Pioneer Investments has put a new portfolio management team in place to manage the Pioneer Cullen Value Fund (CVFCX), effective August 1.

Also, the funds will be renamed Pioneer Fundamental Value Fund and Pioneer Fundamental Value VCT Portfolio, effective June 30.

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. 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 strategies.

Cullen Capital Management LLC will continue to serve as each fund's subadviser through July 31.

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