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Pioneer to Liquidate Science & Technology Fund

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Nov. 8, 2002 — Pioneer Investment Management will liquidate its Pioneer Science & Technology Fund (PTCAX) on or about Jan. 10, 2003, because of its small asset base.

Thomas A. Crowley and Robert C. Junkin, the former managers of the fund, are no longer with Pioneer, according to a company spokeswoman. Until the liquidation, the fund will be managed by Pioneer’s domestic equity team.

Year to date through September 30, the Pioneer Science & Technology fund plunged 60.9%, following a 34.2% drop in calendar 2001. Technology funds, on average, fell 50.4% so far this year as of September 30, after losing 34.8% in 2001.

Crowley joined Pioneer in 1996 and Junkin joined the firm in 1997. They each had been with the Science & Technology fund since its inception in March 2000.

Further details were unavailable.

Pioneer Science & Technology fund had about $24 million in net assets as of Sept. 30, 2002.