RiverSource Variable Universal Life Insurance III

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May 1, 2016

RiverSource ^® Variable Universal Life Insurance III

This wrapper contains a prospectus and a prospectus supplement dated May 1, 2016.

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Prospectus Supplement dated May 1, 2016

Prospectus Form #/Date

Product Name National New York

RiverSource^®AccessChoice Select Variable Annuity 273416 CA (5/16)

RiverSource^®Builder Select Variable Annuity 45303 CA (5/16)

RiverSource^®Endeavor Select Variable Annuity 273417 CA (5/16) 273480 R (4/13) RiverSource^®FlexChoice Select Variable Annuity 45307 CA (5/16) 274320 J (4/13) RiverSource^®Innovations Classic Select Variable Annuity 45312 CA (5/16)

RiverSource^®Innovations Select Variable Annuity 45304 CA (5/16) 45313 P (4/13) RiverSource^®Signature One Select Variable Annuity 45301 CA (5/16)

RiverSource^®Signature Select Variable Annuity 45300 CA (5/16)

RiverSource Retirement Advisor Variable Annuity^® S-6467 CA (5/16) S-6471 R (4/13) RiverSource Retirement Advisor Variable Annuity^®- Band 3 S-6477 N (5/09)

RiverSource^®Retirement Advisor Advantage Variable Annuity - Band 3 S-6407 K (5/09) RiverSource^®Retirement Advisor Advantage Variable Annuity /

RiverSource^®Retirement Advisor Select Variable Annuity

S-6406 CA (5/16) S-6410 N (4/13)

RiverSource^®Retirement Advisor Advantage Plus Variable Annuity / RiverSource^®Retirement Advisor Select Plus Variable Annuity

S-6273 CA (5/16) S-6362 CA (5/16)

RiverSource^®Retirement Advisor 4 Advantage Variable Annuity /

RiverSource^®Retirement Advisor 4 Select Variable Annuity / RiverSource^® Retirement Advisor 4 Access Variable Annuity

S-6503 CA (5/16) S-6504 CA (5/16)

RiverSource^®Variable Universal Life Insurance III S-6189 CA (5/16) S-6211 L (5/09) RiverSource^®Variable Universal Life IV / RiverSource^®Variable Universal

Life IV – Estate Series

S-6418 CA (5/16) S-6419 CA (5/16)

RiverSource^®Variable Universal Life Insurance S-6194 CA (5/16) S-6171 CA (5/16) RiverSource^®Variable Second-To-Die Life Insurance S-6196 W (5/08) S-6185 R (5/08) RiverSource Succession Select^®Variable Life Insurance S-6202 CA (5/16) S-6203 CA (5/16) RiverSource^®Single Premium Variable Life Insurance S-6199 K (5/08)

This supplement describes changes to cer tain investment options offered under cer tain variable annuity contracts and life insurance policies (the “Contracts”). Please retain this supplement with your prospectus for future reference. After the close of business on April 29, 2016, if your contract has:

• Columbia Variable Por tfolio – Income Oppor tunities (Class 2) and (Class 3);

• Columbia Variable Por tfolio – Select International Equity Fund (Class 2)* and (Class 3);

• Invesco V.I. Mid Cap Growth Fund, Series II Shares and Series I Shares;

• Putnam VT Multi-Cap Growth Fund, Class IB Shares and Class IA Shares.

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Existing share classes will be exchanged for corresponding shares of the same fund, as shown in the table below.

Fund Name From To

Columbia Variable Por tfolio – Income Oppor tunities Fund

(Class 2) (Class 3)

Columbia Variable Por tfolio – Select International Equity Fund*

(Class 2) (Class 3)

Invesco V.I. Mid Cap Growth Fund Series II Shares Series I Shares Putnam VT Multi-Cap Growth Fund Class IB Shares Class IA Shares

* After the close of business on April 29, 2016 Columbia Variable Por tfolio – International Oppor tunities Fund (Class 2) merged into Columbia Variable Por tfolio – Select International Equity Fund (Class 2) and (Class 2) shares of Columbia Variable Por tfolio – Select International Equity Fund were exchanged for (Class 3) shares of the fund.

THIS SUPPLEMENT SHOULD BE READ AND RETAINED FOR FUTURE REFERENCE. S-6503-34 A (05/16)

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Jon S. Stenberg Executive Vice President and General Manager – Insurance

RiverSource Life Insurance Company

From the Executive Vice President

Thank you for taking an impor tant step and turning to RiverSource Life Insurance Company for your insurance protection needs. Having appropriate financial protection in place can bring you a feeling of added confidence. We are proud of our 120-year heritage honoring our

commitments to clients and look for ward to continuing this tradition with you.

RiverSource^®variable life insurance is a product solution that can ser ve multiple purposes. First, it provides a death benefit that is an income-tax-free way to transfer wealth from one generation to the next. Second, it can also provide a source of potentially income-tax-free retirement income through cash value accumulation. Consult with your financial advisor

periodically to help ensure your coverage continues to provide the benefits you need as your life changes

At RiverSource Life Insurance Company, we also want to help make your life insurance as simple and convenient as possible. That’s why we’re pleased to offer electronic deliver y (e-deliver y) for many of your financial documents, including this prospectus. When you choose e-deliver y, we will:

• Mail you less paper

• Securely organize and store your documents

• Help protect your financial documents from fraud, fire and other unexpected events. Using less paper is also a simple, yet meaningful way to help conser ve natural resources. If you are not yet enjoying the benefits of e-deliver y, you can learn more or sign up when you visit ameriprise.com/edeliver y.

Thank you for your business. We at RiverSource Life Insurance Company look for ward to continuing to help meet your financial needs.

Sincerely,

Jon S. Stenberg

Executive Vice President and General Manager – Insurance RiverSource Life Insurance Company

Accessing policy cash value through loans and surrenders may cause a permanent reduction of policy cash values and death benefit, and negate any guarantees against lapse. Surrender charges may apply to the policy and loans may be subject to interest charges. Although loans are generally not taxable, there may be tax consequences if the policy lapses, or is surrendered or exchanged with an outstanding loan. Taxable income could exceed the amount of proceeds actually available. Surrenders are generally taxable to the extent they exceed the remaining investment in the policy. If the policy is a modified endowment contract (MEC), pre-death distributions, including loans from the policy, are taxed on an income-first basis, and there may be a 10% federal income tax penalty for distributions of earnings prior to age 59-1/2.

Neither RiverSource Life Insurance Company, nor its affiliates or representatives, offer tax or legal advice. Consult with your tax adviser or attorney regarding your specific situation..

RiverSource Distributors, Inc. (Distributor), Member FINRA. Issued by RiverSource Life Insurance Company, Minneapolis, Minnesota. Affiliated with Ameriprise Financial Ser vices, Inc.

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Prospectus May 1, 2016

RiverSource

^®

Variable Universal Life Insurance III

AN INDIVIDUAL FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY New policies are not currently being offered.

Issued by: RiverSource Life Insurance Company (RiverSource Life) 70100 Ameriprise Financial Center

Minneapolis, MN 55474 Telephone: 1-800-862-7919 (Ser vice Center)

Website address: riversource.com/lifeinsurance RiverSource Variable Life Separate Account

This prospectus contains information about the life insurance policy that you should know before investing in RiverSource Variable Universal Life Insurance III (VUL III).

The purpose of the policy is to provide life insurance protection on the life of the insured and to potentially build policy value. The policy is a long-term investment that provides a death benefit that we pay to the beneficiar y upon the insured’s death. You may direct your net premiums or transfers to:

• A fixed account to which we credit interest.

• Subaccounts that invest in underlying funds.

Prospectuses are available for the funds that are investment options under your policy. Please read all prospectuses carefully and keep them for future reference.

The policy may not be available in all jurisdictions. This prospectus constitutes an offering or solicitation only in those jurisdictions where such offering or solicitation may lawfully be made. State variations are covered in a special policy form used in that state. This prospectus provides a general description of the policy. Your actual policy and any riders or endorsements are the controlling documents.

RiverSource Life has not authorized any person to give any information or to make any representations regarding the policy other than those contained in this prospectus or the fund prospectuses. Do not rely on any such information or representations.

Please note that your investments in a policy and its underlying funds:

• Are NOT deposits or obligations of a bank or financial institution;

• Are NOT insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency; and

• Are subject to risks including loss of the amount you invested and the policy ending without value.

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

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Fee Tables . . . 3

Transaction Fees . . . 3

Charges Other than Fund Operating Expenses . . . 4

Annual Operating Expenses of the Funds . . . 6

Policy Benefits and Risks . . . 13

Policy Benefits . . . 13

Policy Risks . . . 16

Fund Risks . . . 19

Loads, Fees and Charges . . . 20

Premium Expense Charge . . . 20

Monthly Deduction . . . 20

Surrender Charge . . . 21

Par tial Surrender Charge . . . 22

Mor tality and Expense Risk Charge . . . 22

Annual Operating Expenses of the Funds . . . 22

Effect of Loads, Fees and Charges . . . 22

Other Information on Charges . . . 22

RiverSource Life . . . 22

The Variable Account and the Funds . . . 22

Relationship Between Funds and Subaccounts . . . 32

Substitution of Investments. . . 32

Voting Rights . . . 33

The Fixed Account . . . 33

Purchasing Your Policy . . . 34

Application . . . 34

Householding and Deliver y of Cer tain Documents. . . 34

Premiums . . . 34

Limitations on Use of the Policy . . . 35

Policy Value . . . 35

Fixed Account . . . 35

Subaccounts . . . 35

Keeping The Policy in Force. . . 36

No Lapse Guarantee . . . 36

Grace Period. . . 37

Reinstatement . . . 37

Exchange Right . . . 37

Proceeds Payable Upon Death . . . 38

How We Handle Policies Under Unclaimed Proper ty Laws . . . 38

Change in Death Benefit Option . . . 38

Changes in Specified Amount . . . 39

Misstatement of Age or Sex . . . 40

Suicide . . . 40

Transfers Between the Fixed Account and Subaccounts . . . 40

Restrictions on Transfers . . . 40

Fixed Account Transfer Policies . . . 42

Minimum Transfer Amounts . . . 42

Maximum Transfer Amounts . . . 42

Maximum Number of Transfers Per Year . . . 43

Automated Transfers. . . 43

Automated Dollar-Cost Averaging . . . 44

Asset Rebalancing. . . 44

Policy Loans. . . 44

Minimum Loan Amounts. . . 45

Maximum Loan Amounts . . . 45

Allocation of Loans to Accounts . . . 45

Repayments . . . 45

Overdue Interest . . . 45

Effect of Policy Loans . . . 45

Policy Surrenders . . . 45

Total Surrenders . . . 45

Par tial Surrenders . . . 46

Two Ways to Request a Transfer, Loan or Surrender. . . 46

Cybersecurity and Systems Integrity . . . 47

Payment of Policy Loans, Surrenders and Death Benefit Proceeds . . . 47

Payment Options . . . 47

Deferral of Payments . . . 48

Federal Taxes. . . 48

RiverSource Life’s Tax Status . . . 49

Taxation of Policy Proceeds . . . 49

Modified Endowment Contracts . . . 51

Other Tax Considerations . . . 51

Split Dollar Arrangements . . . 53

Distribution of the Policy . . . 55

Legal Proceedings. . . 56

Key Terms . . . 57

Financial Statements . . . 58

Fee Tables

The following tables describe the fees and expenses that you will pay when buying, owning and surrendering the policy. The first table describes the fees and expenses that you will pay at the time that you buy the policy or surrender the policy.

Transaction Fees

CHARGE WHEN CHARGE IS DEDUCTED AMOUNT DEDUCTED

Premium Expense Charge When you pay premium. 5% of each premium payment. Surrender Charge^(a) When you surrender your

policy for its full cash

surrender value, or the policy lapses, during the first ten years and for ten years after requesting an increase in the specified amount.

Rate per $1,000 of initial specified amount: Minimum: $5.11 — Female, Standard, Age 1. Maximum: $47.51 — Male, Smoker, Age 85. Representative Insured: $10.42 — Male, Preferred Nonsmoker, Age 40.

Partial Surrender Charge When you surrender par t of the value of your policy.

The lesser of:

• $25; or

• 2% of the amount surrendered. Accelerated Benefit Rider

for Terminal Illness Charge

Upon payment of Accelerated Benefit.

Guaranteed: The greater of $300 or 1% of the Initial Accelerated Benefit per payment.

Current: $0 per payment. Fees for Express Mail and

Electronic Fund Transfers of Loan or Surrender Proceeds

When you take a loan or surrender and proceeds are sent by express mail or electronic fund transfer.

• $25 — United States.

• $35 — International.

(a) This charge varies based on individual characteristics. The charges shown in the table may not be representative of the charge you will pay. For information about the charge you would pay, contact your sales representative or RiverSource Life at the address or telephone number shown in the section entitled “Two Ways to Request a Transfer, Loan or Surrender”.

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The next table describes the fees and expenses that you will pay periodically during the time that you own the policy, not including fund fees and expenses.

Charges Other than Fund Operating Expenses

Cost of Insurance Charge^(a) Monthly. Monthly rate per $1,000 of net amount at risk: Minimum: $.055 — Female, Standard, Age 10: Duration 1.

Maximum: $83.3325 — Male, Smoker, Attained Insurance Age 99.

Representative Insured: $.1975 — Male, Preferred Nonsmoker, Age 40.

Policy Fee Monthly. Guaranteed: $7.50 per month.

Current:

• $7.50 per month for initial specified amounts below

$250,000; and

• $5.00 per month for initial specified amounts of

$250,000 and above. Mortality and Expense Risk

Charge

Daily. Guaranteed: .90% of the average daily net asset value of the subaccounts for all policy years.

Current:

• .90% for policy years 1-10; and

• .45% for policy years 11+. Interest Rate on Loans Charged daily and due at the

end of the policy year.

Guaranteed: 6% per year. Current:

• 6% for policy years 1-10;

• 4% for policy years 11+. Interest Rate on Payments

under Accelerated Benefit Rider for Terminal Illness (ABRTI)

Annually, payable at the end of each policy year.

Guaranteed:

• As set for th immediately above for that par t of the accelerated benefit which does not exceed the policy value available for loan when an accelerated benefit is requested.

• For that par t of an accelerated benefit which exceeds the policy value available for loan when the

accelerated benefit is requested, the greater of the current yield on 90 day Treasur y bills, the current maximum statutor y adjustable policy loan interest rate expressed as an annual effective rate or if the policy has a loan provision, the policy loan interest rate expressed as an effective annual rate.

Accidental Death Benefit Rider (ADB)^(a)

Monthly. Monthly rate per $1,000 of accidental death benefit amount:

Minimum: $.04 — Female, Age 5. Maximum: $.16 — Male, Age 69.

Representative Insured: $.08 — Male, Preferred Nonsmoker, Age 40.

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Charges Other than Fund Operating Expenses (continued)

Automatic Increase Benefit Rider (AIBR)

No charge. No charge for this rider, however, the additional

insurance added by the rider is subject to monthly cost of insurance charges.

Children’s Insurance Rider (CIR)

Monthly. Monthly rate per $1,000 of CIR specified amount:

$.58. Other Insured Rider

(OIR)^(a),(b)

Monthly. Monthly rate per $1,000 of OIR specified amount: Minimum: $.055 — Female, Standard, Age 10. Maximum: $83.3325 — Male, Smoker, Age 99. Representative Insured: $.1975 — Male, Preferred Nonsmoker, Age 40.

Waiver of Monthly Deduction Rider (WMD)^(a)

Monthly. Monthly rate per $1,000 of net amount at risk plus the OIR specified amounts if applicable:

Minimum: $.01 — Female, Standard, Age 5. Maximum: $.2775 — Male, Smoker, Age 59. Representative Insured: $.0225 — Male, Preferred Nonsmoker, Age 40.

(a) This charge varies based on individual characteristics. The charges shown in the table may not be representative of the charge you will pay. For information about the charge you would pay, contact your sales representative or RiverSource Life at the address or telephone number shown in the section entitled “Two Ways to Request a Transfer, Loan or Surrender”.

(b) OIR is no longer available for purchase. Any OIR currently in force on a policy cannot be increased.

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Annual Operating Expenses of the Funds

The next two tables describe the operating expenses of the funds that you may pay periodically during the time that you own the policy. These operating expenses are for the fiscal year ended Dec. 31, 2015, unless otherwise noted. The first table shows the minimum and maximum total operating expenses charged by the funds. The second table shows the total annual operating expenses charged by each fund. More detail concerning each fund’s fees and expenses is contained in the prospectus for each fund.

Minimum and maximum total annual operating expenses for the funds^(a)

(Including management fee, distribution and/or ser vice (12b-1) fees and other expenses)

Minimum(%) Maximum(%)

Total expenses before fee waivers and/or expense reimbursements 0.46 7.24

(a) Each fund deducts management fees and other expenses from fund assets. Fund assets include amounts you allocate to a par ticular fund. Funds may also charge 12b-1 fees that are used to finance any activity that is primarily intended to result in the sale of fund shares. Because 12b-1 fees are paid out of fund assets on an on-going basis, you may pay more if you select subaccounts investing in funds that have adopted 12b-1 plans than if you select subaccounts investing in funds that have not adopted 12b-1 plans. The fund or the fund’s affiliates may pay us and/or our affiliates for promoting and suppor ting the offer, sale and ser vicing of fund shares. In addition, the fund’s distributor and/or investment adviser, transfer agent or their affiliates may pay us and/or our affiliates for various ser vices we or our affiliates provide. The amount of these payments will var y by fund and may be significant. See “The Variable Account and the Funds” for additional information, including potential conflicts of interest these payments may create. For a more complete description of each fund’s fees and expenses and impor tant disclosure regarding payments the fund and/or its affiliates make, please review the fund’s prospectus and Statement of Additional Information (SAI).

Total annual operating expenses for each fund*

Fund name

Management fees(%)

Distribution and/or Service

12b-1 fees(%)

Other expenses(%)

Acquired fund fees and expenses(%)**

Total annual operating expenses(%)

Contractual fee waiver and/or expense reimbursement(%)

Total annual operating expenses after fee waiver(%) AB VPS Dynamic Asset Allocation

Por tfolio (Class B)

0.70 0.25 0.13 — 1.08 — 1.08

AB VPS Growth and Income Por tfolio (Class B)

0.55 0.25 0.05 — 0.85 — 0.85

AB VPS International Value Por tfolio (Class B)

0.75 0.25 0.10 — 1.10 — 1.10

AB VPS Large Cap Growth Por tfolio (Class B)

0.75 0.25 0.07 — 1.07 — 1.07

ALPS/Alerian Energy Infrastructure Por tfolio: Class III

0.70 0.25 0.40 — 1.35 0.05 1.30⁽¹⁾

American Centur y VP International, Class I

1.31 — 0.02 — 1.33 0.31 1.02⁽²⁾

American Centur y VP Value, Class I 0.97 — — — 0.97 0.18 0.79⁽³⁾

BlackRock Global Allocation V.I. Fund (Class III)

0.62 0.25 0.25 — 1.12 0.13 0.99⁽⁴⁾

Calver t VP SRI Balanced Por tfolio – Class I

0.53 — 0.17 — 0.70 — 0.70⁽⁵⁾

Columbia Variable Por tfolio – Balanced Fund (Class 3)

0.70 0.13 0.11 — 0.94 0.02 0.92⁽⁶⁾

Columbia Variable Por tfolio – Disciplined Core Fund (Class 3)***

0.65 0.13 0.08 — 0.86 — 0.86

Columbia Variable Por tfolio – Dividend Oppor tunity Fund (Class 3)

0.63 0.13 0.09 — 0.85 — 0.85

Columbia Variable Por tfolio – Emerging Markets Fund (Class 3)

1.18 0.13 0.18 — 1.49 — 1.49⁽⁷⁾⁽⁸⁾

Columbia Variable Por tfolio – Global Bond Fund (Class 3)

0.65 0.13 0.12 — 0.90 0.08 0.82⁽⁹⁾

Columbia Variable Por tfolio – Government Money Market Fund (Class 3)***

0.39 0.13 0.10 — 0.62 0.04 0.58⁽¹⁰⁾

Columbia Variable Por tfolio – High Yield Bond Fund (Class 3)

0.65 0.13 0.12 — 0.90 0.01 0.89⁽¹¹⁾

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Total annual operating expenses for each fund* (continued)

Fund name

Management fees(%)

12b-1 fees(%)

Other expenses(%)

Total annual operating expenses after fee waiver(%) Columbia Variable Por tfolio –

Intermediate Bond Fund (Class 3)

0.47 0.13 0.07 — 0.67 — 0.67

Columbia Variable Por tfolio – Large Cap Growth Fund (Class 3)

0.71 0.13 0.08 — 0.92 0.03 0.89^(7)(11)

Columbia Variable Por tfolio – Large Cap Index Fund (Class 3)

0.20 0.13 0.13 — 0.46 — 0.46

Columbia Variable Por tfolio – Limited Duration Credit Fund (Class 2)

0.47 0.25 0.07 — 0.79 — 0.79

Columbia Variable Por tfolio – Managed Volatility Conser vative Fund (Class 2)

0.23 0.25 0.08 0.45 1.01 — 1.01

Columbia Variable Por tfolio – Managed Volatility Conser vative Growth Fund (Class 2)

0.23 0.25 0.04 0.50 1.02 — 1.02

Columbia Variable Por tfolio – Managed Volatility Growth Fund (Class 2)

0.20 0.25 0.03 0.58 1.06 — 1.06

Columbia Variable Por tfolio – Managed Volatility Moderate Growth Fund (Class 2)

0.20 0.25 0.02 0.54 1.01 — 1.01

Columbia Variable Por tfolio – Mid Cap Growth Fund (Class 3)

0.82 0.13 0.13 — 1.08 0.19 0.89⁽¹¹⁾

Columbia Variable Por tfolio – Mid Cap Value Fund (Class 3)

0.82 0.13 0.11 — 1.06 — 1.06

Columbia Variable Por tfolio – Select International Equity Fund (Class 3)

0.87 0.13 0.13 — 1.13 0.10 1.03^(7)(12)

Columbia Variable Por tfolio – Select Large-Cap Value Fund (Class 3)

0.74 0.13 0.07 — 0.94 — 0.94

Columbia Variable Por tfolio – Select Smaller-Cap Value Fund (Class 3)

0.87 0.13 0.12 — 1.12 0.08 1.04⁽¹³⁾

Columbia Variable Por tfolio – U.S. Government Mor tgage Fund (Class 3)

0.42 0.13 0.08 — 0.63 — 0.63

Credit Suisse Trust – Commodity Return Strategy Por tfolio

0.50 0.25 0.34 — 1.09 0.04 1.05⁽¹⁴⁾

Deutsche Alternative Asset Allocation VIP, Class B

0.31 0.25 0.27 1.12 1.95 0.24 1.71⁽¹⁵⁾

Eaton Vance VT Floating-Rate Income Fund

0.58 0.25 0.35 — 1.18 — 1.18

Fidelity^®VIP Contrafund^®Por tfolio Ser vice Class 2

0.55 0.25 0.08 — 0.88 — 0.88

Fidelity^®VIP Growth & Income Por tfolio Ser vice Class

0.45 0.10 0.11 0.02 0.68 — 0.68

Fidelity^®VIP Mid Cap Por tfolio Ser vice Class

0.55 0.10 0.08 — 0.73 — 0.73

Fidelity^®VIP Overseas Por tfolio Ser vice Class

0.67 0.10 0.13 — 0.90 — 0.90

FTVIPT Franklin Global Real Estate VIP Fund – Class 2

1.05 0.25 0.06 — 1.36 — 1.36

FTVIPT Franklin Income VIP Fund – Class 2

0.45 0.25 0.01 — 0.71 — 0.71

FTVIPT Franklin Mutual Shares VIP Fund – Class 2

0.69 0.25 0.04 — 0.98 — 0.98

FTVIPT Franklin Small Cap Value VIP Fund – Class 2

0.62 0.25 0.03 0.01 0.91 0.01 0.90⁽¹⁶⁾

FTVIPT Templeton Global Bond VIP Fund – Class 2

0.46 0.25 0.06 — 0.77 — 0.77

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Fund name

Management fees(%)

12b-1 fees(%)

Other expenses(%)

Total annual operating expenses after fee waiver(%) Goldman Sachs VIT Mid Cap Value

Fund – Institutional Shares

0.80 — 0.07 — 0.87 0.03 0.84⁽¹⁷⁾

Goldman Sachs VIT Multi-Strategy Alternatives Por tfolio – Advisor Shares

0.15 0.40 2.96 0.82 4.33 2.89 1.44⁽¹⁸⁾

Goldman Sachs VIT Small Cap Equity Insights Fund – Institutional Shares

0.75 — 0.24 — 0.99 0.18 0.81⁽¹⁹⁾

Goldman Sachs VIT U.S. Equity Insights Fund – Institutional Shares

0.62 — 0.09 — 0.71 0.07 0.64⁽²⁰⁾

Invesco V.I. American Franchise Fund, Series I Shares

0.67 — 0.29 — 0.96 — 0.96

Invesco V.I. Balanced-Risk Allocation Fund, Series II Shares

0.92 0.25 0.23 0.09 1.49 0.44 1.05⁽²¹⁾

Invesco V.I. Comstock Fund, Series II Shares

0.56 0.25 0.27 — 1.08 0.05 1.03⁽²²⁾

Invesco V.I. Core Equity Fund, Series I Shares

0.61 — 0.29 0.01 0.91 0.01 0.90⁽²³⁾

Invesco V.I. Diversified Dividend Fund, Series I Shares

0.49 — 0.22 0.01 0.72 0.01 0.71⁽²³⁾

Invesco V.I. International Growth Fund, Series II Shares

0.71 0.25 0.30 0.01 1.27 0.01 1.26⁽²³⁾

Invesco V.I. Mid Cap Growth Fund, Series I Shares

0.75 — 0.32 — 1.07 — 1.07

Invesco V.I. Technology Fund, Series I Shares

0.75 — 0.40 — 1.15 — 1.15

Ivy Funds VIP Asset Strategy 0.68 0.25 0.06 — 0.99 — 0.99

Janus Aspen Series Enterprise Por tfolio: Ser vice Shares

0.64 0.25 0.10 — 0.99 — 0.99

Janus Aspen Series Global Technology Por tfolio: Ser vice Shares

0.64 0.25 0.17 — 1.06 — 1.06⁽²⁴⁾

Janus Aspen Series Janus Por tfolio: Ser vice Shares

0.66 0.25 0.11 — 1.02 — 1.02

Janus Aspen Series Overseas Por tfolio: Ser vice Shares

0.44 0.25 0.13 — 0.82 — 0.82

Lazard Retirement Global Dynamic Multi Asset Por tfolio – Ser vice Shares

0.85 0.25 0.21 — 1.31 0.26 1.05⁽²⁵⁾

MFS^®Massachusetts Investors Growth Stock Por tfolio – Ser vice Class

0.75 0.25 0.04 — 1.04 — 1.04

MFS^®New Discover y Series – Ser vice Class

0.90 0.25 0.06 — 1.21 0.02 1.19⁽²⁶⁾

MFS^®Utilities Series – Ser vice Class 0.73 0.25 0.06 — 1.04 — 1.04

Morgan Stanley UIF Global Real Estate Por tfolio, Class II Shares

0.85 0.25 0.54 — 1.64 0.24 1.40⁽²⁷⁾

Morgan Stanley UIF Mid Cap Growth Por tfolio, Class II Shares

0.75 0.25 0.35 — 1.35 0.20 1.15⁽²⁸⁾

Neuberger Berman Advisers Management Trust Absolute Return Multi-Manager Por tfolio (Class S)

1.70 0.25 5.25 0.04 7.24 3.98 3.26⁽²⁹⁾

Oppenheimer Global Fund/VA, Ser vice Shares

0.63 0.25 0.13 — 1.01 — 1.01

Oppenheimer Global Strategic Income Fund/VA, Ser vice Shares

0.59 0.25 0.15 0.03 1.02 0.03 0.99⁽³⁰⁾

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Fund name

Management fees(%)

12b-1 fees(%)

Other expenses(%)

Total annual operating expenses after fee waiver(%) PIMCO VIT All Asset Por tfolio, Advisor

Class

0.43 0.25 — 0.83 1.51 0.16 1.35⁽³¹⁾

PIMCO VIT Total Return Por tfolio, Advisor Class

0.50 0.25 0.01 — 0.76 — 0.76

Putnam VT Global Health Care Fund – Class IB Shares

0.62 0.25 0.13 — 1.00 — 1.00

Putnam VT High Yield Fund – Class IB Shares

0.56 0.25 0.14 — 0.95 — 0.95

Putnam VT International Equity Fund – Class IB Shares

0.69 0.25 0.15 — 1.09 — 1.09

Putnam VT Multi-Cap Growth Fund – Class IA Shares

0.55 — 0.11 — 0.66 — 0.66

Royce Capital Fund – Micro-Cap Por tfolio, Investment Class

1.25 — 0.07 — 1.32 — 1.32

Third Avenue Value Por tfolio 0.90 — 0.32 — 1.22 — 1.22

VanEck VIP Global Gold Fund (Class S Shares)

0.75 0.25 1.46 — 2.46 1.01 1.45⁽³²⁾

Variable Por tfolio – Aggressive Por tfolio (Class 2)

0.03 0.25 0.01 0.78 1.07 — 1.07^(33)(34)

Variable Por tfolio – Aggressive Por tfolio (Class 4)

0.03 0.25 0.01 0.78 1.07 — 1.07^(33)(34)

Variable Por tfolio – BlackRock Global Inflation-Protected Securities Fund (Class 3)

0.51 0.13 0.13 — 0.77 — 0.77⁽⁷⁾⁽⁸⁾

Variable Por tfolio – Conser vative Por tfolio (Class 2)

0.03 0.25 0.01 0.59 0.88 — 0.88^(33)(34)

Variable Por tfolio – Conser vative Por tfolio (Class 4)

0.03 0.25 0.01 0.59 0.88 — 0.88^(33)(34)

Variable Por tfolio – MFS^®Blended Research^®Core Equity Fund (Class 3)***

0.70 0.13 0.07 0.03 0.93 — 0.93⁽³⁵⁾

Variable Por tfolio – Moderate Por tfolio (Class 2)

0.03 0.25 0.01 0.70 0.99 — 0.99^(33)(34)

Variable Por tfolio – Moderate Por tfolio (Class 4)

0.03 0.25 0.01 0.70 0.99 — 0.99^(33)(34)

Variable Por tfolio – Moderately Aggressive Por tfolio (Class 2)

0.03 0.25 0.01 0.74 1.03 — 1.03^(33)(34)

Variable Por tfolio – Moderately Aggressive Por tfolio (Class 4)

0.03 0.25 0.01 0.74 1.03 — 1.03^(33)(34)

Variable Por tfolio – Moderately Conser vative Por tfolio (Class 2)

0.03 0.25 0.01 0.64 0.93 — 0.93^(33)(34)

Variable Por tfolio – Moderately Conser vative Por tfolio (Class 4)

0.03 0.25 0.01 0.64 0.93 — 0.93^(33)(34)

Variable Por tfolio – Multi-Manager Diversified Income Fund (Class 2)

0.03 0.25 3.59 0.67 4.54 3.63 0.91⁽³⁶⁾

Variable Por tfolio – Multi-Manager Interest Rate Adaptive Fund (Class 2)

0.02 0.25 3.12 0.65 4.04 3.00 1.04⁽³⁶⁾

Variable Por tfolio – Par tners Small Cap Value Fund (Class 3)

0.99 0.13 0.08 — 1.20 0.14 1.06⁽³⁷⁾

Variable Por tfolio – Victor y Sycamore Established Value Fund (Class 3)***

0.83 0.13 0.08 — 1.04 0.06 0.98⁽³⁸⁾

Wanger International 0.92 — 0.19 — 1.11 — 1.11

Wanger USA 0.86 — 0.14 0.01 1.01 — 1.01

(14)

Fund name

Management fees(%)

12b-1 fees(%)

Other expenses(%)

Total annual operating expenses after fee waiver(%) Wells Fargo VT International Equity

Fund – Class 2***

0.80 0.25 0.15 — 1.20 0.26 0.94⁽³⁹⁾

Wells Fargo VT Oppor tunity Fund – Class 2***

0.70 0.25 0.14 — 1.09 0.09 1.00⁽³⁹⁾

Wells Fargo VT Small Cap Growth Fund – Class 2***

0.80 0.25 0.13 — 1.18 — 1.18

* The Funds provided the information on their expenses and we have not independently verified the information.

** Includes fees and expenses incurred indirectly by the Fund as a result of its investment in other investment companies (also referred to as acquired funds).

*** The previous fund names can be found in “The Variable Account and the Funds” section of the prospectus.

(1) ALPS Advisors, Inc. (the “Adviser”) has contractually agreed to waive its management fee and/or reimburse expenses so that Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursements (not including Distribution and/or Ser vice (12b-1) Fees, Shareholder Ser vice Fees, acquired fund fees and expenses, taxes, brokerage commissions and extraordinar y expenses) do not exceed a maximum of 0.80% of Class III shares average daily net assets through April 29, 2017. This agreement may only be terminated during the period by the Board of Trustees of ALPS Variable Investment Trust.

(2) Effective August 1, 2015, the advisor has agreed to waive 0.31 percentage points of the fund’s management fee. The advisor expects this waiver to continue until April 30, 2017 and cannot terminate it prior to such date without the approval of the Board of Directors.

(3) Effective August 1, 2015, the advisor has agreed to waive 0.18 percentage points of the fund’s management fee. The advisor expects this waiver to continue until April 30, 2017 and cannot terminate it prior to such date without the approval of the Board of Directors.

(4) BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and cer tain other Fund expenses) to 1.50% of average daily net assets through April 30, 2017. BlackRock has also contractually agreed to reimburse fees in order to limit cer tain operational and recordkeeping fees to 0.07% of average daily net assets through April 30, 2017. Each of these contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. In addition, the Manager may waive a por tion of the Fund’s management fee in connection with the Fund’s investment in an affiliated money market fund.

(5) Management fees are restated to reflect current contractual fees rather than the fees paid during the previous fiscal year.

(6) Columbia Management Investment Advisers, LLC and cer tain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and cer tain other investment related expenses, interest, taxes, acquired fund fees and expenses, and infrequent and/or beyond usual expenses) until April 30, 2017, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 0.915%.

(7) Other expenses are based on estimated amounts for the Fund’s current fiscal year.

(8) Management fee rate has been restated to reflect current fees based on current asset levels.

(14) Credit Suisse Trust (the “Trust”) and Credit Suisse Asset Management, LLC (“Credit Suisse”) have entered into a written contract limiting operating expenses (excluding cer tain expenses as described below) to 1.05% of the por tfolio’s average daily net assets at least through

(15)

during which such fees were limited or expenses were paid by Credit Suisse and the reimbursements do not cause the por tfolio to exceed the expense limitation in the contract at the time the fees were limited or expenses were paid. This contract may not be terminated before May 1, 2017.

(15) Through April 30, 2017, the Advisor has contractually agreed to waive all or a por tion of its management fee and reimburse or pay cer tain operating expenses of the por tfolio to the extent necessar y to maintain the por tfolio’s total annual operating expenses at ratios no higher than 0.59% for Class B shares, excluding cer tain expenses such as extraordinar y expenses, taxes, brokerage, interest expense and acquired funds (underlying funds) fees and expenses (estimated at 1.12%). These agreements may only be terminated with the consent of the fund’s Board.

(16) The investment manager has contractually agreed in advance to reduce its fees as a result of the fund’s investment in a Franklin Templeton money market fund (the “acquired fund”) for at least the next 12 month period.

(17) The Investment Adviser has agreed to (i) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinar y expenses) to 0.054% of the Fund’s average daily net assets and (ii) waive a por tion of its management fee in order to achieve an effective net management fee rate of 0.77% as an annual percentage rate of the average daily net assets of the Fund. These arrangements will remain in effect through at least April 30, 2017, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

(18) The Investment Adviser has agreed to (i) waive all of its Management Fees, and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinar y expenses) to 0.204% of the Por tfolio’s average daily net assets. Each arrangement will remain in effect through at least April 30, 2017, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

(19) The Investment Adviser has agreed to (i) waive a por tion of its management fee in order to achieve an effective net management fee rate of 0.70% of the Fund’s average daily net assets, and (ii) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinar y expenses) to 0.094% of the Fund’s average daily net assets. These arrangements will remain in effect through at least April 30, 2017, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

(20) The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinar y expenses) equal on an annualized basis to 0.004% of the Fund’s average daily net assets through at least April 30, 2017, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

(21) Invesco Advisers, Inc. (“Invesco” or the “Adviser”) has contractually agreed to waive advisor y fees and/or reimburse expenses of Series II shares to the extent necessar y to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding cer tain items discussed below) of Series II shares to 1.04% of the Fund’s average daily nets assets. In determining the Adviser’s obligation to waive advisor y fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement to exceed the numbers reflected above: (i) interest; (ii) taxes; (iii) dividend expense on shor t sales; (iv) extraordinar y or non-routine items, including litigation expenses; (v) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Acquired Fund Fees and Expenses are excluded in determining such obligation. Invesco has also contractually agreed to waive a por tion of the Fund’s management fee in an amount equal to the net management fee that Invesco earns on the Fund’s investments in cer tain affiliated funds, which will have the effect of reducing Acquired Fund Fees and Expenses. Unless Invesco continues the fee waiver agreements, they will terminate on April 30, 2017 and June 30, 2017, respectively. The fee waiver agreements cannot be terminated during their terms.

(22) Invesco has contractually agreed to waive advisor y fees and/or reimburse expenses of Series II shares to the extent necessar y to limit Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding cer tain items discussed below) of Series II shares to 1.03% of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisor y fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement to exceed the numbers reflected above: (i) interest; (ii) taxes; (iii) dividend expense on shor t sales; (iv) extraordinar y or non-routine items, including litigation expenses; (v) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver agreement, it will terminate on April 30, 2017. The fee waiver agreement cannot be terminated during its term.

(23) Invesco has contractually agreed to waive a por tion of the Fund’s management fee in an amount equal to the net management fee that Invesco earns on the Fund’s investments in cer tain affiliated funds, which will have the effect of reducing Acquired Fund Fees and Expenses. Unless Invesco continues the fee waiver agreement, it will terminate on June 30, 2017. The fee waiver agreement cannot be terminated during its term.

(24) Janus Capital has contractually agreed to waive its investment advisor y fee and/or reimburse Por tfolio expenses to the extent that the Por tfolio’s total annual fund operating expenses (excluding any applicable per formance adjustments to management fees, the distribution and shareholder ser vicing fees, administrative ser vices fees payable pursuant to the Transfer Agency Agreement, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinar y expenses) exceed a cer tain limit until at least May 1, 2017. The contractual waiver may be terminated or modified at any time prior to this date only at the discretion of the Board of Trustees.

(25) Reflects a contractual agreement by Lazard Asset Management LLC (the “Investment Manager”) to waive its fee and, if necessar y, reimburse the Por tfolio through May 1, 2017, to the extent Total Annual Por tfolio Operating Expenses exceed 1.05% of the average daily net assets of the Por tfolio’s Ser vice Shares, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” and extraordinar y expenses. This agreement can only be amended by agreement of the Fund, upon approval by the Fund’s Board of Directors (the “Board”), and the Investment Manager to lower the net amount shown and will terminate automatically in the event of termination of the Investment Management Agreement between the Investment Manager and the Fund, on behalf of the Por tfolio.

(26) Massachusetts Financial Ser vices Company has agreed in writing to bear the fund’s expenses, excluding interest, taxes, extraordinar y 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 ‘‘Total Annual Fund Operating Expenses” do not exceed 1.19% of the fund’s average daily net assets annually for Ser vice Class shares. This written agreement will continue until modified by the fund’s Board of Trustees, but such agreement will continue until at least April 30, 2017.

(27) The Por tfolio’s⬙Adviser,⬙ Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Portfolio so that Total Annual Por tfolio Operating Expenses, excluding cer tain investment related expenses, taxes, interest and other extraordinar y expenses (including litigation), will not exceed 1.40%. The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Board of Directors of The Universal Institutional Funds, Inc. (the⬙Fund⬙) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate.

(16)

(28) The Por tfolio’s⬙Adviser,⬙ Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Portfolio so that Total Annual Por tfolio Operating Expenses, excluding cer tain investment related expenses, taxes, interest and other extraordinar y expenses (including litigation), will not exceed 1.15%. In addition, the Por tfolio’s⬙Distributor,⬙ Morgan Stanley Distribution, Inc., has agreed to waive 0.15% of the 0.25% 12b-1 fee that it may receive. These fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Board of Directors of The Universal Institutional Funds, Inc. (the⬙Fund⬙) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate.

(29) Neuberger Berman Investment Advisers LLC (“NBIA”) has under taken through December 31, 2019 to waive fees and/or reimburse cer tain operating expenses, including the compensation of NBIA and excluding taxes, interest, extraordinar y expenses, brokerage commissions, dividend and interest expenses related to shor t sales, acquired fund fees and expenses and transaction costs, that exceed, in the aggregate, 2.40% of the average daily net asset value. The expense limitation arrangements for the Por tfolios are contractual and any excess expenses can be repaid to NBIA within three years of the year incurred, provided such recoupment would not cause a Por tfolio to exceed its respective limitation.

(30) After discussions with the Fund’s Board, the Manager has contractually agreed to waive fees and/or reimburse Fund expenses in an amount equal to the indirect management fees incurred through the Fund’s investment in funds managed by the Manager or its affiliates. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one year from the date of this prospectus, unless approved by the Board.

(31) PIMCO has contractually agreed, through May 1, 2017, to reduce its advisor y fee to the extent that the Underlying PIMCO Fund Expenses attributable to advisor y and super visor y and administrative fees exceed 0.64% of the total assets invested in Underlying PIMCO Funds. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The fee reduction is implemented based on a calculation of Underlying PIMCO Fund Expenses attributable to advisor y and super visor y and administrative fees that is different from the calculation of Acquired Fund Fees and Expenses listed in the table above.

(32) The Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessar y to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold shor t, taxes and extraordinar y expenses) from exceeding 1.45% for Class S of the Fund’s average daily net assets per year until May 1, 2017. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a por tion of such expense limitation.

(33) Other expenses for Class 2 and Class 4 shares have been restated to reflect current transfer agency fees paid by the Fund. In addition, acquired fund fees and expenses are based on estimated amounts for the Fund’s current fiscal year.

(34) Management fees have been restated to reflect current management fee rates, which reflects a shareholder-approved fee change.

(35) Management fees have been restated to reflect current management fee rates.

(36) Columbia Management Investment Advisers, LLC and cer tain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding transaction costs and cer tain other investment related expenses, interest, taxes and infrequent and/or beyond usual expenses) until April 30, 2017, unless sooner terminated at the sole discretion of the Fund’s Board of Trustees. Under this agreement, the Fund’s net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 0.91% for Variable Por tfolio – Multi-Manager Diversified Income Fund and 1.04% for Variable Por tfolio – Multi-Manager Interest Rate Adaptive Fund.

(39) The Adviser has committed through April 30, 2017 to waive fees and/or reimburse expenses to the extent necessar y to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown above. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinar y expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

RiverSource Variable Universal Life Insurance III

May 1, 2016