Sullivan & Worcester LLP T 202 775 1200
1666 K Street, NW F 202 293 2275
Washington, DC 20006 www.sandw.com
September 2, 2008
VIA EDGAR
EDGAR Operations Branch
Division of Investment Management
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
Met Investors Series Trust
(MetLife Balanced Strategy Portfolio, MetLife Growth
Strategy Portfolio and MetLife Aggressive Strategy Portfolio)
CIK: 0001126087
(333-152839)
Ladies and Gentlemen:
This letter responds to oral comments given on August 15, 2008 by
Alison White of the Securities and Exchange Commission staff regarding the
above-referenced filing. Set forth below is each comment and Met Investors
Series Trust's (the "Trust's") response thereto. Where applicable, revised pages
of the prospectus/proxy statement are attached. In addition, a draft auditors'
consent is attached.
1. Comment: The disclosure preceding the expense examples states that the
expense examples assume that all expense limitations remain in
effect for one year. However, disclosure elsewhere in the
prospectus/proxy statement states that all of the expense
limitations will expire on April 30, 2009. In order to reflect
the effect of the expense limitations in the expense examples,
the limitations cannot expire within the twelve month period
following the effective date of the Registration Statement of
which the prospectus/proxy statement is a part.
Response: The amounts in the expense examples have been revised so as to
not reflect the effect of the expense limitations. In addition,
disclosure clarifying this adjustment has been added to the
paragraph preceding the expense examples. See pages 20 and 21 of
the prospectus/proxy statement.
2. Comment: The auditors' consent was not filed as an exhibit to the August
7, 2008 filing. The auditors' consent must be filed as an exhibit
to the Registration Statement. The staff requests that a draft of
the auditors' consent be submitted to the staff.
Response: A draft of the auditors' consent is filed as an attachment to
this letter. The auditors' consent will be filed as an exhibit to
Post-Effective Amendment No. 1 to the Trust's Registration
Statement on Form N-14.
3. Comment: Include Tandy language in your response letter.
Response: The requested language is set forth below.
* * *
The Trust acknowledges that:
1. it is responsible for the adequacy and accuracy of the disclosure
in its filing of the above-referenced registration statement;
2. staff comments or changes to disclose in response to staff
comments in the filings reviewed by the staff do not foreclose
the Securities and Exchange Commission from taking any action
with respect to the filing; and
3. the Trust may not assert staff comments as a defense in any
proceeding initiated by the Securities and Exchange Commission or
any person under the federal securities laws of the United
States.
Any questions or comments with respect to this letter may be directed to
the undersigned at (202) 775-1213.
Very truly yours,
/s/ John L. Chilton
-------------------------
John L. Chilton
Attachments
cc: Elizabeth Forget
Richard Pearson
Jack Huntington
John Rizzo
Attachment A
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Aggressive Strategy
Strategic Growth Aggressive Strategy (Pro Forma)
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Class B Class B Class B
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Management Fees 0.10% 0.09% 0.09%
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12b-1 Fees 0.25% 0.25% 0.25%
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Other Expenses 0.08% 0.02% 0.01%
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Acquired Fund Fees and
Expenses (Net Expenses 0.68% 0.72% 0.72%
of Underlying
Portfolios)*
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Total Annual Portfolio
Operating Expenses
and Acquired Fund Fees 1.11% 1.08% 1.07%
and Expenses Before
Expense Waiver
------------------------------------ -------------------- ---------------------- ----------------------
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Contractual Expense
Waiver** 0.03% 0.01% 0.00%
------------------------------------ -------------------- ---------------------- ----------------------
------------------------------------ -------------------- ---------------------- ----------------------
Total Annual Portfolio
Operating Expenses
and Acquired Fund Fees
and Expenses After
Expense Waiver 1.08% 1.07% 1.07%
------------------------------------ -------------------- ---------------------- ----------------------
* As an investor in an Underlying Portfolio, the Portfolio also will bear its
pro-rata portion of the operating expenses of that Underlying Portfolio,
including the management fee. With respect to Strategic Growth, the
expenses of the Underlying Portfolios are based upon the weighted average
of the total operating expenses of the Underlying Portfolios after expense
waivers for the year ended December 31, 2007, according to the Portfolio's
investment in such Underlying Portfolios as of December 31, 2007. With
respect to Aggressive Strategy, the expenses of the Underlying Portfolios
are based upon the weighted average of the total operating expenses of the
Underlying Portfolios after expense waivers allocated to the Portfolio at
December 31, 2007.
** The Manager and the Trust have entered into an Expense Limitation Agreement
whereby the total direct Annual Portfolio Operating Expenses for the Class
B shares of Strategic Growth and Class B shares of Aggressive Strategy will
not exceed 0.40% and 0.35%, respectively, for the period ended April 30,
2009 and in any year in which the Agreement is in effect. Under certain
circumstances, any fees waived or expenses reimbursed by the Manager may,
with the approval of the Trust's Board of Trustees, be repaid to the
Manager.
--------------------------
The tables below show examples of the total expenses you would pay on a
$10,000 investment over one-, three-, five- and ten-year periods. The examples
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are intended to help you compare the cost of investing in a Selling Portfolio
versus the corresponding Acquiring Portfolio and the corresponding Acquiring
Portfolio on a pro forma basis, which assumes the applicable Reorganization
takes place. The examples assume a 5% average annual return, that you redeem all
of your shares at the end of each time period and that you reinvest all of your
dividends. The following tables also assume that total annual operating expenses
remain the same but that no expense limitations are in effect for any periods.
The examples are for illustration only, and your actual costs may be higher or
lower.
THE EXAMPLES DO NOT REFLECT ANY FEES, EXPENSES OR WITHDRAWAL CHARGES
IMPOSED BY THE CONTRACTS FOR WHICH THE PORTFOLIOS SERVE AS INVESTMENT VEHICLES.
IF THOSE FEES AND EXPENSES HAD BEEN INCLUDED, YOUR COSTS WOULD BE HIGHER.
Growth and Income and Balanced Strategy
Examples of Portfolio Expenses
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Growth and Income
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One Year Three Years Five Years Ten Years
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Class B $120 $374 $647 $1,427
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Balanced Strategy
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One Year Three Years Five Years Ten Years
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Class B $103 $320 $555 $1,229
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Balanced Strategy (Pro Forma)
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One Year Three Years Five Years Ten Years
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Class B $103 $320 $555 $1,229
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Conservative Growth and Growth Strategy
Examples of Portfolio Expenses
- 20 -
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Conservative Growth
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One Year Three Years Five Years Ten Years
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Class B $116 $361 $625 $1,380
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Growth Strategy
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One Year Three Years Five Years Ten Years
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Class B $106 $329 $571 $1,264
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Growth Strategy (Pro Forma)
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One Year Three Years Five Years Ten Years
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Class B $106 $329 $571 $1,264
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Strategic Growth and Aggressive Strategy
Examples of Portfolio Expenses
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Strategic Growth
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One Year Three Years Five Years Ten Years
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Class B $114 $355 $615 $1,357
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Aggressive Strategy
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One Year Three Years Five Years Ten Years
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Class B $110 $345 $598 $1,323
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Aggressive Strategy (Pro Forma)
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One Year Three Years Five Years Ten Years
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Class B $110 $342 $593 $1,311
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How do the Portfolios' performance records compare?
The following charts show how each Portfolio has performed in the past.
Past performance is not an indication of future results.
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Attachment B
DRAFT
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Post-Effective Amendment
No. 1 to Registration Statement No. 333-152839 on Form N-14 of our reports dated
February 25, 2008, relating to the financial statements and financial highlights
of Strategic Growth and Income Portfolio, Strategic Conservative Growth
Portfolio, Strategic Growth Portfolio, MetLife Balanced Strategy Portfolio,
MetLife Growth Strategy Portfolio and MetLife Aggressive Strategy Portfolio of
Met Investors Series Trust appearing in the Annual Report on Form N-CSR of Met
Investor Series Trust for the year ended December 31, 2007, and to the reference
to us under the heading "Financial Statements and Experts" in the
Prospectus/Proxy Statement, which is part of such Registration Statement.
Deloitte & Touche LLP
Boston, Massachusetts
September 8, 2008