Pioneer Treasury Reserves Fund Overview

Strategy

FUND STRATEGY

The Fund seeks high current income, preservation of capital and liquidity by investing in high quality short term securities.

A WORD ABOUT RISK

When interest rates rise, the prices of fixed-income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed-income securities in the Fund will generally rise.

The performance of Class A shares of the fund includes the performance of the predecessor fund's AmSouth Treasury Reserve Money Market Fund Class A shares prior to the reorganization, which has been restated to reflect differences in any applicable sales charges (but not differences in expenses). Pioneer Treasury Reserves Fund was created through the reorganization of AmSouth Treasury Reserve Money Market Fund on September 23,2005. If the performance had been adjusted to reflect all differences in expenses, the performance of the fund would be lower.

Fund Facts

As of June 30, 2010

Class	A Shares	Y Shares*
CUSIP	72387P767	72387P734
Nasdaq Symbol	ITAXX	ITMXX
Inception Date	3/29/1994	3/29/1994
Total Net Assets (millions)	$261.9	$49.0
Initial Minimum Investment	$1,000	$5,000,000
Management Fee	0.40%	0.40%
Total Expense Ratio (Gross)	0.69%	0.54%
Total Expense Ratio (Net)	0.65%	0.54%

Initial minimum investment amounts for retirement plans are lower.
*Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.
The Net Expense ratio reflects contractual expense limitations currently in effect through 6/1/2011 for Class A Shares. There can be no assurance that Pioneer will extend the expense limitations beyond such time. Please see the prospectus and financial statements for more information.

Portfolio Characteristics

As of June 30, 2010

7-day SEC Yield Class A Class Y	0.01% 0.01%
Average Life of Securities	47 Days

Based on the latest seven days as of the period's end with dividends annualized. The yield quotation more closely reflects the current earnings of the Money Market portfolio than the total return quotation.
Average Credit Quality is an asset weighted average of the higher rating of the fixed income securities, cash and cash equivalents in the Fund as provided by Moody's and S&P. The rating also includes securities that have not been rated by either of the rating agencies, which has the effect of reducing the overall average. Source: Wilshire Axiom.

For a full list of fund holdings, click here.

Portfolio Management

Seth Roman, Portfolio Manager
Mr. Roman joined Pioneer as a portfolio manager in March 2006 and has been an investment professional since 1995.

Not FDIC insured

May lose value

No bank guarantee

Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your advisor or Pioneer Investments for a prospectus containing this information. Read it carefully. To obtain a free prospectus and for information on any Pioneer fund, please download from our web site.