Sept. 23, 2003 — Pioneer Investment Management Inc. said it has reached a preliminary agreement to buy the two Oak Ridge mutual funds, which have about $24 million in assets. Financial terms were not disclosed.

In the transaction, Pioneer would acquire the $15.5 million Oak Ridge Small-Cap Equity/A (ORIGX) and the $8.5 billion Oak Ridge Large-Cap Equity fund. David Klaskin, who runs both funds, would continue as their portfolio manager.

Classified as a mid-cap growth fund by Standard & Poor’s, the Oak Ridge Small-Cap Equity fund returned 28.3%, versus a gain of 25.6% by its peers, this year through August. For the five years ended last month, the Oak Ridge fund returned an average annualized 11.3%, versus a 7.5% return by similar funds.

Performance data on the Oak Ridge Large-Cap Fund was not immediately available.

Pioneer, which manages about $128 billion in assets, said the two funds would complement its mutual fund offerings.