0001193125-11-153276.txt : 20110527 0001193125-11-153276.hdr.sgml : 20110527 20110527151705 ACCESSION NUMBER: 0001193125-11-153276 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20110527 DATE AS OF CHANGE: 20110527 EFFECTIVENESS DATE: 20110527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PARAGON SEPARATE ACCOUNT B CENTRAL INDEX KEY: 0000897956 IRS NUMBER: 135581829 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-133671 FILM NUMBER: 11878015 BUSINESS ADDRESS: STREET 1: METROPOLITAN LIFE INSURANCE COMPANY STREET 2: 190 CARONDELET PLAZA CITY: ST LOUIS STATE: MO ZIP: 63105 BUSINESS PHONE: 314-862-2211 MAIL ADDRESS: STREET 1: METROPOLITAN LIFE INSURANCE COMPANY STREET 2: 190 CARONDELET PLAZA CITY: ST LOUIS STATE: MO ZIP: 63105 FORMER COMPANY: FORMER CONFORMED NAME: SEPARATE ACCOUNT B OF PARAGON LIFE DATE OF NAME CHANGE: 20060113 FORMER COMPANY: FORMER CONFORMED NAME: SEPARATE ACCOUNT B OF PARAGON LIFE INSURANCE CO DATE OF NAME CHANGE: 19930714 0000897956 S000006936 Paragon Separate Account B C000034609 Met Flex GVUL C and Multi Manager C 497 1 d497.txt SEPARATE ACCOUNT B PARAGON LIFE GROUP VARIABLE UNIVERSAL LIFE INSURANCE POLICIES AND CERTIFICATES (MET FLEX GVUL C) ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY SUPPLEMENT DATED MAY 1, 2011 TO PROSPECTUS DATED MAY 1, 2011 This document is a supplement to the prospectus dated May 1, 2011 (the "prospectus") for the Group Variable Universal Life Insurance Policies and Certificates issued by Metropolitan Life Insurance Company ("We"). This supplement is not a complete prospectus, and must be accompanied by the prospectus. The prospectus describes the insurance features and other aspects of the Group Policy and the Certificates. In this supplement, we describe all of the Funds that are available for the Group Policies and the Certificates. THE FUNDS AMERICAN FUNDS INSURANCE SERIES(R)--CLASS 1 Freedom 2050 Portfolio American Funds Asset Allocation Fund Growth & Income Portfolio American Funds Bond Fund Growth Opportunities Portfolio American Funds Cash Management Fund Growth Portfolio American Funds Global Growth Fund High Income Portfolio American Funds Global Small Capitalization Fund Index 500 Portfolio American Funds Growth Fund Investment Grade Bond Portfolio American Funds Growth-Income Fund Mid Cap Portfolio American Funds High-Income Bond Fund Money Market Portfolio American Funds International Fund Overseas Portfolio American Funds New World Fund(R) MET INVESTORS SERIES TRUST--CLASS A American Funds U.S. Government/AAA-Rated Securities Fund BlackRock Large Cap Core Portfolio DWS VARIABLE SERIES I--CLASS A Janus Forty Portfolio DWS Bond VIP Lord Abbett Bond Debenture Portfolio DWS Capital Growth VIP Met/Templeton Growth Portfolio DWS Global Small Cap Growth VIP MFS(R) Emerging Markets Equity Portfolio (formerly DWS Global Opportunities VIP) METROPOLITAN SERIES FUND, INC.--CLASS A DWS Growth & Income VIP Barclays Capital Aggregate Bond Index Portfolio DWS International VIP BlackRock Large Cap Value Portfolio DWS VARIABLE SERIES II--CLASS A BlackRock Legacy Large Cap Growth Portfolio DWS Balanced VIP BlackRock Money Market Portfolio DWS Money Market VIP MetLife Mid Cap Stock Index Portfolio DWS Small Mid Cap Growth VIP MetLife Stock Index Portfolio (formerly DWS Small Cap Growth VIP) MFS(R) Total Return Portfolio FIDELITY(R) VARIABLE INSURANCE PRODUCTS--INITIAL CLASS MFS(R) Value Portfolio Asset Manager: Growth(R) Portfolio Morgan Stanley EAFE(R) Index Portfolio Asset Manager/SM/ Portfolio Russell 2000(R) Index Portfolio Balanced Portfolio MFS(R) VARIABLE INSURANCE TRUST--INITIAL CLASS Contrafund(R) Portfolio MFS(R) Core Equity Series Equity-Income Portfolio MFS(R) Global Equity Series Freedom 2010 Portfolio MFS(R) Growth Series Freedom 2020 Portfolio MFS(R) High Income Series Freedom 2030 Portfolio MFS(R) Investors Growth Stock Series Freedom 2040 Portfolio MFS(R) Investors Trust Series
MFS(R) Mid Cap Growth Series Putnam VT Income Fund MFS(R) New Discovery Series Putnam VT International Equity Fund MFS(R) Research Bond Series Putnam VT International Growth Fund MFS(R) Research Series Putnam VT International Value Fund MFS(R) Strategic Income Series Putnam VT Investors Fund MFS(R) Total Return Series Putnam VT Money Market Fund MFS(R) Utilities Series Putnam VT Multi-Cap Growth Fund MFS(R) Value Series (formerly Putnam VT New Opportunities Fund) PUTNAM VARIABLE TRUST--CLASS IA Putnam VT Voyager Fund Putnam VT Diversified Income Fund T. ROWE PRICE EQUITY SERIES, INC. Putnam VT Equity Income Fund Equity Income Portfolio Putnam VT Global Asset Allocation Fund New America Growth Portfolio Putnam VT Global Equity Fund Personal Strategy Balanced Portfolio Putnam VT Global Utilities Fund T. ROWE PRICE FIXED INCOME SERIES, INC. Putnam VT Growth and Income Fund Limited-Term Bond Portfolio Putnam VT High Yield Fund
FUND CHARGES AND EXPENSES The following tables describes the fees and expenses that the Fund will pay and that therefore you will indirectly pay periodically during the time you own your Certificate. The first table shows the minimum and maximum total operating expenses charged by the Funds for the fiscal year ended December 31, 2010. More detail concerning each Fund's fees and expenses is contained in the prospectus for each Fund. Certain Funds may impose a redemption fee in the future. The second table shows the annual operating expenses (in some cases before and after contractual fee waivers or expense reimbursements) charged by each Fund for the fiscal year ended December 31, 2010, as a percentage of the Fund's average daily net assets for the year. MINIMUM AND MAXIMUM TOTAL ANNUAL FUND OPERATING EXPENSES
MINIMUM MAXIMUM -------------------------------------------------------------------------------------------------------- TOTAL ANNUAL FUND OPERATING EXPENSES -------------------------------------------------------------------------------------------------------- (expenses that are deducted from Fund assets, including management fees, distribution 0.10% 1.38% and/or service (12b-1) fees, and other expenses) --------------------------------------------------------------------------------------------------------
FUND FEES AND EXPENSES (as a percentage of average daily net assets)
------------------------------------------------------------------------------------------------------------- DISTRIBUTION ACQUIRED TOTAL CONTRACTUAL FEE NET TOTAL AND/OR FUND FEES ANNUAL WAIVER AND/OR ANNUAL MANAGEMENT SERVICE(12B-1) OTHER AND OPERATING EXPENSE OPERATING FUND FEE FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES ------------------------------------------------------------------------------------------------------------- AMERICAN FUNDS INSURANCE SERIES(R)--CLASS 1 ------------------------------------------------------------------------------------------------------------- American Funds Asset 0.30% -- 0.01% -- 0.31% -- 0.31% Allocation Fund ------------------------------------------------------------------------------------------------------------- American Funds Bond Fund 0.37% -- 0.01% -- 0.38% -- 0.38% -------------------------------------------------------------------------------------------------------------
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-------------------------------------------------------------------------------------------------------------------- DISTRIBUTION ACQUIRED TOTAL CONTRACTUAL FEE NET TOTAL AND/OR FUND FEES ANNUAL WAIVER AND/OR ANNUAL MANAGEMENT SERVICE(12B-1) OTHER AND OPERATING EXPENSE OPERATING FUND FEE FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES -------------------------------------------------------------------------------------------------------------------- American Funds Cash 0.32% -- 0.01% -- 0.33% -- 0.33% Management Fund -------------------------------------------------------------------------------------------------------------------- American Funds Global Growth 0.53% -- 0.03% -- 0.56% -- 0.56% Fund -------------------------------------------------------------------------------------------------------------------- American Funds Global Small 0.71% -- 0.04% -- 0.75% -- 0.75% Capitalization Fund -------------------------------------------------------------------------------------------------------------------- American Funds Growth Fund 0.32% -- 0.02% -- 0.34% -- 0.34% -------------------------------------------------------------------------------------------------------------------- American Funds Growth-Income 0.27% -- 0.02% -- 0.29% -- 0.29% Fund -------------------------------------------------------------------------------------------------------------------- American Funds High-Income 0.46% -- 0.02% -- 0.48% -- 0.48% Bond Fund -------------------------------------------------------------------------------------------------------------------- American Funds International 0.49% -- 0.04% -- 0.53% -- 0.53% Fund -------------------------------------------------------------------------------------------------------------------- American Funds New World 0.74% -- 0.06% -- 0.80% -- 0.80% Fund(R) -------------------------------------------------------------------------------------------------------------------- American Funds U.S. 0.34% -- 0.01% -- 0.35% -- 0.35%/1/ Government/AAA-Rated Securities Fund -------------------------------------------------------------------------------------------------------------------- DWS VARIABLE SERIES I--CLASS A -------------------------------------------------------------------------------------------------------------------- DWS Bond VIP 0.39% -- 0.20% -- 0.59% -- 0.59% -------------------------------------------------------------------------------------------------------------------- DWS Capital Growth VIP 0.37% -- 0.14% -- 0.51% -- 0.51% -------------------------------------------------------------------------------------------------------------------- DWS Global Small Cap Growth 0.89% -- 0.23% -- 1.12% -- 1.12% VIP -------------------------------------------------------------------------------------------------------------------- DWS Growth & Income VIP 0.39% -- 0.24% -- 0.63% -- 0.63% -------------------------------------------------------------------------------------------------------------------- DWS International VIP 0.79% -- 0.20% 0.01% 1.00% -- 1.00% -------------------------------------------------------------------------------------------------------------------- DWS VARIABLE SERIES II--CLASS A -------------------------------------------------------------------------------------------------------------------- DWS Balanced VIP 0.37% -- 0.28% 0.02% 0.67% -- 0.67% -------------------------------------------------------------------------------------------------------------------- DWS Money Market VIP 0.29% -- 0.17% -- 0.46% -- 0.46% -------------------------------------------------------------------------------------------------------------------- DWS Small Mid Cap Growth 0.55% -- 0.23% -- 0.78% -- 0.78% VIP -------------------------------------------------------------------------------------------------------------------- FIDELITY(R) VARIABLE INSURANCE PRODUCTS--INITIAL CLASS -------------------------------------------------------------------------------------------------------------------- Asset Manager: Growth(R) 0.56% -- 0.19% -- 0.75% -- 0.75% Portfolio -------------------------------------------------------------------------------------------------------------------- Asset Manager/SM/ Portfolio 0.51% -- 0.13% -- 0.64% -- 0.64% -------------------------------------------------------------------------------------------------------------------- Balanced Portfolio 0.41% -- 0.14% -- 0.55% -- 0.55% -------------------------------------------------------------------------------------------------------------------- Contrafund(R) Portfolio 0.56% -- 0.09% -- 0.65% -- 0.65% -------------------------------------------------------------------------------------------------------------------- Equity-Income Portfolio 0.46% -- 0.10% -- 0.56% -- 0.56% -------------------------------------------------------------------------------------------------------------------- Freedom 2010 Portfolio -- -- -- 0.57% 0.57% -- 0.57% -------------------------------------------------------------------------------------------------------------------- Freedom 2020 Portfolio -- -- -- 0.62% 0.62% -- 0.62% -------------------------------------------------------------------------------------------------------------------- Freedom 2030 Portfolio -- -- -- 0.66% 0.66% -- 0.66% -------------------------------------------------------------------------------------------------------------------- Freedom 2040 Portfolio -- -- -- 0.69% 0.69% -- 0.69% -------------------------------------------------------------------------------------------------------------------- Freedom 2050 Portfolio -- -- -- 0.71% 0.71% -- 0.71% -------------------------------------------------------------------------------------------------------------------- Growth & Income Portfolio 0.46% -- 0.14% -- 0.60% -- 0.60% -------------------------------------------------------------------------------------------------------------------- Growth Opportunities Portfolio 0.56% -- 0.14% -- 0.70% -- 0.70% -------------------------------------------------------------------------------------------------------------------- Growth Portfolio 0.56% -- 0.11% -- 0.67% -- 0.67% -------------------------------------------------------------------------------------------------------------------- High Income Portfolio 0.57% -- 0.12% -- 0.69% -- 0.69% --------------------------------------------------------------------------------------------------------------------
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---------------------------------------------------------------------------------------------------------------------- DISTRIBUTION ACQUIRED TOTAL CONTRACTUAL FEE NET TOTAL AND/OR FUND FEES ANNUAL WAIVER AND/OR ANNUAL MANAGEMENT SERVICE(12B-1) OTHER AND OPERATING EXPENSE OPERATING FUND FEE FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES ---------------------------------------------------------------------------------------------------------------------- Index 500 Portfolio 0.10% -- -- -- 0.10% -- 0.10%/2/ ---------------------------------------------------------------------------------------------------------------------- Investment Grade Bond Portfolio 0.32% -- 0.11% -- 0.43% -- 0.43% ---------------------------------------------------------------------------------------------------------------------- Mid Cap Portfolio 0.56% -- 0.10% -- 0.66% -- 0.66% ---------------------------------------------------------------------------------------------------------------------- Money Market Portfolio 0.18% -- 0.09% -- 0.27% -- 0.27% ---------------------------------------------------------------------------------------------------------------------- Overseas Portfolio 0.71% -- 0.15% -- 0.86% -- 0.86% ---------------------------------------------------------------------------------------------------------------------- MET INVESTORS SERIES TRUST-- CLASS A ---------------------------------------------------------------------------------------------------------------------- BlackRock Large Cap Core 0.59% -- 0.05% -- 0.64% -- 0.64% Portfolio ---------------------------------------------------------------------------------------------------------------------- Janus Forty Portfolio 0.63% -- 0.04% -- 0.67% -- 0.67% ---------------------------------------------------------------------------------------------------------------------- Lord Abbett Bond Debenture 0.50% -- 0.03% -- 0.53% -- 0.53% Portfolio ---------------------------------------------------------------------------------------------------------------------- Met/Templeton Growth Portfolio 0.69% -- 0.13% -- 0.82% 0.02% 0.80%/3/ ---------------------------------------------------------------------------------------------------------------------- MFS(R) Emerging Markets Equity 0.94% -- 0.18% -- 1.12% -- 1.12% Portfolio ---------------------------------------------------------------------------------------------------------------------- METROPOLITAN SERIES FUND, INC.-- CLASS A ---------------------------------------------------------------------------------------------------------------------- Barclays Capital Aggregate 0.25% -- 0.03% -- 0.28% 0.01% 0.27%/4/ Bond Index Portfolio ---------------------------------------------------------------------------------------------------------------------- BlackRock Large Cap Value 0.63% -- 0.02% -- 0.65% 0.03% 0.62%/5/ Portfolio ---------------------------------------------------------------------------------------------------------------------- BlackRock Legacy Large Cap 0.73% -- 0.04% -- 0.77% 0.02% 0.75%/6/ Growth Portfolio ---------------------------------------------------------------------------------------------------------------------- BlackRock Money Market 0.32% -- 0.02% -- 0.34% 0.01% 0.33%/7/ Portfolio ---------------------------------------------------------------------------------------------------------------------- MetLife Mid Cap Stock Index 0.25% -- 0.06% 0.01% 0.32% -- 0.32% Portfolio ---------------------------------------------------------------------------------------------------------------------- MetLife Stock Index Portfolio 0.25% -- 0.02% -- 0.27% 0.01% 0.26%/4/ ---------------------------------------------------------------------------------------------------------------------- MFS(R) Total Return Portfolio 0.54% -- 0.04% -- 0.58% -- 0.58% ---------------------------------------------------------------------------------------------------------------------- MFS(R) Value Portfolio 0.71% -- 0.02% -- 0.73% 0.11% 0.62%/8/ ---------------------------------------------------------------------------------------------------------------------- Morgan Stanley EAFE(R) Index 0.30% -- 0.11% 0.01% 0.42% -- 0.42% Portfolio ---------------------------------------------------------------------------------------------------------------------- Russell 2000(R) Index Portfolio 0.25% -- 0.07% 0.01% 0.33% -- 0.33% ---------------------------------------------------------------------------------------------------------------------- MFS(R) VARIABLE INSURANCE TRUST--INITIAL CLASS ---------------------------------------------------------------------------------------------------------------------- MFS(R) Core Equity Series 0.75% -- 0.26% -- 1.01% 0.11% 0.90%/9/ ---------------------------------------------------------------------------------------------------------------------- MFS(R) Global Equity Series 1.00% -- 0.38% -- 1.38% 0.23% 1.15%/10/ ---------------------------------------------------------------------------------------------------------------------- MFS(R) Growth Series 0.75% -- 0.10% -- 0.85% -- 0.85% ---------------------------------------------------------------------------------------------------------------------- MFS(R) High Income Series 0.70% -- 0.10% -- 0.80% -- 0.80% ---------------------------------------------------------------------------------------------------------------------- MFS(R) Investors Growth Stock 0.75% -- 0.12% -- 0.87% -- 0.87% Series ---------------------------------------------------------------------------------------------------------------------- MFS(R) Investors Trust Series 0.75% -- 0.08% -- 0.83% -- 0.83% ---------------------------------------------------------------------------------------------------------------------- MFS(R) Mid Cap Growth Series 0.75% -- 0.13% -- 0.88% -- 0.88% ---------------------------------------------------------------------------------------------------------------------- MFS(R) New Discovery Series 0.90% -- 0.11% -- 1.01% -- 1.01% ---------------------------------------------------------------------------------------------------------------------- MFS(R) Research Bond Series 0.50% -- 0.09% -- 0.59% -- 0.59% ---------------------------------------------------------------------------------------------------------------------- MFS(R) Research Series 0.75% -- 0.14% -- 0.89% -- 0.89% ---------------------------------------------------------------------------------------------------------------------- MFS(R) Strategic Income Series 0.70% -- 0.44% -- 1.14% 0.34% 0.80%/11/ ---------------------------------------------------------------------------------------------------------------------- MFS(R) Total Return Series 0.75% -- 0.06% -- 0.81% 0.04% 0.77%/12/ ----------------------------------------------------------------------------------------------------------------------
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---------------------------------------------------------------------------------------------------------------------- DISTRIBUTION ACQUIRED TOTAL CONTRACTUAL FEE NET TOTAL AND/OR FUND FEES ANNUAL WAIVER AND/OR ANNUAL MANAGEMENT SERVICE(12B-1) OTHER AND OPERATING EXPENSE OPERATING FUND FEE FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES ---------------------------------------------------------------------------------------------------------------------- MFS(R) Utilities Series 0.73% -- 0.08% -- 0.81% -- 0.81% ---------------------------------------------------------------------------------------------------------------------- MFS(R) Value Series 0.74% -- 0.08% -- 0.82% -- 0.82% ---------------------------------------------------------------------------------------------------------------------- PUTNAM VARIABLE TRUST -- CLASS IA ---------------------------------------------------------------------------------------------------------------------- Putnam VT Diversified Income 0.55% -- 0.19% -- 0.74% -- 0.74% Fund ---------------------------------------------------------------------------------------------------------------------- Putnam VT Equity Income Fund 0.48% -- 0.17% 0.05% 0.70% -- 0.70% ---------------------------------------------------------------------------------------------------------------------- Putnam VT Global Asset 0.60% -- 0.27% 0.02% 0.89% -- 0.89% Allocation Fund ---------------------------------------------------------------------------------------------------------------------- Putnam VT Global Equity Fund 0.70% -- 0.21% -- 0.91% -- 0.91% ---------------------------------------------------------------------------------------------------------------------- Putnam VT Global Utilities Fund 0.63% -- 0.19% -- 0.82% -- 0.82% ---------------------------------------------------------------------------------------------------------------------- Putnam VT Growth and Income 0.48% -- 0.15% -- 0.63% -- 0.63% Fund ---------------------------------------------------------------------------------------------------------------------- Putnam VT High Yield Fund 0.57% -- 0.18% -- 0.75% -- 0.75% ---------------------------------------------------------------------------------------------------------------------- Putnam VT Income Fund 0.40% -- 0.19% -- 0.59% -- 0.59% ---------------------------------------------------------------------------------------------------------------------- Putnam VT International Equity 0.70% -- 0.19% -- 0.89% -- 0.89% Fund ---------------------------------------------------------------------------------------------------------------------- Putnam VT International Growth 0.93% -- 0.31% -- 1.24% 0.01% 1.23%/13/ Fund ---------------------------------------------------------------------------------------------------------------------- Putnam VT International Value 0.70% -- 0.21% -- 0.91% -- 0.91% Fund ---------------------------------------------------------------------------------------------------------------------- Putnam VT Investors Fund 0.56% -- 0.17% -- 0.73% -- 0.73% ---------------------------------------------------------------------------------------------------------------------- Putnam VT Money Market Fund 0.29% -- 0.16% -- 0.45% -- 0.45% ---------------------------------------------------------------------------------------------------------------------- Putnam VT Multi-Cap Growth 0.56% -- 0.19% -- 0.75% -- 0.75% Fund ---------------------------------------------------------------------------------------------------------------------- Putnam VT Voyager Fund 0.56% -- 0.16% 0.02% 0.74% -- 0.74% ---------------------------------------------------------------------------------------------------------------------- T. ROWE PRICE EQUITY SERIES, INC. ---------------------------------------------------------------------------------------------------------------------- Equity Income Portfolio 0.85% -- -- -- 0.85% -- 0.85% ---------------------------------------------------------------------------------------------------------------------- New America Growth Portfolio 0.85% -- -- -- 0.85% -- 0.85% ---------------------------------------------------------------------------------------------------------------------- Personal Strategy Balanced 0.90% -- -- 0.10% 1.00% 0.10% 0.90% Portfolio ---------------------------------------------------------------------------------------------------------------------- T. ROWE PRICE FIXED INCOME SERIES, INC. ---------------------------------------------------------------------------------------------------------------------- Limited-Term Bond Portfolio 0.70% -- -- 0.06% 0.76% -- 0.76% ----------------------------------------------------------------------------------------------------------------------
-------- /1/ The Fund's management fee has been restated to reflect current management fees as reduced in an amendment to the Fund's Investment Advisory and Service Agreement effective January 1, 2011. /2/ Management fees have been reduced to 0.10%, and class expenses are limited to 0.10% (excluding interest, taxes, brokerage commissions, security lending fees, and extraordinary expenses). This expense limit is required by contract and may not be increased without approval of the fund's shareholders and board of trustees. /3/ MetLife Advisers, LLC has contractually agreed, for the period May 1, 2011 to April 30, 2012, to limit its fee and to reimburse expenses to the extent necessary to limit net operating expenses to 0.80%, excluding 12b-1 fees. This arrangement may be modified or discontinued prior to April 30, 2012 only with the approval of the Board of Trustees of the Portfolio. MetLife Advisers, LLC has contractually agreed, for the period May 1, 2011 through April 30, 2012, to waive a portion of the Management Fee reflecting the difference, if any, between the subadvisory fee payable by the Adviser to the Subadviser that is calculated based solely on the assets of the Portfolio and the fee that is calculated when the Portfolio's assets are aggregated with those of certain other portfolios. This arrangement may be modified or discontinued prior to April 30, 2012 only with the approval of the Board of Trustees of the Portfolio /4/ MetLife Advisers, LLC has contractually agreed, for the period May 1, 2011 through April 30, 2012, to reduce the Management Fee for each Class of the Portfolio to the annual rate of 0.245% for the amounts over $500 million but less than $1 billion, 0.24% for the next 5 $1 billion and 0.235% on amounts over $2 billion. This arrangement may be modified or discontinued prior to April 30, 2012 only with the approval of the Board of Directors of the Portfolio. /5/ MetLife Advisers, LLC has contractually agreed, for the period May 1, 2011 through April 30, 2012, to reduce the Management Fee for each Class of the Portfolio to the annual rate of 0.68% for the first $250 million of the Portfolio's average daily net assets, 0.625% for the next $500 million, 0.60% for the next $250 million and 0.55% on amounts over $1 billion. This arrangement may be modified or discontinued prior to April 30, 2012 only with the approval of the Board of Directors of the Portfolio. /6/ MetLife Advisers, LLC has contractually agreed, for the period May 1, 2011 through April 30, 2012, to reduce the Management Fee for each Class of the Portfolio to the annual rate of 0.705% for the amounts over $300 million but less than $1 billion. This arrangement may be modified or discontinued prior to April 30, 2012 only with the approval of the Board of Directors of the Portfolio. /7/ MetLife Advisers, LLC has contractually agreed, for the period May 1, 2011 through April 30, 2012, to reduce the Management Fee for each Class of the Portfolio to the annual rate of 0.325% for the first $1 billion of the Portfolio's average daily net assets. This arrangement may be modified or discontinued prior to April 30, 2012 only with the approval of the Board of Directors of the Portfolio. /8/ MetLife Advisers, LLC has contractually agreed, for the period May 1, 2011 through April 30, 2012, 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% on amounts over $1.5 billion. This arrangement may be modified or discontinued prior to April 30, 2012 only with the approval of the Board of Directors of the Portfolio. /9/ MFS has agreed in writing to bear the fund's expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs and investment-related expenses (such as interest and borrowing expenses incurred in connection with the fund's investment activity), such that Net Total Annual Operating Expenses do not exceed 0.90% of the fund's average daily net assets annually for Initial Class shares. This written agreement will continue until modified by a vote of the fund's Board of Trustees, but such agreement will continue until at least April 30, 2012. /10/ Effective May 1, 2011, MFS has agreed in writing to reduce its management fee to 0.90% of the fund's average daily net assets annually. In addition, MFS has agreed in writing to bear the fund's expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs and investment-related expenses (such as interest and borrowing expenses incurred in connection with the fund's investment activity), such that Net Total Annual Operating Expenses do not exceed 1.15% of the fund's average daily net assets annually for Initial Class shares. These written agreements will continue until modified by a vote of the fund's Board of Trustees, but such agreements will continue until at least April 30, 2012. /11/ MFS has agreed in writing to bear the fund's expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs and investment-related expenses (such as interest and borrowing expenses incurred in connection with the fund's investment activity), such that Net Total Annual Operating Expenses do not exceed 0.80% of the fund's average daily net assets annually for Initial Class shares. This written agreement will continue until modified by a vote of the fund's Board of Trustees, but such agreement will continue until at least April 30, 2012. /12/ Effective May 1, 2011, MFS has agreed in writing to reduce its management fee to 0.70% of the fund's average daily net assets annually in excess of $1 billion and 0.65% of the fund's average daily net assets annually in excess of $2.5 billion to $3 billion until modified by a vote of the fund's Board of Trustees, but such agreement will continue until at least April 30, 2012. /13/ Net Total Annual Operating Expenses reflect Putnam Management's contractual obligation to limit certain fund expenses through April 30, 2012. This obligation may be modified or discontinued only with the approval of the Board of Trustees. FUND INVESTMENT OBJECTIVE, ADVISER AND SUBADVISER The following table summarizes the investment objective(s) and identifies the investment adviser and, if applicable, the subadviser of each Fund. More information regarding the Funds is contained in the prospectus for each Fund.
FUND INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER ---------------------------------------------------------------------------------------------------------------------- AMERICAN FUNDS INSURANCE SERIES(R)--CLASS 1 ---------------------------------------------------------------------------------------------------------------------- American Funds Asset Allocation Seeks high total return (including income and Capital Research and Management Fund capital gains) consistent with preservation of Company capital over the long term. ---------------------------------------------------------------------------------------------------------------------- American Funds Bond Fund Seeks as high a level of current income as is Capital Research and Management consistent with the preservation of capital. Company ---------------------------------------------------------------------------------------------------------------------- American Funds Cash Management Seeks to earn income on your cash reserves while Capital Research and Management Fund preserving capital and maintaining liquidity. Company ----------------------------------------------------------------------------------------------------------------------
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FUND INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER ---------------------------------------------------------------------------------------------------------------------------- American Funds Global Seeks long-term growth of capital. Capital Research and Management Growth Fund Company ---------------------------------------------------------------------------------------------------------------------------- American Funds Global Small Seeks long-term growth of capital. Capital Research and Management Capitalization Fund Company ---------------------------------------------------------------------------------------------------------------------------- American Funds Growth Fund Seeks growth of capital. Capital Research and Management Company ---------------------------------------------------------------------------------------------------------------------------- American Funds Growth-Income Seeks long-term growth of capital and income. Capital Research and Management Fund Company ---------------------------------------------------------------------------------------------------------------------------- American Funds High-Income Bond Seeks a high level of current income. Its secondary Capital Research and Management Fund investment objective is capital appreciation. Company ---------------------------------------------------------------------------------------------------------------------------- American Funds International Fund Seeks long-term growth of capital. Capital Research and Management Company ---------------------------------------------------------------------------------------------------------------------------- American Funds New World Fund(R) Seeks long-term capital appreciation. Capital Research and Management Company ---------------------------------------------------------------------------------------------------------------------------- American Funds U.S. Government/ Seeks a high level of current income consistent Capital Research and Management AAA-Rated Securities Fund with preservation of capital. Company ---------------------------------------------------------------------------------------------------------------------------- DWS VARIABLE SERIES I--CLASS A ---------------------------------------------------------------------------------------------------------------------------- DWS Bond VIP Seeks to maximize total return consistent with Deutsche Investment Management preservation of capital and prudent investment Americas Inc. management, by investing for both current income and capital appreciation. ---------------------------------------------------------------------------------------------------------------------------- DWS Capital Growth VIP Seeks to provide long-term growth of capital. Deutsche Investment Management Americas Inc. ---------------------------------------------------------------------------------------------------------------------------- DWS Global Small Cap Growth VIP Seeks above-average capital appreciation over the Deutsche Investment Management long-term. Americas Inc. ---------------------------------------------------------------------------------------------------------------------------- DWS Growth & Income VIP Seeks long-term growth of capital, current income Deutsche Investment Management and growth of income. Americas Inc. Subadviser: QS Investors, LLC ---------------------------------------------------------------------------------------------------------------------------- DWS International VIP Seeks long-term growth of capital. Deutsche Investment Management Americas Inc. ---------------------------------------------------------------------------------------------------------------------------- DWS VARIABLE SERIES II--CLASS A ---------------------------------------------------------------------------------------------------------------------------- DWS Balanced VIP Seeks high total return, a combination of income Deutsche Investment Management and capital appreciation. Americas Inc. Subadviser: QS Investors, LLC Deutsche Asset Management International GmbH ---------------------------------------------------------------------------------------------------------------------------- DWS Money Market VIP Seeks maximum current income to the extent Deutsche Investment Management consistent with stability of principal. Americas Inc. ---------------------------------------------------------------------------------------------------------------------------- DWS Small Mid Cap Growth VIP Seeks long-term capital appreciation. Deutsche Investment Management Americas Inc. ---------------------------------------------------------------------------------------------------------------------------- FIDELITY(R) VARIABLE INSURANCE PRODUCTS--INITIAL CLASS ---------------------------------------------------------------------------------------------------------------------------- Asset Manager: Growth(R) Portfolio Seeks to maximize total return by allocating its Fidelity Management & Research assets among stocks, bonds, short-term Company instruments, and other investments. Subadviser: FMR Co., Inc. Fidelity Investments Money Management, Inc. ---------------------------------------------------------------------------------------------------------------------------- Asset Manager/SM/ Portfolio Seeks to obtain high total return with reduced risk Fidelity Management & Research over the long-term by allocating its assets among Company stocks, bonds, and short-term instruments. Subadviser: FMR Co., Inc. Fidelity Investments Money Management, Inc. ---------------------------------------------------------------------------------------------------------------------------- Balanced Portfolio Seeks income and capital growth consistent with Fidelity Management & Research reasonable risk. Company Subadviser: FMR Co., Inc. Fidelity Investments Money Management, Inc. ----------------------------------------------------------------------------------------------------------------------------
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FUND INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER --------------------------------------------------------------------------------------------------------------------------------- Contrafund(R) Portfolio Seeks long-term capital appreciation. Fidelity Management & Research Company Subadviser: FMR Co., Inc. --------------------------------------------------------------------------------------------------------------------------------- Equity-Income Portfolio Seeks reasonable income. The fund will also Fidelity Management & Research consider the potential for capital appreciation. Company The fund's goal is to achieve a yield which Subadviser: FMR Co., Inc. exceeds the composite yield on the securities comprising the Standard & Poor's 500(R) Index (S&P 500(R)). --------------------------------------------------------------------------------------------------------------------------------- Freedom 2010 Portfolio Seeks high total return with a secondary Strategic Advisers, Inc. objective of principal preservation as the fund approaches its target date and beyond. --------------------------------------------------------------------------------------------------------------------------------- Freedom 2020 Portfolio Seeks high total return with a secondary Strategic Advisers, Inc. objective of principal preservation as the fund approaches its target date and beyond. --------------------------------------------------------------------------------------------------------------------------------- Freedom 2030 Portfolio Seeks high total return with a secondary Strategic Advisers, Inc. objective of principal preservation as the fund approaches its target date and beyond. --------------------------------------------------------------------------------------------------------------------------------- Freedom 2040 Portfolio Seeks high total return with a secondary Strategic Advisers, Inc. objective of principal preservation as the fund approaches its target date and beyond. --------------------------------------------------------------------------------------------------------------------------------- Freedom 2050 Portfolio Seeks high total return with a secondary Strategic Advisers, Inc. objective of principal preservation as the fund approaches its target date and beyond. --------------------------------------------------------------------------------------------------------------------------------- Growth & Income Portfolio Seeks high total return through a combination of Fidelity Management & Research current income and capital appreciation. Company Subadviser: FMR Co., Inc. --------------------------------------------------------------------------------------------------------------------------------- Growth Opportunities Portfolio Seeks to provide capital growth. Fidelity Management & Research Company Subadviser: FMR Co., Inc. --------------------------------------------------------------------------------------------------------------------------------- Growth Portfolio Seeks to achieve capital appreciation. Fidelity Management & Research Company Subadviser: FMR Co., Inc. --------------------------------------------------------------------------------------------------------------------------------- High Income Portfolio Seeks a high level of current income, while also Fidelity Management & Research considering growth of capital. Company Subadviser: FMR Co., Inc. --------------------------------------------------------------------------------------------------------------------------------- Index 500 Portfolio Seeks investment results that correspond to the Fidelity Management & Research total return of common stocks publicly traded in Company the United States, as represented by the S&P Subadviser: FMR Co., Inc. 500(R). Geode Capital Management, LLC --------------------------------------------------------------------------------------------------------------------------------- Investment Grade Bond Portfolio Seeks as high a level of current income as is Fidelity Management & Research consistent with the preservation of capital. Company Subadviser: Fidelity Investments Money Management, Inc. --------------------------------------------------------------------------------------------------------------------------------- Mid Cap Portfolio Seeks long-term growth of capital. Fidelity Management & Research Company Subadviser: FMR Co., Inc. --------------------------------------------------------------------------------------------------------------------------------- Money Market Portfolio Seeks as high a level of current income as is Fidelity Management & Research consistent with preservation of capital and Company liquidity. Subadviser: Fidelity Investments Money Management, Inc. --------------------------------------------------------------------------------------------------------------------------------- Overseas Portfolio Seeks long-term growth of capital. Fidelity Management & Research Company Subadviser: FMR Co., Inc. --------------------------------------------------------------------------------------------------------------------------------- MET INVESTORS SERIES TRUST--CLASS A --------------------------------------------------------------------------------------------------------------------------------- BlackRock Large Cap Core Portfolio Seeks long-term capital growth. MetLife Advisers, LLC Subadviser: BlackRock Advisors, LLC ---------------------------------------------------------------------------------------------------------------------------------
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FUND INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER ------------------------------------------------------------------------------------------------------------------------ Janus Forty Portfolio Seeks capital appreciation. MetLife Advisers, LLC Subadviser: Janus Capital Management LLC ------------------------------------------------------------------------------------------------------------------------ Lord Abbett Bond Debenture Seeks high current income and the MetLife Advisers, LLC Portfolio opportunity for capital appreciation to Subadviser: Lord, Abbett & Co. LLC produce a high total return. ------------------------------------------------------------------------------------------------------------------------ Met/Templeton Growth Portfolio Seeks long-term capital growth. MetLife Advisers, LLC Subadviser: Templeton Global Advisors Limited ------------------------------------------------------------------------------------------------------------------------ MFS(R) Emerging Markets Equity Seeks capital appreciation. MetLife Advisers, LLC Portfolio Subadviser: Massachusetts Financial Services Company ------------------------------------------------------------------------------------------------------------------------ METROPOLITAN SERIES FUND, INC.-- CLASS A ------------------------------------------------------------------------------------------------------------------------ Barclays Capital Aggregate Bond Seeks to equal the performance of the MetLife Advisers, LLC Index Portfolio Barclays Capital U.S. Aggregate Bond Subadviser: MetLife Investment Index. Advisors Company, LLC ------------------------------------------------------------------------------------------------------------------------ BlackRock Large Cap Value Seeks long-term growth of capital. MetLife Advisers, LLC Portfolio Subadviser: BlackRock Advisors, LLC ------------------------------------------------------------------------------------------------------------------------ BlackRock Legacy Large Cap Seeks long-term growth of capital. MetLife Advisers, LLC Growth Portfolio Subadviser: BlackRock Advisors, LLC ------------------------------------------------------------------------------------------------------------------------ BlackRock Money Market Portfolio Seeks a high level of current income MetLife Advisers, LLC consistent with preservation of Subadviser: BlackRock Advisors, LLC capital./1/ ------------------------------------------------------------------------------------------------------------------------ MetLife Mid Cap Stock Index Seeks to equal the performance of the MetLife Advisers, LLC Portfolio Standard & Poor's MidCap 400(R) Subadviser: MetLife Investment Composite Stock Price Index. Advisors Company, LLC ------------------------------------------------------------------------------------------------------------------------ MetLife Stock Index Portfolio Seeks to equal the performance of the MetLife Advisers, LLC Standard & Poor's 500(R) Composite Subadviser: MetLife Investment Stock Price Index. Advisors Company, LLC ------------------------------------------------------------------------------------------------------------------------ MFS(R) Total Return Portfolio Seeks a favorable total return through MetLife Advisers, LLC investment in a diversified portfolio. Subadviser: Massachusetts Financial Services Company ------------------------------------------------------------------------------------------------------------------------ MFS(R) Value Portfolio Seeks capital appreciation. MetLife Advisers, LLC Subadviser: Massachusetts Financial Services Company ------------------------------------------------------------------------------------------------------------------------ Morgan Stanley EAFE(R) Index Seeks to equal the performance of the MetLife Advisers, LLC Portfolio MSCI EAFE(R) Index. Subadviser: MetLife Investment Advisors Company, LLC ------------------------------------------------------------------------------------------------------------------------ Russell 2000(R) Index Portfolio Seeks to equal the performance of the MetLife Advisers, LLC Russell 2000(R) Index. Subadviser: MetLife Investment Advisors Company, LLC ------------------------------------------------------------------------------------------------------------------------ MFS(R) VARIABLE INSURANCE TRUST-- INITIAL CLASS ------------------------------------------------------------------------------------------------------------------------ MFS(R) Core Equity Series Seeks capital appreciation. Massachusetts Financial Services Company ------------------------------------------------------------------------------------------------------------------------ MFS(R) Global Equity Series Seeks capital appreciation. Massachusetts Financial Services Company ------------------------------------------------------------------------------------------------------------------------ MFS(R) Growth Series Seeks capital appreciation. Massachusetts Financial Services Company ------------------------------------------------------------------------------------------------------------------------ MFS(R) High Income Series Seeks total return with an emphasis on Massachusetts Financial Services high current income, but also Company considering capital appreciation. ------------------------------------------------------------------------------------------------------------------------ MFS(R) Investors Growth Stock Series Seeks capital appreciation. Massachusetts Financial Services Company ------------------------------------------------------------------------------------------------------------------------
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FUND INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER ----------------------------------------------------------------------------------------------------------------------------- MFS(R) Investors Trust Series Seeks capital appreciation. Massachusetts Financial Services Company ----------------------------------------------------------------------------------------------------------------------------- MFS(R) Mid Cap Growth Series Seeks capital appreciation. Massachusetts Financial Services Company ----------------------------------------------------------------------------------------------------------------------------- MFS(R) New Discovery Series Seeks capital appreciation. Massachusetts Financial Services Company ----------------------------------------------------------------------------------------------------------------------------- MFS(R) Research Bond Series Seeks total return with an emphasis on current Massachusetts Financial Services income, but also considering capital appreciation. Company ----------------------------------------------------------------------------------------------------------------------------- MFS(R) Research Series Seeks capital appreciation. Massachusetts Financial Services Company ----------------------------------------------------------------------------------------------------------------------------- MFS(R) Strategic Income Series Seeks total return with an emphasis on high Massachusetts Financial Services current income, but also considering capital Company appreciation. ----------------------------------------------------------------------------------------------------------------------------- MFS(R) Total Return Series Seeks total return. Massachusetts Financial Services Company ----------------------------------------------------------------------------------------------------------------------------- MFS(R) Utilities Series Seeks total return. Massachusetts Financial Services Company ----------------------------------------------------------------------------------------------------------------------------- MFS(R) Value Series Seeks capital appreciation. Massachusetts Financial Services Company ----------------------------------------------------------------------------------------------------------------------------- PUTNAM VARIABLE TRUST--CLASS IA ----------------------------------------------------------------------------------------------------------------------------- Putnam VT Diversified Income Fund Seeks as high a level of current income as Putnam Putnam Investment Management, LLC Management believes is consistent with preservation of capital. ----------------------------------------------------------------------------------------------------------------------------- Putnam VT Equity Income Fund Seeks capital growth and current income. Putnam Investment Management, LLC ----------------------------------------------------------------------------------------------------------------------------- Putnam VT Global Asset Allocation Seeks long-term return consistent with Putnam Investment Management, LLC Fund preservation of capital. Subadviser: The Putnam Advisory Company, LLC ----------------------------------------------------------------------------------------------------------------------------- Putnam VT Global Equity Fund Seeks capital appreciation. Putnam Investment Management, LLC Subadviser: The Putnam Advisory Company, LLC ----------------------------------------------------------------------------------------------------------------------------- Putnam VT Global Utilities Fund Seeks capital growth and current income. Putnam Investment Management, LLC Subadviser: The Putnam Advisory Company, LLC ----------------------------------------------------------------------------------------------------------------------------- Putnam VT Growth and Income Seeks capital growth and current income. Putnam Investment Management, LLC Fund ----------------------------------------------------------------------------------------------------------------------------- Putnam VT High Yield Fund Seeks high current income. Capital growth is a Putnam Investment Management, LLC secondary goal when consistent with achieving Subadviser: The Putnam Advisory high current income. Company, LLC ----------------------------------------------------------------------------------------------------------------------------- Putnam VT Income Fund Seeks high current income consistent with what Putnam Investment Management, LLC Putnam Management believes to be prudent risk. ----------------------------------------------------------------------------------------------------------------------------- Putnam VT International Equity Seeks capital appreciation. Putnam Investment Management, LLC Fund Subadviser: The Putnam Advisory Company, LLC ----------------------------------------------------------------------------------------------------------------------------- Putnam VT International Growth Seeks long-term capital appreciation. Putnam Investment Management, LLC Fund Subadviser: The Putnam Advisory Company, LLC ----------------------------------------------------------------------------------------------------------------------------- Putnam VT International Value Fund Seeks capital growth. Current income is a Putnam Investment Management, LLC secondary objective. Subadviser: The Putnam Advisory Company, LLC ----------------------------------------------------------------------------------------------------------------------------- Putnam VT Investors Fund Seeks long-term growth of capital and any Putnam Investment Management, LLC increased income that results from this growth. ----------------------------------------------------------------------------------------------------------------------------- Putnam VT Money Market Fund Seeks as high a rate of current income as Putnam Putnam Investment Management, LLC Management believes is consistent with preservation of capital and maintenance of liquidity. -----------------------------------------------------------------------------------------------------------------------------
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FUND INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER --------------------------------------------------------------------------------------------------------------------------------- Putnam VT Multi-Cap Growth Fund Seeks long-term capital appreciation. Putnam Investment Management, LLC --------------------------------------------------------------------------------------------------------------------------------- Putnam VT Voyager Fund Seeks capital appreciation. Putnam Investment Management, LLC --------------------------------------------------------------------------------------------------------------------------------- T. ROWE PRICE EQUITY SERIES, INC. --------------------------------------------------------------------------------------------------------------------------------- Equity Income Portfolio Seeks to provide substantial dividend income as T. Rowe Price Associates, Inc. well as long-term growth of capital through investments in the common stocks of established companies. --------------------------------------------------------------------------------------------------------------------------------- New America Growth Portfolio Seeks to provide long-term capital growth by T. Rowe Price Associates, Inc. investing primarily in the common stocks of growth companies. --------------------------------------------------------------------------------------------------------------------------------- Personal Strategy Balanced Portfolio Seeks the highest total return over time, consistent T. Rowe Price Associates, Inc. with an emphasis on both capital growth and income. --------------------------------------------------------------------------------------------------------------------------------- T. ROWE PRICE FIXED INCOME SERIES, INC. --------------------------------------------------------------------------------------------------------------------------------- Limited-Term Bond Portfolio Seeks a high level of income consistent with T. Rowe Price Associates, Inc. moderate fluctuations in principal value. ---------------------------------------------------------------------------------------------------------------------------------
/1/ An investment in the BlackRock Money Market Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $100 per share, it is possible to lose money by investing in the Portfolio. During extended periods of low interest rates, the yields of the investment division in the BlackRock Money Market Portfolio may become extremely low and possibly negative. TRANSFERS The following Funds are "Monitored Portfolios" as defined in the Transfer section of the prospectus: American Funds Global Growth Fund American Funds Global Small Capitalization Fund American Funds High-Income Bond Fund American Funds International Fund American Funds New World Fund(R) DWS Global Small Cap Growth VIP DWS International VIP DWS Small Mid Cap Growth VIP Fidelity(R) VIP High Income Portfolio Fidelity(R) VIP Overseas Portfolio Met Investors Series Trust Lord Abbett Bond Debenture Portfolio Met Investors Series Trust Met/Templeton Growth Portfolio Met Investors Trust MFS(R) Emerging Markets Equity Portfolio Metropolitan Series Fund Morgan Stanley EAFE(R) Index Portfolio Metropolitan Series Fund Russell 2000(R) Index Portfolio MFS(R) Global Equity Series MFS(R) High Income Series MFS(R) New Discovery Series MFS(R) Strategic Income Series Putnam VT Global Asset Allocation Fund Putnam VT Global Equity Fund Putnam VT Global Utilities Fund Putnam VT High Yield Fund Putnam VT International Equity Fund Putnam VT International Growth Fund Putnam VT International Value Fund. In addition to the Funds identified above, we treat all American Funds Insurance Series(R) portfolios ("American Funds portfolios") as Monitored Funds. As a condition to making their portfolios available in our products, 11 American Funds requires us to treat all American Funds portfolios as Monitored Funds under our current market timing and excessive trading policies and procedures. Further, American Funds requires us to impose additional specified monitoring criteria for all American Funds portfolios available under the Policy, regardless of the potential for arbitrage trading. We are required to monitor transfer activity in American Funds portfolios to determine if there were two or more transfers in followed by transfers out, in each case of a certain dollar amount or greater, in any 30-day period. A first violation of the American Funds monitoring policy will result in a written notice of violation; each additional violation will result in the imposition of a six-month restriction, during which period we will require all transfer requests to or from an American Funds portfolio to be submitted with an original signature. Further, as Monitored Funds, all American Funds portfolios also will be subject to our current market timing and excessive trading policies, procedures and restrictions (described in the prospectus, see "Transfer"), and transfer restrictions may be imposed upon a violation of either monitoring policy. 12