497 1 d123798d497.htm VINTAGE XTRA, XTRA (II), PORT ARCH XTRA SUPPLEMENT DATED MARCH 15, 2021 Vintage XTRA, XTRA (II), Port Arch XTRA Supplement Dated March 15, 2021

BRIGHTHOUSE LIFE INSURANCE COMPANY

Brighthouse Fund UL for Variable Life Insurance

Brighthouse Separate Account A

Brighthouse Separate Account Eleven for Variable Annuities

BRIGHTHOUSE LIFE INSURANCE COMPANY OF NY

Brighthouse Variable Annuity Account B

Supplement dated March 15, 2021

To the prospectuses for the variable contracts listed below

Brighthouse Life Insurance Company and Brighthouse Life Insurance Company of NY (collectively, the “Companies”) have filed an application with the Securities and Exchange Commission (“SEC”) requesting an order to allow the Companies to remove a variable investment option (“Existing Fund”) and substitute a new option (“Replacement Fund”) as shown below. The Replacement Fund is a comparable series of Brighthouse Funds Trust I (“BFT I”). Please retain this supplement and keep it with the prospectus.

To the extent required by law, approval of matters associated with the proposed substitution is being obtained from the state insurance regulators in certain jurisdictions.

The Companies believe that the proposed substitution is in the best interest of the contract holders. The Existing Fund and Replacement Fund have substantially similar investment objectives and similar principal investment strategies. The Companies will bear all expenses related to the substitution, and it will have no tax consequences for you. The Companies anticipate that, if such order is granted, the proposed substitution will occur on or about April 30, 2021 (the “Substitution Date”).

The proposed substitution and the Existing Fund’s and Replacement Fund’s advisers and sub-advisers for the below-listed variable contracts are:

 

Existing Fund and Current Adviser and

Current Sub-Adviser

 

 

Replacement Fund and Adviser

and Sub-Adviser

 

  ClearBridge Variable Aggressive Growth Portfolio

  (Class I and Class II)

 

  Adviser: Legg Mason Partners Fund Advisor, LLC

  Sub-Adviser: ClearBridge Investments, LLC

 

 

Loomis Sayles Growth Portfolio
(Class A and Class B)

 

Adviser: Brighthouse Investment Advisers, LLC

Sub-Adviser: Loomis, Sayles & Company, L.P.

 

In connection with the proposed substitution, Class A and Class B shares of the Replacement Fund will be substituted for Class I and Class II shares, respectively, of the Existing Fund.

 

SUPP-PRIMEOP-0321


BFT I and Brighthouse Investment Advisers have received an exemptive order from the SEC that generally permits Brighthouse Investment Advisers, subject to certain conditions including the approval of the Board of Trustees of BFT I, to hire a new unaffiliated sub-adviser, to change an unaffiliated sub-adviser, or to continue to employ an unaffiliated sub-adviser on the same terms where the prior contract with the sub-adviser was terminated because of an assignment by a change of control, all without the approval of the Replacement Fund’s shareholders.

Please note that:

   

No action is required on your part at this time. You will not need to file a new election or take any immediate action if the SEC approves the substitution.

   

The elections you have on file for allocating your variable annuity account value, purchase payments and deductions, or your variable life insurance cash value, premium payments and deductions will be redirected to the Replacement Fund unless you change your elections and transfer your funds before the substitution takes place.

   

You may transfer amounts in your contract among the variable investment options and the fixed account as usual. The substitution itself will not be treated as a transfer for purposes of the transfer provisions of your contract. With the exception of the Companies’ restrictions on transfers to prevent or limit market timing or short-term trading by contract owners or financial representatives of contract owners, there will be no restrictions on transfers between subaccounts, including limitations on the future number of transfers, from the date of this Notice through the date that is thirty (30) days after the Substitution Date.

   

If you make one transfer from the Existing Fund into one or more other subaccounts before the Substitution Date, or from the Replacement Fund into one or more other subaccounts after the Substitution Date, any transfer charge that might otherwise be imposed will be waived from the date of this Notice through the date that is thirty (30) days after the Substitution Date. In addition, if you make one transfer from the Existing Fund into one or more other subaccounts before the Substitution Date or from the Replacement Fund within thirty (30) days after the Substitution Date, the transfer will not be treated as one of a limited number of transfers (or exchanges) permitted under your contract.

   

On the Substitution Date, any remaining variable annuity account value or variable life insurance cash value remaining in the Existing Fund will be transferred to the Replacement Fund. The substitution will take place at relative net asset value, which means your variable annuity account value or variable life insurance cash value in the variable investment option will be the same as before the substitution. However, the number of units you receive in the Replacement Fund will be different from the number of units in the Existing Fund, due to the difference in unit values.

   

There will be no tax consequences to you.

In connection with the substitution, we will send you a prospectus for the Replacement Fund as well as notice of the actual date of the substitution and confirmation of transfer.

Please contact your financial representative if you have any questions.


BRIGHTHOUSE LIFE INSURANCE COMPANY

 

Brighthouse Variable Life

  Portfolio Architect Annuity

Brighthouse Variable Life Accumulator

  Portfolio Architect II Annuity

Brighthouse Variable Life Accumulator Series 2

  Portfolio Architect L Variable Annuity

Brighthouse Variable Life Accumulator Series III

  Portfolio Architect Plus Annuity

Brighthouse Variable Survivorship Life II

  Portfolio Architect Select Annuity

Brighthouse Prime Options

  Portfolio Architect XTRA Annuity

Pioneer PRISM

  Premier Advisers III (Series II) Annuity

Pioneer PRISM L

  Premier Advisers III Annuity

Pioneer PRISM XC

  Premier Advisers L Annuity

Marquis PortfoliosSM

  Premier Advisers L (Series II) Annuity

PrimElite IIISM

  PrimElite IISM Annuity

PrimElite IVSM

  PrimEliteSM Annuity

Vintage LSM

  Vintage 3SM Annuity

Vintage XCSM

  Vintage AccessSM Annuity

Pioneer AnnuiStarSM Flex Annuity

  Vintage II (Series II) SM Variable Annuity

Pioneer AnnuiStarSM Value Annuity

  Vintage IISM Annuity

Pioneer AnnuiStarSM Variable Annuity

  Vintage XTRA (Series II)SM Variable Annuity

Pioneer AnnuiStarSM Plus Annuity

  Vintage XTRASM Annuity

Brighthouse Access Annuity

  VintageSM Annuity

Brighthouse Access Select Annuity

  Vintage LSM Variable Annuity

Portfolio Architect 3 Variable Annuity

   

Portfolio Architect Access Annuity

   

BRIGHTHOUSE LIFE INSURANCE COMPANY OF NY

 

Pioneer PRISM XC

  PrimElite IVSM

Brighthouse Prime Options

  Vintage LSM

Marquis PortfoliosSM

  Vintage XCSM

PrimElite IIISM

   

THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE