U.S. Economic and Market Update Fund Focus: Pioneer Funds – U.S. Mid Cap Value Samuel A. Wardwell, CFA Senior Vice President, Director of Investment Communications.

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1 U.S. Economic and Market Update Fund Focus: Pioneer Funds – U.S. Mid Cap Value Samuel A. Wardwell, CFA Senior Vice President, Director of Investment Communications Pioneer Investment Management, Inc. March 2006

2 U.S. Economic and Market update | | Seite 2 For broker/dealer use only Still in the “Goldilocks” zone The U.S. Economy in 2005 Still in the “Goldilocks” zone  Consistent real GDP growth  Low unemployment  Low core inflation  Solid profit growth

3 U.S. Economic and Market update | | Seite 3 For broker/dealer use only 2006 U.S. Economic Outlook  U.S. economic growth expected to be in range of 3-4%  Unemployment expected to average around 5%  Core inflation expected to be roughly 2%  Oil price expected to gradually decline toward $50  Profit growth expected to slow, but continue  Short-term U.S. interest rates expected to peak at 4.5-5%  Longer-term U.S. interest rates expected to remain near current levels  Dollar expected to weaken somewhat

4 U.S. Economic and Market update | | Seite 4 For broker/dealer use only Source: DataStream. Last data point: 2005Q4 U.S. Real GDP Growth Remains Strong The preliminary Q4 number is not a signal of weakness

5 U.S. Economic and Market update | | Seite 5 For broker/dealer use only Source: DataStream. Last data point: December 2005 Recent Core Inflation Data is Encouraging

6 U.S. Economic and Market update | | Seite 6 For broker/dealer use only Source: DataStream. Last data point: January 2006 The U.S. is not far from Full Employment The unemployment rate has fallen to 4.7%

7 U.S. Economic and Market update | | Seite 7 For broker/dealer use only Source: DataStream. Last data point: 2005Q4 Productivity Growth Remains Very High The “New Economy” is real

8 U.S. Economic and Market update | | Seite 8 For broker/dealer use only Source: DataStream. Last data point: 2005Q3 Corporate Profits are High and Growing Slowing profit growth is to be expected at this point in the cycle

9 U.S. Economic and Market update | | Seite 9 For broker/dealer use only Source: DataStream. Last data point: January 31, 2006 The Hurricanes: No Lasting Impact on Energy Prices

10 U.S. Economic and Market update | | Seite 10 For broker/dealer use only Source: DataStream. Last data point: December 2005 Little Pass-Through of Energy Prices to Core Inflation is Visible Thus Far

11 U.S. Economic and Market update | | Seite 11 For broker/dealer use only Ben Bernanke  Education –B.A., Economics, 1975, summa cum laude, Harvard University –Ph.D., Economics, 1979, Massachusetts Institute of Technology  Teaching –Stanford University 1979-85 –Princeton University 1985 Chairman of Economics Department  Government –Chairman of the White House Council of Economic Advisers, 2005 –Board of Governors of the Federal Reserve System, 2002-2005 Photograph: Ron Edmonds/AP

12 U.S. Economic and Market update | | Seite 12 For broker/dealer use only The Evolving Language of the Fed The Fed’s language signals it isn’t finished yet  “a considerable period of time”  “patient”  “accommodation can be removed at a pace which is likely to be measured”  “some further measured policy firming is likely to be needed”  “some further policy firming may be needed”

13 U.S. Economic and Market update | | Seite 13 For broker/dealer use only Source: DataStream. Last data points: January 31, 2006 Inflation and the Real Fed Funds Rate The Fed is now in the “data dependent” phase

14 U.S. Economic and Market update | | Seite 14 For broker/dealer use only Source: Macroeconomic Advisers, LLC. Calculated from smoothed nominal and TIPS yield curves. Last data point: January 26, 2006 TIPS Breakeven Rates Signal Market Confidence in the Fed’s Control of Inflation

15 U.S. Economic and Market update | | Seite 15 For broker/dealer use only Source: DataStream. Last data point: February 14, 2005 A Flattening/Inverting Yield Curve

16 U.S. Economic and Market update | | Seite 16 For broker/dealer use only Source: DataStream. Last data point: January 2006 The Value of the Dollar: A 30-Year View The value of the dollar is more or less where it was a decade ago

17 U.S. Economic and Market update | | Seite 17 For broker/dealer use only Source: DataStream. Last data point: 2005Q4 Both High Import Growth and Weak Export Growth Contribute to the Trade Deficit

18 U.S. Economic and Market update | | Seite 18 For broker/dealer use only Source: DataStream. Last data point: 2005Q3 Higher tax receipts due to economic strength, not spending restraint, were the reason The U.S. Budget Deficit was Beginning to Shrink Before Katrina

19 U.S. Economic and Market update | | Seite 19 For broker/dealer use only Global Interest Rates Source: DataStream. Last data point: January 2006

20 U.S. Economic and Market update | | Seite 20 For broker/dealer use only Source: DataStream, FactSet. Last data point: December 31, 2005 U.S. Equity Valuations are Not Excessive Relative to Bond Yields

21 U.S. Economic and Market update | | Seite 21 For broker/dealer use only Source: DataStream. Last data point: January 31, 2006. The Russell Top 200 Index measures the performance of large-cap U.S. growth stocks. The Russell Midcap Index measures the performance of mid-cap U.S. value stocks. The Russell 2000 Index measures the performance of small-cap U.S. growth stocks. It is not possible to invest directly in an index. US Equity Market Leadership: Market Capitalization Mid Cap stocks have led since 1999

22 U.S. Economic and Market update | | Seite 22 For broker/dealer use only Source: DataStream. Last data point: December, 2005. The Russell Top 200 Index measures the performance of large-cap U.S. growth stocks. The Russell Midcap Index measures the performance of mid-cap U.S. value stocks. The Russell 2000 Index measures the performance of small-cap U.S. growth stocks. It is not possible to invest directly in an index. Past performance is no guarantee of future results. US Equity Market Fundamentals and Valuations by Capitalization

23 U.S. Economic and Market update | | Seite 23 For broker/dealer use only StabilityXX Established market positionsXX Potential for future growthXX Acquisition potentialXX Adaptability to changing marketsXX Experienced managementXX LiquidityXX Small-Cap Stocks Mid-Cap Stocks Large-Cap Stocks Mid-Cap Stocks Offer the Best of the Small- and Large-Cap Worlds

24 U.S. Economic and Market update | | Seite 24 For broker/dealer use only Source: Zephyr Mid Cap: an Attractive Risk/Return History A Market “Sweet Spot”?

25 U.S. Economic and Market update | | Seite 25 For broker/dealer use only Aaron Clark Portfolio Manager 13 Years Experience Aaron Clark Portfolio Manager 13 Years Experience Sean Gavin Associate Portfolio Manager 8 Years Experience Sean Gavin Associate Portfolio Manager 8 Years Experience Rod Wright Head of Value Team 20 Years Experience Rod Wright Head of Value Team 20 Years Experience Tim Horan Associate Portfolio Manager 7 Years Experience Tim Horan Associate Portfolio Manager 7 Years Experience Pioneer U.S. Value Team

26 U.S. Economic and Market update | | Seite 26 For broker/dealer use only Philosophy:  Selecting quality companies, clearly undervalued, can add significant value while controlling risk; strategy is to sell risk and buy opportunity Focus: We seek to own:  Great companies at reasonable valuations  Good companies at a discount to fair value  Turnarounds at compelling values Objective:  Preserve capital; generate positive absolute returns; outperform the peer group and the S&P 500 Index Mid Cap Value Investment Philosophy and Process A Focus on Quality Value

27 U.S. Economic and Market update | | Seite 27 For broker/dealer use only  Emphasis on companies within Russell Mid Cap Value Index; target capitalization between $1-12 billion  Team of portfolio managers and analysts dedicated to in-house, fundamental, bottom-up research; face-to-face meetings with 1000 companies annually;  Security selection focuses on better than average companies – those with attractive characteristics, attractive prices and a value driver  Sector weightings decisions driven primarily by bottom-up, individual security selection; sectors are not targeted; portfolio construction is quantitatively enhanced; emphasis on long term investment horizon with appropriate diversification and favorable risk/reward Fundamental Research Security Selection Portfolio Construction Investment Universe Pioneer Mid Cap Value Investment Process

28 U.S. Economic and Market update | | Seite 28 For broker/dealer use only  Growth  Profitability  ROIC  Market Position  Management  Balance Sheet  Undervalued  Attractive Risk Reward  Absolute Upside  Improving Fundamentals  Catalyst  Clear Strategic Plan Characteristics PriceValue Drivers Three Keys to Value Mid Cap Value Investment Process Buy Discipline

29 U.S. Economic and Market update | | Seite 29 For broker/dealer use only Reduce or eliminate positions when: – Stock reaches fair value or target price – A material fundamental change could adversely impact our view of fair value – Price appreciation makes risk/reward less favorable – A more attractive opportunity is uncovered Mid Cap Value Investment Process Sell Discipline

30 U.S. Economic and Market update | | Seite 30 For broker/dealer use only Price to Earnings (FY1) 18.019.9 Price to Earnings (FY2) 16.617.8 Price to Cash Flow 23.420.8 Price to Sales2.02.3 Pioneer Funds - U.S. Mid Cap Value Russell Mid Cap Value Index Pioneer Funds – U.S. Mid Cap Value Attractive Valuations (as of 31/01/06)

31 U.S. Economic and Market update | | Seite 31 For broker/dealer use only EPS growth-5 years14.28.6 Long-term growth rate (First Call) 11.810.1 ROE-3 year average13.310.3 ROA-3 year average4.83.0 Total Debt to Capital41.446.0 Pioneer Funds - U.S. Mid Cap Value Russell Mid Cap Value Index Pioneer Funds – U.S. Mid Cap Value Quality Characteristics (as of 31/01/06)

32 U.S. Economic and Market update | | Seite 32 For broker/dealer use only The portfolio is actively managed, and current holdings may be different. W.W GraingerIndustrials 2.1% Xerox Corp.Information Technology2.0% Ball Corp.Materials2.0% Ashland Inc.Materials2.0% Mellon Financial Corp.Financial1.9% Federated Investors Inc.Financial1.9% The PMI Group Inc.Financial1.9% Safeway Inc.Consumer Staples1.9% Air Products & ChemicalsMaterials1.8% Bear Stearns CompaniesFinancial1.7% Total 19.2% SecuritySector% of Fund Pioneer Funds – U.S. Mid Cap Value Top 10 Holdings (as of 31/01/06)

33 U.S. Economic and Market update | | Seite 33 For broker/dealer use only The Fund is actively managed and portfolio sectors will vary over time. Pioneer Funds – U.S. Mid Cap Value Sector Allocation (as of 31/01/06)

34 U.S. Economic and Market update | | Seite 34 For broker/dealer use only 4.008.0012.0016.0020.0024.0028.00 15.00 12.00 9.00 6.00 3.00 0.00 -3.00 5 Year Standard Deviation 5 Year Annualized Return Europe/HK North America Equity Mid Cap Category Average Pioneer Funds - US Mid Cp Value (A Non-Distributing USD) Russell Midcap Value Index Peer Group: Europe/HK - North America Equity Mid Cap Source: Morningstar Direct Pioneer Funds – U.S. Mid Cap Value 5-Year Risk versus Return (as of 31/01/06)

35 U.S. Economic and Market update | | Seite 35 For broker/dealer use only Percent *Pioneer Mid Cap Value Fund (a U.S. RIC of which Pioneer Funds – U.S. Mid Cap Value is a mirror) returns are used for performance purposes from inception date of Class A Shares USD distributing 31/05/95 until inception date 30/11/01 of the Unit Class A USD Non-distributing of Pioneer Funds – U.S. Mid Cap Value. Pioneer Funds – U.S. Mid Cap Value Performance (as of 31/01/06)

36 U.S. Economic and Market update | | Seite 36 For broker/dealer use only Pioneer Mid Cap Value Fund (Class A at NAV)7.66%21.48%10.74%10.67%11.01%14.26%15.28% Mstar Mid-Cap Value Funds Avg. 8.43%20.46%9.36%11.38%11.74%14.82%16.34% 5-Year Scatter Chart as of 12/31/05 Return Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent month-end performance results. 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.. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Volatility (Standard Deviation) 1 Year3 Years Average Annual Total ReturnsStandard Deviations As of 12/31/05 5 Years10 Years3 Years5 Years10 Years Pioneer Mid Cap Value Fund (Class A at NAV) Source: Morningstar Direct and Lipper Inc. The Morningstar Mid Value category represents average annual total returns, excluding sales charges, for the mid-cap value funds in the Morningstar universe. The Lipper Mid Cap Value average represents the average annual total returns of all funds in the group in existence for the period. Morningstar Mid-Cap Value Funds Average 12%14%13% Pioneer Mid Cap Value Fund Outperformed the Morningstar Mid Cap Value Average

37 U.S. Economic and Market update | | Seite 37 For broker/dealer use only Portfolio Manager J. RODMAN WRIGHT, CFA, Senior Vice President and Portfolio Manager Connecticut College, B.A. (1984), New York University Graduate School, M.B.A. (1988) Joined Pioneer in 1994 Mr. Wright is responsible for management of the Pioneer Mid Cap Value Fund and the related Vision Variable Annuity Mid Cap Value Fund, as well as the offshore version, Pioneer Funds – Mid Cap Value Fund. Mr. Wright has managed these funds since January 1997, and served as assistant fund manager of the Mid Cap Value Fund since January 1996. He started his investment management experience in 1987. Prior to joining Pioneer, he was employed by the Prudential Investment Advisors, first as an analyst and later as a portfolio co-manager.

38 Vielen Dank für Ihre Aufmerksamkeit!

39 U.S. Economic and Market update | | Seite 39 For broker/dealer use only Für die in den jeweiligen Ländern zum Vertrieb berechtigten Fonds von Pioneer Investments gilt: MARKETING UND VERTRIEB Pioneer Fonds Marketing GmbH, Hopfenstraße 4, 80335 München, Deutschland ✆ +49 (0) 89.29 07 41-0  +49 (0) 89.29 07 41-80 99 KUNDENSERVICE UND AUFTRAGSABWICKLUNG Pioneer Global Investments Limited, Niederlassung Deutschland Postfach 10 51 42, 20035 Hamburg, Deutschland GEBÜHRENFREIE TELEFON- UND FAXNUMMERN FÜR ANFRAGEN aus Deutschland: ✆ 0800.082 08 68  0800.082 08 73 aus Österreich: ✆ 0800.29 76 57  0800.29 14 76 Der Pioneer Funds – U.S. Mid Cap Value ist ein Teilfonds des Pioneer Funds, eines „Fonds commun de placement“ mit verschiedenen, voneinander getrennten Teilfonds, aufgelegt nach luxemburgischem Recht. Der Pioneer Mid Cap Value Fund wurde in der Rechtsform eines Business Trust nach dem Recht von Delaware, USA, gegründet. Die Fonds von Pioneer Investments erhalten Sie ausschließlich bei Banken, Versicherungen und ausgewählten Anlageberatern. Der Pioneer Mid Cap Value Fund und der Pioneer Funds – U.S. Mid Cap Value werden vom selben Fondsmanager verwaltet und verfolgen ein ähnliches Anlageziel und eine vergleichbare Anlagepolitik. Die Portfolios sind jedoch in unterschiedlichen Ländern domiziliert und unterliegen dadurch abweichenden gesetzlichen Regelungen, was die Portfolioverwaltung beeinflusst. Die Anlageergebnisse können voneinander abweichen. Aufgrund unterschiedlicher Auflegungsdaten, Fondsvolumina, Portfolio-Holdings und anderer Faktoren gibt es keine Gewissheit, dass der Pioneer Funds – U.S. Mid Cap Value vergleichbare Ergebnisse wie der Pioneer Mid Cap Value Fund erzielen wird. Der für den Anteilserwerb allein maßgebliche Verkaufsprospekt ist als Druckstück kostenlos erhältlich in Deutschland bei der Pioneer Fonds Marketing GmbH und in Österreich bei der Bank Austria Creditanstalt AG, Wien. Die in der Vergangenheit erzielten Erfolge sind keine Garantie für die zukünftige Entwicklung einer Anlage. Soweit nicht anders angegeben, beruhen die in diesem Dokument enthaltenen Ansichten auf Recherchen, Berechnungen und Informationen von Pioneer Investments. Diese Ansichten können sich jederzeit ändern, abhängig von wirtschaftlichen und anderen Rahmenbedingungen. Es gibt keine Gewähr, dass sich Länder, Märkte oder Branchen wie erwartet entwickeln werden. Investitionen beinhalten gewisse Risiken, darunter politische und währungsbedingte Risiken. Die Rendite und der Wert der zugrunde liegenden Anlage sind Schwankungen unterworfen. Dies kann zum vollständigen Verlust des investierten Kapitals führen. Bitte lesen Sie den Verkaufsprospekt aufmerksam, bevor Sie investieren. Anteile des Pioneer Funds – U.S. Mid Cap Value („Anteile“) dürfen in den Vereinigten Staaten von Amerika („USA“) sowie zugunsten von US-Staatsangehörigen nicht öffentlich zum Kauf angeboten werden. Gleiches gilt für die Hoheitsgebiete oder Besitztümer, die der Gesetzgebung der USA unterliegen. Dieses Dokument ist kein Verkaufsprospekt und stellt kein Angebot zum Kauf oder Verkauf von Anteilen in Ländern dar, in denen ein solches Angebot nicht rechtmäßig wäre. Außerdem stellt dieses Dokument kein solches Angebot an Personen dar, an die es nach der jeweils anwendbaren Gesetzgebung nicht abgegeben werden darf. Nur für Vertriebspartner von Pioneer Investments. Pioneer Investments ist ein Markenname der Unternehmensgruppe Pioneer Global Asset Management S.p.A. www.pioneerinvestments.de © Pioneer Fonds Marketing GmbH