<PAGE>
[logo] PIONEER
Investments(R)
Pioneer
Science & Technology
Fund
ANNUAL REPORT 9/30/00
<PAGE>
Table of Contents
-------------------------------------------------------------------------------
-
<TABLE>
<S> <C>
Letter from the Chairman 1
Portfolio Summary 2
Performance Update 3
Portfolio Management Discussion 6
Schedule of Investments 9
Financial Statements 13
Notes to Financial Statements 19
Report of Independent Public Accountants 23
Results of Shareowner Meeting 24
Trustees, Officers and Service Providers 25
Retirement Plans from Pioneer 26
Programs and Services for Pioneer Shareowners 28
</TABLE>
<PAGE>
Pioneer Science & Technology Fund
LETTER FROM THE CHAIRMAN 9/30/00
Dear Shareowner,
-------------------------------------------------------------------------------
-
By the time you read this report, we will all know how the financial markets
responded to this year's election. Market reactions to presidential elections
are often short-lived; after digesting the outcome, investors return to
thinking
about the factors that influence their portfolios: the economic outlook, the
impact of higher interest rates and selecting the right investments.
In addition to squeezing corporate profits, higher interest rates cause
consumers to postpone or reduce nonessential purchases. The cumulative
weight of
these individual decisions and today's high energy prices can already be
seen in
spotty retail activity and lower sales of new cars and homes. As a result, the
economy will probably back off from its extraordinary recent growth pace to
lower, more sustainable levels.
Now could be a perfect time to straighten up your financial house. Some of the
steps you can take include contributing as much as you can to your company's
retirement programs, deciding whether a Roth or Traditional IRA might be a
better choice in your circumstances, and reassessing your investments in the
light of changing markets. Your investment professional is your best guide to
making these important decisions.
An important announcement from Pioneer
I'm very happy to report that, on October 24, 2000, Pioneer Group, Inc. was
acquired by UniCredito Italiano S.p.A. Based in Milan, UniCredito is one of
Italy's largest banking groups, with assets under management of over $150
billion. As part of UniCredito, Pioneer will have access to greater resources
and enjoy expanded global asset management expertise with multi-national
operations and a significant presence in eight countries. Pioneer's
tradition of
fundamental investment analysis that has been the hallmark of our success will
continue and be strengthened. We are very pleased to be joining an
organization
with the reputation and breadth of UniCredito. Its flourishing investment
management business will be combined with Pioneer's U.S. and European
investment
operations to form a truly world class investment asset management company.
Respectfully,
/s/ John F. Cogan, Jr.
John F. Cogan, Jr.
Chairman and President
1
<PAGE>
Pioneer Science & Technology Fund
PORTFOLIO SUMMARY 9/30/00
Portfolio Diversification
-------------------------------------------------------------------------------
-
(As a percentage of total investment portfolio)
[pie chart]
U.S. Common Stocks 88%
International
Common Stocks 7%
Short-Term
Cash Equivalents 4%
Depositary
Receipts for
International
Stocks 1%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[pie chart]
T
echnology 84.6%
Health care 8.1%
Capital Goods 7.1%
Basic Materials 0.2%
10 Largest Holdings
-------------------------------------------------------------------------------
-
(As a percentage of equity holdings)
<TABLE>
<S> <C> <C> <C> <C>
<C>
1. Intel Corp. 3.09% 6. Nortel Networks
Corp. 1.94%
2. Veeco Instruments, Inc. 3.02 7. Cree, Inc.
1.90
3. Micron Technology, Inc. 2.94 8. Wind River Systems
1.90
4. Vitesse Semiconductor Corp. 2.35 9. Altera Corp.
1.87
5. EMC Corp. 1.97 10. Sanmina Corp.
1.86
</TABLE>
Fund holdings will vary for other periods.
2
<PAGE>
Pioneer Science & Technology Fund
PERFORMANCE UPDATE 9/30/00 CLASS A SHARES
Share Prices and Distributions
-------------------------------------------------------------------------------
-
<TABLE>
<CAPTION>
Net Asset Value
per Share 9/30/00 3/31/00
<S> <C> <C>
$11.28 $10.00
</TABLE>
<TABLE>
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(3/31/00 - 9/30/00) Dividends Capital Gains Capital Gains
<S> <C> <C> <C>
- - -
</TABLE>
Investment Returns
-------------------------------------------------------------------------------
-
The mountain chart on the right shows the growth of a $10,000 investment
made in
Pioneer Science & Technology Fund at public offering price, compared to the
growth of the Nasdaq Composite Index.
Cumulative Total Returns
(As of September 30, 2000)
<TABLE>
<CAPTION>
Net Asset Public Offering
Period Value Price*
<S> <C> <C>
Life of Fund
(3/31/00) 12.80% 6.32%
</TABLE>
* Reflects deduction of the maximum 5.75% sales charge at the beginning of the
period and assumes reinvestment of distributions at net asset value.
Growth of $10,000
[mountain chart]
<TABLE>
<CAPTION>
Pioneer Science & Technology Fund Nasdaq Composite Index
<S> <C> <C>
3/31/00 9425 10000
4/30/00 10264 8443
5/31/00 9218 7437
6/30/00 11235 8674
7/31/00 10895 8238
8/31/00 12969 9199
9/30/00 10631 8032
</TABLE>
The Nasdaq Composite Index is a capitalization-weighted index based on the
total
market value of all the issues that compose it. It reflects the performance of
more than 5,500 companies. Index returns assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. You
cannot invest directly in the Index.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their
original cost.
The Fund invests in small- and medium-capitalization stocks, which may be more
volatile and less liquid than large-cap issues. The Fund also invests in
international securities, which are subject to special risks including
fluctuations in currency, differing regulatory and accounting standards.
3
<PAGE>
Pioneer Science & Technology Fund
PERFORMANCE UPDATE 9/30/00 CLASS B SHARES
Share Prices and Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Asset Value
per Share
9/30/00 3/31/00
<S> <C> <C>
$11.23 $10.00
</TABLE>
<TABLE>
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(3/31/00 - 9/30/00) Dividends Capital Gains Capital Gains
<S> <C> <C> <C>
- - -
</TABLE>
Investment Returns
-------------------------------------------------------------------------------
-
The mountain chart on the right shows the growth of a $10,000 investment
made in
Pioneer Science & Technology Fund, compared to the growth of the Nasdaq
Composite Index.
Cumulative Total Returns
(As of September 30, 2000)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life of Fund
(3/31/00) 12.30% 8.30%
</TABLE>
* Reflects deduction of the maximum applicable contingent deferred sales
charge (CDSC) at the end of the period and assumes reinvestment of
distributions. The maximum CDSC of 4% declines over six years.
Growth of $10,000
[mountain chart]
<TABLE>
<CAPTION>
Pioneer Science & Technology Fund Nasdaq Composite Index
<S> <C> <C>
3/31/00 10000 10000
4/30/00 10890 8443
5/31/00 9760 7437
6/30/00 11890 8674
7/31/00 11520 8238
8/31/00 13710 9199
9/30/00 10830 8032
</TABLE>
The Nasdaq Composite Index is a capitalization-weighted index based on the
total
market value of all the issues that compose it. It reflects the performance of
more than 5,500 companies. Index returns assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. You
cannot invest directly in the Index.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their
original cost.
The Fund invests in small- and medium-capitalization stocks, which may be more
volatile and less liquid than large-cap issues. The Fund also invests in
international securities, which are subject to special risks including
fluctuations in currency, differing regulatory and accounting standards.
4
<PAGE>
Pioneer Science & Technology Fund
PERFORMANCE UPDATE 9/30/00 CLASS C SHARES
Share Prices and Distributions
-------------------------------------------------------------------------------
-
<TABLE>
<CAPTION>
Net Asset Value
per Share 9/30/00 3/31/00
<S> <C> <C>
$11.23 $10.00
</TABLE>
<TABLE>
<CAPTION>
Distributions per Share Income Short-Term Long-Term
(3/31/00 - 9/30/00) Dividends Capital Gains Capital Gains
<S> <C> <C> <C>
- - -
</TABLE>
Investment Returns
-------------------------------------------------------------------------------
-
The mountain chart on the right shows the growth of a $10,000 investment
made in
Pioneer Science & Technology Fund, compared to the growth of the Nasdaq
Composite Index.
Cumulative Total Returns
(As of September 30, 2000)
<TABLE>
<CAPTION>
If If
Period Held Redeemed*
<S> <C> <C>
Life of Fund
(3/31/00) 12.30% 11.30%
</TABLE>
* Assumes reinvestment of distributions. The 1% contingent deferred sales
charge (CDSC) applies to redemptions made within one year of purchase.
Growth of $10,000
[mountain chart]
<TABLE>
<CAPTION>
Pioneer Science & Technology Fund Nasdaq Composite Index
<S> <C> <C>
3/31/00 10000 10000
4/30/00 10890 8443
5/31/00 9760 7437
6/30/00 11890 8674
7/31/00 11520 8238
8/31/00 13710 9199
9/30/00 10830 8032
</TABLE>
The Nasdaq Composite Index is a capitalization-weighted index based on the
total
market value of all the issues that compose it. It reflects the performance of
more than 5,500 companies. Index returns assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees, expenses or sales charges. You
cannot invest directly in the Index.
Past performance does not guarantee future results. Return and share price
fluctuate, and your shares, when redeemed, may be worth more or less than
their
original cost.
The Fund invests in small- and medium-capitalization stocks, which may be more
volatile and less liquid than large-cap issues. The Fund also invests in
international securities, which are subject to special risks including
fluctuations in currency, differing regulatory and accounting standards.
5
<PAGE>
Pioneer Science & Technology Fund
PORTFOLIO MANAGEMENT DISCUSSION 9/30/00
In the following commentary, Pioneer Science & Technology Fund lead portfolio
manager Thomas Crowley, and co-managers Robert Junkin and Ken Fuller, discuss
the strategies behind the Fund's strong performance during its first six
months
of operation.
Q: Technology stocks have been very volatile since the Fund's inception. How
did the volatility affect results?
A: Despite the erratic performance of technology stocks, Pioneer Science &
Technology Fund delivered very positive results in the six months ended
September 30, 2000. For the period, the Fund's Class A shares returned
12.80%, while Class B and C shares each returned 12.30%, all at net asset
value. These figures significantly outdistanced the Fund's benchmark, the
Nasdaq Composite Index, which fell 19.68% over the same period. Fund
results
also comfortably surpassed the -12.71% average return of the 218 peer
funds
in the Lipper Science and Technology category. (Lipper is an independent
firm that tracks mutual fund performance.)
Successful stock selection was key to this strong performance. The Fund's
relatively small size was another advantage, enabling us to reach our
targeted ownership level of each stock quickly.
Q: Until recently, technology stocks had been enjoying an extended boom. What
has happened to change that?
A: Two factors. First, higher interest rates and rising energy costs are
threatening to take the steam out of the economy after a long period of
dynamic growth. As the likelihood of a slowdown grows, investors are
questioning whether technology stocks can go on expanding their
earnings at
the high rates of the last few years.
Another factor is slackening demand overseas, especially in Europe, for
personal computers and other electronic devices and components. Demand has
shrunk partly because of the falling value of the euro, the primary
currency
used across almost all of developed Europe, relative to the U.S. dollar. A
weak euro makes it more expensive for Europeans to purchase imported
goods.
6
<PAGE>
Pioneer Science & Technology Fund
Q: What strategies have you used to cope with these erratic markets?
A: The Fund opened in the spring, in the midst of a slump in technology
stocks.
This allowed us to make initial purchases in companies we had been
following, at prices that had dropped significantly from their levels of a
few months earlier. Over the ensuing months, we took advantage of market
inefficiencies to add to our initial holdings and establish others
whenever
lower prices made values more attractive.
From the outset, we avoided the highly vulnerable dot-com world. Instead,
all of our technology choices have been established companies operating in
businesses that are integral to the continued growth of the Internet
and the
rapid growth of wireless communication. These choices include
manufacturers
of semiconductors and semiconductor capital equipment - the machines that
make semiconductors - as well as networking and other essentials of the
ongoing communications revolution.
Selections that have done well include semiconductor makers Vitesse
Semiconductor and Applied Micro Circuits. PMC-Sierra benefited from the
expansion of high-speed networks as did Ciena, a maker of optical
networking
devices. Power-One, which makes power supplies for the communications
industry, was another very strong performer. However, disappointing
earnings
drove down the price of Harmonic, while PRI Automation experienced
manufacturing problems in its semiconductor handling systems.
Q: The Fund's health care and biotech holdings have been a relatively small
part of the portfolio. What are your feelings about this sector?
A: Right now, health care policy is tangled in political uncertainties. We
prefer to let the election dust settle and see the makeup of the new
Congress before making decisions in this sector.
We have been cautious and opportunistic in our approach to biotech. When
President Clinton and Britain's Prime Minister Blair urged noncommercial
ownership of the vast promise of the human genome project, biotech stocks
sold off sharply, creating a buying opportunity. We originally invested in
Protein Design Labs when
7
<PAGE>
Pioneer Science & Technology Fund
PORTFOLIO MANAGEMENT DISCUSSION 9/30/00 (continued)
prices fell prior to a strong recovery in this core biotech holding. The
company holds licenses on monoclonal antibodies used to prevent transplant
rejection and in other applications.
More recently, investors have been valuing biotech stocks the way they did
Internet issues a short time ago. For a drug stock, that might mean
relying
on aggressive revenue assumptions for a drug that is still in an
experimental stage. We are not comfortable being that far out on a
financial
limb.
Q: Looking ahead, what will it take to calm the market for technology stocks?
A: Once the Federal Reserve is satisfied that it has wrung the risk of
inflation out of the economy, interest rates may start coming down. Lower
rates would improve the outlook for corporate earnings; brighter earnings
prospects are a key to more stable markets.
That said, we are not market timers or economic forecasters. Our focus
is on
identifying durable trends in technology then, through intensive research,
finding companies that can capitalize on them.
For example, methods of communication are evolving rapidly, and the
worldwide potential of wireless communication is tremendous: we expect
a 50%
increase in handset sales this year alone. Even at more modest growth
rates,
there are huge opportunities for growth among wireless companies and their
suppliers. And, of course, the Internet, with technology at its heart,
is a
huge driver of capital expenditures.
Short-term market sentiment aside, we are structuring the portfolio for
growth over the long term, as we believe this approach has the
potential to
be rewarding for the Fund's shareholders.
8
<PAGE>
Pioneer Science & Technology Fund
SCHEDULE OF INVESTMENTS 9/30/00
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
COMMON STOCKS - 95.6%
Basic Materials - 0.2%
Chemicals (Specialty) - 0.2%
9,200 Proton Energy Systems, Inc.* $ 263,350
-----------
Total Basic Materials $ 263,350
-----------
Capital Goods - 6.8%
Electrical Equipment - 6.4%
46,000 Kemper Corp.* $ 1,270,750
7,000 Power-One, Inc.* 423,609
23,000 Sanmina Corp.* 2,153,375
49,100 SCI Systems, Inc.* 2,013,100
42,000 Solectron Corp.* 1,937,250
-----------
$ 7,798,084
-----------
Engineering & Construction - 0.4%
7,600 Cosine Communications, Inc.* $ 422,275
-----------
Total Capital Goods $ 8,220,359
-----------
Healthcare - 7.8%
Biotechnology - 6.1%
9,200 Arena Pharmaceuticals, Inc.* $ 395,600
23,000 Dyax Corp.* 1,006,250
11,600 ImClone Systems, Inc.* 1,357,925
15,000 Invitrogen Corp.* 1,066,875
5,100 Millennium Pharmaceuticals, Inc.* 744,919
22,000 OSI Pharmaceuticals, Inc.* 1,540,000
4,600 Protein Design Labs, Inc.* 554,300
9,600 QLT Phototherapeutics, Inc.* 680,400
-----------
$ 7,346,269
-----------
Healthcare (Drugs - Generic & Other) - 0.1%
4,600 Durect Corp.* $ 69,000
-----------
Healthcare (Drugs - Major Pharmaceuticals) - 0.9%
32,200 The Medicines Company* $ 1,100,838
-----------
Healthcare (Medical Products/Supplies) - 0.7%
47,800 Argonaut Technologies Inc.* $ 887,287
-----------
Total Healthcare $ 9,403,394
-----------
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
Pioneer Science & Technology Fund
SCHEDULE OF INVESTMENTS 9/30/00 (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Technology - 80.8%
Communicaton Equipment - 11.1%
6,700 Exfo Electro-Optical Engineering, Inc.* $ 291,869
12,200 Ciena Corp.* 1,498,313
12,100 Corvis Corp.* 738,667
47,000 Harmonic, Inc.* 1,128,000
42,000 Lucent Technologies, Inc. 1,283,625
39,000 Motorola Inc. 1,101,750
3,000 New Focus, Inc.* 237,188
29,200 Nokia Corp. (A.D.R.) 1,162,525
37,700 Northern Telecom Ltd. 2,245,506
5,000 ONI Systems Corp.* 431,562
14,100 Qualcomm Inc.* 1,004,625
32,800 RF Micro Devices Inc.* 1,029,100
26,000 Tellabs, Inc.* 1,241,500
-----------
$13,394,230
-----------
Electronics (Component Distributors) - 2.7%
22,500 Flextronics International, Ltd.* $ 1,847,813
6,800 PMC - Sierra Inc.* 1,463,700
-----------
$ 3,311,513
-----------
Computers (Hardware) - 3.5%
53,000 Compaq Computer Corp. $ 1,461,740
37,000 Dell Computer Corp.* 1,140,063
14,500 Sun Microsystems, Inc.* 1,692,875
-----------
$ 4,294,678
-----------
Computers (Networking) - 7.7%
60,000 Cabletron Systems, Inc.* $ 1,762,500
35,000 Cisco Systems, Inc.* 1,933,750
9,200 Elastic Networks Inc.* 128,225
23,000 EMC Corp.* 2,279,875
14,500 Sycamore Networks Inc.* 1,566,000
13,800 Simple Technology, Inc.* 133,688
15,500 Worldgate Communications, Inc.* 325,500
48,000 Xircom Inc.* 1,212,000
-----------
$ 9,341,538
-----------
Computer (Software and Services) - 9.4%
8,900 Ariba, Inc.* $ 1,275,064
12,800 Blue Martini Software, Inc.* 433,600
</TABLE>
10 The accompanying notes are an integral part of these financial
statements.
<PAGE>
Pioneer Science & Technology Fund
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Computers (Software & Services) - (continued)
24,200 E.Piphany Inc.* $ 1,864,913
1,800 Genomica Corp* 34,987
26,500 Oracle Corp.* 2,086,875
80,000 Parametric Technology Co.* 875,000
55,000 Scient Corp* 1,151,563
38,500 Synopsys, Inc.* 1,458,188
46,000 Wind River Systems* 2,205,124
-----------
$11,385,314
-----------
Electronics (Semiconductor) - 26.8%
48,700 Adaptec, Inc.* $ 974,000
36,000 Alpha Industries, Inc.* 1,226,250
45,300 Altera Corp.* 2,163,075
19,000 Analog Devices, Inc.* 1,568,688
8,300 Applied Micro Circuits Corp.* 1,718,619
5,200 Broadcom Corp.* 1,267,500
19,000 Cree Inc.* 2,208,750
35,000 Integrated Circuit Systems, Inc* 647,500
86,300 Intel Corp. 3,586,844
22,500 JDS Uniphase Corp.* 2,130,469
74,000 Micron Technology, Inc.* 3,404,000
29,500 Sandisk Corp.* 1,969,125
30,000 Semtech Corp* 1,293,750
27,000 Stratos Lightwave, Inc.* 870,750
33,000 Triquint Semiconductor Inc.* 1,202,438
37,000 Texas Instruments, Inc. 1,745,938
30,700 Vitesse Semiconductor Corp.* 2,730,381
9,160 Waters Corp.* 815,240
11,900 Xilinx, Inc.* 1,018,935
-----------
$32,542,252
-----------
Equipment (Semiconductor) - 19.6%
35,000 Applied Materials, Inc.* $ 2,075,938
43,400 ASM Lithography Holdings NV* 1,402,363
57,300 ATMI, Inc.* 1,339,388
41,000 Brooks Automation, Inc.* 1,358,125
46,000 Cymer, Inc.* 1,411,625
25,800 DuPont Photomasks, Inc.* 1,515,750
35,500 EMCORE Corp.* 1,476,023
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
Pioneer Science & Technology Fund
SCHEDULE OF INVESTMENTS 9/30/00 (continued)
<TABLE>
<CAPTION>
Shares Value
<S> <C> <C>
Equipment (Semiconductor) - (continued)
18,000 HI/FN Inc.* $ 1,226,250
34,000 KLA-Tencor Corp.* 1,400,375
80,000 Lam Research Corp.* 1,675,000
36,500 Novellus Systems, Inc.* 1,699,531
40,000 Photon Dynamics Inc.* 1,510,000
55,500 PRI Automation, Inc.* 1,012,875
34,000 Teradyne, Inc.* 1,190,000
33,000 Veeco Instruments, Inc.* 3,506,764
------------
$ 23,800,007
------------
Total Technology $ 98,069,532
------------
TOTAL COMMON STOCK
(Cost $120,633,036) $115,956,635
============
<CAPTION>
Principal
Amount
<S> <C> <C>
TEMPORARY CASH INVESTMENTS - 4.4%
5,387,000 Household Finance Corp., 6.65%, 10/2/00
(Cost $5,387,000) $ 5,387,000
------------
TOTAL INVESTMENTS IN SECURITIES AND
TEMPORARY CASH INVESTMENTS - 100.0%
(Cost $126,020,036) (a) $121,343,635
============
</TABLE>
* Non-income producing security.
(a) At September 30, 2000, the net unrealized loss on investments based on
cost
for federal income tax purposes of $126,020,036 was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized gain for all investments in which
there is an excess of value over cost $
13,360,400
Aggregate gross unrealized loss for all investments in which
there is an excess of cost over value
(18,036,801)
------------
Net unrealized loss $
(4,676,401)
============
</TABLE>
Purchases and sales of securities (excluding temporary cash investments)
for the
year ended September 30, 2000, aggregated $132,362,334 and $14,040,371,
respectively.
12 The accompanying notes are an integral part of these financial
statements.
<PAGE>
Pioneer Science & Technology Fund
BALANCE SHEET 9/30/00
<TABLE>
<S> <C>
ASSETS:
Investment in securities, at value (including temporary cash
investment of $5,387,000) (cost $126,020,036) $121,343,635
Cash 579,298
Receivables -
Investment securities sold 549,064
Fund shares sold 1,525,759
Dividends 4,756
Other 27,598
------------
Total assets $124,030,110
------------
LIABILITIES:
Payables -
Investment securities purchased $ 5,634,644
Fund shares repurchased 32,405
Due to affiliates 144,240
Accrued expenses 78,951
------------
Total liabilities $ 5,890,240
------------
NET ASSETS:
Paid-in capital $121,022,047
Accumulated undistributed net realized gain on investments 1,794,224
Net unrealized loss on investments
(4,676,401)
------------
Total net assets $118,139,870
============
NET ASSET VALUE PER SHARE:
Class A (based on $58,853,953/5,219,817 shares) $ 11.28
============
Class B (based on $52,957,402/4,717,767 shares) $ 11.23
============
Class C (based on $6,328,515/563,782 shares) $ 11.23
============
MAXIMUM OFFERING PRICE:
Class A $ 11.97
============
</TABLE>
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
Pioneer Science & Technology Fund
STATEMENT OF OPERATIONS
For the Period from 3/31/00 (Commencement of Operations) to 9/30/00
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Dividends $ 7,123
Interest 97,869
--------
Total investment income $ 104,992
-----------
EXPENSES:
Management fees $318,625
Transfer agent fees
Class A 55,937
Class B 41,830
Class C 7,042
Distribution fees
Class A 41,512
Class B 136,016
Class C 16,561
Administrative Fees 15,706
Custodian fees 44,360
Registration fees 50,598
Professional fees 28,457
Printing 9,750
Fees and expenses of nonaffiliated trustees 11,421
Miscellaneous 180
--------
Total expenses $ 777,995
Less management fees waived and expenses
reimbursed by Pioneer Investment
Management, Inc. (95,349)
Less fees paid indirectly (10,262)
-----------
Net expenses $ 672,384
-----------
Net investment loss $ (567,392)
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments $ 2,311,073
Net unrealized loss on investments (4,676,401)
-----------
Net decrease in net assets resulting from
operations $(2,932,720)
===========
</TABLE>
14 The accompanying notes are an integral part of these financial
statements.
<PAGE>
Pioneer Science & Technology Fund
STATEMENTS OF CHANGES IN NET ASSETS
For the Period from 3/31/00 (Commencement of Operations) to 9/30/00
<TABLE>
<S> <C>
FROM OPERATIONS:
Net investment loss $
(567,392)
Net realized gain on investments
2,311,073
Net unrealized loss on investments
(4,676,401)
------------
Net decrease in net assets resulting from operations $
(2,932,720)
------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale of shares
$131,801,752
Cost of shares repurchased
(11,029,162)
------------
Net increase in net assets resulting from fund share transactions
$120,772,590
------------
Net increase in net assets
$117,839,870
NET ASSETS:
Beginning of period (initial capitalization - 30,000 shares)
300,000
------------
End of period (including accumulated net investment
loss of $0)
$118,139,870
============
</TABLE>
<TABLE>
<CAPTION>
'00 Shares
'00 Amount
<S> <C> <C>
CLASS A
Shares sold 5,851,463
$67,619,269
Less shares repurchased (641,646)
(7,711,914)
---------
-----------
Net increase 5,209,817
$59,907,355
=========
===========
CLASS B
Shares sold 4,924,731
$57,070,067
Less shares repurchased (216,964)
(2,548,432)
---------
-----------
Net increase 4,707,767
$54,521,635
=========
===========
CLASS C
Shares sold 616,204 $
7,112,416
Less shares repurchased (62,422)
(768,816)
---------
-----------
Net increase 553,782 $
6,343,600
=========
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
Pioneer Science & Technology Fund
FINANCIAL HIGHLIGHTS 9/30/00
<TABLE>
<CAPTION>
3/31/00
to
9/30/00
<S> <C>
CLASS A
Net asset value, beginning of period $ 10.00
-------
Increase (decrease) from investment operations:
Net investment loss $ (0.05)
Net realized and unrealized gain on investments 1.33
-------
Net increase in net asset value $ 1.28
-------
Net asset value, end of period $ 11.28
=======
Total return*
12.80%
Ratio of net expenses to average net assets+
1.78%**
Ratio of net investment loss to average net assets+
(1.45)%**
Portfolio turnover rate
40%**
Net assets, end of period (in thousands) $58,854
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses
2.08%**
Net investment loss
(1.75)%**
Ratios assuming waiver of management fees and assumption
of expenses by PIM and reduction for fees paid indirectly:
Net expenses
1.75%**
Net investment loss
(1.42)%**
</TABLE>
* Assumes initial investment at net asset value at the beginning of the
period,
reinvestment of all distributions, the complete redemption of the
investment
at net asset value at the end of the period, and no sales charges. Total
return would be reduced if sales charges were taken into account.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
16 The accompanying notes are an integral part of these financial
statements.
<PAGE>
Pioneer Science & Technology Fund
FINANCIAL HIGHLIGHTS 9/30/00
<TABLE>
<CAPTION>
3/31/00
to
9/30/00
<S> <C>
CLASS B
Net asset value, beginning of period $ 10.00
-------
Increase (decrease) from investment operations:
Net investment loss $ (0.06)
Net realized and unrealized gain on investments 1.29
-------
Net increase in net asset value $ 1.23
-------
Net asset value, end of period $ 11.23
=======
Total return*
12.30%
Ratio of net expenses to average net assets+
2.52%**
Ratio of net investment loss to average net assets+
(2.19)%**
Portfolio turnover rate
40%**
Net assets, end of period (in thousands) $52,957
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses
2.82%**
Net investment loss
(2.49)%**
Ratios assuming waiver of management fees and assumption
of expenses by PIM and reduction for fees paid indirectly:
Net expenses
2.50%**
Net investment loss
(2.17)%**
</TABLE>
* Assumes initial investment at net asset value at the beginning of the
period,
reinvestment of all distributions, the complete redemption of the
investment
at net asset value at the end of the period, and no sales charges. Total
return would be reduced if sales charges were taken into account.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
Pioneer Science & Technology Fund
FINANCIAL HIGHLIGHTS 9/30/00
<TABLE>
<CAPTION>
3/31/00
to
9/30/00
<S> <C>
CLASS C
Net asset value, beginning of period $10.00
------
Increase (decrease) from investment operations:
Net investment loss $(0.06)
Net realized and unrealized gain on investments 1.29
------
Net increase in net asset value $ 1.23
------
Net asset value, end of period $ 1.23
======
Total return*
12.30%
Ratio of net expenses to average net assets+
2.49%**
Ratio of net investment loss to average net assets+
(2.17)%**
Portfolio turnover rate
40%**
Net assets, end of period (in thousands) $6,329
Ratios assuming no waiver of management fees and assumption
of expenses by PIM and no reduction for fees paid indirectly:
Net expenses
2.79%**
Net investment loss
(2.47)%**
Ratios assuming waiver of management fees and assumption
of expenses by PIM and reduction for fees paid indirectly:
Net expenses
2.45%**
Net investment loss
(2.13)%**
</TABLE>
* Assumes initial investment at net asset value at the beginning of the
period,
reinvestment of all distributions, the complete redemption of the
investment
at net asset value at the end of the period, and no sales charges. Total
return would be reduced if sales charges were taken into account.
** Annualized.
+ Ratio assuming no reduction for fees paid indirectly.
18 The accompanying notes are an integral part of these financial
statements.
<PAGE>
Pioneer Science & Technology Fund
NOTES TO FINANCIAL STATEMENTS 9/30/00
1. Organization and Significant Accounting Policies
Pioneer Science & Technology Fund (the Fund) is a Delaware business trust
registered under the Investment Company Act of 1940 as a non-diversified,
open-end management investment company. The Fund was organized on January 14,
2000 and commenced operations on March 31, 2000. Prior to March 31, 2000, the
Fund had no operations other than those relating to organizational matters and
the initial capitalization of the Fund by Pioneer Funds Distributor, Inc.
(PFD).
After shareholder and regulatory approval, UniCredito Italiano S.p.A.
completed
its acquisition of The Pioneer Group, Inc. (PGI) on October 24, 2000. The
investment objective of the Fund is to seek long-term capital growth by
investing primarily in equity securities.
The Fund offers three classes of shares - Class A, Class B and Class C shares.
Shares of Class A, Class B and Class C each represent an interest in the same
portfolio of investments of the Fund and have equal rights to voting,
redemptions, dividends and liquidation, except that each class of shares can
bear different transfer agent and distribution fees and have exclusive voting
rights with respect to the distribution plans that have been adopted by
Class A,
Class B and Class C shareholders, respectively.
The Fund's financial statements have been prepared in conformity with
accounting
principles generally accepted in the United States that require the management
of the Fund to, among other things, make estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosure of contingent
assets and liabilities at the date of the financial statements, and the
reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates. The following is a summary of significant
accounting policies consistently followed by the Fund, which are in conformity
with those generally accepted in the investment company industry:
A. Security Valuation
Security transactions are recorded as of trade date. The net asset
value is
computed once daily, on each day the New York Stock Exchange is open,
as of
the close of regular trading on the Exchange. In computing the net asset
value, securities are valued at the last sale price on the principal
exchange where they are traded.
19
<PAGE>
Pioneer Science & Technology Fund
NOTES TO FINANCIAL STATEMENTS 9/30/00 (continued)
Securities that have not traded on the date of valuation, or
securities for
which sale prices are not generally reported, are valued at the mean
between
the last bid and asked prices. Securities for which market quotations are
not readily available are valued at their fair values as determined by, or
under the direction of, the Board of Trustees. Dividend income is recorded
on the ex-dividend date and interest income is recorded on the accrual
basis. Temporary cash investments are valued at amortized cost.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
B. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute
all of its taxable income and net realized capital gains, if any, to its
shareholders. Therefore, no federal income tax provision is required.
The characterization of distributions to shareholders for financial
reporting purposes is determined in accordance with federal income tax
rules. Therefore, the source of the Fund's distributions may be shown
in the
accompanying financial statements as either from or in excess of net
investment income or net realized gain on investment transactions, or from
paid-in capital, depending on the type of book/tax differences that may
exist.
At October 31, 2000, the Fund has reclassified $516,849 and $50,543 from
accumulated undistributed net realized gain on investments and paid in
capital, respectively, to accumulated net investment loss. This
reclassification has no impact on the net asset value of the Fund and is
designed to present the Fund's capital accounts on a tax basis.
C. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
PFD,
the principal underwriter for the Fund and an indirect subsidiary of The
Pioneer Group, Inc. (PGI), earned approximately $6,810 in underwriting
commissions on the sale of Fund shares during the period ended
September 30,
2000.
20
<PAGE>
Pioneer Science & Technology Fund
D. Class Allocations
Distribution fees are calculated based on the average daily net asset
values
attributable to Class A, Class B and Class C shares of the Fund,
respectively. Shareholders of each class share all expenses and fees
paid to
the transfer agent, Pioneering Services Corporation (PSC), for their
services, which are allocated based on the number of accounts in each
class
and the ratable allocation of related out-of-pocket expense (see Note 3).
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on the respective percentage of adjusted net assets at the beginning
of the day.
Distributions to shareholders are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner, at the same time, and in the same amount,
except that Class A, Class B and Class C shares can bear different
transfer
agent and distribution fees.
2. Management Agreement
Pioneer Investment Management, Inc. (PIM), the Fund's investment adviser,
manages the Fund's portfolio and is a wholly owned subsidiary of PGI.
Management
fees are calculated daily at the annual rate of 1.00% of the Fund's average
daily net assets.
PIM has agreed not to impose all or a portion of its management fee and to
assume other operating expenses of the Fund to the extent necessary to limit
Class A expenses to 1.75% of the average daily net assets attributable to
Class
A shares; the portion of the Fund-wide expenses attributable to Class B and
Class C shares will be reduced only to the extent that such expenses are
reduced
for Class A shares. PIM's agreement is voluntary and temporary and may be
revised or terminated at any time.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund. At September 30, 2000, $53,296 was payable to
PIM related to management fees, administrative fees and certain other
services.
21
<PAGE>
Pioneer Science & Technology Fund
NOTES TO FINANCIAL STATEMENTS 9/30/00 (continued)
3. Transfer Agent
PSC, a wholly owned subsidiary of PGI, provides substantially all transfer
agent
and shareholder services to the Fund at negotiated rates. Included in due to
affiliates is $28,694 in transfer agent fees payable to PSC at September 30,
2000.
4. Distribution Plans
The Fund adopted a Plan of Distribution for each class of shares (Class A
Plan,
Class B Plan and Class C Plan) in accordance with Rule 12b-1 of the Investment
Company Act of 1940. Pursuant to the Class A Plan, the Fund pays PFD a service
fee of up to 0.25% of the average daily net assets attributable to Class A
shares in reimbursement of its actual expenditures to finance activities
primarily intended to result in the sale of Class A shares. Pursuant to the
Class B Plan and the Class C Plan, the Fund pays PFD 1.00% of the average
daily
net assets attributable to each class of shares. The fee consists of a 0.25%
service fee and a 0.75% distribution fee paid as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class B and Class C shares. Included in due to affiliates is $62,250
in distribution fees payable to PFD at September 30, 2000.
In addition, redemptions of each class of shares may be subject to a
contingent
deferred sales charge (CDSC). A CDSC of 1.00% may be imposed on redemptions of
certain net asset value purchases of Class A shares within one year of
purchase.
Class B shares that are redeemed within six years of purchase are subject to a
CDSC at declining rates beginning at 4.00%, based on the lower of cost or
market
value of shares being redeemed. Redemptions of Class C shares within one
year of
purchase are subject to a CDSC of 1.00%. Proceeds from the CDSCs are paid to
PFD. For the period ended September 30, 2000, CDSCs in the amount of $14,095
were paid to PFD.
5. Expense Offsets
The Fund has entered into certain expense offset arrangements resulting in a
reduction in the Fund's total expenses. For the period ended September 30,
2000,
the Fund's expenses were reduced by $10,262 under such arrangements.
22
<PAGE>
Pioneer Science & Technology Fund
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareowners and the Board of Trustees of
Pioneer Science & Technology Fund:
We have audited the accompanying balance sheet, including the schedule of
investments, of Pioneer Science & Technology Fund as of September 30,
2000, and
the related statement of operations, the statement of changes in net
assets, and
the financial highlights for the period presented. These financial statements
and financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audit.
We conducted our audit in accordance auditing standards generally accepted in
the United States. Those standards require that we plan and perform the
audit to
obtain reasonable assurance about whether the financial statements and
financial
highlights are free of material misstatement. An audit includes examining,
on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
September 30, 2000 by correspondence with the custodian. An audit also
includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Science & Technology Fund as of September 30, 2000, the results of its
operations, the changes in its net assets, and the financial highlights
for the
period presented, in conformity with accounting principles generally
accepted in
the United States.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
November 3, 2000
23
<PAGE>
Pioneer Science & Technology Fund
RESULTS OF SHAREOWNER MEETING
On September 11, 2000, Pioneer Science & Technology Fund held a special
meeting
of shareowners to approve a new management contract between the Fund and
Pioneer
Investment Management, Inc. ("Pioneer"), the Fund's investment adviser.
The new
contract will take effect only if the proposed acquisition of The Pioneer
Group,
Inc., the parent of Pioneer, by UniCredito Italiano S.p.A. is consummated.
Shareowners also voted to elect trustees. Both proposals passed by shareowner
vote. Here are the detailed results of the votes.
Proposal 1 - To approve a new management contract.
<TABLE>
<CAPTION>
Affirmative Against Abstain
<S> <C> <C>
4,082,959.759 77,126.208 78,631.698
</TABLE>
Proposal 2 - To elect Trustees.
<TABLE>
<CAPTION>
Nominee Affirmative Withheld
<S> <C> <C>
M.K. Bush 4,138,728.682 99,988.983
J.F. Cogan, Jr. 4,132,448.164 106,269.501
Dr. R. H. Egdahl 4,128,447.957 110,269.708
M.B.W. Graham 4,140,220.540 98,497.125
M.A. Piret 4,139,131.917 99,585.748
D.D. Tripple 4,140,685.403 98,032.262
S.K West 4,126,303.651 112,414.014
J. Winthrop 4,140,964.032 97,753.633
</TABLE>
24
<PAGE>
Pioneer Science & Technology Fund
TRUSTEES, OFFICERS AND SERVICE PROVIDERS
Trustees Officers
John F. Cogan, Jr. John F. Cogan, Jr., Chairman and
Mary K. Bush President
Richard H. Egdahl, M.D. David D. Tripple, Executive Vice President
Margaret B.W. Graham Eric W. Reckard, Treasurer
Marguerite A. Piret Joseph P. Barri, Secretary
David D. Tripple
Stephen K. West
John Winthrop
Investment Adviser
Pioneer Investment Management, Inc.
Custodian
Brown Brothers Harriman & Co.
Independent Public Accountants
Arthur Andersen LLP
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Hale and Dorr LLP
Shareowner Services and Transfer Agent
Pioneering Services Corporation
25
<PAGE>
RETIREMENT PLANS FROM PIONEER
Pioneer has a long history of helping people work toward their retirement
goals,
offering plans suited to the individual investor and businesses of all sizes.
For more information on Pioneer retirement plans, contact your investment
professional, or call Pioneer at 1-800-622-0176.
Individual Plans
Individual Retirement Account (IRA)
An IRA is a tax-favored account that allows anyone under age 70-1/2 with
earned
income to contribute up to $2,000 annually. Spouses may contribute up to
$2,000
annually into a separate IRA, for a total of $4,000 per year for a married
couple. Earnings are tax-deferred, and contributions may be tax-deductible.
Roth IRA
The Roth IRA came about as part of the Taxpayer Relief Act of 1997 and became
available to investors in 1998. Contributions, up to $2,000 a year, are not
tax-deductible, but earnings are tax-free for qualified withdrawals.
401(k) Plan
The traditional 401(k) plan allows employees to make pre-tax contributions
through payroll deduction, up to $10,500 per year or 25% of pay, whichever is
less. Employers may contribute.
SIMPLE (Savings Incentive Match PLan for Employees) IRA Plan
Businesses with 100 or fewer eligible employees can establish a plan; it
resembles a traditional 401(k), but has no administration costs. Employees can
make pre-tax contributions of up to $6,000 per year, and an employer
contribution is required.
26
<PAGE>
403(b) Plan
Also known as a Tax-Sheltered Account (TSA), a 403(b) plan is available
only to
employees of public schools, not-for-profit hospitals and certain other
tax-exempt organizations. A 403(b) plan lets employees set aside a portion of
their salary, before taxes, through payroll deduction.
Simplified Employee Pension Plan (SEP)
SEPs let self-employed people and small-business owners make tax-deductible
contributions of up to 15% of their income. Generally, employers must
contribute
the same percentage of pay for themselves and any eligible employees;
contributions are made directly to employees' IRAs. SEPs are easy to
administer
and can be an especially good choice for firms with few or no employees.
Profit Sharing Plan
Profit sharing plans offer companies considerable flexibility, allowing
them to
decide each year whether a contribution will be made and how much, up to
15% of
each participant's pay. These plans can include provisions for loans and
vesting
schedules.
Age-Weighted Profit Sharing Plan
Like traditional profit sharing plans, employer contributions are
flexible, but
age-weighted plans allocate contributions based on both age and salary.
Age-weighted plans are designed for employers who want to maximize their own
contributions while keeping contributions to employees affordable.
Money Purchase Pension Plan (MPP)
Money purchase plans are similar to profit-sharing plans, but allow for higher
annual contributions - up to 25% of pay. MPPs aren't as flexible as profit
sharing plans; a fixed percentage of pay must be contributed each year,
determined when the plan is established. Businesses often set up both MPPs and
profit sharing plans.
Most retirement plan withdrawals must meet specific conditions to avoid
penalties.
27
<PAGE>
PROGRAMS AND SERVICES FOR PIONEER SHAREOWNERS
Your investment professional can give you additional information on Pioneer's
programs and services. If you want to order literature on any of the following
items directly, simply call Pioneer at 1-8O0-225-6292.
FactFone(SM)
Our automated account information service, available to you 24 hours a day,
seven days a week. FactFone(SM) gives you a quick and easy way to check fund
share prices, yields, dividends and distributions, as well as information
about
your own account. Simply call 1-800-225-4321. For specific account
information,
have your 13-digit account number and four-digit personal identification
number
at hand.
90-Day Reinstatement Privilege (for Class A Shares)
Enables you to reinvest all or a portion of the money you redeem from your
Pioneer account - without paying a sales charge - within 90 days of your
redemption. You have the choice of investing in any Pioneer fund, as long
as you
meet its minimum investment requirement.
Investomatic Plan
An easy and convenient way for you to invest on a regular basis. All you
need to
do is authorize a set amount of money to be moved out of your bank account
into
the Pioneer fund of your choice. Investomatic also allows you to change the
dollar amount, frequency and investment date right over the phone. By putting
aside affordable amounts of money regularly, you can build a long-term
investment without sacrificing your current standard of living.
Payroll Investment Program (PIP)
Lets you invest in a Pioneer fund directly through your paycheck. All that's
involved is for your employer to fill out an authorization form allowing
Pioneer
to deduct from participating employees' paychecks. You specify the dollar
amount
you want to invest into the Pioneer fund(s) of your choice.
28
<PAGE>
Automatic Exchange Program
A simple way to move money from one Pioneer fund to another over a period of
time. Just invest a lump sum in one fund, and select the other Pioneer
funds you
wish to invest in. You choose the amounts and dates for Pioneer to sell shares
of your original fund and use the proceeds to buy shares of the other
funds you
have chosen. Over time, your investment will be shifted out of the original
fund. (Automatic Exchange is available for originating accounts with a balance
of $5,000 or more.)
Directed Dividends
Lets you invest cash dividends from one Pioneer fund to an account in another
Pioneer fund with no sales charge or fee. Simply fill out the applicable
information on a Pioneer Account Options Form. (This program is available for
dividend payments only; capital gains distributions are not eligible at this
time.)
Direct Deposit
Lets you move money into your bank account using electronic funds transfer
(EFT). EFT moves your money faster than you would receive a check, eliminates
unnecessary paper and mail, and avoids lost checks. Simply fill out a Pioneer
Direct Deposit Form, giving your instructions.
Systematic Withdrawal Plan (SWP)
Lets you establish automatic withdrawals from your account at set
intervals. You
decide the frequency and the day of the month you want. Pioneer will send the
proceeds by check to the address you designate, or electronically to your bank
account. You also can authorize Pioneer to make the redemptions payable to
someone else. (SWPs are available for accounts with a value of $10,000 or
more.)
29
<PAGE>
HOW TO CONTACT PIONEER
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
Account Information, including existing accounts,
new accounts, propectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Telecommunications Device for the Deaf (TDD) 1-800-225-1997
Write to us:
Pioneering Services Corporation
60 State Street
Boston, Massachusetts 02109
Our toll-free fax 1-800-225-4240
Our internet e-mail address [email protected]
(for general questions about Pioneer only)
Visit our web site: www.pioneerfunds.com
This report must be preceded or accompanied by a current Fund prospectus.
[logo] PIONEER
Investments(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, Massachusetts 02109
www.pioneerfunds.com
9088-00-1100
(Copyright) Pioneer Funds Distributor, Inc.
[recycle symbol] Printed on Recycled Paper