Pioneer Treasury Reserves Fund Performance

Fund Performance

Chart represents performance through 2nd quarter 2010.

10K chart

Chart is for illustrative purposes.

For the most recent month-end performance results click here. Current performance may be lower or higher than the performance data quoted.

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. All results are historical and assume the reinvestment of dividends and capital gains.

Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Fund shares are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

Performance results reflect any applicable expense waivers in effect during the periods shown. Without such waivers, fund performance would be lower. Waivers may not be in effect for all funds. Certain fee waivers are contractual through a specified period. Otherwise, fee waivers can be rescinded at any time. See the prospectus and financial statements for more information.

AVERAGE ANNUAL TOTAL RETURNS through July 31, 2010
	1-Year	3-Year	5-Year	10-Year	Performance Inception Date
Class A Shares (NAV)	0.01%	1.05%	2.21%	1.99%	3.05%
Class Y Shares (NAV)	0.01%	1.14%	2.34%	2.11%	3.17%
U.S. Treasury Money Market Funds	0.01%	0.86%	2.05%	1.93%	-
90 Day Treasury Bill	0.12%	1.06%	2.42%	2.37%	0.08%

AVERAGE ANNUAL TOTAL RETURNS through June 30, 2010
	1-Year	3-Year	5-Year	10-Year	Performance Inception Date
Class A Shares (NAV)	0.01%	1.17%	2.25%	2.04%	3.07%
Class Y Shares (NAV)	0.01%	1.27%	2.38%	2.16%	3.19%
U.S. Treasury Money Market Funds	0.01%	0.98%	2.09%	1.98%	-
90 Day Treasury Bill	0.12%	1.19%	2.47%	2.42%	0.06%

CALENDAR YEAR RETURNS (Total Return)
	YTD	2009	2008	2007	2006
Class A Shares at NAV	0.01%	0.02%	1.62%	4.12%	4.19%
Class Y Shares at NAV	0.01%	0.02%	1.80%	4.37%	4.35%
U.S. Treasury Money Market Funds	0.01%	0.02%	1.09%	4.00%	4.04%
90 Day Treasury Bill	0.08%	0.15%	1.40%	4.40%	4.67%

The performance of the Class Y shares of the fund includes the performance of the predecessor fund's AmSouth Treasury Reserve Money Market Fund Class I 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.

Class Y shares are not subject to sales charges and are available for limited groups of investors, including institutional investors.

NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. The three-month Treasury bill rate is derived from secondary-market Treasury bill rates published by the Federal Reserve Bank. It is not possible to invest directly in an index. Index 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.

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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.