Pioneer PRISM XC Variable Annuity - Pioneer Investments

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Investment Portfolio Expenses (as a percentage of the average daily net assets of an investment portfolio) The following table is a summary. For more complete information on investment portfolio fees and expenses, please refer to the prospectus for each investment portfolio. Management Fees 12b-1/Service Fees Other Expenses Acquired Fund Fees and Expenses* Total Annual Portfolio Expenses Contractual Expense Subsidy or Deferral Net Total Annual Portfolio Expenses Legg Mason Partners Variable Equity Trust Legg Mason Partners Variable Aggressive 0.75% 0.25% 0.06% 0.00% 1.06% 0.00% 1.06%(1) Growth Portfolio Legg Mason Partners Variable Capital and 0.75% 0.25% 0.15% 0.00% 1.15% 0.00% 1.15%(1) Income Portfolio Met Investors Series Trust Dreman Small Cap Value Portfolio 0.79% 0.25% 0.12% 0.00% 1.16% 0.00% 1.16% Lazard Mid Cap Portfolio 0.69% 0.25% 0.05% 0.00% 0.99% 0.00% 0.99%(2) MFS ® Research International Portfolio 0.70% 0.25% 0.06% 0.00% 1.01% 0.00% 1.01% Oppenheimer Capital Appreciation Portfolio 0.59% 0.25% 0.04% 0.00% 0.88% 0.00% 0.88% PIMCO Inflation Protected Bond Portfolio 0.49% 0.25% 0.04% 0.00% 0.78% 0.00% 0.78% Pioneer Strategic Income Portfolio 0.60% 0.15% 0.09% 0.00% 0.84% 0.00% 0.84% Van Kampen Mid Cap Growth Portfolio 0.70% 0.25% 0.19% 0.00% 1.14% 0.00% 1.14%(3) Metropolitan Series Fund, Inc. BlackRock Legacy Large Cap Growth 0.73% 0.15% 0.05% 0.00% 0.93% 0.01% 0.92%(4) Portfolio BlackRock Money Market Portfolio 0.32% 0.00% 0.02% 0.00% 0.34% 0.01% 0.33%(5) Loomis Sayles Small Cap Core Portfolio 0.90% 0.25% 0.06% 0.00% 1.21% 0.05% 1.16%(6) MFS ® Total Return Portfolio 0.53% 0.25% 0.05% 0.00% 0.83% 0.00% 0.83% MFS ® Value Portfolio 0.72% 0.25% 0.08% 0.00% 1.05% 0.07% 0.98%(7) Neuberger Berman Mid Cap Value Portfolio 0.65% 0.25% 0.04% 0.00% 0.94% 0.00% 0.94% Oppenheimer Global Equity Portfolio 0.52% 0.25% 0.09% 0.00% 0.86% 0.00% 0.86% Pioneer Variable Contracts Trust Pioneer Bond VCT Portfolio 0.50% 0.25% 0.27% 0.00% 1.02% 0.15% 0.87%(8) Pioneer Cullen Value VCT Portfolio 0.70% 0.25% 0.60% 0.00% 1.55% 0.55% 1.00%(9) Pioneer Emerging Markets VCT Portfolio 1.15% 0.25% 0.36% 0.00% 1.76% 0.00% 1.76% Pioneer Equity Income VCT Portfolio 0.65% 0.25% 0.10% 0.00% 1.00% 0.00% 1.00% Pioneer Fund VCT Portfolio 0.65% 0.25% 0.09% 0.00% 0.99% 0.00% 0.99% Pioneer High Yield VCT Portfolio 0.65% 0.25% 0.18% 0.00% 1.08% 0.00% 1.08% Pioneer Mid Cap Value VCT Portfolio 0.65% 0.25% 0.12% 0.00% 1.02% 0.00% 1.02% Pioneer Real Estate Shares VCT Portfolio 0.80% 0.25% 0.25% 0.00% 1.30% 0.00% 1.30% 12
Pioneer Variable Contracts Trust – Pioneer Ibbotson Allocation Portfolios Pioneer Ibbotson Growth Allocation VCT Portfolio Pioneer Ibbotson Moderate Allocation VCT Portfolio Management Fees 12b-1/Service Fees Other Expenses Acquired Fund Fees and Expenses* Total Annual Portfolio Expenses Contractual Expense Subsidy or Deferral Net Total Annual Portfolio Expenses 0.17% 0.25% 0.11% 0.82% 1.35% 0.15% 1.20%(10) 0.17% 0.25% 0.13% 0.79% 1.34% 0.16% 1.18%(11) The Net Total Annual Portfolio Expenses have been restated to reflect contractual arrangements in effect as of May 1, 2009, under which investment advisers or managers of investment portfolios have agreed to waive and/or pay expenses of the portfolios. Each of these arrangements is in effect until at least April 30, 2010 (excluding optional extensions). Net Total Annual Portfolio Expenses have not been restated to reflect expense reductions that certain investment portfolios achieved as a result of directed brokerage arrangements. The investment portfolios provided the information on their expenses, and we have not independently verified the information. Unless otherwise indicated the information provided is for the year ended December 31, 2008. * Acquired Fund Fees and Expenses are fees and expenses incurred indirectly by a portfolio as a result of investing shares of one or more underlying portfolios. (1) Fees and expenses of this Portfolio are based on the Portfolio’s fiscal year ended October 31, 2008. Other expenses have been revised to reflect the estimated effect of additional prospectus and shareholder report printing and mailing expenses expected to be incurred by the fund going forward. (2) Other Expenses include 0.02% of deferred expense reimbursement from a prior period. (3) Other Expenses include 0.08% of deferred expense reimbursement from a prior period. (4) MetLife Advisers, LLC has contractually agreed, for the period May 1, 2009 through April 30, 2010, to reduce the Management Fee for each Class of the Portfolio to the annual rate of 0.73% for the first $300 million of the Portfolio’s average daily net assets and 0.705% for the next $700 million. (5) MetLife Advisers, LLC has contractually agreed, for the period May 1, 2009 through April 30, 2010, to reduce the Management Fee for each Class of the Portfolio to the annual rate of 0.345% for the first $500 million of the Portfolio’s average daily net assets and 0.335% for the next $500 million. Other Expenses include Treasury Guarantee Program expenses of 0.012% incurred for the period September 19, 2008 through December 31, 2008. (6) MetLife Advisers, LLC has contractually agreed, for the period May 1, 2009 through April 30, 2010, to reduce the Management Fee for each Class of the Portfolio to the annual rate of 0.85% for the first $500 million of the Portfolio’s average daily net assets and 0.80% for amounts over $500 million. (7) MetLife Advisers, LLC has contractually agreed, for the period May 1, 2009 through April 30, 2010, to reduce the management fee for each Class of the Portfolio to the annual rate of 0.65% for the first $1.25 billion of the Portfolio’s average daily net assets, 0.60% for the next $250 million, and 0.50% for amounts over $1.5 billion. (8) Under a contractual expense limitation in effect through May 1, 2010, Pioneer has agreed not to impose all or a portion of its management fee and, if necessary, to limit other ordinary operating expenses to the extent required to reduce Class I expenses to 0.62% of the average daily net assets attributable to Class I shares. Class II shares expenses will be reduced only to the extent Portfolio-wide expenses are reduced for Class I shares. Any differences in the fee waiver and expense limitation among classes result from rounding in the daily calculation of a class’ net assets and expense limit, which may exceed 0.01% annually. (9) Under a contractual expense limitation in effect through May 1, 2010, Pioneer has agreed not to impose all or a portion of its management fee and, if necessary, to limit other ordinary operating expenses to the extent required to reduce Class II expenses to 1.00% of the average daily net assets attributable to Class II shares. (10) The Portfolio is a “fund of funds” that invests in underlying portfolios that are managed by Pioneer and in underlying funds that are not managed by Pioneer. As an investor in the underlying portfolios, the Portfolio will bear its pro rata portion of the operating expenses of the underlying portfolios, including the management fee. Under a contractual expense limitation in effect through May 1, 2010, Pioneer has contractually agreed not to impose all or a portion of its management fee and, if necessary, to limit other direct ordinary operating expenses to the extent required to reduce Class II expenses, other than acquired fund fees and expenses to 0.38% of the average daily net assets. (11) The Portfolio is a “fund of funds” that invests in underlying portfolios that are managed by Pioneer and in underlying funds that are not managed by Pioneer. As an investor in the underlying portfolios, the Portfolio will bear its pro rata portion of the operating expenses of the underlying portfolios, including the management fee. Under a contractual expense limitation in effect through May 1, 2010, Pioneer has contractually agreed not to impose all or a portion of its management fee and, if necessary, to limit other direct ordinary operating expenses to the extent required to reduce Class II expenses, other than acquired fund fees and expenses to 0.39% of the average daily net assets. 13
Page 1 and 2: PIONEER RETIREMENT INCOME STRATEGIE
Page 3 and 4: 61 The Variable Annuity Contract is
Page 5 and 6: TABLE OF CONTENTS Page Page INDEX O
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Page 9 and 10: IRA contract. Subject to state appr
Page 11 and 12: The next table describes the fees a
Page 13: The next table shows the minimum an
Page 17 and 18: The Examples should not be consider
Page 19 and 20: Our market timing policies and proc
Page 21 and 22: Pioneer Bond VCT Portfolio Platform
Page 23 and 24: On Monday we receive an additional
Page 25 and 26: decline in the account value of you
Page 27 and 28: opportunities and forced liquidatio
Page 29 and 30: $12,000 allocation to a 6-month pro
Page 31 and 32: well as expenses associated with ma
Page 33 and 34: 90 days if there is no more than a
Page 35 and 36: If you do not choose an annuity opt
Page 37 and 38: Under most circumstances, withdrawa
Page 39 and 40: eceive from the contract over time
Page 41 and 42: contract year, we will continue pay
Page 43 and 44: in the Automated Required Minimum D
Page 45 and 46: Revenue Code and regulations thereu
Page 47 and 48: higher Benefit Base, which would in
Page 49 and 50: Summary of Guaranteed Withdrawal Be
Page 51 and 52: If you have a joint owner, the deat
Page 53 and 54: under the federal Defense of Marria
Page 55 and 56: entire amount of all future payment
Page 57 and 58: whether your variable income annuit
Page 59 and 60: an owner of such a contract present
Page 61 and 62: at our Annuity Service Center (or a
Page 63 and 64: APPENDIX A Participating Investment
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Pioneer Emerging Markets VCT Portfo
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APPENDIX B EDCA Examples with Multi
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APPENDIX C Guaranteed Withdrawal Be
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Delay taking withdrawals and receiv
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Payment of $10,000, the Annual Bene
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$120,000 $100,000 $80,000 $60,000 A
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APPENDIX D Death Benefit Examples T
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D-3
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If you would like the Statement of
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Arithmetic Average Illustration Ass
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NOT PART OF THE PROSPECTUS L0309027
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Our Privacy Notice We know that you
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BUSINESS CONTINUITY PLAN DISCLOSURE
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First MetLife Investors Insurance C
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