42 123 4.99 123 3.83 100 5.06 88 4.64 63 PERCENTILE RANKINGS FOR AMSOUTH TENNESSEE TAX EXEMPT ARE FOR THE LIPPER OTHER STATES INTERMEDIATE MUNI DEBT OBJECTIVE - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ FLORIDA INTERMEDIATE MUNICIPAL DEBT FDS - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer FL Tax Free Income THIS IS A NEW SHELL. THE AMSOUTH FUND PERFORMANCE WILL CARRY OVER. - ------------------------------------------------------------------------------------------------------------------------------------ AmSouth:FL Tx-Exmpt;A 1.17 57 3.98 83 3.31 77 4.72 71 4.47 59 AmSouth:FL Tx-Exmpt;B 0.73 96 3.14 96 2.53 95 3.93 83 N/A N/A Past Performance is no guarantee of future results - ------------------------------------------------------------------------------------------------------------------------------------ YTD 1 YRS 3 YRS 5 YRS 10 YRS 12/31/2004 06/30/2004 06/30/2002 06/30/2000 06/30/1995 06/30/2005 06/30/2005 06/30/2005 06/30/2005 06/30/2005 Fund Cum Prim Cum Prim Ann Prim Ann Prim Ann Prim Name Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc Tot Return Perc - ------------------------------------------------------------------------------------------------------------------------------------ AmSouth:FL Tx-Exmpt;I 1.27 53 4.05 74 3.47 53 4.88 53 N/A N/A Lipper Average 1.24 22 4.54 22 3.53 16 4.83 16 4.48 11 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ MONEY MARKET FUNDS MONEY MARKET FUNDS - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Cash Reserve;A 0.88 66 1.24 67 0.70 64 1.78 67 3.24 79 - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Cash Reserve;B 0.39 98 0.43 98 0.21 97 1.14 97 2.49 98 AmSouth:Prime MM;A 0.97 49 1.42 51 0.80 56 1.86 58 3.39 66 AmSouth:Prime MM;B 0.89 65 1.27 63 0.56 76 1.41 87 N/A N/A AmSouth:Prime MM;I 1.04 80 1.58 80 0.95 85 2.01 90 N/A N/A AmSouth:Treas Rsv MM;A 0.98 21 1.46 23 0.77 62 1.82 56 3.30 50 Lipper Money Market Fund Avg 0.92 380 1.36 368 0.82 344 1.88 303 3.42 190 Lipper US Treasury MMkt Avg 0.90 86 1.34 85 0.80 79 1.82 73 3.32 51 Lipper Instl Money Market Avg 1.14 295 1.79 291 1.20 259 2.33 208 3.86 111 PERCENTILE RANKINGS FOR AMSOUTH TREASURY RESERVES MONEY MARKET ARE FOR THE LIPPER US TREASURY MONEY MARKET OBJECTIVE PERCENTILE RANKINGS FOR AMSOUTH PRIME MONEY MARKET I ARE FOR THE LIPPER INSTITUTIONAL MONEY MARKET OBJECTIVE - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Instl Money Market Funds - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Institutional Money Market THIS IS A NEW SHELL. THE AMSOUTH FUND PERFORMANCE WILL CARRY OVER. - ------------------------------------------------------------------------------------------------------------------------------------ AmSouth:Inst Prime;Inst1 1.24 32 1.99 32 1.36 39 2.42 42 N/A N/A AmSouth:Inst Prime;Inst2 1.12 64 1.74 65 1.11 69 2.16 79 N/A N/A AmSouth:Inst Prime;Inst3 0.99 86 1.49 87 0.86 87 1.91 94 N/A N/A Lipper Average 1.14 295 1.79 291 1.20 259 2.33 208 3.86 111 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Tax-Exempt Money Market Funds - ------------------------------------------------------------------------------------------------------------------------------------ Pioneer Tx Free MM;Inv 0.75 50 1.13 57 0.76 41 1.39 40 2.24 32 - ------------------------------------------------------------------------------------------------------------------------------------ AmSouth:Tx-Ex MM;A 0.77 43 1.15 51 0.66 67 1.18 79 2.09 76 Lipper Average 0.73 123 1.11 121 0.72 111 1.33 103 2.18 86 Past Performance is no guarantee of future results