AmSouth/Pioneer Funds Reorganization Communication To: Personal Trust, Private Client Services, Institutional Services and AmSouth Investment Services, Inc. From: Wealth Management Conversion Team Re: AmSouth/Pioneer Reorganization -- Updated Mapping and Expense Comparisons UPDATED MAPPING -- o The AmSouth Government Income Fund was originally mapped to Pioneer America Income Trust. The decision has been made to create a new Pioneer shell, to be called Pioneer Government Income Fund. o The AmSouth Treasury Reserves Money Market was originally mapped to Pioneer Cash Reserves Fund. The decision has been made to create a new Pioneer shell, to be called Pioneer Treasury Reserves Fund. These changes provide shareholders with investment vehicles that have investment objectives and strategies that more closely match those of their existing AmSouth Funds. EXPENSE COMPARISONS - The attached PowerPoint document provides a comparison of AmSouth and Pioneer Fund expenses. Expense information for the two new shells referenced above is not yet available. Information about the Reorganization including may be found on inside AmSouth.com/Wealth Management/AmSouth Funds. Specific information about the Pioneer Funds may be found on Pioneer's website at www.pioneerfunds.com or by calling the Pioneer Sales Desk at 800.622.9876. Please direct any questions to the AmSouth Sales Desk at 800.451.8382 option 7. Pioneer/AmSouth Expense Comparisons July 25, 2005 EQUITY FUND EXPENSE COMPARISONS A SHARES - -------------------------------------------------------------------------------- A Share Mgmt Net EQUITY FUNDS Class AUM Fee Expenses Pioneer Classic Balanced* n/a 0.65 1.13 AmSouth Balanced 109.5 0.80 1.33 HYPOTHETICAL COMBINED EXPENSE RATIO 109.5 0.65 1.13 - -------------------------------------------------------------------------------- Pioneer Oak Ridge Large Cap Growth 69.2 0.75 1.30 AmSouth Large Cap 112.8 0.80 1.27 AmSouth Capital Growth 27.2 0.80 1.29 HYPOTHETICAL COMBINED EXPENSE RATIO 209.2 0.75 1.19 - -------------------------------------------------------------------------------- Pioneer Fund 5471.5 0.53 1.06 AmSouth Enhanced Marked 27.2 0.35 0.91 HYPOTHETICAL COMBINED EXPENSE RATIO 5498.7 0.53 1.05 - -------------------------------------------------------------------------------- Pioneer Value 3895.2 0.60 1.00 AmSouth Value 136.3 0.80 1.32 HYPOTHETICAL COMBINED EXPENSE RATIO 4031.5 0.60 1.00 - -------------------------------------------------------------------------------- Pioneer Focused Equity* n/a 0.65 1.17 AmSouth Select Equity 20.8 0.80 1.29 HYPOTHETICAL COMBINED EXPENSE RATIO 20.8 0.65 1.17 - -------------------------------------------------------------------------------- Pioneer Mid Cap Value 1842.8 0.74 1.19 AmSouth Mid Cap 22.9 0.90 1.10 HYPOTHETICAL COMBINED EXPENSE RATIO 1865.7 0.74 1.19 - -------------------------------------------------------------------------------- Pioneer Growth Opportunities 29.2 0.65 1.30 AmSouth Small Cap 10.9 0.90 1.47 HYPOTHETICAL COMBINED EXPENSE RATIO 40.1 0.65 1.27 - -------------------------------------------------------------------------------- Pioneer International Core Equity* n/a 0.95 1.41 AmSouth International Equity 25.4 0.90 1.31 HYPOTHETICAL COMBINED EXPENSE RATIO 25.4 0.95 1.41 - -------------------------------------------------------------------------------- Assets as of 3/31/05 2 * Denotes new shell ********************** FUND OF FUND EXPENSE COPMPARISONS A SHARES - -------------------------------------------------------------------------------- A Share Mgmt Net FUND OF FUNDS Class AUM Fee Expenses Pioneer Ibbotson Aggressive Growth 11.1 0.17 1.74 AmSouth Aggressive Growth 22.4 0.20 2.19 HYPOTHETICAL COMBINED EXPENSE RATIO 33.4 0.17 1.74 - -------------------------------------------------------------------------------- Pioneer Ibbotson Growth 18.3 0.17 1.71 AmSouth Growth 29.1 0.20 2.03 HYPOTHETICAL COMBINED EXPENSE RATIO 47.4 0.17 1.68 - -------------------------------------------------------------------------------- Pioneer Ibbotson Moderate 20.8 0.17 1.58 AmSouth Growth & Income 54.0 0.20 2.02 AmSouth Moderate Growth & Income 23.1 0.20 2.02 HYPOTHETICAL COMBINED EXPENSE RATIO 97.9 0.17 1.42 - -------------------------------------------------------------------------------- Assets as of 3/31 3 TAXABLE FIXED INCOME EXPENSE COMPARISONS A SHARES - -------------------------------------------------------------------------------- A Share Class Mgmt Net TAXABLE FIXED INCOME AUM Fee Expenses Pioneer Bond 164.4 0.65 1.00 AmSouth High Quality Bond 51.5 0.80 0.99 HYPOTHETICAL COMBINED EXPENSE RATIO 215.9 0.65 1.00 - -------------------------------------------------------------------------------- Pioneer Government Income* n/a tbd tbd AmSouth Government Income 20.9 0.80 1.01 HYPOTHETICAL COMBINED EXPENSE RATIO 20.9 tbd tbd - -------------------------------------------------------------------------------- Pioneer Short Term Income 10.6 0.53 0.90 AmSouth Limited Term Bond 23.0 0.35 0.99 HYPOTHETICAL COMBINED EXPENSE RATIO 33.6 0.53 0.84 - -------------------------------------------------------------------------------- Assets as of 3/31/05 * Denotes new shell 4 TAX EXEMPT EXPENSE COMPARISONS A SHARES - -------------------------------------------------------------------------------- A Share Mgmt Net TAX EXEMPT FIXED INCOME Class AUM Fee Expenses Pioneer Tax Free Income 302.1 0.49 0.91 AmSouth High Quality Municipal Bond 15.5 0.50 0.88 AmSouth TN Tax Exempt 5.7 0.50 1.00 HYPOTHETICAL COMBINED EXPENSE RATIO 323.3 0.49 0.90 - -------------------------------------------------------------------------------- Pioneer Florida Tax Free Income* n/a 0.50 0.82 AmSouth Florida Tax Exempt 3.5 0.50 0.83 HYPOTHETICAL COMBINED EXPENSE RATIO 3.5 0.50 0.82 - -------------------------------------------------------------------------------- Assets as of 3/31/05 * Denotes new shell 5 MONEY MARKET EXPENSE COMPARISONS A SHARES & INSTITUTIONAL PRIME OBLIGATIONS - -------------------------------------------------------------------------------- A Share Class Mgmt Net MONEY MARKETS AUM Fee Expenses Pioneer Cash Reserves 268.2 0.40 0.91 AmSouth Prime Money Market 406.2 0.40 0.88 HYPOTHETICAL COMBINED EXPENSE RATIO 674.4 0.40 0.40 - -------------------------------------------------------------------------------- Pioneer Treasury Reserves* n/a tbd tbd AmSouth Treasury Reserves 78.5 0.40 0.83 HYPOTHETICAL COMBINED EXPENSE RATIO 78.5 tbd tbd - -------------------------------------------------------------------------------- Pioneer Tax Free Money Market 0.8 0.40 0.94 AmSouth Tax Exempt Money Market 34.8 0.40 0.59 HYPOTHETICAL COMBINED EXPENSE RATIO 35.6 0.40 0.66 - -------------------------------------------------------------------------------- Pioneer Institutional Money Market Cl 1* n/a 0.20 0.25 AmSouth Institutional Prime Obligations Cl 1 185.8 0.20 0.25 HYPOTHETICAL COMBINED EXPENSE RATIO 185.8 0.20 0.25 - -------------------------------------------------------------------------------- Pioneer Institutional Money Market C1 2* n/a 0.20 0.50 AmSouth Institutional Prime Obligations C1 2 139.9 0.20 0.49 HYPOTHETICAL COMBINED EXPENSE RATIO 139.9 0.20 0.50 - -------------------------------------------------------------------------------- Pioneer Institutional Money Market C1 3* n/a 0.20 0.75 AmSouth Institutional Prime Obligations C1 3 48.3 0.20 0.75 HYPOTHETICAL COMBINED EXPENSE RATIO 48.3 0.20 0.75 - ------------------------------------------------------------------------------- Assets as of 3/31/05 * Denotes new shell 6 EQUITY EXPENSE COMPARISONS I TO Y SHARES - -------------------------------------------------------------------------------- Y/I Share Mgmt Net EQUITY FUNDS Class AUM Fee Expenses Pioneer Classic Balanced* n/a 0.65 0.78 AmSouth Balanced 48.3 0.80 1.18 HYPOTHETICAL COMBINED EXPENSE RATIO 48.3 0.65 0.78 - -------------------------------------------------------------------------------- Pioneer Oak Ridge Large Cap Growth 45.7 0.75 1.19 AmSouth Large Cap 202.0 0.80 1.12 AmSouth Capital Growth 217.3 0.80 1.14 HYPOTHETICAL COMBINED EXPENSE RATIO 465 0.75 0.86 - -------------------------------------------------------------------------------- Pioneer Fund 161.4 0.53 0.61 AmSouth Enhanced Marked 152.6 0.35 0.76 HYPOTHETICAL COMBINED EXPENSE RATIO 314.0 0.53 0.60 - -------------------------------------------------------------------------------- Pioneer Value 10.1 0.60 0.61 AmSouth Value 333.8 0.80 1.17 HYPOTHETICAL COMBINED EXPENSE RATIO 343.9 0.60 0.62 - -------------------------------------------------------------------------------- Pioneer Focused Equity* n/a 0.65 0.79 AmSouth Select Equity 93.8 0.80 1.14 HYPOTHETICAL COMBINED EXPENSE RATIO 93.8 0.65 0.79 - -------------------------------------------------------------------------------- Pioneer Mid Cap Value 80.9 0.74 0.77 AmSouth Mid Cap 198.0 0.90 0.95 HYPOTHETICAL COMBINED EXPENSE RATIO 278.9 0.74 0.77 - -------------------------------------------------------------------------------- Pioneer Growth Opportunities** n/a 0.65 0.75 AmSouth Small Cap 244.9 0.90 1.32 HYPOTHETICAL COMBINED EXPENSE RATIO 244.9 0.65 0.75 - -------------------------------------------------------------------------------- Pioneer International Core Equity* n/a 0.95 1.10 AmSouth International Equity 450.8 0.90 1.16 HYPOTHETICAL COMBINED EXPENSE RATIO 450.8 0.95 1.10 - -------------------------------------------------------------------------------- Assets as of 3/31/05 Denotes new shell 7 **Denotes new shareclass FUND OF FUND EXPENSE COMPARISONS I TO Y SHARES - -------------------------------------------------------------------------------- Y/I Share Mgmt Net FUND OF FUNDS Class AUM Fee Expenses Pioneer Ibbotson Aggressive Growth** n/a 0.17 1.57 AmSouth Aggressive Growth 15.1 0.20 2.05 HYPOTHETICAL COMBINED EXPENSE RATIO 15.1 0.17 1.57 - -------------------------------------------------------------------------------- Pioneer Ibbotson Growth** n/a 0.17 1.45 AmSouth Growth 8.3 0.20 1.93 HYPOTHETICAL COMBINED EXPENSE RATIO 8.3 0.17 1.45 - -------------------------------------------------------------------------------- Pioneer Ibbotson Moderate** n/a 0.17 1.12 AmSouth Growth & Income 40.5 0.20 1.92 AmSouth Moderate Growth & Income 14.2 0.20 1.92 HYPOTHETICAL COMBINED EXPENSE RATIO 54.7 0.17 1.12 - -------------------------------------------------------------------------------- Assets as of 3/31/05 Denotes new shell 8 **Denotes new shareclass TAXABLE FIXED INCOME EXPENSE COMPARISONS I TO Y SHARES - -------------------------------------------------------------------------------- I/Y Share Class Mgmt Net TAXABLE FIXED INCOME AUM Fee Expenses Pioneer Bond 16.2 0.65 0.56 AmSouth High Quality Bond 570.8 0.80 0.85 HYPOTHETICAL COMBINED EXPENSE RATIO 587 0.65 0.56 - -------------------------------------------------------------------------------- Pioneer Government Income* n/a tbd tbd AmSouth Government Income 139.2 0.80 0.86 HYPOTHETICAL COMBINED EXPENSE RATIO 139.2 tbd tbd - -------------------------------------------------------------------------------- Pioneer Short Term Income 8.6 0.53 0.61 AmSouth Limited Term Bond 147.5 0.35 0.84 HYPOTHETICAL COMBINED EXPENSE RATIO 156.1 0.53 0.54 - -------------------------------------------------------------------------------- Assets as of 3/31/05 Denotes new shell 9 **Denotes new shareclass TAX EXEMPT EXPENSE COMPARISONS I TO Y SHARES - -------------------------------------------------------------------------------- I/Y Share Mgmt TAX EXEMPT FIXED INCOME Class AUM Fee Net Expenses Pioneer Tax Free Income 0.4 0.49 0.55 AmSouth High Quality Municipal 314 0.50 0.73 AmSouth TN Tax Exempt 28 0.50 0.85 HYPOTHETICAL COMBINED EXPENSE RATIO 342.4 0.49 0.55 - -------------------------------------------------------------------------------- Pioneer Florida Tax Free Income* n/a 0.50 0.70 AmSouth Florida Tax Exempt 47.2 0.50 0.68 HYPOTHETICAL COMBINED EXPENSE RATIO 47.2 0.50 0.70 - -------------------------------------------------------------------------------- Assets as of 3/31/05 Denotes new shell 10 MONEY MARKET EXPENSE COMPARISONS I TO Y SHARES - -------------------------------------------------------------------------------- I/Y Share Mgmt MONEY MARKETS Class AUM Fee Net Expenses Pioneer Cash Reserves 0 0.40 0.46 AmSouth Prime Money Market 174.7 0.40 0.65 HYPOTHETICAL COMBINED EXPENSE RATIO 174.7 0.40 0.46 - -------------------------------------------------------------------------------- Pioneer Treasury Reserves* n/a tbd tbd AmSouth Treasury Reserves 78.5 0.40 0.65 HYPOTHETICAL COMBINED EXPENSE RATIO 78.5 tbd tbd - -------------------------------------------------------------------------------- Pioneer Tax Free Money Market 0.8 0.40 0.51 AmSouth Tax Exempt Money Market 34.8 0.40 0.60 HYPOTHETICAL COMBINED EXPENSE RATIO 35.6 0.40 0.51 - -------------------------------------------------------------------------------- Assets as of 3/31/05 Denotes new shell 11