Company Press Release

BOSTON--(BUSINESS WIRE)--Pioneer Investments today announced that a new portfolio management team will manage Pioneer Cullen Value Fund (CVFCX). At a Board meeting held on May 20, 2012, the Boards of Trustees of Pioneer Cullen Value Fund and Pioneer Cullen Value VCT Portfolio approved a proposal by Pioneer Investment Management, Inc. to assume direct responsibility for the day-to-day management of each fund’s portfolio, effective August 1, 2012. Currently, Pioneer, each fund’s investment adviser, oversees the fund’s operations and supervises Cullen Capital Management LLC as investment subadviser to the funds. Cullen will continue to serve as each fund’s subadviser through July 31, 2012.

Edward T. Shadek, Jr., senior vice president of Pioneer, and John Peckham, senior vice president of Pioneer and co-head of equity research – U.S., will assume the day-to-day management of each fund’s portfolio, effective August 1, 2012. They will be supported by Pioneer’s 12-person team of fundamental research analysts based in Boston and the company’s global team of fundamental research analysts. There will be no change to each fund’s investment objectives and principal strategies.

Pioneer has strong capabilities managing large- and mid-cap value equity strategies, following a disciplined, fundamental research-driven process. Pioneer has further strengthened its capabilities in this area and has the resources and expertise necessary to manage these funds going forward.

Mr. Shadek, senior vice president, joined Pioneer in January 2012. He has 24 years of industry experience, nearly all as a value investor, and is a portfolio manager of Pioneer Value Fund. Prior to joining Pioneer, he was co-founder and portfolio manager at Shaylor Capital, a value investing specialist. Prior to Shaylor, he spent 12 years at Putnam Investments where, as Deputy Head of Investments, he was a member of the senior management team and a portfolio manager of several value strategies for both retail and institutional investors. He has a B.A. from Pomona College and an M.B.A. from Harvard Business School.

Mr. Peckham, senior vice president of Pioneer and co-head of equity research – U.S., joined Pioneer in 2002. He has 10 years of investment experience and is a Portfolio Manager of Pioneer Disciplined Value Fund and Pioneer Value Fund. Previously, he was Head of Global Fundamental Research, and was Pioneer’s U.S. utility sector analyst from 2002 – 2010. Prior to joining Pioneer Investments, Mr. Peckham was a Senior Manager with Deloitte Consulting’s energy industry practice. Prior to joining Deloitte Consulting, he served in the U.S. Navy as a carrier-based Naval Flight Officer. John holds a B.A. in Economics from Bates College and a M.B.A. in Finance from Vanderbilt University. He is a CFA charter holder

In conjunction with this transition, the funds will be renamed Pioneer Fundamental Value Fund and Pioneer Fundamental Value VCT Portfolio, effective June 30, 2012. There will be no changes at this time to NASDAQ symbols or CUSIP numbers.

For more information on the funds, investors should contact their investment advisor or visit us.pioneerinvestments.com for a copy of the prospectus.

About Pioneer Investments

Pioneer Investments is the trade name for Pioneer Global Asset Management S.p.A. and its subsidiaries, a global investment firm with offices in 27 countries, 2,000 employees, and approximately $204 billion in assets under management as of April 30, 2012, of which approximately $64 billion was managed in the U.S. Founded in 1928, its flagship mutual fund, Pioneer Fund, is the third-oldest mutual fund in the U.S. Pioneer Investment Management, Inc. is the investment advisory subsidiary of Pioneer Investment Management USA Inc. Pioneer Investment Management USA Inc. is the North American operating subsidiary of Pioneer Global Asset Management S.p.A., a wholly-owned subsidiary of UniCredit S.p.A.

A Word About Risk

Investments in mid-sized companies may offer the potential for higher returns, but are also subject to greater short-term price fluctuations than larger, more established companies.
The fund invests in a limited number of securities and, as a result, the fund’s performance may be more volatile than the performance of other funds holding more securities.


Investing in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political conditions.
At times, the fund may focus its investments in a limited number of related industries and sectors, making it more susceptible to adverse economic, political, or regulatory developments affecting those industries and sectors than a portfolio that invests more broadly and as a result may experience greater market fluctuation. These risks may increase share price volatility.

Please consider a fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about a fund and should be read carefully before you invest or send money. To obtain a prospectus or summary prospectus and for other information on any Pioneer fund, contact your adviser, call 800-225-6292 or visit our website at us.pioneerinvestments.com.

Securities offered through Pioneer Funds Distributor, Inc., 60 State Street, Boston, MA. 02109. Underwriter of Pioneer mutual funds, Member SIPC © 2012 Pioneer Investments