-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FXz6oACtXBG96eJYsT58/Rs1zwXb0jz5TWsNpa1/pEP6jyJld5IMfLTkyJaI88b5 GW8ozbiyNgz6LhoQlNN9yg== 0000950135-08-002795.txt : 20080424 0000950135-08-002795.hdr.sgml : 20080424 20080424171333 ACCESSION NUMBER: 0000950135-08-002795 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080424 DATE AS OF CHANGE: 20080424 EFFECTIVENESS DATE: 20080424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: METLIFE OF CT VARIABLE LIFE INSURANCE SEPARATE ACCOUNT THREE CENTRAL INDEX KEY: 0000935856 IRS NUMBER: 060566090 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-88576 FILM NUMBER: 08775183 BUSINESS ADDRESS: STREET 1: ONE CITY PLACE STREET 2: 185 ASYLUM STREET CITY: HARTFORD STATE: CT ZIP: 06103 BUSINESS PHONE: 860-277-0111 MAIL ADDRESS: STREET 1: ONE CITY PLACE STREET 2: 185 ASYLUM STREET CITY: HARTFORD STATE: CT ZIP: 06103 FORMER COMPANY: FORMER CONFORMED NAME: TRAVELERS VARIABLE LIFE INSURANCE SEPARATE ACCOUNT THREE DATE OF NAME CHANGE: 19950120 0000935856 S000004242 MetLife of CT Variable Life Separate Account Three C000011944 VintageLife Single Premium Variable Life 497 1 b69792a8e497.txt METLIFE OF CT VARIABLE LIFE SEPARATE ACCOUNT THREE VINTAGELIFE Modified Single Premium Individual Variable Life Insurance Policies APRIL 28, 2008 PROSPECTUS SUPPLEMENT ISSUED TO INDIVIDUALS BY: METLIFE INSURANCE COMPANY OF CONNECTICUT -- METLIFE OF CT SEPARATE ACCOUNT THREE OR METLIFE INSURANCE COMPANY OF CONNECTICUT -- METLIFE OF CT SEPARATE ACCOUNT ONE This prospectus supplement updates certain information contained in your last prospectus dated May 2, 2005 and subsequent supplements for VintageLife, a modified single premium individual life insurance policy originally issued by MetLife Insurance Company of Connecticut or MetLife Life and Annuity Company of Connecticut. MetLife Insurance Company of Connecticut is referred to in this prospectus supplement as the Company. Please keep this prospectus supplement for future reference. The Company no longer offers the Policies to new purchasers, but continues to accept addition premium payments. Although the Policy can operate as a single premium policy, additional premium payments may be made under certain circumstances provided there are no outstanding policy loans. You can build Cash Value by investing in a variety of INVESTMENT OPTIONS, which, in turn, invest in professionally managed Mutual Funds (THE "FUNDS," LISTED BELOW). A fixed rate option (THE "FIXED ACCOUNT") is also available. Except for amounts in the Fixed Account, the value of your Policy will vary based on the performance of the Funds you select. The following Investment Options are available (please see "The Funds" for additional Investment Options that may be available depending on when you purchased your Policy): LEGG MASON PARTNERS VARIABLE EQUITY TRUST METROPOLITAN SERIES FUND, INC. Legg Mason Partners Variable Fundamental BlackRock Aggressive Growth Value Portfolio -- Class I Portfolio -- Class D Legg Mason Partners Variable International BlackRock Bond Income Portfolio -- Class E All Cap Opportunity Portfolio Capital Guardian U.S. Equity Legg Mason Partners Variable Lifestyle Portfolio -- Class A Allocation 50% FI Large Cap Portfolio -- Class A Legg Mason Partners Variable Lifestyle MetLife Aggressive Allocation Allocation 70% Portfolio -- Class B Legg Mason Partners Variable Lifestyle MetLife Conservative Allocation Allocation 85% Portfolio -- Class B LEGG MASON PARTNERS VARIABLE INCOME TRUST MetLife Conservative to Moderate Legg Mason Partners Variable High Income Allocation Portfolio -- Class B Portfolio MetLife Moderate Allocation Legg Mason Partners Variable Money Market Portfolio -- Class B Portfolio MetLife Moderate to Aggressive Allocation MET INVESTORS SERIES TRUST -- CLASS A Portfolio -- Class B Met/AIM Capital Appreciation Portfolio MFS(R) Total Return Portfolio -- Class F Met/AIM Small Cap Growth Portfolio MFS(R) Value Portfolio -- Class A PIMCO Inflation Protected Bond Portfolio VANGUARD(R) VARIABLE INSURANCE FUND Pioneer Strategic Income Portfolio Mid-Cap Index Portfolio Total Stock Market Index Portfolio
- ------- Certain Funds may have been subject to a merger, substitution or other change. Please see "Additional Information Regarding the Funds" for more information. THE FUNDS
FUNDING INVESTMENT INVESTMENT OPTION OBJECTIVE ADVISER/SUBADVISER - --------------------------------- --------------------------------- --------------------------------- LEGG MASON PARTNERS VARIABLE EQUITY TRUST Legg Mason Partners Variable Seeks long-term capital growth. Legg Mason Partners Fund Advisor, Fundamental Value Current income is a secondary LLC Portfolio -- Class I consideration. Subadviser: ClearBridge Advisors, LLC Legg Mason Partners Variable Seeks total return on assets from Legg Mason Partners Fund Advisor, International All Cap growth of capital and income. LLC Opportunity Portfolio Subadviser: Global Currents Investment Management, LLC Legg Mason Partners Variable Seeks long-term growth of Legg Mason Partners Fund Advisor, Investors Portfolio -- Class capital. Current income is a LLC I+ secondary objective. Subadviser: ClearBridge Advisors, LLC Legg Mason Partners Variable Seeks a balance of growth of Legg Mason Partners Fund Advisor, Lifestyle Allocation 50% capital and income. LLC Subadviser: Legg Mason Global Asset Allocation, LLC Legg Mason Partners Variable Seeks long-term growth of Legg Mason Partners Fund Advisor, Lifestyle Allocation 70% capital. LLC Subadviser: Legg Mason Global Asset Allocation, LLC Legg Mason Partners Variable Seeks capital appreciation. Legg Mason Partners Fund Advisor, Lifestyle Allocation 85% LLC Subadviser: Legg Mason Global Asset Allocation, LLC LEGG MASON PARTNERS VARIABLE INCOME TRUST Legg Mason Partners Variable Seeks high current income. Legg Mason Partners Fund Advisor, High Income Portfolio Secondarily, seeks capital LLC appreciation. Subadvisers: Western Asset Management Company; Western Asset Management Company Limited Legg Mason Partners Variable Seeks to maximize current income Legg Mason Partners Fund Advisor, Money Market Portfolio consistent with preservation of LLC capital. Subadviser: Western Asset Management Company
2
FUNDING INVESTMENT INVESTMENT OPTION OBJECTIVE ADVISER/SUBADVISER - --------------------------------- --------------------------------- --------------------------------- MET INVESTORS SERIES TRUST -- CLASS A Met/AIM Capital Appreciation Seeks capital appreciation. Met Investors Advisory, LLC Portfolio Subadviser: Invesco Aim Capital Management, Inc. Met/AIM Small Cap Growth Seeks long-term growth of Met Investors Advisory, LLC Portfolio capital. Subadviser: Invesco Aim Capital Management, Inc. PIMCO Inflation Protected Bond Seeks to provide maximum real Met Investors Advisory, LLC Portfolio return, consistent with Subadviser: Pacific Investment preservation of capital and Management Company LLC prudent investment management. Pioneer Strategic Income Seeks a high level of current Met Investors Advisory, LLC Portfolio income. Subadviser: Pioneer Investment Management, Inc. METROPOLITAN SERIES FUND, INC. BlackRock Aggressive Growth Seeks maximum capital MetLife Advisers, LLC Portfolio -- Class D appreciation. Subadviser: BlackRock Advisors, LLC BlackRock Bond Income Seeks a competitive total return MetLife Advisers, LLC Portfolio -- Class E primarily from investing in Subadviser: BlackRock Advisors, fixed-income securities. LLC Capital Guardian U.S. Equity Seeks long-term growth of MetLife Advisers, LLC Portfolio -- Class A capital. Subadviser: Capital Guardian Trust Company FI Large Cap Portfolio -- Class Seeks long-term growth of MetLife Advisers, LLC A capital. Subadviser: Pyramis Global Advisors, LLC MetLife Aggressive Allocation Seeks growth of capital. MetLife Advisers, LLC Portfolio -- Class B MetLife Conservative Allocation Seeks high level of current MetLife Advisers, LLC Portfolio -- Class B income, with growth of capital as a secondary objective. MetLife Conservative to Seeks high total return in the MetLife Advisers, LLC Moderate Allocation form of income and growth of Portfolio -- Class B capital, with a greater emphasis on income. MetLife Moderate Allocation Seeks a balance between a high MetLife Advisers, LLC Portfolio -- Class B level of current income and growth of capital, with a greater emphasis on growth of capital. MetLife Moderate to Aggressive Seeks growth of capital. MetLife Advisers, LLC Allocation Portfolio -- Class B MFS(R) Total Return Seeks a favorable total return MetLife Advisers, LLC Portfolio -- Class F through investment in a Subadviser: Massachusetts diversified portfolio. Financial Services Company MFS(R) Value Portfolio -- Class Seeks capital appreciation and MetLife Advisers, LLC A reasonable income. Subadviser: Massachusetts Financial Services Company
3
FUNDING INVESTMENT INVESTMENT OPTION OBJECTIVE ADVISER/SUBADVISER - --------------------------------- --------------------------------- --------------------------------- VANGUARD(R) VARIABLE INSURANCE FUND Mid-Cap Index Portfolio Seeks to track the performance of Vanguard Quantitative Equity a benchmark index that measures Group the investment return of mid-cap stocks. Total Stock Market Index Seeks to track the performance of Vanguard Quantitative Equity Portfolio a benchmark index that measures Group the investment return of the overall stock market.
+ Not available under all Policies. Availability depends on Policy issue date. ADDITIONAL INFORMATION REGARDING FUNDS Certain Funds were subject to a merger, substitution, or other change. The chart below identifies the former name and new name of each of these Funds, and, where applicable, the former and new name of the trust of which the Fund is a part. FUND MERGERS/REORGANIZATIONS The following former Fund was merged with and into the new Fund and reorganized into a new Trust. FORMER FUND - -------------------------------------------------------------------------------- MET INVESTORS SERIES TRUST MSF(R) Value Portfolio -- Class A NEW FUND - -------------------------------------------------------------------------------- METROPOLITAN SERIES FUND, INC. MFS(R) Value Portfolio -- Class A FUND CHARGES AND EXPENSES The next tables describe the Fund charges and expenses that you will indirectly pay periodically during the time that you own the Policy. The Investment Options purchase shares of the Funds at net asset value. The net asset value already reflects the deduction of each Fund's Total Operating Expenses. Therefore you are indirectly bearing the costs of Fund expenses. The first table below shows the minimum and maximum fees and expenses, as a percentage of average daily net assets, charged by any of the Funds as of December 31, 2007. The second table shows each Fund's fees and expenses, as a percentage of average daily net assets, as of December 31, 2007, unless otherwise noted. This information was provided by the Funds and we have not independently verified it. More detail concerning each Fund's fees and expenses is contained in the prospectus for each Fund. MINIMUM AND MAXIMUM TOTAL ANNUAL FUND OPERATING EXPENSES
MINIMUM MAXIMUM ------- ------- TOTAL ANNUAL FUND OPERATING EXPENSES (expenses that are deducted from Underlying Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses).................................................. 0.16% 1.12% ---- ----
4 FUND FEES AND EXPENSES (as a percentage of average daily net assets)
CONTRACTUAL DISTRIBUTION ACQUIRED TOTAL FEE NET TOTAL AND/OR FUND FEES ANNUAL WAIVER ANNUAL MANAGEMENT SERVICE(12B-1) OTHER AND OPERATING AND/OR EXPENSE OPERATING FUND FEE FEES EXPENSES EXPENSES* EXPENSES REIMBURSEMENT EXPENSES** - ---- ---------- -------------- -------- --------- --------- -------------- ---------- LEGG MASON PARTNERS VARIABLE EQUITY TRUST Legg Mason Partners Variable Fundamental Value Portfolio -- Class I....................... 0.75% -- 0.08% -- 0.83% -- 0.83%(1) Legg Mason Partners Variable International All Cap Opportunity Portfolio(++)........... 0.85% -- 0.26% -- 1.11% -- 1.11%(1) Legg Mason Partners Variable Investors Portfolio -- Class I(+) 0.62% -- 0.14% -- 0.76% -- 0.76%(1) Legg Mason Partners Variable Lifestyle Allocation 50%(++++).... -- -- 0.10% 0.68% 0.78% -- 0.78%(2) Legg Mason Partners Variable Lifestyle Allocation 70%(++++).... -- -- 0.15% 0.74% 0.89% -- 0.89%(2) Legg Mason Partners Variable Lifestyle Allocation 85%(++++).... -- -- 0.23% 0.82% 1.05% -- 1.05%(2) LEGG MASON PARTNERS VARIABLE INCOME TRUST Legg Mason Partners Variable High Income Portfolio(++)........... 0.60% -- 0.15% -- 0.75% -- 0.75%(1) Legg Mason Partners Variable Money Market Portfolio(++)........... 0.45% -- 0.08% -- 0.53% -- 0.53%(1) MET INVESTORS SERIES TRUST -- CLASS A Met/AIM Capital Appreciation Portfolio.. 0.76% -- 0.10% -- 0.86% -- 0.86% Met/AIM Small Cap Growth Portfolio............... 0.86% -- 0.06% -- 0.92% -- 0.92% PIMCO Inflation Protected Bond Portfolio.......... 0.50% -- 0.05% -- 0.55% -- 0.55% Pioneer Strategic Income Portfolio............... 0.60% -- 0.09% -- 0.69% -- 0.69%(3) METROPOLITAN SERIES FUND, INC. BlackRock Aggressive Growth Portfolio -- Class D.... 0.71% 0.10% 0.05% -- 0.86% -- 0.86% BlackRock Bond Income Portfolio-- Class E..... 0.38% 0.15% 0.06% -- 0.59% 0.01% 0.58%(4) Capital Guardian U.S. Equity Portfolio -- Class A.... 0.66% -- 0.05% -- 0.71% -- 0.71% FI Large Cap Portfolio -- Class A.... 0.77% -- 0.07% -- 0.84% -- 0.84% MetLife Aggressive Allocation Portfolio -- Class B.... 0.10% 0.25% 0.04% 0.73% 1.12% 0.04% 1.08%(5) MetLife Conservative Allocation Portfolio -- Class B.... 0.10% 0.25% 0.05% 0.59% 0.99% 0.05% 0.94%(5) MetLife Conservative to Moderate Allocation Portfolio -- Class B.... 0.10% 0.25% 0.01% 0.64% 1.00% 0.01% 0.99%(5) MetLife Moderate Allocation Portfolio -- Class B.... 0.08% 0.25% 0.01% 0.67% 1.01% -- 1.01%(5) MetLife Moderate to Aggressive Allocation Portfolio -- Class B.... 0.08% 0.25% 0.01% 0.70% 1.04% -- 1.04%(5) MFS(R) Total Return Portfolio -- Class F.... 0.53% 0.20% 0.05% -- 0.78% -- 0.78% MFS(R) Value Portfolio -- Class A.... 0.72% -- 0.05% -- 0.77% 0.07% 0.70%(6)
5
CONTRACTUAL DISTRIBUTION ACQUIRED TOTAL FEE NET TOTAL AND/OR FUND FEES ANNUAL WAIVER ANNUAL MANAGEMENT SERVICE(12B-1) OTHER AND OPERATING AND/OR EXPENSE OPERATING FUND FEE FEES EXPENSES EXPENSES* EXPENSES REIMBURSEMENT EXPENSES** - ---- ---------- -------------- -------- --------- --------- -------------- ---------- VANGUARD(R) VARIABLE INSURANCE FUND Mid-Cap Index Portfolio.... 0.20% -- 0.04% -- 0.24% -- 0.24% Total Stock Market Index Portfolio............... 0.12% -- 0.04% -- 0.16% -- 0.16%
- ------- * Acquired Fund Fees and Expenses are fees and expenses incurred indirectly by a portfolio as a result of investing in shares of one or more underlying portfolios. ** Net Total Annual Operating Expenses do not reflect: (1) voluntary waivers of fees or expenses; (2) contractual waivers that are in effect for less than one year from the date of this Prospectus; or (3) expense reductions resulting from custodial fee credits or directed brokerage arrangements. (+) Not available under all Policies. Availability depends on Policy issue date. (++) Fees and expenses of this Portfolio are based on the Portfolio's fiscal year ended October 31, 2007. (++++) Fees and expenses of this Portfolio are based on the Portfolio's fiscal year ended January 31, 2008. (1) 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) The Portfolio is a "fund of funds" that invests substantially all of its assets in other Legg Mason-affiliated portfolios. Because the Portfolio invests in other underlying portfolios, the Portfolio will bear its pro rata portion of the operating expenses of the underlying portfolios in which the Portfolio invests, including the management fee. 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. (3) The Management Fee has been restated to reflect an amended management fee agreement, as if the agreement had been in effect during the preceding fiscal year. (4) MetLife Advisers, LLC has contractually agreed, for the period April 28, 2008 through April 30, 2009, to reduce the Management Fee for each Class of the Portfolio to the annual rate of 0.325% for the amounts over $1 billion but less than $2 billion. (5) The Portfolio is a "fund of funds" that invests substantially all of its assets in other portfolios of the Metropolitan Series Fund, Inc. and the Met Investors Series Trust. Because the Portfolio invests in other underlying portfolios, the Portfolio will bear its pro rata portion of the operating expenses of the underlying portfolios in which it invests, including the management fee. MetLife Advisers, LLC has contractually agreed, for the period April 28, 2008 through April 30, 2009, to waive fees or pay all expenses (other than acquired fund fees and expenses, brokerage costs, taxes, interest and any extraordinary expenses) so as to limit the net operating expenses of the Portfolio (other than acquired fund fees and expenses, brokerage costs, taxes, interest and any extraordinary expenses) to 0.10% for the Class A shares, 0.35% for the Class B shares and 0.25% for the Class E shares. (6) MetLife Advisers, LLC has contractually agreed, for the period April 28, 2008 through April 30, 2009, 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. MORTALITY AND EXPENSE RISK CHARGE We are waiving an amount of the Mortality and Expense Risk Charge equal to the Fund expenses that are in excess of 0.65% for the Investment Option investing in the PIMCO Inflation Protected Bond Portfolio (Class A) of the Met Investors Series Trust. DESCRIPTION OF THE COMPANY, SEPARATE ACCOUNTS AND FUNDS The following paragraph replaces the second paragraph under THE SEPARATE ACCOUNTS AND THEIR INVESTMENT OPTIONS: Before December 7, 2007, certain of the Policies were issued by MetLife Life and Annuity Company of Connecticut ("MLAC"), a stock life insurance company chartered in 1973 in Connecticut. These Policies were funded through Fund UL II, a separate account registered with the SEC as a unit investment trust under the Investment Company Act of 1940, as amended. On December 7, 2007, MLAC, a wholly- owned subsidiary of the Company and an indirect, wholly-owned subsidiary of MetLife, Inc., merged with and into the Company. Upon consummation of the merger, MLAC's corporate existence ceased by operation of law, and the Company assumed legal ownership of all of the assets of MLAC, including Fund UL II and its assets. Pursuant to the merger, therefore, Fund UL II became a separate account of the Company. As a result of the merger, the Company also has become responsible for all of MLAC's liabilities and obligations, including those created under the Policy as initially issued by MLAC (formerly known as The Travelers Life and Annuity Company) and outstanding on the date of the merger. The Policy has thereby become a variable contract funded by a separate account of the Company, and each owner thereof has become a Policy Owner of the Company. 6 The following paragraph is added under THE SEPARATE ACCOUNTS AND THEIR INVESTMENT OPTIONS: We anticipate merging MetLife of CT Fund UL II for Variable Life Insurance with and into MetLife of CT Fund UL for Variable Life Insurance during the fourth quarter of 2008 at the earliest, subject to regulatory approval. This merger will have no effect on the provisions of, and the rights and obligations under, the Policy. Similarly, the merger will not have any adverse impact on your Cash Value or any tax consequences for you. PREMIUMS The following sentence is added under AMOUNT, FREQUENCY AND DURATION OF PREMIUM PAYMENTS: If you send your Premium Payments or transaction requests to an address other than the one we have designated for receipt of such Premium Payments or requests, we may return the Premium Payments to you, or there may be a delay in applying the Premium Payment or transaction to your Policy. DISTRIBUTION AND COMPENSATION The following sentence is added under DISTRIBUTION: The Financial Industry Regulatory Authority (FINRA) maintains a Public Disclosure Program for investors. A brochure that includes information describing the Program is available by calling FINRA's Public Disclosure Program hotline at 1-800-289-9999, or by visiting FINRA's website at www.finra.org. Book 40 April 28, 2007 7 -----END PRIVACY-ENHANCED MESSAGE-----