Press Release - Pioneer Investments

PRESS RELEASEFOR IMMEDIATE RELEASEMay 21, 2012Pioneer Investments Announces New Portfolio Management Team forPioneer Cullen Value FundBoston, Massachusetts – Pioneer Investments today announced that a new portfolio managementteam 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 Portfolioapproved a proposal by Pioneer Investment Management, Inc. to assume direct responsibility for theday-to-day management of each fund’s portfolio, effective August 1, 2012. Currently, Pioneer, eachfund’s investment adviser, oversees the fund’s operations and supervises Cullen Capital ManagementLLC as investment subadviser to the funds. Cullen will continue to serve as each fund’s subadviserthrough July 31, 2012.Edward T. Shadek, Jr., senior vice president of Pioneer, and John Peckham, senior vice president ofPioneer and co-head of equity research – U.S., will assume the day-to-day management of each fund’sportfolio, effective August 1, 2012. They will be supported by Pioneer’s 12-person team offundamental research analysts based in Boston and the company’s global team of fundamentalresearch analysts. There will be no change to each fund’s investment objectives and principalstrategies.Pioneer has strong capabilities managing large- and mid-cap value equity strategies, following adisciplined, fundamental research-driven process. Pioneer has further strengthened its capabilities inthis 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 industryexperience, nearly all as a value investor, and is a portfolio manager of Pioneer Value Fund. Prior tojoining Pioneer, he was co-founder and portfolio manager at Shaylor Capital, a value investingspecialist. Prior to Shaylor, he spent 12 years at Putnam Investments where, as Deputy Head ofInvestments, he was a member of the senior management team and a portfolio manager of severalvalue strategies for both retail and institutional investors. He has a B.A. from Pomona College and anM.B.A. from Harvard Business School.Mr. Peckham, senior vice president of Pioneer and co-head of equity research – U.S., joined Pioneerin 2002. He has 10 years of investment experience and is a Portfolio Manager of Pioneer DisciplinedValue Fund and Pioneer Value Fund. Previously, he was Head of Global Fundamental Research, andwas 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 joiningDeloitte Consulting, he served in the U.S. Navy as a carrier-based Naval Flight Officer. John holds aB.A. in Economics from Bates College and a M.B.A. in Finance from Vanderbilt University. He is aCFA charter holderIn conjunction with this transition, the funds will be renamed Pioneer Fundamental Value Fund andPioneer Fundamental Value VCT Portfolio, effective June 30, 2012. There will be no changes at thistime to NASDAQ symbols or CUSIP numbers.For more information on the funds, investors should contact their investment advisor or visitus.pioneerinvestments.com for a copy of the prospectus.For further information contactGeoff Smith Tel: 617 422-4727 geoff.smith@pioneerinvestments.com

PRESS RELEASEAbout Pioneer InvestmentsPioneer Investments is the trade name for Pioneer Global Asset Management S.p.A. and itssubsidiaries, a global investment firm with offices in 27 countries, 2,000 employees, andapproximately $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 thethird-oldest mutual fund in the U.S. Pioneer Investment Management, Inc. is the investment advisorysubsidiary 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 whollyownedsubsidiary of UniCredit S.p.A.A Word About RiskInvestments in mid-sized companies may offer the potential for higher returns, but are also subject togreater 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 bemore 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 thoseindustries and sectors than a portfolio that invests more broadly and as a result may experience greatermarket fluctuation. These risks may increase share price volatility.Please consider a fund’s investment objectives, risks, charges and expensescarefully before investing. The prospectus contains this and other informationabout a fund and should be read carefully before you invest or send money. Toobtain a contract prospectus (VCT), or a prospectus or summary prospectus(Fund) and for other information on any Pioneer fund, contact your adviser, call800-225-6292 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 InvestmentsMember of the UniCredit Banking Group, Register of Banking Groups# # #Not FDIC InsuredMay lose valueNo bank guaranteeFor further information contactGeoff Smith Tel: 617 422-4727 geoff.smith@pioneerinvestments.com