MERRILL LYNCH LIFE INSURANCE COMPANY
MERRILL LYNCH LIFE VARIABLE ANNUITY SEPARATE ACCOUNT C
ML LIFE INSURANCE COMPANY OF NEW YORK
ML OF NEW YORK VARIABLE ANNUITY SEPARATE ACCOUNT C
SUPPLEMENT DATED JULY 1, 2005
TO THE
PROSPECTUSES DATED MAY 1, 2005
FOR
MERRILL LYNCH CONSULTS ANNUITY(SM)
This supplement updates the Prospectuses for the Merrill Lynch Consults
Annuity(SM) contracts (the "Consults Annuity Contracts") issued by Merrill Lynch
Life Insurance Company and ML Life Insurance Company of New York. Please retain
this supplement with your Prospectus for your reference.
Effective July 1, 2005, Roszel Advisors, LLC, the investment adviser for the
MLIG Variable Insurance Trust (the "MLIG Trust"), changed the names and
subadvisers ("advisers") of three of the Funds described in your Prospectus.
Roszel/ Alliance Large Cap Core Portfolio
Effective July 1, 2005, Alliance Capital Management, L.P. became the adviser to
the Roszel/INVESCO-NAM Large Cap Core Portfolio of the MLIG Trust, which changed
its name to the ROSZEL/ALLIANCE LARGE CAP CORE PORTFOLIO. Accordingly, effective
July 1, 2005, the name of the subaccount corresponding to the Roszel/INVESCO-NAM
Large Cap Core Portfolio changed from the Roszel/INVESCO-NAM Large Cap Core
Subaccount to the Roszel/Alliance Large Cap Core Subaccount. Although the
investment objective for this Portfolio has not changed, the adviser intends to
pursue that objective using a different investment strategy. A summary of the
investment objective and strategy for the Roszel/Alliance Large Cap Core
Portfolio is set forth below.
Investment Objective: The Portfolio seeks long-term capital appreciation.
Investment Strategy: The Portfolio pursues its investment objective by
investing primarily in large capitalization equity
securities. The adviser focuses on anticipating
investment opportunities using a top-down
macroeconomic perspective of both longer term
(secular) and shorter term (cyclical) changes in the
economy in combination with rigorous bottom-up
fundamental research on individual stocks. An
investment strategy committee determines the target
sector exposure relative to the S&P 500.
This subaccount was previously closed to allocations of premiums and contract
value for Consults Annuity Contracts purchased on or after December 10, 2004.
EFFECTIVE JULY 1, 2005, THE ROSZEL/ALLIANCE LARGE CAP CORE SUBACCOUNT IS
AVAILABLE IN ALL CONSULTS ANNUITY CONTRACTS FOR ALLOCATIONS OF PREMIUMS AND
CONTRACT VALUE, INCLUDING THOSE CONSULTS ANNUITY CONTRACTS PURCHASED ON OR AFTER
DECEMBER 10, 2004.
Roszel/ Loomis Sayles Large Cap Growth Portfolio
Effective July 1, 2005, Loomis, Sayles & Company, L.P. became the adviser to the
Roszel/Nicholas-Applegate Large Cap Growth Portfolio of the MLIG Trust, which
changed its name to the ROSZEL/LOOMIS SAYLES LARGE CAP GROWTH PORTFOLIO.
Accordingly, effective July 1, 2005, the name of the subaccount corresponding to
the Roszel/Nicholas-Applegate Large Cap Growth Portfolio changed from the
Roszel/Nicholas-Applegate Large Cap Growth Subaccount to the Roszel/Loomis
Sayles Large Cap Growth Subaccount. The investment objective and strategy of
this Portfolio have not changed.
This subaccount was previously closed to allocations of premiums and contract
value for Consults Annuity Contracts purchased on or after February 25, 2005.
EFFECTIVE JULY 1, 2005, THE ROSZEL/LOOMIS SAYLES LARGE CAP GROWTH SUBACCOUNT IS
AVAILABLE IN ALL CONSULTS ANNUITY CONTRACTS FOR ALLOCATIONS OF PREMIUMS AND
CONTRACT VALUE, INCLUDING THOSE CONSULTS ANNUITY CONTRACTS PURCHASED ON OR AFTER
FEBRUARY 25, 2005.
Roszel/ Marsico Large Cap Growth Portfolio
Effective July 1, 2005, Marsico Capital Management, LLC became the adviser to
the Roszel/Seneca Large Cap Growth Portfolio of the MLIG Trust, which changed
its name to the ROSZEL/MARSICO LARGE CAP GROWTH PORTFOLIO. Accordingly,
effective July 1, 2005, the name of the subaccount corresponding to the
Roszel/Seneca Large Cap Growth Portfolio changed from the Roszel/Seneca Large
Cap Growth Subaccount to the Roszel/Marsico Large Cap Growth Subaccount.
Although the investment objective for this Portfolio has not changed, the
adviser intends to pursue that objective using a different investment strategy.
A summary of the investment objective and strategy for the Roszel/Marsico Large
Cap Growth Portfolio is set forth below.
Investment Objective: The Portfolio seeks long-term capital appreciation.
Investment Strategy: The Portfolio pursues its investment objective by
investing primarily in large capitalization equity
securities of companies that the adviser believes
have earnings growth potential. Typically such
securities are those with a market capitalization of
at least $4 billion. The Portfolio will normally
hold a core position of between 35 and 50 common
stocks. The adviser's approach is to combine
"top-down" macroeconomic analysis with "bottom-up"
stock selection.
This subaccount was previously closed to allocations of premiums and contract
value for Consults Annuity Contracts purchased on or after December 10, 2004.
EFFECTIVE JULY 1, 2005, THE ROSZEL/MARSICO LARGE CAP GROWTH SUBACCOUNT IS
AVAILABLE IN ALL CONSULTS ANNUITY CONTRACTS FOR ALLOCATIONS OF PREMIUMS AND
CONTRACT VALUE, INCLUDING THOSE CONSULTS ANNUITY CONTRACTS PURCHASED ON OR AFTER
DECEMBER 10, 2004.
* * *
If you have any questions, please contact your Financial Advisor, or call the
Service Center at (800) 535-5549 (for Consults Annuity Contracts issued by
Merrill Lynch Life Insurance Company) or (800) 333-6524 (for Consults Annuity
Contracts issued by ML Life Insurance Company of New York), or write the Service
Center at P.O. Box 44222, Jacksonville, Florida 32231-4222.