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METROPOLITAN LIFE INSURANCE COMPANY
NEW ENGLAND VARIABLE ANNUITY FUND I (the "Fund")
Supplement dated September 22, 2000
to the Statement of Additional Information ("SAI") dated May 1, 2000
Nvest Companies, L.P. ("Nvest Companies"), has entered into an agreement with
CDC Asset Management ("CDC") for CDC to acquire all of Nvest Companies'
outstanding partnership units. CDC is the investment management arm of Caisse
des Depots Group, which is a major French diversified financial institution.
Nvest Companies will be renamed CDC Asset Management-North America, which will
continue to own its interests in Capital Growth Management Limited Partnership.
Nvest Companies owns a 50% limited partnership interest in Capital Growth
Management Limited Partnership ("CGM"), the investment adviser to the Fund. The
Investment Company Act of 1940 provides generally that advisory agreements of
mutual funds, including the advisory agreement the Fund currently has with CGM,
automatically terminate when the investment adviser or its parent company
undergoes a significant change in ownership. Consequently, the Fund will seek
approval of a new agreement from its contractholders prior to consummation of
the transaction. The Fund's Board of Managers decided at a meeting held on
August 3, 2000 to recommend that the contractholders of the Fund vote to approve
a new advisory agreement at a Special Meeting of Contractholders to be held on
October 30, 2000.
The Fund is a separate account of Metropolitan Life Insurance Company (the
"Company"), a wholly-owned subsidiary of MetLife, Inc., the shares of which
are traded on the New York Stock Exchange. The Company owns, directly and
indirectly, through its wholly-owned subsidiary, MetLife New England Holdings,
Inc., a majority limited partnership interest in Nvest Companies and, through
MetLife New England Holdings, Inc., a 100% interest in Nvest Companies' managing
general partner, Nvest Corporation. Upon the closing of the transaction, the
Company will have no ownership or control of Nvest Companies or Nvest
Corporation.
Consummation of the transaction between Nvest and CDC is subject to a number of
contingencies, including regulatory approvals and approval of the unitholders of
Nvest Companies and Nvest, L.P. The transaction is expected to close in the
fourth quarter of 2000. This SAI will not be further supplemented if the closing
of the transaction occurs as expected and the contractholders approve the new
advisory agreement at the contractholders meeting.
VA-197-00
