0001193125-11-096457.txt : 20110413
0001193125-11-096457.hdr.sgml : 20110413
20110413162038
ACCESSION NUMBER: 0001193125-11-096457
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 3
FILED AS OF DATE: 20110413
DATE AS OF CHANGE: 20110413
EFFECTIVENESS DATE: 20110501
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Metropolitan Life Separate Account UL
CENTRAL INDEX KEY: 0000858997
IRS NUMBER: 135581829
STATE OF INCORPORATION: NY
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 033-47927
FILM NUMBER: 11757333
BUSINESS ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
BUSINESS PHONE: 2125788717
MAIL ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
FORMER COMPANY:
FORMER CONFORMED NAME: METROPOLITAN LIFE SEPARATE ACCOUNT UL
DATE OF NAME CHANGE: 19920703
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Metropolitan Life Separate Account UL
CENTRAL INDEX KEY: 0000858997
IRS NUMBER: 135581829
STATE OF INCORPORATION: NY
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-06025
FILM NUMBER: 11757334
BUSINESS ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
BUSINESS PHONE: 2125788717
MAIL ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
FORMER COMPANY:
FORMER CONFORMED NAME: METROPOLITAN LIFE SEPARATE ACCOUNT UL
DATE OF NAME CHANGE: 19920703
0000858997
S000004219
Metropolitan Life Separate Account UL
C000011871
Equity Advantage VUL and UL II
485BPOS
1
d485bpos.txt
MLIC EQUITY ADVANTAGE VUL POST-EFFECTIVE AMENDMENT NO. 25
As filed with the Securities and Exchange Commission on April 13, 2011
Registration Nos. 033-47927
811-06025
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-6
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Post-Effective Amendment No. 25 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 49 [X]
Metropolitan Life Separate Account UL
(Exact Name of Registrant)
Metropolitan Life Insurance Company
(Name of Depositor)
200 Park Avenue
New York, NY 10166
(Address of depositor's principal executive offices)
Nicholas D. Latrenta, Esq.
Executive Vice President and General Counsel
Metropolitan Life Insurance Company
1095 Avenue of the Americas
New York, NY 10036
(Name and address of agent for service)
Copy to:
Mary E. Payne, Esquire
Sutherland Asbill & Brennan LLP
1275 Pennsylvania Avenue, N.W.
Washington, D.C. 20004-2415
It is proposed that this filing will become effective (check appropriate box)
[_] immediately upon filing pursuant to paragraph (b)
[X] on May 1, 2011 pursuant to paragraph (b)
[_] 60 days after filing pursuant to paragraph (a)(1)
[_] on (date) pursuant to paragraph (a)(1) of Rule 485
[_] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment
Title of Securities Being Registered: Interests in Metropolitan Life Separate
Account UL, which funds certain Variable Universal Life Insurance Policies.
Note:
This registration statement incorporates by reference the prospectuses and
supplements dated May 1, 2010, May 1, 2009 and April 28, 2008 for the Equity
Advantage VUL Policy, each as filed in Post-Effective Amendment No. 24 filed
April 16, 2010, Post-Effective Amendment No. 23 filed April 16, 2009 and Post-
Effective Amendment No. 22 filed April 18, 2008, respectively, to the
Registration Statement on Form N-6 (File No. 033-47927); and
This registration statement incorporates by reference the prospectuses and
supplements dated April 28, 2008, April 30, 2007, May 1, 2006, May 1, 2005,
May 1, 2004 and May 1, 2003 for the UL II Policy, each as filed in Post-
Effective Amendment No. 22 filed April 18, 2008, Post-Effective Amendment No. 21
filed April 18, 2007, Post-Effective Amendment No. 20 filed April 25, 2006, Post
-Effective Amendment No. 19 filed April 29, 2005, Post-Effective Amendment
No. 18 filed April 30, 2004 and Post-Effective Amendment No. 17 filed April 29,
2003, respectively, to the Registration Statement on Form N-6 (File No. 033-
47927).
METROPOLITAN LIFE INSURANCE COMPANY
EQUITY ADVANTAGE VUL -- FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICIES
UL II -- FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICIES
SUPPLEMENT DATED MAY 1, 2011 TO
Prospectus Dated April 28, 2008 as previously amended (for Equity Advantage VUL)
Prospectus Dated May 1, 2003 as previously amended (for UL II)
This supplement updates certain information contained in your last prospectus,
as annually and periodically supplemented. You should read and retain this
supplement with your Policy. We will send you an additional copy of your most
recent prospectus (and any previous supplements thereto), without charge, on
written request sent to MetLife, P.O. Box 543, Warwick, RI 02887-0543. Equity
Advantage VUL and UL II Policies are no longer available for sale.
You allocate net premiums to and may transfer cash value among the available
investment divisions of the Metropolitan Life Separate Account UL (and, for
Equity Advantage VUL, the Fixed Account). Each available investment division,
in turn, invests in the shares of one of the following Portfolios:
AMERICAN FUNDS INSURANCE SERIES(R) (CLASS 2 SHARES)
American Funds Bond Fund
American Funds Global Small Capitalization Fund
American Funds Growth Fund
American Funds Growth-Income Fund
MET INVESTORS SERIES TRUST (CLASS A SHARES)
BlackRock Large Cap Core Portfolio
Clarion Global Real Estate Portfolio
Harris Oakmark International Portfolio
Invesco Small Cap Growth Portfolio
Janus Forty Portfolio
Lazard Mid Cap Portfolio
Legg Mason ClearBridge Aggressive Growth Portfolio
Lord Abbett Bond Debenture Portfolio
MetLife Aggressive Strategy Portfolio
MFS(R) Research International Portfolio
Morgan Stanley Mid Cap Growth Portfolio
Oppenheimer Capital Appreciation Portfolio
PIMCO Inflation Protected Bond Portfolio
PIMCO Total Return Portfolio
RCM Technology Portfolio
SSgA Growth and Income ETF Portfolio
SSgA Growth ETF Portfolio
T. Rowe Price Mid Cap Growth Portfolio
METROPOLITAN SERIES FUND, INC. (CLASS A SHARES)
Artio International Stock Portfolio
Barclays Capital Aggregate Bond Index Portfolio
BlackRock Aggressive Growth Portfolio
BlackRock Bond Income Portfolio
BlackRock Diversified Portfolio
BlackRock Large Cap Value Portfolio
BlackRock Legacy Large Cap Growth Portfolio
BlackRock Money Market Portfolio*
Davis Venture Value Portfolio
FI Value Leaders Portfolio
Jennison Growth Portfolio
Loomis Sayles Small Cap Core Portfolio
Loomis Sayles Small Cap Growth Portfolio
Met/Artisan Mid Cap Value Portfolio
MetLife Mid Cap Stock Index Portfolio
MetLife Stock Index Portfolio
MFS(R) Total Return Portfolio
MFS(R) Value Portfolio
Morgan Stanley EAFE(R) Index Portfolio
Neuberger Berman Genesis Portfolio
Neuberger Berman Mid Cap Value Portfolio
Oppenheimer Global Equity Portfolio
Russell 2000(R) Index Portfolio
T. Rowe Price Large Cap Growth Portfolio
T. Rowe Price Small Cap Growth Portfolio
Western Asset Management Strategic Bond Opportunities Portfolio
Western Asset Management U.S. Government Portfolio
MetLife Conservative Allocation Portfolio
MetLife Conservative to Moderate Allocation Portfolio
MetLife Moderate Allocation Portfolio
MetLife Moderate to Aggressive Allocation Portfolio
--------
* The BlackRock Money Market Portfolio is not available for Equity Advantage
VUL Policies.
The prospectuses for the Portfolios describe in greater detail an investment in
the Portfolios. YOU CAN OBTAIN PROSPECTUSES FOR THE PORTFOLIOS BY CALLING
1-800-638-5000.
1
SENDING COMMUNICATIONS AND PAYMENTS TO US
You can communicate all of your requests, instructions and notifications to us
by contacting us in writing at our Designated Office. We may require that
certain requests, instructions and notifications be made on forms that we
provide. These include: changing your beneficiary; taking a Policy loan;
changing your death benefit option; taking a partial withdrawal; surrendering
your Policy; making transfer requests (including elections with respect to the
automated investment strategies) or changing your premium allocations. As of
the date of this prospectus, requests for partial withdrawals and Policy loans
must be in writing. However, you should contact us at 1-800-MET-5000 for our
current procedures. Below is a list of our Designated Offices for various
functions. We may name additional or alternate Designated Offices. If we do, we
will notify you in writing. You may also contact us at 1-800-MET-5000 for
information on where to direct communication regarding any function not listed
below or for any other inquiry.
FUNCTION DESIGNATED OFFICE ADDRESS
---------------------------------------------------------------------------------
Premium Payments MetLife P.O. Box 371351, Pittsburgh, PA
15250-7351
---------------------------------------------------------------------------------
Payment Inquiries MetLife, P.O. Box 354, Warwick, RI
02887-0354
---------------------------------------------------------------------------------
Surrenders, Withdrawals, Loans, MetLife, P.O. Box 543, Warwick, RI
Investment Division Transfers, 02887-0543
Premium Reallocation
---------------------------------------------------------------------------------
Death Claims MetLife, P.O. Box 353, Warwick, RI
02887-0353
---------------------------------------------------------------------------------
Beneficiary & Assignment MetLife, P.O. Box 313, Warwick, RI
02887-0313
---------------------------------------------------------------------------------
Address Changes MetLife, 500 Schoolhouse Road,
Johnstown, PA 15904
Attn: Data Integrity
---------------------------------------------------------------------------------
Reinstatements MetLife, P.O. Box 30375, Tampa, FL 33630
---------------------------------------------------------------------------------
If you send your premium payments or transaction requests to an address other
than the one we have designated for receipt of such premium payments or
requests, we may return the premium payment to you, or there may be a delay in
applying the premium payment or transaction to your Policy.
THE FUNDS AND THEIR PORTFOLIOS
The following replaces the section entitled "Management of the Portfolios".
MANAGEMENT OF PORTFOLIOS
Each Fund has an investment adviser who is responsible for overall management
of the Fund. These investment advisers have contracted with sub-advisers to
make the day-to-day investment decisions for some of the Portfolios.
The adviser, any sub-adviser and investment objective of each Portfolio are as
follows:
-------------------------------------------------------------------------------------------------------------------
INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
-------------------------------------------------------------------------------------------------------------------
AMERICAN FUNDS INSURANCE SERIES(R)--CLASS 2
-------------------------------------------------------------------------------------------------------------------
American Funds Bond Fund Seeks as high a level of current Capital Research and
income as is consistent with the Management Company
preservation of capital.
-------------------------------------------------------------------------------------------------------------------
American Funds Global Small Capitalization Fund Seeks long-term growth of capital. Capital Research and
Management Company
-------------------------------------------------------------------------------------------------------------------
American Funds Growth Fund Seeks growth of capital. Capital Research and
Management Company
-------------------------------------------------------------------------------------------------------------------
American Funds Growth-Income Fund Seeks long-term growth of capital Capital Research and
and income. Management Company
-------------------------------------------------------------------------------------------------------------------
2
----------------------------------------------------------------------------------------------------------------
INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
----------------------------------------------------------------------------------------------------------------
MET INVESTORS SERIES TRUST--CLASS A
----------------------------------------------------------------------------------------------------------------
BlackRock Large Cap Core Portfolio Seeks long-term capital growth. MetLife Advisers, LLC
Subadviser: BlackRock Advisors,
LLC
----------------------------------------------------------------------------------------------------------------
Clarion Global Real Estate Portfolio Seeks total return through MetLife Advisers, LLC
investment in real estate Subadviser: ING Clarion Real
securities, emphasizing both Estate Securities LLC
capital appreciation and current
income.
----------------------------------------------------------------------------------------------------------------
Harris Oakmark International Portfolio Seeks long-term capital MetLife Advisers, LLC
appreciation. Subadviser: Harris Associates
L.P.
----------------------------------------------------------------------------------------------------------------
Invesco Small Cap Growth Portfolio Seeks long-term growth of capital. MetLife Advisers, LLC
Subadviser: Invesco Advisers,
Inc.
----------------------------------------------------------------------------------------------------------------
Janus Forty Portfolio Seeks capital appreciation. MetLife Advisers, LLC
Subadviser: Janus Capital
Management LLC
----------------------------------------------------------------------------------------------------------------
Lazard Mid Cap Portfolio Seeks long-term growth of capital. MetLife Advisers, LLC
Subadviser: Lazard Asset
Management LLC
----------------------------------------------------------------------------------------------------------------
Legg Mason ClearBridge Aggressive Growth Seeks capital appreciation. MetLife Advisers, LLC
Portfolio Subadviser: ClearBridge
Advisors, LLC
----------------------------------------------------------------------------------------------------------------
Lord Abbett Bond Debenture Portfolio Seeks high current income and MetLife Advisers, LLC
the opportunity for capital Subadviser: Lord, Abbett & Co.
appreciation to produce a high LLC
total return.
----------------------------------------------------------------------------------------------------------------
MetLife Aggressive Strategy Portfolio Seeks growth of capital. MetLife Advisers, LLC
----------------------------------------------------------------------------------------------------------------
MFS(R) Research International Portfolio Seeks capital appreciation. MetLife Advisers, LLC
Subadviser: Massachusetts
Financial Services Company
----------------------------------------------------------------------------------------------------------------
Morgan Stanley Mid Cap Growth Portfolio Seeks capital appreciation. MetLife Advisers, LLC
Subadviser: Morgan Stanley
Investment Management Inc.
----------------------------------------------------------------------------------------------------------------
Oppenheimer Capital Appreciation Portfolio Seeks capital appreciation. MetLife Advisers, LLC
Subadviser: OppenheimerFunds,
Inc.
----------------------------------------------------------------------------------------------------------------
PIMCO Inflation Protected Bond Portfolio Seeks maximum real return, MetLife Advisers, LLC
consistent with preservation of Subadviser: Pacific Investment
capital and prudent investment Management Company LLC
management.
----------------------------------------------------------------------------------------------------------------
PIMCO Total Return Portfolio Seeks maximum total return, MetLife Advisers, LLC
consistent with the preservation Subadviser: Pacific Investment
of capital and prudent investment Management Company LLC
management.
----------------------------------------------------------------------------------------------------------------
RCM Technology Portfolio Seeks capital appreciation; no MetLife Advisers, LLC
consideration is given to income. Subadviser: RCM Capital
Management LLC
----------------------------------------------------------------------------------------------------------------
SSgA Growth and Income ETF Portfolio Seeks growth of capital and MetLife Advisers, LLC
income. Subadviser: SSgA Funds
Management, Inc.
----------------------------------------------------------------------------------------------------------------
SSgA Growth ETF Portfolio Seeks growth of capital. MetLife Advisers, LLC
Subadviser: SSgA Funds
Management, Inc.
----------------------------------------------------------------------------------------------------------------
T. Rowe Price Mid Cap Growth Portfolio Seeks long-term growth of capital. MetLife Advisers, LLC
Subadviser: T. Rowe Price
Associates, Inc.
----------------------------------------------------------------------------------------------------------------
3
---------------------------------------------------------------------------------------------------------------------
INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
---------------------------------------------------------------------------------------------------------------------
METROPOLITAN SERIES FUND, INC.--CLASS A
---------------------------------------------------------------------------------------------------------------------
Artio International Stock Portfolio Seeks long-term growth of capital. MetLife Advisers, LLC
Subadviser: Artio Global
Management, LLC
---------------------------------------------------------------------------------------------------------------------
Barclays Capital Aggregate Bond Index Portfolio Seeks to equal the performance of MetLife Advisers, LLC
the Barclays Capital U.S. Subadviser: MetLife Investment
Aggregate Bond Index. Advisors Company, LLC
---------------------------------------------------------------------------------------------------------------------
BlackRock Aggressive Growth Portfolio Seeks maximum capital MetLife Advisers, LLC
appreciation. Subadviser: BlackRock Advisors,
LLC
---------------------------------------------------------------------------------------------------------------------
BlackRock Bond Income Portfolio Seeks a competitive total return MetLife Advisers, LLC
primarily from investing in fixed- Subadviser: BlackRock Advisors,
income securities. LLC
---------------------------------------------------------------------------------------------------------------------
BlackRock Diversified Portfolio Seeks high total return while MetLife Advisers, LLC
attempting to limit investment Subadviser: BlackRock Advisors,
risk and preserve capital. LLC
---------------------------------------------------------------------------------------------------------------------
BlackRock Large Cap Value Portfolio Seeks long-term growth of capital. MetLife Advisers, LLC
Subadviser: BlackRock Advisors,
LLC
---------------------------------------------------------------------------------------------------------------------
BlackRock Legacy Large Cap Growth Portfolio Seeks long-term growth of capital. MetLife Advisers, LLC
Subadviser: BlackRock Advisors,
LLC
---------------------------------------------------------------------------------------------------------------------
BlackRock Money Market Portfolio/1/ Seeks a high level of current MetLife Advisers, LLC
(NOT AVAILABLE FOR EQUITY ADVANTAGE VUL income consistent with Subadviser: BlackRock Advisors,
POLICIES) preservation of capital. LLC
---------------------------------------------------------------------------------------------------------------------
Davis Venture Value Portfolio/2/ Seeks growth of capital. MetLife Advisers, LLC
Subadviser: Davis Selected
Advisers, L.P.
---------------------------------------------------------------------------------------------------------------------
FI Value Leaders Portfolio Seeks long-term growth of capital. MetLife Advisers, LLC
Subadviser: Pyramis Global
Advisors, LLC
---------------------------------------------------------------------------------------------------------------------
Jennison Growth Portfolio Seeks long-term growth of capital. MetLife Advisers, LLC
Subadviser: Jennison Associates
LLC
---------------------------------------------------------------------------------------------------------------------
Loomis Sayles Small Cap Core Portfolio Seeks long-term capital growth MetLife Advisers, LLC
from investments in common Subadviser: Loomis, Sayles &
stocks or other equity securities. Company, L.P.
---------------------------------------------------------------------------------------------------------------------
Loomis Sayles Small Cap Growth Portfolio Seeks long-term capital growth. MetLife Advisers, LLC
Subadviser: Loomis, Sayles &
Company, L.P.
---------------------------------------------------------------------------------------------------------------------
Met/Artisan Mid Cap Value Portfolio Seeks long-term capital growth. MetLife Advisers, LLC
Subadviser: Artisan Partners
Limited Partnership
---------------------------------------------------------------------------------------------------------------------
MetLife Conservative Allocation Portfolio Seeks a high level of current MetLife Advisers, LLC
income, with growth of capital as
a secondary objective.
---------------------------------------------------------------------------------------------------------------------
MetLife Conservative to Moderate Allocation Seeks high total return in the MetLife Advisers, LLC
Portfolio form of income and growth of
capital, with a greater emphasis
on income.
---------------------------------------------------------------------------------------------------------------------
MetLife Mid Cap Stock Index Portfolio Seeks to equal the performance of MetLife Advisers, LLC
the Standard & Poor's Subadviser: MetLife Investment
MidCap 400(R) Composite Stock Advisors Company, LLC
Price Index.
---------------------------------------------------------------------------------------------------------------------
MetLife Moderate Allocation Portfolio Seeks a balance between a high MetLife Advisers, LLC
level of current income and
growth of capital, with a greater
emphasis on growth of capital.
---------------------------------------------------------------------------------------------------------------------
MetLife Moderate to Aggressive Allocation Seeks growth of capital. MetLife Advisers, LLC
Portfolio
---------------------------------------------------------------------------------------------------------------------
4
---------------------------------------------------------------------------------------------------------------
INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
---------------------------------------------------------------------------------------------------------------
MetLife Stock Index Portfolio Seeks to equal the performance of MetLife Advisers, LLC
the Standard & Poor's 500(R) Subadviser: MetLife Investment
Composite Stock Price Index. Advisors Company, LLC
---------------------------------------------------------------------------------------------------------------
MFS(R) Total Return Portfolio Seeks a favorable total return MetLife Advisers, LLC
through investment in a Subadviser: Massachusetts
diversified portfolio. Financial Services Company
---------------------------------------------------------------------------------------------------------------
MFS(R) Value Portfolio Seeks capital appreciation. MetLife Advisers, LLC
Subadviser: Massachusetts
Financial Services Company
---------------------------------------------------------------------------------------------------------------
Morgan Stanley EAFE(R) Index Portfolio Seeks to equal the performance of MetLife Advisers, LLC
the MSCI EAFE(R) Index. Subadviser: MetLife Investment
Advisors Company, LLC
---------------------------------------------------------------------------------------------------------------
Neuberger Berman Genesis Portfolio Seeks high total return, consisting MetLife Advisers, LLC
principally of capital appreciation. Subadviser: Neuberger Berman
Management LLC
---------------------------------------------------------------------------------------------------------------
Neuberger Berman Mid Cap Value Portfolio Seeks capital growth. MetLife Advisers, LLC
Subadviser: Neuberger Berman
Management LLC
---------------------------------------------------------------------------------------------------------------
Oppenheimer Global Equity Portfolio Seeks capital appreciation. MetLife Advisers, LLC
Subadviser: OppenheimerFunds,
Inc.
---------------------------------------------------------------------------------------------------------------
Russell 2000(R) Index Portfolio Seeks to equal the performance of MetLife Advisers, LLC
the Russell 2000(R) Index. Subadviser: MetLife Investment
Advisors Company, LLC
---------------------------------------------------------------------------------------------------------------
T. Rowe Price Large Cap Growth Portfolio Seeks long-term growth of capital MetLife Advisers, LLC
and, secondarily, dividend income. Subadviser: T. Rowe Price
Associates, Inc.
---------------------------------------------------------------------------------------------------------------
T. Rowe Price Small Cap Growth Portfolio Seeks long-term capital growth. MetLife Advisers, LLC
Subadviser: T. Rowe Price
Associates, Inc.
---------------------------------------------------------------------------------------------------------------
Western Asset Management Strategic Bond Seeks to maximize total return MetLife Advisers, LLC
Opportunities Portfolio consistent with preservation of Subadviser: Western Asset
capital. Management Company
---------------------------------------------------------------------------------------------------------------
Western Asset Management U.S. Government Seeks to maximize total return MetLife Advisers, LLC
Portfolio consistent with preservation of Subadviser: Western Asset
capital and maintenance of Management Company
liquidity.
---------------------------------------------------------------------------------------------------------------
--------
/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.
/2/ Davis selected Advisers, L.P. may also delegate any of its responsibilities
to Davis selected Advisers- NY, Inc., a wholly-owned subsidiary.
A Portfolio may have a name and/or objective that is very similar to that of a
publicly available mutual fund that is managed by the same sub-investment
manager or adviser. The Portfolios are not publicly available and will not have
the same performance as those publicly available mutual funds. Different
performance will result from differences in implementation of investment
policies, cash flows, fees and size of the Portfolio.
5
FEE TABLES
The following replaces the section entitled "Annual Portfolio Operating
Expenses".
ANNUAL PORTFOLIO OPERATING EXPENSES
The following tables describe the fees and expenses that the Portfolios will
pay and that therefore a Policy owner will indirectly pay periodically during
the time that he or she owns a Policy. The first table shows the minimum and
maximum fees and expenses charged by the Portfolios for the fiscal year ended
December 31, 2010. More detail concerning each Portfolio's fees and expenses is
contained in the table that follows this table and in the prospectuses for the
Portfolios. Certain Portfolios may impose a redemption fee in the future.
The next table describes the annual operating expenses for each Portfolio for
the year ended December 31, 2010, as a percentage of the Portfolio's average
daily net assets for the year (before and after contractual fee waivers and
expense reimbursements).
MINIMUM AND MAXIMUM TOTAL ANNUAL PORTFOLIO OPERATING EXPENSES
-----------------------------------------------------------------------------------------------
MINIMUM MAXIMUM
-----------------------------------------------------------------------------------------------
Total Annual Portfolio Operating Expenses
(expenses that are deducted from Portfolio assets, including management fees,
distribution and/or service (12b-1) fees, and other expenses) 0.27% 1.07%
-----------------------------------------------------------------------------------------------
PORTFOLIO FEES AND EXPENSES
(as a percentage of average daily net assets)
----------------------------------------------------------------------------------------------------
DISTRIBUTION
AND/OR ACQUIRED TOTAL CONTRACTUAL NET TOTAL
MANAGE- SERVICE FUND ANNUAL FEE WAIVER ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING AND/OR EXPENSE OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES
----------------------------------------------------------------------------------------------------
AMERICAN FUNDS
INSURANCE SERIES(R)--
CLASS 2
----------------------------------------------------------------------------------------------------
American Funds Bond
Fund 0.37% 0.25% 0.01% -- 0.63% -- 0.63%
----------------------------------------------------------------------------------------------------
American Funds Global
Small Capitalization
Fund 0.71% 0.25% 0.04% -- 1.00% -- 1.00%
----------------------------------------------------------------------------------------------------
American Funds Growth
Fund 0.32% 0.25% 0.02% -- 0.59% -- 0.59%
----------------------------------------------------------------------------------------------------
American Funds
Growth-Income Fund 0.27% 0.25% 0.02% -- 0.54% -- 0.54%
----------------------------------------------------------------------------------------------------
MET INVESTORS SERIES
TRUST--CLASS A
----------------------------------------------------------------------------------------------------
BlackRock Large Cap
Core Portfolio 0.59% -- 0.05% -- 0.64% -- 0.64%
----------------------------------------------------------------------------------------------------
Clarion Global Real
Estate Portfolio 0.62% -- 0.07% -- 0.69% -- 0.69%
----------------------------------------------------------------------------------------------------
Harris Oakmark
International Portfolio 0.78% -- 0.07% -- 0.85% 0.01% 0.84%/1/
----------------------------------------------------------------------------------------------------
Invesco Small Cap
Growth Portfolio 0.85% -- 0.04% -- 0.89% 0.02% 0.87%/2/
----------------------------------------------------------------------------------------------------
Janus Forty Portfolio 0.63% -- 0.04% -- 0.67% -- 0.67%
----------------------------------------------------------------------------------------------------
Lazard Mid Cap
Portfolio 0.69% -- 0.04% -- 0.73% -- 0.73%
----------------------------------------------------------------------------------------------------
6
-----------------------------------------------------------------------------------------------------
DISTRIBUTION
AND/OR ACQUIRED TOTAL CONTRACTUAL NET TOTAL
MANAGE- SERVICE FUND ANNUAL FEE WAIVER ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING AND/OR EXPENSE OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES
-----------------------------------------------------------------------------------------------------
Legg Mason
ClearBridge
Aggressive Growth
Portfolio 0.64% -- 0.04% -- 0.68% -- 0.68%
-----------------------------------------------------------------------------------------------------
Lord Abbett Bond
Debenture Portfolio 0.50% -- 0.03% -- 0.53% -- 0.53%
-----------------------------------------------------------------------------------------------------
MetLife Aggressive
Strategy Portfolio 0.09% -- 0.02% 0.74% 0.85% 0.01% 0.84%/3/
-----------------------------------------------------------------------------------------------------
MFS(R) Research
International Portfolio 0.69% -- 0.09% -- 0.78% 0.03% 0.75%/4/
-----------------------------------------------------------------------------------------------------
Morgan Stanley Mid Cap
Growth Portfolio 0.66% -- 0.14% -- 0.80% 0.02% 0.78%/5/
-----------------------------------------------------------------------------------------------------
Oppenheimer Capital
Appreciation Portfolio 0.60% -- 0.06% -- 0.66% -- 0.66%
-----------------------------------------------------------------------------------------------------
PIMCO Inflation
Protected Bond
Portfolio 0.47% -- 0.04% -- 0.51% -- 0.51%
-----------------------------------------------------------------------------------------------------
PIMCO Total Return
Portfolio 0.48% -- 0.03% -- 0.51% -- 0.51%
-----------------------------------------------------------------------------------------------------
RCM Technology
Portfolio 0.88% -- 0.09% -- 0.97% -- 0.97%
-----------------------------------------------------------------------------------------------------
SSgA Growth and
Income ETF Portfolio 0.31% -- 0.02% 0.28% 0.61% -- 0.61%
-----------------------------------------------------------------------------------------------------
SSgA Growth ETF
Portfolio 0.33% -- 0.03% 0.27% 0.63% -- 0.63%
-----------------------------------------------------------------------------------------------------
T. Rowe Price Mid Cap
Growth Portfolio 0.75% -- 0.04% -- 0.79% -- 0.79%
-----------------------------------------------------------------------------------------------------
METROPOLITAN SERIES
FUND, INC.--CLASS A
-----------------------------------------------------------------------------------------------------
Artio International
Stock Portfolio 0.82% -- 0.12% 0.02% 0.96% 0.05% 0.91%/6/
-----------------------------------------------------------------------------------------------------
Barclays Capital
Aggregate Bond
Index Portfolio 0.25% -- 0.03% -- 0.28% 0.01% 0.27%/7/
-----------------------------------------------------------------------------------------------------
BlackRock Aggressive
Growth Portfolio 0.73% -- 0.04% -- 0.77% -- 0.77%
-----------------------------------------------------------------------------------------------------
BlackRock Bond Income
Portfolio 0.37% -- 0.03% -- 0.40% 0.03% 0.37%/8/
-----------------------------------------------------------------------------------------------------
BlackRock Diversified
Portfolio 0.46% -- 0.04% -- 0.50% -- 0.50%
-----------------------------------------------------------------------------------------------------
BlackRock Large Cap
Value Portfolio 0.63% -- 0.02% -- 0.65% 0.03% 0.62%/9/
-----------------------------------------------------------------------------------------------------
BlackRock Legacy
Large Cap Growth
Portfolio 0.73% -- 0.04% -- 0.77% 0.02% 0.75%/10/
-----------------------------------------------------------------------------------------------------
BlackRock Money
Market Portfolio
(NOT AVAILABLE FOR
EQUITY ADVANTAGE
VUL POLICIES) 0.32% -- 0.02% -- 0.34% 0.01% 0.33%/11/
-----------------------------------------------------------------------------------------------------
Davis Venture Value
Portfolio 0.70% -- 0.03% -- 0.73% 0.05% 0.68%/12/
-----------------------------------------------------------------------------------------------------
FI Value Leaders
Portfolio 0.67% -- 0.06% -- 0.73% -- 0.73%
-----------------------------------------------------------------------------------------------------
7
----------------------------------------------------------------------------------------------------
DISTRIBUTION
AND/OR ACQUIRED TOTAL CONTRACTUAL NET TOTAL
MANAGE- SERVICE FUND ANNUAL FEE WAIVER ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING AND/OR EXPENSE OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES
----------------------------------------------------------------------------------------------------
Jennison Growth
Portfolio 0.62% -- 0.02% -- 0.64% 0.07% 0.57%/13/
----------------------------------------------------------------------------------------------------
Loomis Sayles Small Cap
Core Portfolio 0.90% -- 0.06% -- 0.96% 0.05% 0.91%/14/
----------------------------------------------------------------------------------------------------
Loomis Sayles Small Cap
Growth Portfolio 0.90% -- 0.17% -- 1.07% 0.05% 1.02%/15/
----------------------------------------------------------------------------------------------------
Met/Artisan Mid Cap
Value Portfolio 0.81% -- 0.03% -- 0.84% -- 0.84%
----------------------------------------------------------------------------------------------------
MetLife Conservative
Allocation Portfolio 0.10% -- 0.01% 0.55% 0.66% 0.01% 0.65%/16/
----------------------------------------------------------------------------------------------------
MetLife Conservative to
Moderate Allocation
Portfolio 0.08% -- 0.02% 0.61% 0.71% -- 0.71%
----------------------------------------------------------------------------------------------------
MetLife Mid Cap Stock
Index Portfolio 0.25% -- 0.06% 0.01% 0.32% -- 0.32%
----------------------------------------------------------------------------------------------------
MetLife Moderate
Allocation Portfolio 0.06% -- -- 0.66% 0.72% -- 0.72%
----------------------------------------------------------------------------------------------------
MetLife Moderate to
Aggressive Allocation
Portfolio 0.06% -- 0.01% 0.71% 0.78% -- 0.78%
----------------------------------------------------------------------------------------------------
MetLife Stock Index
Portfolio 0.25% -- 0.02% -- 0.27% 0.01% 0.26%/7/
----------------------------------------------------------------------------------------------------
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%/17/
----------------------------------------------------------------------------------------------------
Morgan Stanley EAFE(R)
Index Portfolio 0.30% -- 0.11% 0.01% 0.42% -- 0.42%
----------------------------------------------------------------------------------------------------
Neuberger Berman
Genesis Portfolio 0.83% -- 0.06% -- 0.89% 0.02% 0.87%/18/
----------------------------------------------------------------------------------------------------
Neuberger Berman Mid
Cap Value Portfolio 0.65% -- 0.05% -- 0.70% -- 0.70%
----------------------------------------------------------------------------------------------------
Oppenheimer Global
Equity Portfolio 0.53% -- 0.08% -- 0.61% -- 0.61%
----------------------------------------------------------------------------------------------------
Russell 2000(R) Index
Portfolio 0.25% -- 0.07% 0.01% 0.33% -- 0.33%
----------------------------------------------------------------------------------------------------
T. Rowe Price Large
Cap Growth Portfolio 0.60% -- 0.04% -- 0.64% -- 0.64%
----------------------------------------------------------------------------------------------------
T. Rowe Price Small Cap
Growth Portfolio 0.50% -- 0.07% -- 0.57% -- 0.57%
----------------------------------------------------------------------------------------------------
Western Asset
Management Strategic
Bond Opportunities
Portfolio 0.62% -- 0.05% -- 0.67% 0.04% 0.63%/19/
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Western Asset
Management U.S.
Government Portfolio 0.47% -- 0.03% -- 0.50% 0.01% 0.49%/20/
----------------------------------------------------------------------------------------------------
--------
/1/ 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 0.725% of the Portfolio's average daily net
assets exceeding $1 billion. This arrangement may be modified or discontinued
prior to April 30, 2012 only with the approval of the Board of Trustees of the
Portfolio.
/2/ 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 0.83% of the Portfolio's average daily net
assets from $250 million to $500 million. This arrangement may be modified or
discontinued prior to April 30, 2012 only with the approval of the Board of
Trustees of the Portfolio.
8
/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 0.10%, excluding 12b-1 fees and
acquired fund fees and expenses. 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 0.55% of the Portfolio's average daily net
assets exceeding $1.5 billion. This arrangement may be modified or discontinued
prior to April 30, 2012 only with the approval of the Board of Trustees 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 0.65% of the first $500 million of the
Portfolio's average daily net assets plus 0.625% of such assets over $500
million. This arrangement may be modified or discontinued prior to April 30,
2012 only with the approval of the Board of Trustees 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 0.78% for the first $900 million of the
Portfolio's average daily net assets, 0.75% for the next $100 million, 0.725%
for the next $500 million and 0.70% 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.
/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 0.245% for the amounts over $500 million but
less than $1 billion, 0.24% for the next $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.
/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 0.37% for the first $1 billion of the
Portfolio's average daily net assets, 0.325% for the next $2.4 billion and
0.25% on amounts over $3.4 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/ 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.
/10/ 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.
/11/ 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.
/12/ 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 0.75% for the first $50 million of the
Portfolio's average daily net assets, 0.70% for the next $450 million, 0.65%
for the next $4 billion and 0.625% on amounts over $4.5 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.
/13/ 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 $300 million of the
Portfolio's average daily net assets, 0.60% for the next $200 million, 0.55%
for the next $500 million, 0.50% for the next $1 billion and 0.47% 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.
/14/ 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 0.85% for the first $500 million of the
Portfolio's average daily net assets and 0.80% on amounts over $500 million.
This arrangement may be modified or discontinued prior to April 30, 2012 only
with the approval of the Board of Directors of the Portfolio.
/15/ 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 0.85% for the first $100 million of the
Portfolio's average daily net assets and 0.80% on amounts over $100 million.
This arrangement may be modified or discontinued prior to April 30, 2012 only
with the approval of the Board of Directors of the Portfolio.
/16/ MetLife Advisers, LLC has contractually agreed, for the period May 1, 2011
through April 30, 2012, to waive fees or pay all expenses (other than acquired
fund fees and expenses, brokerage costs, taxes, interest and any extraordinary
expenses) so as to limit net operating expenses of the Portfolio's Class A
shares to 0.10% of 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.
/17/ 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.
/18/ 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 0.825% for the first $500 million 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.
/19/ 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 0.595% for the first $500 million 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.
/20/ 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 0.50% for the amounts over $200 million but
less than $500 million. This arrangement may be modified or discontinued prior
to April 30, 2012 only with the approval of the Board of Directors of the
Portfolio.
Certain Portfolios that have "Acquired Fund Fees and Expenses" are "fund of
funds." Each "fund of funds" Portfolio invests substantially all of its assets
in other portfolios. Because the Portfolio invests in other underlying
portfolios, the Portfolio will bear its pro rata portion of the operating
expenses of the underlying portfolios in which it invests, including the
management fee. See the Portfolio prospectus for more information.
9
THE FEE AND EXPENSE INFORMATION REGARDING THE PORTFOLIOS WAS PROVIDED BY THOSE
PORTFOLIOS. THE AMERICAN FUNDS INSURANCE SERIES IS NOT AFFILIATED WITH METLIFE.
OTHER INFORMATION
The Financial Industry Regulatory Authority (FINRA) provides background
information about broker-dealers and their registered representatives through
FINRA BrokerCheck. You may contact the FINRA BrokerCheck Hotline at
1-800-289-9999, or log on to www.finra.org. An investor brochure that includes
information describing FINRA BrokerCheck is available through the Hotline or
on-line.
FEDERAL TAX MATTERS
The following is a brief summary of some tax rules that may apply to your
Policy. It does not purport to be complete or cover every situation. Because
individual circumstances vary, you should consult with your own tax advisor to
find out how taxes can affect your benefits and rights under your Policy,
especially before you make unscheduled premium payments, change your specified
face amount, change your death benefit option, change coverage provided by
riders, take a loan or withdrawal, or assign or surrender the Policy. Under
current federal income tax law, the taxable portion of distributions from
variable life contracts is taxed at ordinary income tax rates and does not
qualify for the reduced tax rate applicable to long-term capital gains and
dividends.
IRS CIRCULAR 230 NOTICE: The tax information contained in this Prospectus is
not intended to (and cannot) be used by anyone to avoid IRS penalties. It is
intended to support the sale of the Policy. The Policyholder should seek tax
advice based on its particular circumstances from an independent tax advisor.
INSURANCE PROCEEDS
.. Generally excludable from your beneficiary's gross income to the extent
provided in Section 101 of the Internal Revenue Code ("Code").
In the case of employer-owned life insurance as defined in Section 101(j) of
the Code, the amount excludable from gross income is limited to premiums paid
unless the policy falls within certain specified exceptions and a notice and
consent requirement is satisfied before the policy is issued. Certain
specified exceptions are based on the status of an employee as highly
compensated or recently employed. There are also exceptions for policy
proceeds paid to an employee's heirs. These exceptions only apply if proper
notice is given to the insured employee and consent is received from the
insured employee before the issuance of the policy. These rules apply to
policies issued August 18, 2006 and later and also apply to policies issued
before August 18, 2006 after a material increase in the death benefit or
other material change. An IRS reporting requirement applies to employer-owned
life insurance subject to these rules. Because these rules are complex and
will affect the tax treatment of Death Benefits, it is advisable to consult
tax counsel.
Insurance death proceeds will also be taxable in the case of a
transfer-for-value unless certain exceptions apply.
.. The proceeds may be subject to federal estate tax: (i) if paid to the
insured's estate; or (ii) if paid to a different beneficiary if the insured
possessed incidents of ownership at or within three years before death.
.. If you die before the insured, the value of your Policy (determined under IRS
rules) is included in your estate and may be subject to federal estate tax.
.. Whether or not any federal estate tax is due is based on a number of factors,
including the estate size.
.. The insurance proceeds payable upon death of the insured will never be less
than the minimum amount required for the Policy to be treated as life
insurance under section 7702 of the Internal Revenue Code, as in effect on
the date the Policy was issued. The rules under section 7702 of the
10
Internal Revenue Code with respect to Policies issued on a substandard risk
basis are not entirely clear.
CASH VALUE (IF YOUR POLICY IS NOT A MODIFIED ENDOWMENT CONTRACT)
You are generally not taxed on your cash value until you withdraw it, surrender
your Policy or receive a distribution such as on the Final Date. In these
cases, you are generally permitted to take withdrawals and receive other
distributions up to the amount of premiums paid without any tax consequences.
However, withdrawals and other distributions will be subject to income tax
after you have received amounts equal to the total premiums you paid. Somewhat
different rules apply in the first 15 Policy years, when a distribution may be
subject to tax if there is a gain in your Policy (which is generally when your
cash value exceeds the cumulative premiums you paid).
There may be an indirect tax upon the income in the Policy or the proceeds of a
Policy under the Federal corporate alternative minimum tax, if you are subject
to that tax.
SPLIT-DOLLAR INSURANCE PLANS
The IRS has issued guidance on split dollar insurance plans. A tax advisor
should be consulted with respect to this guidance if you have purchased or are
considering the purchase of a Policy for a split dollar insurance plan. If your
split dollar plan provides deferred compensation, recently enacted rules
governing deferred compensation arrangement may apply. Failure to adhere to
these rules will result in adverse tax consequences. Consult a tax adviser.
The Sarbanes-Oxley Act of 2002 (the "Act"), which was signed into law on July
30, 2002, prohibits, with limited exceptions, publicly-traded companies,
including non-U.S. companies that have securities listed on U.S. exchanges,
from extending, directly or indirectly or through a subsidiary, many types of
personal loans to their directors or executive officers. It is possible that
this prohibition may be interpreted to apply to certain split-dollar life
insurance arrangements for directors and executive officers of such companies,
since at least some such arrangements can arguably be viewed as involving a
loan from the employer for at least some purposes.
Any affected business contemplating the payment of a premium on an existing
Policy or the purchase of a new Policy in connection with a split-dollar life
insurance arrangement should consult legal counsel.
LOANS
.. Loan amounts you receive will generally not be subject to income tax, unless
your Policy is or becomes a modified endowment contract, is exchanged or
terminates.
.. Interest on loans is generally not deductible. For businesses that own a
Policy, at least part of the interest deduction unrelated to the Policy may
be disallowed unless the insured is a 20% owner, officer, director or
employee of the business.
.. If your Policy terminates (upon surrender, cancellation lapse, the Final Date
or, in most cases, exchange) while any Policy loan is outstanding, the amount
of the loan plus accrued interest thereon will be deemed to be a
"distribution" to you. Any such distribution will have the same tax
consequences as any other Policy distribution. In the case of an outstanding
loan at the time of an exchange, the cancelled loan will generally be taxed
to the extent of any policy gain. Since amounts borrowed reduce the cash
value that will be distributed to you if the Policy is surrendered, cancelled
or lapses, any cash value distributed to you in these circumstances may be
insufficient to pay the income tax on any gain.
.. The tax consequences of loans outstanding after the 15th Policy year are
uncertain.
MODIFIED ENDOWMENT CONTRACTS
These contracts are life insurance policies where the premiums paid during the
first 7 years after the Policy is issued, or after a material change in the
Policy exceeds tax law limits referred to as the "7-pay
11
test." Material changes in the Policy, include changes in the level of benefits
and certain other changes to your Policy after the issue date. Reductions in
benefits during a 7-pay period may cause your Policy to become a modified
endowment contract. Generally, a life insurance policy that is received in
exchange for a modified endowment contract will also be considered a modified
endowment contract. The IRS has promulgated a procedure for the correction of
inadvertent modified endowment contracts.
Due to the flexibility of the Policies as to premiums and benefits, the
individual circumstances of each Policy will determine whether it is classified
as a MEC.
If your Policy is considered a modified endowment contract:
.. The death benefit will still generally be income tax free to your
beneficiary, as discussed above.
.. Amounts withdrawn or distributed before the insured's death, including
(without limitation) loans, assignments and pledges, are (to the extent of
any gains on your policy) treated as income first and subject to income tax.
All modified endowment contracts you purchase from us and our affiliates
during the same calendar year are treated as a single contract for purposes
of determining the amount of any such income.
.. You will generally owe an additional 10% tax penalty on the taxable portion
of the amounts you received before age 59 1/2, except generally if you are
disabled or the distribution is part of a series of substantially equal
periodic payments.
.. If a Policy becomes a modified endowment contract, distributions that occur
during the Policy year will be taxed as distributions from a modified
endowment contract. In addition, distributions from a Policy within two years
before it becomes a modified endowment contract will be taxed in this manner.
This means that a distribution made from a Policy that is not a modified
endowment contract could later become taxable as a distribution from a
modified endowment contract.
DIVERSIFICATION
In order for your Policy to qualify as life insurance, we must comply with
certain diversification standards with respect to the investments underlying
the Policy. We believe that we satisfy and will continue to satisfy these
diversification standards. Inadvertent failure to meet these standards may be
able to be corrected. Failure to meet these standards would result in immediate
taxation to Policy owners of gains under their Policies. In addition, if
Portfolio shares are sold directly to tax-qualified retirement plans that later
lose their tax-qualified status or to non-qualified plans, there could be
adverse consequences under the diversification rules.
INVESTOR CONTROL
In some circumstances, owners of variable contracts who retain excessive
control over the investment of the underlying Separate Account assets may be
treated as the owners of those assets and may be subject to tax on income
produced by those assets. Although published guidance in this area does not
address certain aspects of the Policies, we believe that the owner of a Policy
should not be treated as an owner of the assets in our Separate Account. We
reserve the right to modify the policies to bring them into conformity with
applicable standards should such modification be necessary to prevent owners of
the policies from being treated as the owners of the underlying Separate
Account assets.
ESTATE, GIFT AND GENERATION-SKIPPING TRANSFER TAXES
The transfer of the Policy or the designation of a beneficiary may have
Federal, state, and/or local transfer and inheritance tax consequences,
including the imposition of gift, estate, and generation-skipping transfer
taxes. When the insured dies, the death proceeds will generally be includable
in the Policy Owner's estate for purposes of the Federal estate tax if the
Policy Owner was the insured. If the Policy Owner was not the insured, the fair
market value of the Policy would be included in the Policy Owner's estate upon
the Policy Owner's death. The Policy would not be includable in the insured's
estate if the insured neither retained incidents of ownership at death nor had
given up
12
ownership within three years before death. Moreover, under certain
circumstances, the Internal Revenue Code may impose a "generation-skipping
transfer tax" when all or part of a life insurance policy is transferred to, or
a death benefit is paid to, an individual two or more generations younger than
the Policy Owner. Regulations issued under the Internal Revenue Code may
require us to deduct the tax from your Policy, or from any applicable payment,
and pay it directly to the IRS.
Qualified tax advisers should be consulted concerning the estate and gift tax
consequences of Policy ownership and distributions under Federal, state and
local law. The individual situation of each Policy Owner or beneficiary will
determine the extent, if any, to which Federal, state, and local transfer and
inheritance taxes may be imposed and how ownership or receipt of Policy
proceeds will be treated for purposes of Federal, state and local estate,
inheritance, generation-skipping and other taxes.
Under previous law, the estate tax applicable exclusion gradually rose to $3.5
million per person in 2009 and was repealed in 2010 with a modified carryover
basis for heirs.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of
2010 (the 2010 Act) has reinstated the estate and generation-skipping taxes
through the end of 2012 with lower top rates and larger exemptions.
The 2010 Act raises the applicable exclusion amount to $5,000,000. The top tax
rate is set at 35%. A special irrevocable election was provided for estates of
decedents who died in 2010. These estates may generally choose between the
reinstated estate tax and the carryover basis rules which were in effect in
2010.
It is not known if Congress will make the temporary changes of the 2010 Act
permanent, enact permanent repeal of the estate and GST tax or otherwise modify
the estate tax or GST tax rules for years after 2012.
The complexity of the tax law, along with uncertainty as to how it might be
modified in coming years, underscores the importance of seeking guidance from a
qualified adviser to help ensure that your estate plan adequately addresses
your needs and those of your beneficiaries under all possible scenarios
WITHHOLDING
To the extent that Policy distributions are taxable, they are generally subject
to withholding for the recipient's federal income tax liability. Recipients can
generally elect however, not to have tax withheld from distributions.
LIFE INSURANCE PURCHASES BY RESIDENTS OF PUERTO RICO
In Rev. Rul. 2004-75, 2004-31 I.R.B. 109, the Internal Revenue Service
announced that income received by residents of Puerto Rico under life insurance
contracts issued by a Puerto Rico branch of a United States life insurance
company is U.S.-source income that is generally subject to United States
Federal income tax.
LIFE INSURANCE PURCHASES BY NONRESIDENT ALIENS AND FOREIGN CORPORATIONS
Purchasers that are not U.S. citizens or residents will generally be subject to
U.S. federal withholding tax on taxable distributions from life insurance
policies at a 30% rate, unless a lower treaty rate applies. In addition,
purchasers may be subject to state and/or municipal taxes and taxes that may be
imposed by the purchaser's country of citizenship or residence. Prospective
purchasers are advised to consult with a qualified tax adviser regarding
taxation with respect to a life insurance Policy purchase.
BUSINESS USES OF POLICY
Businesses can use the policies in various arrangements, including nonqualified
deferred compensation or salary continuance plans, split dollar insurance
plans, executive bonus plans, tax exempt and
13
nonexempt welfare benefit plans, retiree medical benefit plans and others. The
tax consequences of such plans may vary depending on the particular facts and
circumstances. As noted, in the case of a business owned Policy, the provisions
of Section 101(j) of the Code may limit the amount of the Death Benefit
excludable from gross income unless a specified exception applies and a notice
and consent requirement is satisfied, as discussed above. If you are purchasing
the Policy for any arrangement the value of which depends in part on its tax
consequences, you should consult a qualified tax adviser.
CHANGES TO TAX RULES AND INTERPRETATIONS
Changes in applicable tax laws, rules and interpretations can adversely affect
the tax treatment of your Policy. These changes may take effect retroactively.
We reserve the right to amend the Policy in any way necessary to avoid any
adverse tax treatment. Examples of changes that could create adverse tax
consequences include:
. Possible taxation of cash value transfers.
. Possible taxation as if you were the owner of your allocable portion of
the Separate Account's assets.
. Possible limits on the number of investment funds available or the
frequency of transfers among them.
. Possible changes in the tax treatment of Policy benefits and rights.
TAX CREDITS AND DEDUCTIONS
The Company may be entitled to certain tax benefits related to the assets of
the Separate Account. These tax benefits, which may include foreign tax credits
and corporate dividend received deductions, are not passed back to the Separate
Account or to Policy owners since the Company is the owner of the assets from
which the tax benefits are derived.
THE COMPANY'S INCOME TAXES
Under current Federal income tax law we are not taxed on the Separate Account's
operations. Thus, currently we do not deduct a charge from the Separate Account
for company Federal income taxes. (We do deduct a charge for Federal taxes from
premiums.) We reserve the right to charge the Separate Account for any future
Federal income taxes we may incur. Under current laws we may incur state and
local taxes (in addition to premium taxes). These taxes are not now significant
and we are not currently charging for them. If they increase, we may deduct
charges for such taxes.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The financial statements and financial highlights comprising each of the
Investment Divisions of Metropolitan Life Separate Account UL included in this
Prospectus Supplement, have been audited by Deloitte & Touche LLP, an
independent registered public accounting firm, as stated in their report
appearing herein. Such financial statements and financial highlights have been
so included in reliance upon the report of such firm given upon their authority
as experts in accounting and auditing.
The principal business address of Deloitte & Touche LLP is Two World Financial
Center, New York, New York 10281-1414.
FINANCIAL STATEMENTS
The financial statements comprising each of the Investment Divisions of the
Separate Account are attached to this Supplement. You can find the financial
statements of MetLife in the Statement of Additional Information. You may view
the Statement of Additional Information by logging on to our website at
www.metlife.com or you may obtain a copy of the Statement of Additional
Information, without charge, by calling 800-MET-5000. Our financial statements
should be considered only as bearing upon our ability to meet our obligations
under the Policy.
14
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Policy Owners of
Metropolitan Life Separate Account UL
and Board of Directors of
Metropolitan Life Insurance Company
We have audited the accompanying statements of assets and liabilities of
Metropolitan Life Separate Account UL (the "Separate Account") of Metropolitan
Life Insurance Company (the "Company") comprising each of the individual
Investment Divisions listed in Note 2.A. as of December 31, 2010, the related
statements of operations and changes in net assets for the respective stated
periods in the three years then ended, and the financial highlights in Note 8
for the respective stated periods in the five years then ended. These financial
statements and financial highlights are the responsibility of the Separate
Account's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. The Separate Account is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. Our
audits included consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the
Separate Account's internal control over financial reporting. Accordingly, we
express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
Our procedures included confirmation of investments owned as of December 31,
2010, by correspondence with the custodian or mutual fund companies. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the Investment Divisions constituting the Separate Account of the Company as
of December 31, 2010, the results of their operations and changes in their net
assets for the respective stated periods in the three years then ended, and the
financial highlights for the respective stated periods in the five years then
ended, in conformity with accounting principles generally accepted in the
United States of America.
/s/ DELOITTE & TOUCHE LLP
Certified Public Accountants
Tampa, Florida
March 31, 2011
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METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2010
MSF BLACKROCK MSF BLACKROCK MSF METLIFE MSF ARTIO
DIVERSIFIED AGGRESSIVE GROWTH STOCK INDEX INTERNATIONAL STOCK
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value $ 263,102,792 $ 200,141,320 $ 671,764,338 $ 45,766,808
Accrued dividends -- -- -- --
Due from Metropolitan Life
Insurance Company -- 205 -- 68
------------------- ------------------- ------------------- -------------------
Total Assets 263,102,792 200,141,525 671,764,338 45,766,876
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company 476 -- 12,373 --
------------------- ------------------- ------------------- -------------------
Total Liabilities 476 -- 12,373 --
------------------- ------------------- ------------------- -------------------
NET ASSETS $ 263,102,316 $ 200,141,525 $ 671,751,965 $ 45,766,876
=================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
1
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2010
MSF
MSF T. ROWE PRICE MSF OPPENHEIMER NEUBERGER BERMAN
SMALL CAP GROWTH GLOBAL EQUITY MSF MFS VALUE MID CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value $ 87,990,296 $ 43,706,628 $ 54,046,050 $ 77,987,777
Accrued dividends -- -- -- --
Due from Metropolitan Life
Insurance Company 14,570 -- 6,800 32
------------------- ------------------- ------------------- -------------------
Total Assets 88,004,866 43,706,628 54,052,850 77,987,809
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company -- 58 -- --
------------------- ------------------- ------------------- -------------------
Total Liabilities -- 58 -- --
------------------- ------------------- ------------------- -------------------
NET ASSETS $ 88,004,866 $ 43,706,570 $ 54,052,850 $ 77,987,809
=================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
2
MSF
MSF T. ROWE PRICE MSF BARCLAYS CAPITAL MSF MORGAN STANLEY MSF RUSSELL MSF JENNISON NEUBERGER BERMAN
LARGE CAP GROWTH AGGREGATE BOND INDEX EAFE INDEX 2000 INDEX GROWTH GENESIS
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------- ------------------- ------------------- ------------------- -------------------
$ 45,774,309 $ 114,484,199 $ 65,360,236 $ 56,596,283 $ 15,400,256 $ 78,718,305
-- -- -- -- -- --
778 556 7,593 -- 8,145 --
------------------- -------------------- ------------------- ------------------- ------------------- -------------------
45,775,087 114,484,755 65,367,829 56,596,283 15,408,401 78,718,305
------------------- -------------------- ------------------- ------------------- ------------------- -------------------
-- -- -- 56 -- 209
------------------- -------------------- ------------------- ------------------- ------------------- -------------------
-- -- -- 56 -- 209
------------------- -------------------- ------------------- ------------------- ------------------- -------------------
$ 45,775,087 $ 114,484,755 $ 65,367,829 $ 56,596,227 $ 15,408,401 $ 78,718,096
=================== ==================== =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
3
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2010
MSF METLIFE MSF LOOMIS SAYLES MSF BLACKROCK MSF DAVIS
MID CAP STOCK INDEX SMALL CAP GROWTH LARGE CAP VALUE VENTURE VALUE
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value $ 65,795,207 $ 7,430,424 $ 12,899,195 $ 57,904,626
Accrued dividends -- -- -- --
Due from Metropolitan Life
Insurance Company 855 17 -- 5,992
------------------- ------------------- ------------------- -------------------
Total Assets 65,796,062 7,430,441 12,899,195 57,910,618
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company -- -- 58 --
------------------- ------------------- ------------------- -------------------
Total Liabilities -- -- 58 --
------------------- ------------------- ------------------- -------------------
NET ASSETS $ 65,796,062 $ 7,430,441 $ 12,899,137 $ 57,910,618
=================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
4
MSF WESTERN
MSF BLACKROCK ASSET MANAGEMENT
MSF LOOMIS SAYLES LEGACY LARGE CAP MSF BLACKROCK MSF FI MSF MET/ARTISAN STRATEGIC BOND
SMALL CAP CORE GROWTH BOND INCOME VALUE LEADERS MID CAP VALUE OPPORTUNITIES
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
$ 18,282,804 $ 7,322,522 $ 84,862,621 $ 6,488,970 $ 46,594,384 $ 23,786,569
-- -- -- -- -- --
26 1 215 -- 6,757 --
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
18,282,830 7,322,523 84,862,836 6,488,970 46,601,141 23,786,569
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
46 -- -- 38 -- 67
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
46 -- -- 38 -- 67
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
$ 18,282,784 $ 7,322,523 $ 84,862,836 $ 6,488,932 $ 46,601,141 $ 23,786,502
=================== =================== =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
5
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2010
MSF WESTERN MSF METLIFE
ASSET MANAGEMENT MSF BLACKROCK MSF MFS CONSERVATIVE
U.S. GOVERNMENT MONEY MARKET TOTAL RETURN ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value $ 16,633,677 $ 29,829,068 $ 7,708,232 $ 4,036,490
Accrued dividends -- 58 -- --
Due from Metropolitan Life
Insurance Company -- -- 40 6
------------------- ------------------- ------------------- -------------------
Total Assets 16,633,677 29,829,126 7,708,272 4,036,496
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company 26 10,790 -- --
------------------- ------------------- ------------------- -------------------
Total Liabilities 26 10,790 -- --
------------------- ------------------- ------------------- -------------------
NET ASSETS $ 16,633,651 $ 29,818,336 $ 7,708,272 $ 4,036,496
=================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
6
MSF METLIFE MSF METLIFE
CONSERVATIVE TO MSF METLIFE MODERATE TO MSF METLIFE
MODERATE ALLOCATION MODERATE ALLOCATION AGGRESSIVE ALLOCATION AGGRESSIVE ALLOCATION JANUS ASPEN JANUS JANUS ASPEN BALANCED
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- --------------------- --------------------- ------------------- --------------------
$ 6,925,753 $ 37,214,364 $ 65,064,142 $ 13,599,650 $ 7,832,027 $ 2,526,893
-- -- -- -- -- --
-- -- -- -- -- --
------------------- ------------------- --------------------- --------------------- ------------------- --------------------
6,925,753 37,214,364 65,064,142 13,599,650 7,832,027 2,526,893
------------------- ------------------- --------------------- --------------------- ------------------- --------------------
52 33 73 1 25 34
------------------- ------------------- --------------------- --------------------- ------------------- --------------------
52 33 73 1 25 34
------------------- ------------------- --------------------- --------------------- ------------------- --------------------
$ 6,925,701 $ 37,214,331 $ 65,064,069 $ 13,599,649 $ 7,832,002 $ 2,526,859
=================== =================== ===================== ===================== =================== ====================
The accompanying notes are an integral part of these financial statements.
7
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2010
INVESCO V.I. INVESCO V.I.
JANUS ASPEN FORTY JANUS ASPEN OVERSEAS GLOBAL REAL ESTATE INTERNATIONAL GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------- ------------------- --------------------
ASSETS:
Investments at fair value $ 1,212,504 $ 375,924 $ 1,597,811 $ 272,422
Accrued dividends -- -- -- --
Due from Metropolitan Life
Insurance Company 264 -- -- --
------------------- -------------------- ------------------- --------------------
Total Assets 1,212,768 375,924 1,597,811 272,422
------------------- -------------------- ------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company -- 73 700 11
------------------- -------------------- ------------------- --------------------
Total Liabilities -- 73 700 11
------------------- -------------------- ------------------- --------------------
NET ASSETS $ 1,212,768 $ 375,851 $ 1,597,111 $ 272,411
=================== ==================== =================== ====================
The accompanying notes are an integral part of these financial statements.
8
FTVIPT FTVIPT ALLIANCEBERNSTEIN
INVESCO V.I. INVESCO V.I. FTVIPT TEMPLETON MUTUAL GLOBAL TEMPLETON GLOBAL GLOBAL
GOVERNMENT VAN KAMPEN COMSTOCK FOREIGN SECURITIES DISCOVERY SECURITIES BOND SECURITIES THEMATIC GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------- ------------------- -------------------
$ 105,717 $ 32,084 $ 9,245,237 $ 967,460 $ 3,730 $ 119,520
-- -- -- -- -- --
-- -- -- -- -- --
------------------- ------------------- ------------------- -------------------- ------------------- -------------------
105,717 32,084 9,245,237 967,460 3,730 119,520
------------------- ------------------- ------------------- -------------------- ------------------- -------------------
4 -- 543 128 2 32
------------------- ------------------- ------------------- -------------------- ------------------- -------------------
4 -- 543 128 2 32
------------------- ------------------- ------------------- -------------------- ------------------- -------------------
$ 105,713 $ 32,084 $ 9,244,694 $ 967,332 $ 3,728 $ 119,488
=================== =================== =================== ==================== =================== ===================
The accompanying notes are an integral part of these financial statements.
9
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2010
ALLIANCEBERNSTEIN ALLIANCEBERNSTEIN FIDELITY VIP FIDELITY VIP ASSET
INTERMEDIATE BOND INTERNATIONAL VALUE CONTRAFUND MANAGER: GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value $ 43,368 $ 1,357 $ 2,677,586 $ 1,905,663
Accrued dividends -- -- -- --
Due from Metropolitan Life
Insurance Company -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets 43,368 1,357 2,677,586 1,905,663
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company 103 -- 213 55
------------------- ------------------- ------------------- -------------------
Total Liabilities 103 -- 213 55
------------------- ------------------- ------------------- -------------------
NET ASSETS $ 43,265 $ 1,357 $ 2,677,373 $ 1,905,608
=================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
10
FIDELITY VIP
INVESTMENT FIDELITY VIP FIDELITY VIP FIDELITY VIP FIDELITY VIP
GRADE BOND EQUITY-INCOME HIGH INCOME FIDELITY VIP MID CAP FREEDOM 2010 FREEDOM 2020
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------- ------------------- -------------------
$ 535,348 $ 202,704 $ 4,568 $ 462,038 $ 31,863 $ 738,709
-- -- -- -- -- --
-- -- -- -- -- --
------------------- ------------------- ------------------- -------------------- ------------------- -------------------
535,348 202,704 4,568 462,038 31,863 738,709
------------------- ------------------- ------------------- -------------------- ------------------- -------------------
4 14 3 7 3 7
------------------- ------------------- ------------------- -------------------- ------------------- -------------------
4 14 3 7 3 7
------------------- ------------------- ------------------- -------------------- ------------------- -------------------
$ 535,344 $ 202,690 $ 4,565 $ 462,031 $ 31,860 $ 738,702
=================== =================== =================== ==================== =================== ===================
The accompanying notes are an integral part of these financial statements.
11
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2010
AMERICAN FUNDS
FIDELITY VIP AMERICAN FUNDS AMERICAN FUNDS GLOBAL SMALL
FREEDOM 2030 GROWTH GROWTH-INCOME CAPITALIZATION
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value $ 108,198 $ 127,437,891 $ 73,861,244 $ 67,405,396
Accrued dividends -- -- -- --
Due from Metropolitan Life
Insurance Company -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets 108,198 127,437,891 73,861,244 67,405,396
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company 7 36 50 43
------------------- ------------------- ------------------- -------------------
Total Liabilities 7 36 50 43
------------------- ------------------- ------------------- -------------------
NET ASSETS $ 108,191 $ 127,437,855 $ 73,861,194 $ 67,405,353
=================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
12
AMERICAN FUNDS
AMERICAN FUNDS AMERICAN FUNDS U.S. GOVERNMENT/AAA MIST T. ROWE PRICE MIST MFS RESEARCH MIST PIMCO
BOND INTERNATIONAL RATED SECURITIES MID CAP GROWTH INTERNATIONAL TOTAL RETURN
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
$ 4,365,046 $ 809,630 $ 37,834 $ 21,234,919 $ 13,920,146 $ 46,602,305
-- -- -- -- -- --
-- -- -- -- 672 --
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
4,365,046 809,630 37,834 21,234,919 13,920,818 46,602,305
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
15 5 4 11 -- 43
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
15 5 4 11 -- 43
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
$ 4,365,031 $ 809,625 $ 37,830 $ 21,234,908 $ 13,920,818 $ 46,602,262
=================== =================== =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
13
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2010
MIST RCM MIST LORD ABBETT MIST LAZARD MIST INVESCO
TECHNOLOGY BOND DEBENTURE MID CAP SMALL CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value $ 16,113,864 $ 27,673,394 $ 5,585,177 $ 4,469,864
Accrued dividends -- -- -- --
Due from Metropolitan Life
Insurance Company 22 336 -- 34
------------------- ------------------- ------------------- -------------------
Total Assets 16,113,886 27,673,730 5,585,177 4,469,898
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company -- -- 53 --
------------------- ------------------- ------------------- -------------------
Total Liabilities -- -- 53 --
------------------- ------------------- ------------------- -------------------
NET ASSETS $ 16,113,886 $ 27,673,730 $ 5,585,124 $ 4,469,898
=================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
14
MIST MIST LEGG
HARRIS OAKMARK MASON CLEARBRIDGE MIST LORD ABBETT MIST CLARION MIST MORGAN STANLEY MIST LORD ABBETT
INTERNATIONAL AGGRESSIVE GROWTH GROWTH AND INCOME GLOBAL REAL ESTATE MID CAP GROWTH MID CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
$ 31,544,692 $ 7,832,599 $ 6,220,899 $ 21,155,496 $ 203,751,581 $ 111,198
-- -- -- -- -- --
6 -- 3,162 5,068 3,350 --
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
31,544,698 7,832,599 6,224,061 21,160,564 203,754,931 111,198
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
-- 23 -- -- -- 8
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
-- 23 -- -- -- 8
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
$ 31,544,698 $ 7,832,576 $ 6,224,061 $ 21,160,564 $ 203,754,931 $ 111,190
=================== =================== =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
15
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2010
MIST THIRD AVENUE MIST OPPENHEIMER MIST LEGG MASON MIST SSGA
SMALL CAP VALUE CAPITAL APPRECIATION VALUE EQUITY GROWTH ETF
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------- ------------------- -------------------
ASSETS:
Investments at fair value $ 1,575,617 $ 1,779,584 $ 4,606,141 $ 2,679,337
Accrued dividends -- -- -- --
Due from Metropolitan Life
Insurance Company -- 27 -- 44
------------------- -------------------- ------------------- -------------------
Total Assets 1,575,617 1,779,611 4,606,141 2,679,381
------------------- -------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company 28 -- 39 --
------------------- -------------------- ------------------- -------------------
Total Liabilities 28 -- 39 --
------------------- -------------------- ------------------- -------------------
NET ASSETS $ 1,575,589 $ 1,779,611 $ 4,606,102 $ 2,679,381
=================== ==================== =================== ===================
The accompanying notes are an integral part of these financial statements.
16
MIST MIST
MIST SSGA GROWTH PIMCO INFLATION MIST BLACKROCK MIST DREMAN AMERICAN FUNDS
AND INCOME ETF PROTECTED BOND LARGE CAP CORE MIST JANUS FORTY SMALL CAP VALUE BALANCED ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
$ 3,818,872 $ 8,812,603 $ 309,489,156 $ 14,254,609 $ 27,493 $ 427,408
-- -- -- -- -- --
35 -- 380 46 -- --
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
3,818,907 8,812,603 309,489,536 14,254,655 27,493 427,408
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
-- 65 -- -- 4 2
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
-- 65 -- -- 4 2
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
$ 3,818,907 $ 8,812,538 $ 309,489,536 $ 14,254,655 $ 27,489 $ 427,406
=================== =================== =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
17
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2010
MIST MIST
AMERICAN FUNDS AMERICAN FUNDS MIST MET/FRANKLIN MIST MET/FRANKLIN
GROWTH ALLOCATION MODERATE ALLOCATION INCOME MUTUAL SHARES
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value $ 706,302 $ 250,096 $ 151,294 $ 57,045
Accrued dividends -- -- -- --
Due from Metropolitan Life
Insurance Company -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets 706,302 250,096 151,294 57,045
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company 2 2 2 3
------------------- ------------------- ------------------- -------------------
Total Liabilities 2 2 2 3
------------------- ------------------- ------------------- -------------------
NET ASSETS $ 706,300 $ 250,094 $ 151,292 $ 57,042
=================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
18
MIST MET/FRANKLIN
TEMPLETON FOUNDING MIST MET/TEMPLETON AMERICAN DELAWARE VIP DREYFUS VIF
STRATEGY GROWTH MIST PIONEER FUND CENTURY VP VISTA SMALL CAP VALUE INTERNATIONAL VALUE
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
$ 260,281 $ 48,494 $ 245,287 $ 69,257 $ 385,135 $ 231,499
-- -- -- -- -- --
-- -- 573 4,898 1 --
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
260,281 48,494 245,860 74,155 385,136 231,499
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
1 2 -- -- -- 35
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
1 2 -- -- -- 35
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
$ 260,280 $ 48,492 $ 245,860 $ 74,155 $ 385,136 $ 231,464
=================== =================== =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
19
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONTINUED)
DECEMBER 31, 2010
GOLDMAN SACHS
GOLDMAN SACHS STRUCTURED MFS VIT MFS VIT
MID CAP VALUE SMALL CAP EQUITY HIGH INCOME GLOBAL EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value $ 367,130 $ 51,282 $ 132,571 $ 226,835
Accrued dividends -- -- -- --
Due from Metropolitan Life
Insurance Company -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets 367,130 51,282 132,571 226,835
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company 41 30 462 41
------------------- ------------------- ------------------- -------------------
Total Liabilities 41 30 462 41
------------------- ------------------- ------------------- -------------------
NET ASSETS $ 367,089 $ 51,252 $ 132,109 $ 226,794
=================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
20
MFS VIT MFS VIT WELLS FARGO VT PIONEER VCT PIONEER VCT
NEW DISCOVERY VALUE TOTAL RETURN BOND EMERGING MARKETS MID CAP VALUE ROYCE MICRO-CAP
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
$ 134,934 $ 79,100 $ 1,081,377 $ 983,753 $ 99,492 $ 348,710
-- -- -- -- -- --
-- -- 38 413 -- --
------------------- ----- ------------- ------------------- ------------------- ------------------- -------------------
134,934 79,100 1,081,415 984,166 99,492 348,710
------------------- ----- ------------- ------------------- ------------------- ------------------- -------------------
11 5 -- -- 14 1
------------------- ----- ------------- ------------------- ------------------- ------------------- -------------------
11 5 -- -- 14 1
------------------- ----- ------------- ------------------- ------------------- ------------------- -------------------
$ 134,923 $ 79,095 $ 1,081,415 $ 984,166 $ 99,478 $ 348,709
=================== =================== =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
21
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONCLUDED)
DECEMBER 31, 2010
UIF EMERGING UIF EMERGING PIMCO VIT
ROYCE SMALL-CAP MARKETS DEBT MARKETS EQUITY LOW DURATION
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value $ 393,156 $ 7,345 $ 197,670 $ 762,323
Accrued dividends -- -- -- --
Due from Metropolitan Life
Insurance Company -- -- -- 208
------------------- ------------------- ------------------- -------------------
Total Assets 393,156 7,345 197,670 762,531
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company 14 2 1 --
------------------- ------------------- ------------------- -------------------
Total Liabilities 14 2 1 --
------------------- ------------------- ------------------- -------------------
NET ASSETS $ 393,142 $ 7,343 $ 197,669 $ 762,531
=================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
22
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METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF BLACKROCK DIVERSIFIED
INVESTMENT DIVISION
-------------------------------------------------------------
2010 2009 2008
--------------- ---------------------------- ----------------
INVESTMENT INCOME:
Dividends $ 4,856,230 $ 12,214,068 $ 8,110,111
--------------- ---------------------------- ----------------
EXPENSES:
Mortality and expense risk charges 2,202,890 2,044,120 2,489,583
--------------- ---------------------------- ----------------
Total expenses 2,202,890 2,044,120 2,489,583
--------------- ---------------------------- ----------------
Net investment income (loss) 2,653,340 10,169,948 5,620,528
--------------- ---------------------------- ----------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 3,156,956
Realized gains (losses) on sale of investments (1,951,136) (4,609,576) (1,882,360)
--------------- ---------------------------- ----------------
Net realized gains (losses) (1,951,136) (4,609,576) 1,274,596
--------------- ---------------------------- ----------------
Change in unrealized gains (losses) on investments 20,635,275 31,028,944 (90,018,067)
--------------- ---------------------------- ----------------
Net realized and change in unrealized gains (losses)
on investments 18,684,139 26,419,368 (88,743,471)
--------------- ---------------------------- ----------------
Net increase (decrease) in net assets resulting
from operations $ 21,337,479 $ 36,589,316 $ (83,122,943)
=============== ============================ ================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
24
MSF BLACKROCK AGGRESSIVE GROWTH MSF METLIFE STOCK INDEX
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------------------- ------------------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- ------------------- --------------- -------------------------- -----------------
$ 125,813 $ 309,682 $ -- $ 10,671,016 $ 13,698,992 $ 12,272,736
--------------- ---------------------- ------------------- --------------- -------------------------- -----------------
1,617,041 1,367,142 1,837,501 4,862,670 4,016,527 5,062,149
--------------- ---------------------- ------------------- --------------- -------------------------- -----------------
1,617,041 1,367,142 1,837,501 4,862,670 4,016,527 5,062,149
--------------- ---------------------- ------------------- --------------- -------------------------- -----------------
(1,491,228) (1,057,460) (1,837,501) 5,808,346 9,682,465 7,210,587
--------------- ---------------------- ------------------- --------------- -------------------------- -----------------
-- -- -- -- 10,241,628 26,321,788
451,106 (3,328,441) 740,184 (5,405,568) (11,218,400) (1,738,927)
--------------- ---------------------- ------------------- --------------- -------------------------- -----------------
451,106 (3,328,441) 740,184 (5,405,568) (976,772) 24,582,861
--------------- ---------------------- ------------------- --------------- -------------------------- -----------------
26,312,677 66,805,065 (115,833,611) 82,259,608 112,925,652 (312,125,621)
--------------- ---------------------- ------------------- --------------- -------------------------- -----------------
26,763,783 63,476,624 (115,093,427) 76,854,040 111,948,880 (287,542,760)
--------------- ---------------------- ------------------- --------------- -------------------------- -----------------
$ 25,272,555 $ 62,419,164 $ (116,930,928) $ 82,662,386 $ 121,631,345 $ (280,332,173)
=============== ====================== =================== =============== ========================== =================
The accompanying notes are an integral part of these financial statements.
25
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF ARTIO INTERNATIONAL STOCK
INVESTMENT DIVISION
--------------------------------------------------------
2010 2009 2008
-------------- ---------------------- ------------------
INVESTMENT INCOME:
Dividends $ 672,423 $ 284,863 $ 1,797,231
-------------- ---------------------- ------------------
EXPENSES:
Mortality and expense risk charges 360,189 333,983 477,710
-------------- ---------------------- ------------------
Total expenses 360,189 333,983 477,710
-------------- ---------------------- ------------------
Net investment income (loss) 312,234 (49,120) 1,319,521
-------------- ---------------------- ------------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 6,924,494
Realized gains (losses) on sale of investments (1,030,425) (2,053,375) (470,754)
-------------- ---------------------- ------------------
Net realized gains (losses) (1,030,425) (2,053,375) 6,453,740
-------------- ---------------------- --- --------------
Change in unrealized gains (losses) on investments 3,370,719 10,298,349 (39,671,178)
-------------- ---------------------- ------------------
Net realized and change in unrealized gains (losses)
on investments 2,340,294 8,244,974 (33,217,438)
-------------- ---------------------- ------------------
Net increase (decrease) in net assets resulting
from operations $ 2,652,528 $ 8,195,854 $ (31,897,917)
============== ====================== ==================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
26
MSF T. ROWE PRICE SMALL CAP GROWTH MSF OPPENHEIMER GLOBAL EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------------- -----------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- ------------------ ----------- ---------------------- ------------------
$ -- $ 200,547 $ -- $ 612,821 $ 852,361 $ 913,382
--------------- ---------------------- ------------------ ----------- ---------------------- ------------------
769,902 477,748 578,209 297,201 258,416 333,397
--------------- ---------------------- ------------------ ----------- ---------------------- ------------------
769,902 477,748 578,209 297,201 258,416 333,397
--------------- ---------------------- ------------------ ----------- ---------------------- ------------------
(769,902) (277,201) (578,209) 315,620 593,945 579,985
--------------- ---------------------- ------------------ ----------- ---------------------- ------------------
-- 1,576,442 14,302,639 -- -- 1,578,466
562,971 (1,108,337) (118,445) 362,727 (362,452) 228,413
--------------- ---------------------- ------------------ ----------- ---------------------- ------------------
562,971 468,105 14,184,194 362,727 (362,452) 1,806,879
--------------- ---------------------- ------------------ ----------- ---------------------- ------------------
22,601,563 19,138,611 (44,529,670) 5,192,068 11,124,292 (23,254,667)
--------------- ---------------------- ------------------ ----------- ---------------------- ------------------
23,164,534 19,606,716 (30,345,476) 5,554,795 10,761,840 (21,447,788)
--------------- ---------------------- ------------------ ----------- ---------------------- ------------------
$ 22,394,632 $ 19,329,515 $ (30,923,685) $ 5,870,415 $ 11,355,785 $ (20,867,803)
=============== ====================== ================== =========== ====================== ==================
The accompanying notes are an integral part of these financial statements.
27
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF MFS VALUE
INVESTMENT DIVISION
------------------------------------------------------
2010 2009 2008
-------------- ---------------------- ----------------
INVESTMENT INCOME:
Dividends $ 713,180 $ -- $ 994,357
-------------- ---------------------- ----------------
EXPENSES:
Mortality and expense risk charges 457,584 360,654 433,021
-------------- ---------------------- ----------------
Total expenses 457,584 360,654 433,021
-------------- ---------------------- ----------------
Net investment income (loss) 255,596 (360,654) 561,336
-------------- ---------------------- ----------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 11,141,028
Realized gains (losses) on sale of investments (425,864) (877,734) (6,522,665)
-------------- ---------------------- ----------------
Net realized gains (losses) (425,864) (877,734) 4,618,363
-------------- ---------------------- ----------------
Change in unrealized gains (losses) on investments 5,358,513 9,493,542 (26,124,726)
-------------- ---------------------- ----------------
Net realized and change in unrealized gains (losses)
on investments 4,932,649 8,615,808 (21,506,363)
-------------- ---------------------- ----------------
Net increase (decrease) in net assets resulting
from operations $ 5,188,245 $ 8,255,154 $ (20,945,027)
============== ====================== ================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
28
MSF NEUBERGER BERMAN MID CAP VALUE MSF T. ROWE PRICE LARGE CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------------- --------------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- ------------------ -------------- ---------------------- ------------------
$ 569,862 $ 813,259 $ 575,882 $ 113,187 $ 224,945 $ 256,837
--------------- ---------------------- ------------------ -------------- ---------------------- ------------------
570,197 440,022 576,904 373,672 295,919 353,556
--------------- ---------------------- ------------------ -------------- ---------------------- ------------------
570,197 440,022 576,904 373,672 295,919 353,556
--------------- ---------------------- ------------------ -------------- ---------------------- ------------------
(335) 373,237 (1,022) (260,485) (70,974) (96,719)
--------------- ---------------------- ------------------ -------------- ---------------------- ------------------
-- 16,184 827,106 -- -- 2,456,006
12,235 (1,401,599) (361,462) 253,453 (485,740) 109,779
--------------- ---------------------- ------------------ -------------- ---------------------- ------------------
12,235 (1,385,415) 465,644 253,453 (485,740) 2,565,785
--------------- ---------------------- ------------------ -------------- ---------------------- ------------------
15,949,723 21,838,137 (39,787,375) 6,370,252 13,392,122 (24,832,884)
--------------- ---------------------- ------------------ -------------- ---------------------- ------------------
15,961,958 20,452,722 (39,321,731) 6,623,705 12,906,382 (22,267,099)
--------------- ---------------------- ------------------ -------------- ---------------------- ------------------
$ 15,961,623 $ 20,825,959 $ (39,322,753) $ 6,363,220 $ 12,835,408 $ (22,363,818)
=============== ====================== ================== ============== ====================== ==================
The accompanying notes are an integral part of these financial statements.
29
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF BARCLAYS CAPITAL AGGREGATE BOND INDEX
INVESTMENT DIVISION
---------------------------------------------------
2010 2009 2008
----------- ---------------------- ----------------
INVESTMENT INCOME:
Dividends $ 4,039,520 $ 5,910,030 $ 4,492,337
----------- ---------------------- ----------------
EXPENSES:
Mortality and expense risk charges 904,600 732,517 746,783
----------- ---------------------- ----------------
Total expenses 904,600 732,517 746,783
----------- ---------------------- ----------------
Net investment income (loss) 3,134,920 5,177,513 3,745,554
----------- ---------------------- ----------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- --
Realized gains (losses) on sale of investments 613,564 195,723 578,961
----------- ---------------------- ----------------
Net realized gains (losses) 613,564 195,723 578,961
----------- ---------------------- ----------------
Change in unrealized gains (losses) on investments 1,607,603 (1,139,158) 873,489
----------- ---------------------- ----------------
Net realized and change in unrealized gains (losses)
on investments 2,221,167 (943,435) 1,452,450
----------- ---------------------- ----------------
Net increase (decrease) in net assets resulting
from operations $ 5,356,087 $ 4,234,078 $ 5,198,004
=========== ====================== ================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
30
MSF MORGAN STANLEY EAFE INDEX MSF RUSSELL 2000 INDEX
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------------- ----------------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- ------------------ --------------- ------------------------- ----------------
$ 1,568,147 $ 2,127,820 $ 1,719,052 $ 547,888 $ 812,284 $ 619,536
-------------- ---------------------- ------------------ --------------- ------------------------- ----------------
524,541 418,461 488,801 378,183 318,144 395,877
-------------- ---------------------- ------------------ --------------- ------------------------- ----------------
524,541 418,461 488,801 378,183 318,144 395,877
-------------- ---------------------- ------------------ --------------- ------------------------- ----------------
1,043,606 1,709,359 1,230,251 169,705 494,140 223,659
-------------- ---------------------- ------------------ --------------- ------------------------- ----------------
-- 345,458 2,375,115 -- 1,106,089 2,430,488
(236,046) (800,654) 523,799 (66,857) (1,035,970) (448,303)
-------------- ---------------------- ------------------ --------------- ------------------------- ----------------
(236,046) (455,196) 2,898,914 (66,857) 70,119 1,982,185
-------------- ---------------------- ------------------ --------------- ------------------------- ----------------
3,674,685 11,844,795 (35,342,222) 11,828,973 9,093,620 (21,357,274)
-------------- ---------------------- ------------------ --------------- ------------------------- ----------------
3,438,639 11,389,599 (32,443,308) 11,762,116 9,163,739 (19,375,089)
-------------- ---------------------- ------------------ --------------- ------------------------- ----------------
$ 4,482,245 $ 13,098,958 $ (31,213,057) $ 11,931,821 $ 9,657,879 $ (19,151,430)
============== ====================== ================== =============== ========================= ================
The accompanying notes are an integral part of these financial statements.
31
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF JENNISON GROWTH
INVESTMENT DIVISION
-------------- ---------------------- ---------------
2010 2009 2008
-------------- ---------------------- ---------------
INVESTMENT INCOME:
Dividends $ 82,750 $ 21,249 $ 321,658
-------------- ---------------------- ---------------
EXPENSES:
Mortality and expense risk charges 116,354 96,459 112,222
-------------- ---------------------- ---------------
Total expenses 116,354 96,459 112,222
-------------- ---------------------- ---------------
Net investment income (loss) (33,604) (75,210) 209,436
-------------- ---------------------- ---------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 1,109,205
Realized gains (losses) on sale of investments 17,747 (140,559) (8,418)
-------------- ---------------------- ---------------
Net realized gains (losses) 17,747 (140,559) 1,100,787
-------------- ---------------------- ---------------
Change in unrealized gains (losses) on investments 1,535,759 4,015,386 (7,064,823)
-------------- ---------------------- ---------------
Net realized and change in unrealized gains (losses)
on investments 1,553,506 3,874,827 (5,964,036)
-------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations $ 1,519,902 $ 3,799,617 $ (5,754,600)
============== ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
32
MSF NEUBERGER BERMAN GENESIS MSF METLIFE MID CAP STOCK INDEX
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------------- ------------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- ------------------ ------------ ---------------------- ------------------
$ 353,007 $ 663,127 $ 450,385 $ 562,548 $ 810,735 $ 771,366
--------------- ---------------------- ------------------ ------------ ---------------------- ------------------
628,387 512,489 713,800 473,626 374,527 446,840
--------------- ---------------------- ------------------ ------------ ---------------------- ------------------
628,387 512,489 713,800 473,626 374,527 446,840
--------------- ---------------------- ------------------ ------------ ---------------------- ------------------
(275,380) 150,638 (263,415) 88,922 436,208 324,526
--------------- ---------------------- ------------------ ------------ ---------------------- ------------------
-- -- 8,172,204 70,909 1,783,617 5,083,631
(2,085,738) (2,703,187) (2,015,489) 177,461 (1,475,288) (306,285)
--------------- ---------------------- ------------------ ------------ ---------------------- ------------------
(2,085,738) (2,703,187) 6,156,715 248,370 308,329 4,777,346
--------------- ---------------------- --- -------------- ------------ ---------------------- --- --------------
15,927,942 10,045,644 (44,228,185) 12,893,844 13,600,526 (28,232,883)
--------------- ---------------------- --- -------------- ------------ ---------------------- --- --------------
13,842,204 7,342,457 (38,071,470) 13,142,214 13,908,855 (23,455,537)
--------------- ---------------------- --- -------------- ------------ ---------------------- --- --------------
$ 13,566,824 $ 7,493,095 $ (38,334,885) $ 13,231,136 $ 14,345,063 $ (23,131,011)
=============== ====================== ================== ============ ====================== ==================
The accompanying notes are an integral part of these financial statements.
33
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF LOOMIS SAYLES SMALL CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------
2010 2009 2008
-------------- ---------------------- -----------------
INVESTMENT INCOME:
Dividends $ -- $ -- $ --
-------------- ---------------------- -----------------
EXPENSES:
Mortality and expense risk charges 51,755 39,304 48,690
-------------- ---------------------- -----------------
Total expenses 51,755 39,304 48,690
-------------- ---------------------- -----------------
Net investment income (loss) (51,755) (39,304) (48,690)
-------------- ---------------------- -----------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 589,617
Realized gains (losses) on sale of investments (47,680) (219,528) (127,526)
-------------- ---------------------- -----------------
Net realized gains (losses) (47,680) (219,528) 462,091
-------------- ---------------------- -----------------
Change in unrealized gains (losses) on investments 1,843,398 1,519,136 (3,371,627)
-------------- ---------------------- -----------------
Net realized and change in unrealized gains (losses)
on investments 1,795,718 1,299,608 (2,909,536)
-------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations $ 1,743,963 $ 1,260,304 $ (2,958,226)
============== ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
34
MSF BLACKROCK LARGE CAP VALUE MSF DAVIS VENTURE VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------- -------------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- ----------------- ----------- -------------------------- ----------------
$ 122,314 $ 155,310 $ 93,435 $ 534,093 $ 679,120 $ 686,382
-------------- ---------------------- ----------------- ----------- -------------------------- ----------------
95,279 81,859 96,194 444,758 366,383 433,758
-------------- ---------------------- ----------------- ----------- -------------------------- ----------------
95,279 81,859 96,194 444,758 366,383 433,758
-------------- ---------------------- ----------------- ----------- -------------------------- ----------------
27,035 73,451 (2,759) 89,335 312,737 252,624
-------------- ---------------------- ----------------- ----------- -------------------------- ----------------
-- -- 181,207 -- -- 285,719
(263,466) (513,587) (190,470) 191,969 (723,952) (1,167)
-------------- ---------------------- ----------------- ----------- -------------------------- ----------------
(263,466) (513,587) (9,263) 191,969 (723,952) 284,552
-------------- ---------------------- ----------------- ----------- -------------------------- ----------------
1,265,453 1,615,283 (4,899,187) 5,562,556 12,907,686 (24,908,606)
-------------- ---------------------- ----------------- ----------- -------------------------- ----------------
1,001,987 1,101,696 (4,908,450) 5,754,525 12,183,734 (24,624,054)
-------------- ---------------------- ----------------- ----------- -------------------------- ----------------
$ 1,029,022 $ 1,175,147 $ (4,911,209) $ 5,843,860 $ 12,496,471 $ (24,371,430)
============== ====================== ================= =========== ========================== ================
The accompanying notes are an integral part of these financial statements.
35
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF LOOMIS SAYLES SMALL CAP CORE
INVESTMENT DIVISION
-------------------------------------------------------
2010 2009 2008
-------------- ---------------------- -----------------
INVESTMENT INCOME:
Dividends $ 14,765 $ 34,048 $ --
-------------- ---------------------- -----------------
EXPENSES:
Mortality and expense risk charges 127,370 100,553 116,679
-------------- ---------------------- -----------------
Total expenses 127,370 100,553 116,679
-------------- ---------------------- -----------------
Net investment income (loss) (112,605) (66,505) (116,679)
-------------- ---------------------- -----------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 2,223,393
Realized gains (losses) on sale of investments (55,224) (439,969) (217,249)
-------------- ---------------------- -----------------
Net realized gains (losses) (55,224) (439,969) 2,006,144
-------------- ---------------------- -----------------
Change in unrealized gains (losses) on investments 4,065,140 3,809,050 (7,889,493)
-------------- ---------------------- -----------------
Net realized and change in unrealized gains (losses)
on investments 4,009,916 3,369,081 (5,883,349)
-------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations $ 3,897,311 $ 3,302,576 $ (6,000,028)
============== ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
36
MSF BLACKROCK LEGACY LARGE CAP GROWTH MSF BLACKROCK BOND INCOME
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------- ----------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- ----------------- ----------- ---------------------- -----------------
$ 14,175 $ 29,634 $ 18,838 $ 3,345,493 $ 5,731,533 $ 4,557,033
-------------- ---------------------- ----------------- ----------- ---------------------- -----------------
52,945 35,213 37,105 675,543 651,039 710,910
-------------- ---------------------- ----------------- ----------- ---------------------- -----------------
52,945 35,213 37,105 675,543 651,039 710,910
-------------- ---------------------- ----------------- ----------- ---------------------- -----------------
(38,770) (5,579) (18,267) 2,669,950 5,080,494 3,846,123
-------------- ---------------------- ----------------- ----------- ---------------------- -----------------
-- -- -- -- -- --
75,641 (146,284) (120,478) 24,746 (553,787) (261,951)
-------------- ---------------------- ----------------- ----------- ---------------------- -----------------
75,641 (146,284) (120,478) 24,746 (553,787) (261,951)
-------------- ---------------------- ----------------- ----------- ---------------------- -----------------
1,107,022 1,684,656 (1,924,420) 3,372,816 2,142,811 (7,357,146)
-------------- ---------------------- ----------------- ----------- ---------------------- -----------------
1,182,663 1,538,372 (2,044,898) 3,397,562 1,589,024 (7,619,097)
-------------- ---------------------- ----------------- ----------- ---------------------- -----------------
$ 1,143,893 $ 1,532,793 $ (2,063,165) $ 6,067,512 $ 6,669,518 $ (3,772,974)
============== ====================== ================= =========== ====================== =================
The accompanying notes are an integral part of these financial statements.
37
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF FI VALUE LEADERS
INVESTMENT DIVISION
----------------------------------------------------
2010 2009 2008
------------ ----------------------- ---------------
INVESTMENT INCOME:
Dividends $ 90,469 $ 128,519 $ 109,493
------------ ----------------------- ---------------
EXPENSES:
Mortality and expense risk charges 48,155 38,405 47,319
------------ ----------------------- ---------------
Total expenses 48,155 38,405 47,319
------------ ----------------------- ---------------
Net investment income (loss) 42,314 90,114 62,174
------------ ----------------------- ---------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 594,849
Realized gains (losses) on sale of investments (145,291) (259,906) (183,807)
------------ ----------------------- ---------------
Net realized gains (losses) (145,291) (259,906) 411,042
------------ ----------------------- ---------------
Change in unrealized gains (losses) on investments 885,079 1,128,894 (3,184,937)
------------ ----------------------- ---------------
Net realized and change in unrealized gains (losses)
on investments 739,788 868,988 (2,773,895)
------------ ----------------------- ---------------
Net increase (decrease) in net assets resulting
from operations $ 782,102 $ 959,102 $ (2,711,721)
============ ======================= ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
38
MSF MET/ARTISAN MID CAP VALUE MSF WESTERN ASSET MANAGEMENT STRATEGIC BOND OPPORTUNITIES
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------------- ------------------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- ------------------ ----------- ---------------------- -------------------------
$ 314,548 $ 390,395 $ 164,568 $ 1,333,421 $ 1,175,403 $ 717,999
-------------- ---------------------- ------------------ ----------- ---------------------- -------------------------
362,293 295,816 374,696 182,131 148,016 147,435
-------------- ---------------------- ------------------ ----------- ---------------------- -------------------------
362,293 295,816 374,696 182,131 148,016 147,435
-------------- ---------------------- ------------------ ----------- ---------------------- -------------------------
(47,745) 94,579 (210,128) 1,151,290 1,027,387 570,564
-------------- ---------------------- ------------------ ----------- ---------------------- -------------------------
-- -- 5,071,026 -- 518,778 105,934
(887,093) (2,074,439) (724,686) 71,403 (136,510) (211,377)
-------------- ---------------------- ------------------ ----------- ---------------------- -------------------------
(887,093) (2,074,439) 4,346,340 71,403 382,268 (105,443)
-------------- ---------------------- ------------------ ----------- ---------------------- -------------------------
6,661,231 14,134,862 (29,274,257) 1,196,007 3,433,572 (3,452,504)
-------------- ---------------------- ------------------ ----------- ---------------------- -------------------------
5,774,138 12,060,423 (24,927,917) 1,267,410 3,815,840 (3,557,947)
-------------- ---------------------- ------------------ ----------- ---------------------- -------------------------
$ 5,726,393 $ 12,155,002 $ (25,138,045) $ 2,418,700 $ 4,843,227 $ (2,987,383)
============== ====================== ================== =========== ====================== =========================
The accompanying notes are an integral part of these financial statements.
39
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF WESTERN ASSET MANAGEMENT U.S. GOVERNMENT
INVESTMENT DIVISION
-----------------------------------------------
2010 2009 2008
--------- ---------------------- --------------
INVESTMENT INCOME:
Dividends $ 448,826 $ 714,343 $ 678,587
--------- ---------------------- --------------
EXPENSES:
Mortality and expense risk charges 134,214 131,035 132,608
--------- ---------------------- --------------
Total expenses 134,214 131,035 132,608
--------- ---------------------- --------------
Net investment income (loss) 314,612 583,308 545,979
--------- ---------------------- --------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions 47,316 -- --
Realized gains (losses) on sale of investments 1,727 (89,029) (26,281)
--------- ---------------------- --------------
Net realized gains (losses) 49,043 (89,029) (26,281)
--------- ---------------------- --------------
Change in unrealized gains (losses) on investments 435,726 44,105 (712,221)
--------- ---------------------- --------------
Net realized and change in unrealized gains (losses)
on investments 484,769 (44,924) (738,502)
--------- ---------------------- --------------
Net increase (decrease) in net assets resulting
from operations $ 799,381 $ 538,384 $ (192,523)
========= ====================== ==============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
40
MSF BLACKROCK MONEY MARKET MSF MFS TOTAL RETURN
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- ----------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ------------ ----------------------- ---------------
$ 3,600 $ 269,650 $ 1,783,326 $ 217,114 $ 230,711 $ 192,751
------------- ---------------------- ------------- ------------ ----------------------- ---------------
304,506 280,999 287,148 86,631 51,498 44,824
------------- ---------------------- ------------- ------------ ----------------------- ---------------
304,506 280,999 287,148 86,631 51,498 44,824
------------- ---------------------- ------------- ------------ ----------------------- ---------------
(300,906) (11,349) 1,496,178 130,483 179,213 147,927
------------- ---------------------- ------------- ------------ ----------------------- ---------------
-- -- -- -- -- 418,385
-- -- -- (99,947) (173,243) (118,819)
------------- ---------------------- ------------- ------------ ----------------------- ---------------
-- -- -- (99,947) (173,243) 299,566
------------- ---------------------- --- --------- ------------ ----------------------- ---------------
-- -- -- 568,242 937,515 (1,824,737)
------------- ---------------------- --- --------- ------------ ----------------------- ---------------
-- -- -- 468,295 764,272 (1,525,171)
------------- ---------------------- --- --------- ------------ ----------------------- ---------------
$ (300,906) $ (11,349) $ 1,496,178 $ 598,778 $ 943,485 $ (1,377,244)
============= ====================== ============= ============ ======================= ===============
The accompanying notes are an integral part of these financial statements.
41
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF METLIFE CONSERVATIVE ALLOCATION
INVESTMENT DIVISION
------------------------------------------------
2010 2009 2008
--------- ---------------------- ---------------
INVESTMENT INCOME:
Dividends $ 102,209 $ 56,682 $ 27,593
--------- ---------------------- ---------------
EXPENSES:
Mortality and expense risk charges 21,942 14,419 17,503
--------- ---------------------- ---------------
Total expenses 21,942 14,419 17,503
--------- ---------------------- ---------------
Net investment income (loss) 80,267 42,263 10,090
--------- ---------------------- ---------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- 10,668 19,805
Realized gains (losses) on sale of investments 46,459 (4,941) (164,759)
--------- ---------------------- ---------------
Net realized gains (losses) 46,459 5,727 (144,954)
--------- ---------------------- ---------------
Change in unrealized gains (losses) on investments 119,161 276,504 (182,260)
--------- ---------------------- ---------------
Net realized and change in unrealized gains (losses)
on investments 165,620 282,231 (327,214)
--------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations $ 245,887 $ 324,494 $ (317,124)
========= ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
42
MSF METLIFE CONSERVATIVE TO MODERATE ALLOCATION MSF METLIFE MODERATE ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- ----------------------------------------------------
2010 2009 2008 2010 2009 2008
--------- ---------------------- ----------------- ----------- ---------------------- -----------------
$ 193,442 $ 133,159 $ 46,035 $ 877,469 $ 699,782 $ 202,771
--------- ---------------------- ----------------- ----------- ---------------------- -----------------
46,556 35,274 30,609 264,549 193,170 165,213
--------- ---------------------- ----------------- ----------- ---------------------- -----------------
46,556 35,274 30,609 264,549 193,170 165,213
--------- ---------------------- ----------------- ----------- ---------------------- -----------------
146,886 97,885 15,426 612,920 506,612 37,558
--------- ---------------------- ----------------- ----------- ---------------------- -----------------
-- 27,807 39,596 -- 337,203 246,852
32,319 (95,953) (49,375) 17,779 (340,090) (436,886)
--------- ---------------------- ----------------- ----------- ---------------------- -----------------
32,319 (68,146) (9,779) 17,779 (2,887) (190,034)
--------- ---------------------- ----------------- ----------- ---------------------- -----------------
421,073 828,280 (847,823) 3,378,733 5,007,760 (6,087,839)
--------- ---------------------- ----------------- ----------- ---------------------- -----------------
453,392 760,134 (857,602) 3,396,512 5,004,873 (6,277,873)
--------- ---------------------- ----------------- ----------- ---------------------- -----------------
$ 600,278 $ 858,019 $ (842,176) $ 4,009,432 $ 5,511,485 $ (6,240,315)
========= ====================== ================= =========== ====================== =================
The accompanying notes are an integral part of these financial statements.
43
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF METLIFE MODERATE TO AGGRESSIVE ALLOCATION
INVESTMENT DIVISION
-------------- ---------------------- ----------------
2010 2009 2008
-------------- ---------------------- ----------------
INVESTMENT INCOME:
Dividends $ 1,283,219 $ 1,144,971 $ 302,200
-------------- ---------------------- ----------------
EXPENSES:
Mortality and expense risk charges 486,295 365,479 318,359
-------------- ---------------------- ----------------
Total expenses 486,295 365,479 318,359
-------------- ---------------------- ----------------
Net investment income (loss) 796,924 779,492 (16,159)
-------------- ---------------------- ----------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- 560,846 559,864
Realized gains (losses) on sale of investments (102,509) (694,062) (384,363)
-------------- ---------------------- ----------------
Net realized gains (losses) (102,509) (133,216) 175,501
-------------- ---------------------- ----------------
Change in unrealized gains (losses) on investments 7,116,457 10,602,923 (15,640,562)
-------------- ---------------------- ----------------
Net realized and change in unrealized gains (losses)
on investments 7,013,948 10,469,707 (15,465,061)
-------------- ---------------------- ----------------
Net increase (decrease) in net assets resulting
from operations $ 7,810,872 $ 11,249,199 $ (15,481,220)
============== ====================== ================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
44
MSF METLIFE AGGRESSIVE ALLOCATION JANUS ASPEN JANUS
INVESTMENT DIVISION INVESTMENT DIVISION
-------------- ---------------------- --- ------------- ------------ ---------------------- ---------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- ----------------- ------------ ---------------------- ---------------
$ 132,688 $ 195,883 $ 61,269 $ 73,809 $ 28,575 $ 45,216
-------------- ---------------------- ----------------- ------------ ---------------------- ---------------
96,768 72,698 71,617 226,951 22,889 28,896
-------------- ---------------------- ----------------- ------------ ---------------------- ---------------
96,768 72,698 71,617 226,951 22,889 28,896
-------------- ---------------------- ----------------- ------------ ---------------------- ---------------
35,920 123,185 (10,348) (153,142) 5,686 16,320
-------------- ---------------------- ----------------- ------------ ---------------------- ---------------
-- 14,230 224,171 -- -- --
(132,924) (331,533) (133,321) 52,158 (31,201) 49,473
-------------- ---------------------- ----------------- ------------ ---------------------- ---------------
(132,924) (317,303) 90,850 52,158 (31,201) 49,473
-------------- ---------------------- ----------------- ------------ ---------------------- ---------------
1,845,829 2,668,257 (4,222,544) 848,330 1,662,317 (3,051,413)
-------------- ---------------------- ----------------- ------------ ---------------------- ---------------
1,712,905 2,350,954 (4,131,694) 900,488 1,631,116 (3,001,940)
-------------- ---------------------- ----------------- ------------ ---------------------- ---------------
$ 1,748,825 $ 2,474,139 $ (4,142,042) $ 747,346 $ 1,636,802 $ (2,985,620)
============== ====================== ================= ============ ====================== ===============
The accompanying notes are an integral part of these financial statements.
45
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
JANUS ASPEN BALANCED
INVESTMENT DIVISION
-------------------------------------------
2010 2009 2008
--------- -------------------- ------------
INVESTMENT INCOME:
Dividends $ 54,166 $ 14,836 $ 3,357
--------- -------------------- ------------
EXPENSES:
Mortality and expense risk charges 23,474 1,929 361
--------- -------------------- ------------
Total expenses 23,474 1,929 361
--------- -------------------- ------------
Net investment income (loss) 30,692 12,907 2,996
--------- -------------------- ------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- 18,519 2,380
Realized gains (losses) on sale of investments 26,581 655 1,314
--------- -------------------- ------------
Net realized gains (losses) 26,581 19,174 3,694
--------- -------------------- ------------
Change in unrealized gains (losses) on investments 90,252 93,262 (21,788)
--------- -------------------- ------------
Net realized and change in unrealized gains (losses)
on investments 116,833 112,436 (18,094)
--------- -------------------- ------------
Net increase (decrease) in net assets resulting
from operations $ 147,525 $ 125,343 $ (15,098)
========= ==================== ============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
46
JANUS ASPEN FORTY JANUS ASPEN OVERSEAS
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------- ---------------------------------------------
2010 2009 2008 2010 2009 2008 (a)
-------------- ---------------------- ------------- ----------- -------------------- ------------
$ 2,433 $ 81 $ 53 $ 1,609 $ 413 $ --
-------------- ---------------------- ------------- ----------- -------------------- ------------
16,448 2,129 2,353 817 355 44
-------------- ---------------------- ------------- ----------- -------------------- ------------
16,448 2,129 2,353 817 355 44
-------------- ---------------------- ------------- ----------- -------------------- ------------
(14,015) (2,048) (2,300) 792 58 (44)
-------------- ---------------------- ------------- ----------- -------------------- ------------
-- -- -- -- 3,372 --
14,051 (78,622) (93,936) 4,218 23,192 (177)
-------------- ---------------------- ------------- ----------- -------------------- ------------
14,051 (78,622) (93,936) 4,218 26,564 (177)
-------------- ---------------------- ------------- ----------- -------------------- ------------
47,707 310,554 (295,412) 62,994 37,885 (18,504)
-------------- ---------------------- ------------- ----------- -------------------- ------------
61,758 231,932 (389,348) 67,212 64,449 (18,681)
-------------- ---------------------- ------------- ----------- -------------------- ------------
$ 47,743 $ 229,884 $ (391,648) $ 68,004 $ 64,507 $ (18,725)
============== ====================== ============= =========== ==================== ============
The accompanying notes are an integral part of these financial statements.
47
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
INVESCO V.I. GLOBAL REAL ESTATE
INVESTMENT DIVISION
------------ ----------------------------------------
2010 2009 2008
------------ ---------------------- -----------------
INVESTMENT INCOME:
Dividends $ 71,976 $ -- $ 127,467
------------ ---------------------- -----------------
EXPENSES:
Mortality and expense risk charges 39,431 5,813 10,120
------------ ---------------------- -----------------
Total expenses 39,431 5,813 10,120
------------ ---------------------- -----------------
Net investment income (loss) 32,545 (5,813) 117,347
------------ ---------------------- -----------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 197,001
Realized gains (losses) on sale of investments (130,047) (698,156) (258,510)
------------ ---------------------- -----------------
Net realized gains (losses) (130,047) (698,156) (61,509)
------------ ---------------------- -----------------
Change in unrealized gains (losses) on investments 289,353 1,038,943 (1,334,686)
------------ ---------------------- -----------------
Net realized and change in unrealized gains (losses)
on investments 159,306 340,787 (1,396,195)
------------ ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations $ 191,851 $ 334,974 $ (1,278,848)
============ ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
48
INVESCO V.I. INTERNATIONAL GROWTH INVESCO V.I. GOVERNMENT
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------ ---------------------------------------------------
2010 2009 (b) 2010 2009 2008
----------- ------------------------------ ---------- -------------------------- ----------
$ 4,364 $ 242 $ 164 $ 3,817 $ 2,019
----------- ------------------------------ ---------- -------------------------- ----------
783 29 265 208 143
----------- ------------------------------ ---------- -------------------------- ----------
783 29 265 208 143
----------- ------------------------------ ---------- -------------------------- ----------
3,581 213 (101) 3,609 1,876
----------- ------------------------------ ---------- -------------------------- ----------
-- -- -- -- --
1,465 34 (188) (289) (1,270)
----------- ------------------------------ ---------- -------------------------- ----------
1,465 34 (188) (289) (1,270)
----------- ------------------------------ ---------- -------------------------- ----------
26,537 2,258 4,107 (2,868) (983)
----------- ------------------------------ ---------- -------------------------- ----------
28,002 2,292 3,919 (3,157) (2,253)
----------- ------------------------------ ---------- -------------------------- ----------
$ 31,583 $ 2,505 $ 3,818 $ 452 $ (377)
=========== ============================== ========== ========================== ===========
The accompanying notes are an integral part of these financial statements.
49
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
INVESCO V.I.
VAN KAMPEN COMSTOCK FTVIPT TEMPLETON FOREIGN SECURITIES
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------- ------------ ---------------------- ---------------
2010 (c) 2010 2009 2008
---------------------- ------------ ---------------------- ---------------
INVESTMENT INCOME:
Dividends $ -- $ 164,170 $ 239,754 $ 202,235
---------------------- ------------ ---------------------- ---------------
EXPENSES:
Mortality and expense risk charges -- 239,041 28,000 35,755
---------------------- ------------ ---------------------- ---------------
Total expenses -- 239,041 28,000 35,755
---------------------- ------------ ---------------------- ---------------
Net investment income (loss) -- (74,871) 211,754 166,480
---------------------- ------------ ---------------------- ---------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 268,234 731,763
Realized gains (losses) on sale of investments 53 (50,450) (421,623) 3,883
---------------------- ------------ ---------------------- ---------------
Net realized gains (losses) 53 (50,450) (153,389) 735,646
---------------------- ------------ ---------------------- ---------------
Change in unrealized gains (losses) on investments 45 614,425 2,059,948 (4,855,241)
---------------------- ------------ ---------------------- ---------------
Net realized and change in unrealized gains (losses)
on investments 98 563,975 1,906,559 (4,119,595)
---------------------- ------------ ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations $ 98 $ 489,104 $ 2,118,313 $ (3,953,115)
====================== ============ ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
50
FTVIPT TEMPLETON
FTVIPT MUTUAL GLOBAL DISCOVERY SECURITIES GLOBAL BOND SECURITIES
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------ ---------------------------------
2010 2009 2008 2010 2009 (d)
----------- ---------------------- ------------- ---------- ----------------------
$ 10,103 $ 7,899 $ 47,911 $ 60 $ --
----------- ---------------------- ------------- ---------- ----------------------
2,866 4,787 8,447 89 4
----------- ---------------------- ------------- ---------- ----------------------
2,866 4,787 8,447 89 4
----------- ---------------------- ------------- ---------- ----------------------
7,237 3,112 39,464 (29) (4)
----------- ---------------------- ------------- ---------- ----------------------
-- 18,638 89,758 10 --
(4,189) (456,806) (11,513) 4,591 5
----------- ---------------------- ------------- ---------- ----------------------
(4,189) (438,168) 78,245 4,601 5
----------- ---------------------- ------------- ---------- ----------------------
81,592 609,659 (759,844) (171) 239
----------- ---------------------- ------------- ---------- ----------------------
77,403 171,491 (681,599) 4,430 244
----------- ---------------------- ------------- ---------- ----------------------
$ 84,640 $ 174,603 $ (642,135) $ 4,401 $ 240
=========== ====================== ============= ========== ======================
The accompanying notes are an integral part of these financial statements.
51
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH
INVESTMENT DIVISION
--------------------------------------------------------
2010 2009 2008
---------- ---------------------- ----------------------
INVESTMENT INCOME:
Dividends $ 1,486 $ -- $ --
---------- ---------------------- ----------------------
EXPENSES:
Mortality and expense risk charges 310 370 223
---------- ---------------------- ----------------------
Total expenses 310 370 223
---------- ---------------------- ----------------------
Net investment income (loss) 1,176 (370) (223)
---------- ---------------------- ----------------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- --
Realized gains (losses) on sale of investments 8,379 (2,773) (414)
---------- ---------------------- ----------------------
Net realized gains (losses) 8,379 (2,773) (414)
---------- ---------------------- ----------------------
Change in unrealized gains (losses) on investments 1,480 45,397 (37,457)
---------- ---------------------- ----------------------
Net realized and change in unrealized gains (losses)
on investments 9,859 42,624 (37,871)
---------- ---------------------- ----------------------
Net increase (decrease) in net assets resulting
from operations $ 11,035 $ 42,254 $ (38,094)
========== ====================== ======================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
52
ALLIANCEBERNSTEIN
ALLIANCEBERNSTEIN INTERMEDIATE BOND INTERNATIONAL VALUE FIDELITY VIP CONTRAFUND
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------------------- -------------------------------------------------------
2010 2009 (e) 2010 (f) 2010 2009 2008
-------------- ----------------------- ------------------- ------------ -------------------------- ---------------
$ 2,177 $ 763 $ 31 $ 27,427 $ 43,475 $ 24,698
-------------- ----------------------- ------------------- ------------ -------------------------- ---------------
139 71 2 17,497 12,639 11,393
-------------- ----------------------- ------------------- ------------ -------------------------- ---------------
139 71 2 17,497 12,639 11,393
-------------- ----------------------- ------------------- ------------ -------------------------- ---------------
2,038 692 29 9,930 30,836 13,305
-------------- ----------------------- ------------------- ------------ -------------------------- ---------------
-- -- -- 1,114 957 76,672
2,172 716 1 (218,742) (199,492) (319,330)
-------------- ----------------------- ------------------- ------------ -------------------------- ---------------
2,172 716 1 (217,628) (198,535) (242,658)
-------------- ----------------------- ------------------- ------------ -------------------------- ---------------
(1,393) 2,187 88 648,547 1,136,586 (1,292,698)
-------------- ----------------------- ------------------- ------------ -------------------------- ---------------
779 2,903 89 430,919 938,051 (1,535,356)
-------------- ----------------------- ------------------- ------------ -------------------------- ---------------
$ 2,817 $ 3,595 $ 118 $ 440,849 $ 968,887 $ (1,522,051)
============== ======================= =================== ============ ========================== ===============
The accompanying notes are an integral part of these financial statements.
53
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
FIDELITY VIP ASSET MANAGER: GROWTH
INVESTMENT DIVISION
------------------------------------------------
2010 2009 2008
--------- ---------------------- -----------
INVESTMENT INCOME:
Dividends $ 19,264 $ 22,283 $ 22,937
--------- ---------------------- ---------------
EXPENSES:
Mortality and expense risk charges 11,265 6,417 5,926
--------- ---------------------- ---------------
Total expenses 11,265 6,417 5,926
--------- ---------------------- ---------------
Net investment income (loss) 7,999 15,866 17,011
--------- ---------------------- ---------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions 5,857 3,095 910
Realized gains (losses) on sale of investments 31,417 (19,280) 8,025
--------- ---------------------- ---------------
Net realized gains (losses) 37,274 (16,185) 8,935
--------- ---------------------- ---------------
Change in unrealized gains (losses) on investments 201,872 427,179 (532,156)
--------- ---------------------- ---------------
Net realized and change in unrealized gains (losses)
on investments 239,146 410,994 (523,221)
--------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations $ 247,145 $ 426,860 $ (506,210)
========= ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
54
FIDELITY VIP INVESTMENT GRADE BOND FIDELITY VIP EQUITY-INCOME
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------------- -------------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- ------------------ ----------- ----------------------------- -------------
$ 18,206 $ 10,680 $ 2,038 $ 3,327 $ 4,739 $ 20,119
-------------- ---------------------- ------------------ ----------- ----------------------------- -------------
4,314 369 535 838 1,051 3,772
-------------- ---------------------- ------------------ ----------- ----------------------------- -------------
4,314 369 535 838 1,051 3,772
-------------- ---------------------- ------------------ ----------- ----------------------------- -------------
13,892 10,311 1,503 2,489 3,688 16,347
-------------- ---------------------- ------------------ ----------- ----------------------------- -------------
5,814 654 40 -- -- 931
17,651 3,233 13,627 (5,418) (392,905) (282,918)
-------------- ---------------------- ------------------ ----------- ----------------------------- -------------
23,465 3,887 13,667 (5,418) (392,905) (281,987)
-------------- ---------------------- ------------------ ----------- ----------------------------- -------------
(13,312) (1,678) (8,842) 31,745 405,695 (292,885)
-------------- ---------------------- ------------------ ----------- ----------------------------- -------------
10,153 2,209 4,825 26,327 12,790 (574,872)
-------------- ---------------------- ------------------ ----------- ----------------------------- -------------
$ 24,045 $ 12,520 $ 6,328 $ 28,816 $ 16,478 $ (558,525)
============== ====================== ================== =========== ============================= =============
The accompanying notes are an integral part of these financial statements.
55
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
FIDELITY VIP HIGH INCOME
INVESTMENT DIVISION
------------------------------------
2010 2009 (b)
------------ -----------------------
INVESTMENT INCOME:
Dividends $ 340 $ 2,882
------------ -----------------------
EXPENSES:
Mortality and expense risk charges 30 33
------------ -----------------------
Total expenses 30 33
------------ -----------------------
Net investment income (loss) 310 2,849
------------ -----------------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- --
Realized gains (losses) on sale of investments (227) 11
------------ -----------------------
Net realized gains (losses) (227) 11
------------ -----------------------
Change in unrealized gains (losses) on investments 801 (647)
------------ -----------------------
Net realized and change in unrealized gains (losses)
on investments 574 (636)
------------ -----------------------
Net increase (decrease) in net assets resulting
from operations $ 884 $ 2,213
============ =======================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
56
FIDELITY VIP MID CAP FIDELITY VIP FREEDOM 2010
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- ----------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008 (a)
-------------- ---------------------- ----------- ----------- --------------------------- ------------
$ 502 $ 119 $ 49 $ 654 $ 529 $ 828
-------------- ---------------------- ----------- ----------- --------------------------- ------------
5,209 142 35 109 72 26
-------------- ---------------------- ----------- ----------- --------------------------- ------------
5,209 142 35 109 72 26
-------------- ---------------------- ----------- ----------- --------------------------- ------------
(4,707) (23) 14 545 457 802
-------------- ---------------------- ----------- ----------- --------------------------- ------------
1,027 129 -- 470 190 721
2,077 613 (70) 67 (1,846) (176)
-------------- ---------------------- ----------- ----------- --------------------------- ------------
3,104 742 (70) 537 (1,656) 545
-------------- ---------------------- ----------- ----------- --------------------------- ------------
83,723 13,131 (10,714) 2,036 3,793 (2,956)
-------------- ---------------------- ----------- ----------- --------------------------- ------------
86,827 13,873 (10,784) 2,573 2,137 (2,411)
-------------- ---------------------- ----------- ----------- --------------------------- ------------
$ 82,120 $ 13,850 $ (10,770) $ 3,118 $ 2,594 $ (1,609)
============== ====================== =========== =========== =========================== ============
The accompanying notes are an integral part of these financial statements.
57
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
FIDELITY VIP FREEDOM 2020
INVESTMENT DIVISION
----------------------------------------------------
2010 2009 2008 (a)
----------- ---------------------------- -----------
INVESTMENT INCOME:
Dividends $ 15,231 $ 19,275 $ 1,266
----------- ---------------------------- -----------
EXPENSES:
Mortality and expense risk charges 2,551 2,094 49
----------- ---------------------------- -----------
Total expenses 2,551 2,094 49
----------- ---------------------------- -----------
Net investment income (loss) 12,680 17,181 1,217
----------- ---------------------------- -----------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions 5,440 10,109 1,384
Realized gains (losses) on sale of investments 2,838 (11,027) (106)
----------- ---------------------------- -----------
Net realized gains (losses) 8,278 (918) 1,278
----------- ---------------------------- -----------
Change in unrealized gains (losses) on investments 70,032 149,817 (11,135)
----------- ---------------------------- -----------
Net realized and change in unrealized gains (losses)
on investments 78,310 148,899 (9,857)
----------- ---------------------------- -----------
Net increase (decrease) in net assets resulting
from operations $ 90,990 $ 166,080 $ (8,640)
=========== ============================ ===========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
58
FIDELITY VIP FREEDOM 2030 AMERICAN FUNDS GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------- ---------------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008
----------- ------------------------- ----------- --------------- ------------------------ ----------------
$ 2,018 $ 624 $ 669 $ 832,401 $ 607,594 $ 916,946
----------- ------------------------- ----------- --------------- ------------------------ ----------------
364 112 17 953,940 768,579 908,181
----------- ------------------------- ----------- --------------- ------------------------ ----------------
364 112 17 953,940 768,579 908,181
----------- ------------------------- ----------- --------------- ------------------------ ----------------
1,654 512 652 (121,539) (160,985) 8,765
----------- ------------------------- ----------- --------------- ------------------------ ----------------
680 329 1,202 -- -- 12,124,971
710 38 (88) (328,082) (1,821,468) (207,564)
----------- ------------------------- ----------- --------------- ------------------------ ----------------
1,390 367 1,114 (328,082) (1,821,468) 11,917,407
----------- ------------------------- ----------- --------------- ------------------------ ----------------
11,839 6,395 (3,051) 19,817,938 31,985,158 (70,192,654)
----------- ------------------------- ----------- --------------- ------------------------ ----------------
13,229 6,762 (1,937) 19,489,856 30,163,690 (58,275,247)
----------- ------------------------- ----------- --------------- ------------------------ ----------------
$ 14,883 $ 7,274 $ (1,285) $ 19,368,317 $ 30,002,705 $ (58,266,482)
=========== ========================= =========== =============== ======================== ================
The accompanying notes are an integral part of these financial statements.
59
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
AMERICAN FUNDS GROWTH-INCOME
INVESTMENT DIVISION
--------------------------------------------------------
2010 2009 2008
-------------- ---------------------- ------------------
INVESTMENT INCOME:
Dividends $ 1,018,183 $ 922,229 $ 1,175,716
-------------- ---------------------- ------------------
EXPENSES:
Mortality and expense risk charges 564,494 475,319 559,000
-------------- ---------------------- ------------------
Total expenses 564,494 475,319 559,000
-------------- ---------------------- ------------------
Net investment income (loss) 453,689 446,910 616,716
-------------- ---------------------- ------------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 4,335,077
Realized gains (losses) on sale of investments (336,443) (956,152) (236,359)
-------------- ---------------------- ------------------
Net realized gains (losses) (336,443) (956,152) 4,098,718
-------------- ---------------------- ------------------
Change in unrealized gains (losses) on investments 6,948,053 15,943,649 (34,739,655)
-------------- ---------------------- ------------------
Net realized and change in unrealized gains (losses)
on investments 6,611,610 14,987,497 (30,640,937)
-------------- ---------------------- ------------------
Net increase (decrease) in net assets resulting
from operations $ 7,065,299 $ 15,434,407 $ (30,024,221)
============== ====================== ==================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
60
AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION AMERICAN FUNDS BOND
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------- -------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- ---------------- ------------ ---------------------- -------------
$ 1,031,490 $ 125,985 $ -- $ 126,810 $ 116,930 $ 196,489
--------------- ---------------------- ---------------- ------------ ---------------------- -------------
493,443 372,082 466,291 32,377 28,070 28,355
--------------- ---------------------- ---------------- ------------ ---------------------- -------------
493,443 372,082 466,291 32,377 28,070 28,355
--------------- ---------------------- ---------------- ------------ ---------------------- -------------
538,047 (246,097) (466,291) 94,433 88,860 168,134
--------------- ---------------------- ---------------- ------------ ---------------------- -------------
-- -- 7,571,704 -- -- 8,541
(386,466) (2,366,209) (694,299) (8,911) (91,981) (86,900)
--------------- ---------------------- ---------------- ------------ ---------------------- -------------
(386,466) (2,366,209) 6,877,405 (8,911) (91,981) (78,359)
--------------- ---------------------- ---------------- ------------ ---------------------- -------------
11,810,164 23,159,810 (44,244,505) 122,161 381,938 (446,834)
--------------- ---------------------- ---------------- ------------ ---------------------- -------------
11,423,698 20,793,601 (37,367,100) 113,250 289,957 (525,193)
--------------- ---------------------- ---------------- ------------ ---------------------- -------------
$ 11,961,745 $ 20,547,504 $ (37,833,391) $ 207,683 $ 378,817 $ (357,059)
=============== ====================== ================ ============ ====================== =============
The accompanying notes are an integral part of these financial statements.
61
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
AMERICAN FUNDS INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------
2010 2009 2008 (a)
-------------- ------------------- --------------
INVESTMENT INCOME:
Dividends $ 13,328 $ 1,021 $ 1,123
-------------- ------------------- --------------
EXPENSES:
Mortality and expense risk charges 9,546 222 48
-------------- ------------------- --------------
Total expenses 9,546 222 48
-------------- ------------------- --------------
Net investment income (loss) 3,782 799 1,075
-------------- ------------------- --------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- 255 --
Realized gains (losses) on sale of investments (608) 1,282 (88)
-------------- ------------------- --------------
Net realized gains (losses) (608) 1,537 (88)
-------------- ------------------- --------------
Change in unrealized gains (losses) on investments 46,566 19,842 (13,968)
-------------- ------------------- --------------
Net realized and change in unrealized gains (losses)
on investments 45,958 21,379 (14,056)
-------------- ------------------- --------------
Net increase (decrease) in net assets resulting
from operations $ 49,740 $ 22,178 $ (12,981)
============== =================== ==============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
62
AMERICAN FUNDS U.S. GOVERNMENT/AAA RATED SECURITIES MIST T. ROWE PRICE MID CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------ -----------------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008
---------- ---------------------- ------------------------ -------------- ---------------------- -----------------
$ 683 $ 2,005 $ 745 $ -- $ -- $ 10,159
---------- ---------------------- ------------------------ -------------- ---------------------- -----------------
596 265 36 150,122 115,483 131,625
---------- ---------------------- ------------------------ -------------- ---------------------- -----------------
596 265 36 150,122 115,483 131,625
---------- ---------------------- ------------------------ -------------- ---------------------- -----------------
87 1,740 709 (150,122) (115,483) (121,466)
---------- ---------------------- ------------------------ -------------- ---------------------- -----------------
193 505 -- -- -- 1,828,446
450 619 1 131,367 (381,122) (329,119)
---------- ---------------------- ------------------------ -------------- ---------------------- -----------------
643 1,124 1 131,367 (381,122) 1,499,327
---------- ---------------------- ------------------------ -------------- ---------------------- -----------------
1,804 (1,799) 862 4,580,355 5,596,487 (8,808,387)
---------- ---------------------- ------------------------ -------------- ---------------------- -----------------
2,447 (675) 863 4,711,722 5,215,365 (7,309,060)
---------- ---------------------- ------------------------ -------------- ---------------------- -----------------
$ 2,534 $ 1,065 $ 1,572 $ 4,561,600 $ 5,099,882 $ (7,430,526)
========== ====================== ======================== ============== ====================== =================
The accompanying notes are an integral part of these financial statements.
63
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST MFS RESEARCH INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------
2010 2009 2008
-------------- ---------------------- -----------------
INVESTMENT INCOME:
Dividends $ 240,942 $ 369,327 $ 256,943
-------------- ---------------------- -----------------
EXPENSES:
Mortality and expense risk charges 106,709 89,063 103,390
-------------- ---------------------- -----------------
Total expenses 106,709 89,063 103,390
-------------- ---------------------- -----------------
Net investment income (loss) 134,233 280,264 153,553
-------------- ---------------------- -----------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 1,302,185
Realized gains (losses) on sale of investments (545,005) (1,024,253) (411,130)
-------------- ---------------------- -----------------
Net realized gains (losses) (545,005) (1,024,253) 891,055
-------------- ---------------------- -----------------
Change in unrealized gains (losses) on investments 1,743,808 3,897,065 (7,755,181)
-------------- ---------------------- -----------------
Net realized and change in unrealized gains (losses)
on investments 1,198,803 2,872,812 (6,864,126)
-------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations $ 1,333,036 $ 3,153,076 $ (6,710,573)
============== ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
64
MIST PIMCO TOTAL RETURN MIST RCM TECHNOLOGY
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- -----------------------------------------------------
2010 2009 2008 2010 2009 2008
----------- ----------------------- -------------- -------------- ---------------------- ---------------
$ 1,634,551 $ 2,762,595 $ 1,327,240 $ -- $ -- $ 1,349,744
----------- ----------------------- -------------- -------------- ---------------------- ---------------
360,915 310,295 283,126 111,175 82,504 88,892
----------- ----------------------- -------------- -------------- ---------------------- ---------------
360,915 310,295 283,126 111,175 82,504 88,892
----------- ----------------------- -------------- -------------- ---------------------- ---------------
1,273,636 2,452,300 1,044,114 (111,175) (82,504) 1,260,852
----------- ----------------------- -------------- -------------- ---------------------- ---------------
236,060 1,566,277 807,479 -- -- 2,816,232
238,435 10,564 (11,712) (54,192) (600,648) (702,139)
----------- ----------------------- -------------- -------------- ---------------------- ---------------
474,495 1,576,841 795,767 (54,192) (600,648) 2,114,093
----------- ----------------------- -------------- -------------- ---------------------- ---------------
1,426,113 1,911,046 (1,944,451) 3,551,862 5,182,655 (9,308,569)
----------- ----------------------- -------------- -------------- ---------------------- ---------------
1,900,608 3,487,887 (1,148,684) 3,497,670 4,582,007 (7,194,476)
----------- ----------------------- -------------- -------------- ---------------------- ---------------
$ 3,174,244 $ 5,940,187 $ (104,570) $ 3,386,495 $ 4,499,503 $ (5,933,624)
=========== ======================= ============== ============== ====================== ===============
The accompanying notes are an integral part of these financial statements.
65
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST LORD ABBETT BOND DEBENTURE
INVESTMENT DIVISION
----------------------------------------------------
2010 2009 2008
----------- ---------------------- -----------------
INVESTMENT INCOME:
Dividends $ 1,718,530 $ 1,572,315 $ 901,666
----------- ---------------------- -----------------
EXPENSES:
Mortality and expense risk charges 316,284 180,909 160,256
----------- ---------------------- -----------------
Total expenses 316,284 180,909 160,256
----------- ---------------------- -----------------
Net investment income (loss) 1,402,246 1,391,406 741,410
----------- ---------------------- -----------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 312,735
Realized gains (losses) on sale of investments 240,525 (126,749) (153,114)
----------- ---------------------- -----------------
Net realized gains (losses) 240,525 (126,749) 159,621
----------- ---------------------- -----------------
Change in unrealized gains (losses) on investments 1,315,427 5,411,601 (5,045,528)
----------- ---------------------- -----------------
Net realized and change in unrealized gains (losses)
on investments 1,555,952 5,284,852 (4,885,907)
----------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations $ 2,958,198 $ 6,676,258 $ (4,144,497)
=========== ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
66
MIST LAZARD MID CAP MIST INVESCO SMALL CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------------- -----------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
$ 51,856 $ 51,729 $ 55,298 $ -- $ -- $ --
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
40,421 32,462 39,050 30,507 22,254 24,205
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
40,421 32,462 39,050 30,507 22,254 24,205
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
11,435 19,267 16,248 (30,507) (22,254) (24,205)
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
-- -- 338,409 -- -- 254,249
(93,933) (283,748) (302,807) (15,371) (84,509) (56,467)
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
(93,933) (283,748) 35,602 (15,371) (84,509) 197,782
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
1,108,654 1,519,608 (2,239,073) 887,599 919,328 (1,510,157)
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
1,014,721 1,235,860 (2,203,471) 872,228 834,819 (1,312,375)
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
$ 1,026,156 $ 1,255,127 $ (2,187,223) $ 841,721 $ 812,565 $ (1,336,580)
============== ====================== =============== ============ ====================== =================
The accompanying notes are an integral part of these financial statements.
67
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST HARRIS OAKMARK INTERNATIONAL
INVESTMENT DIVISION
-------------- ---------------------- --- --------------
2010 2009 2008
-------------- ---------------------- ------------------
INVESTMENT INCOME:
Dividends $ 576,287 $ 1,589,352 $ 427,414
-------------- ---------------------- ------------------
EXPENSES:
Mortality and expense risk charges 232,976 170,663 185,029
-------------- ---------------------- ------------------
Total expenses 232,976 170,663 185,029
-------------- ---------------------- ------------------
Net investment income (loss) 343,311 1,418,689 242,385
-------------- ---------------------- ------------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 3,659,339
Realized gains (losses) on sale of investments (312,283) (1,294,657) (984,052)
-------------- ---------------------- ------------------
Net realized gains (losses) (312,283) (1,294,657) 2,675,287
-------------- ---------------------- ------------------
Change in unrealized gains (losses) on investments 4,235,035 8,897,628 (13,913,907)
-------------- ---------------------- ------------------
Net realized and change in unrealized gains (losses)
on investments 3,922,752 7,602,971 (11,238,620)
-------------- ---------------------- ------------------
Net increase (decrease) in net assets resulting
from operations $ 4,266,063 $ 9,021,660 $ (10,996,235)
============== ====================== ==================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
68
MIST LEGG MASON CLEARBRIDGE AGGRESSIVE GROWTH MIST LORD ABBETT GROWTH AND INCOME
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------------- -----------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
$ 4,315 $ 6,856 $ 943 $ 65,246 $ 104,472 $ 96,064
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
57,953 47,276 57,519 134,790 18,231 25,528
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
57,953 47,276 57,519 134,790 18,231 25,528
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
(53,638) (40,420) (56,576) (69,544) 86,241 70,536
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
-- -- 54,432 -- -- 543,774
(57,251) (166,346) (72,581) (79,021) (261,167) (71,592)
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
(57,251) (166,346) (18,149) (79,021) (261,167) 472,182
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
1,583,027 1,815,976 (3,076,964) 921,874 894,542 (2,888,440)
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
1,525,776 1,649,630 (3,095,113) 842,853 633,375 (2,416,258)
-------------- ---------------------- --------------- ------------ ---------------------- -----------------
$ 1,472,138 $ 1,609,210 $ (3,151,689) $ 773,309 $ 719,616 $ (2,345,722)
============== ====================== =============== ============ ====================== =================
The accompanying notes are an integral part of these financial statements.
69
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST CLARION GLOBAL REAL ESTATE
INVESTMENT DIVISION
-------------------------------------------------------
2010 2009 2008
-------------- ---------------------- -----------------
INVESTMENT INCOME:
Dividends $ 1,558,222 $ 496,210 $ 332,725
-------------- ---------------------- -----------------
EXPENSES:
Mortality and expense risk charges 166,255 119,529 140,313
-------------- ---------------------- -----------------
Total expenses 166,255 119,529 140,313
-------------- ---------------------- -----------------
Net investment income (loss) 1,391,967 376,681 192,412
-------------- ---------------------- -----------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 1,614,459
Realized gains (losses) on sale of investments (571,095) (1,092,248) (667,437)
-------------- ---------------------- -----------------
Net realized gains (losses) (571,095) (1,092,248) 947,022
-------------- ---------------------- -----------------
Change in unrealized gains (losses) on investments 1,969,823 5,493,585 (9,433,208)
-------------- ---------------------- -----------------
Net realized and change in unrealized gains (losses)
on investments 1,398,728 4,401,337 (8,486,186)
-------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations $ 2,790,695 $ 4,778,018 $ (8,293,774)
============== ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
70
MIST MORGAN STANLEY MID CAP GROWTH MIST LORD ABBETT MID CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------------- -------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- -------------- ----------- ---------------------- --------------
$ 28 $ -- $ 345 $ 568 $ 1,893 $ 197
--------------- ---------------------- -------------- ----------- ---------------------- --------------
957,621 870 78 369 335 312
--------------- ---------------------- -------------- ----------- ---------------------- --------------
957,621 870 78 369 335 312
--------------- ---------------------- -------------- ----------- ---------------------- --------------
(957,593) (870) 267 199 1,558 (115)
--------------- ---------------------- -------------- ----------- ---------------------- --------------
-- -- 2,390 -- -- 5,229
336,382 1,780 (81) 3,236 (38,897) (14,654)
--------------- ---------------------- -------------- ----------- ---------------------- --------------
336,382 1,780 2,309 3,236 (38,897) (9,425)
--------------- ---------------------- -------------- ----------- ---------------------- --------------
31,775,159 75,648 (17,251) 19,769 57,059 (38,556)
--------------- ---------------------- -------------- ----------- ---------------------- --------------
32,111,541 77,428 (14,942) 23,005 18,162 (47,981)
--------------- ---------------------- -------------- ----------- ---------------------- --------------
$ 31,153,948 $ 76,558 $ (14,675) $ 23,204 $ 19,720 $ (48,096)
=============== ====================== ============== =========== ====================== ==============
The accompanying notes are an integral part of these financial statements.
71
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST THIRD AVENUE SMALL CAP VALUE
INVESTMENT DIVISION
------------------------------------------------
2010 2009 2008
--------- ---------------------- ---------------
INVESTMENT INCOME:
Dividends $ 12,822 $ 3,058 $ 2,384
--------- ---------------------- ---------------
EXPENSES:
Mortality and expense risk charges 11,741 2,219 1,496
--------- ---------------------- ---------------
Total expenses 11,741 2,219 1,496
--------- ---------------------- ---------------
Net investment income (loss) 1,081 839 888
--------- ---------------------- ---------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- 2,838 21,799
Realized gains (losses) on sale of investments 42,370 (17,013) (21,646)
--------- ---------------------- ---------------
Net realized gains (losses) 42,370 (14,175) 153
--------- ---------------------- ---------------
Change in unrealized gains (losses) on investments 198,929 152,916 (119,764)
--------- ---------------------- ---------------
Net realized and change in unrealized gains (losses)
on investments 241,299 138,741 (119,611)
--------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations $ 242,380 $ 139,580 $ (118,723)
========= ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
72
MIST OPPENHEIMER CAPITAL APPRECIATION MIST LEGG MASON VALUE EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------- -----------------------------------------------------
2010 2009 2008 2010 2009 2008
------------ ---------------------- --------------- ------------ ---------------------- -----------------
$ 10,876 $ -- $ 40,326 $ 93,044 $ 60,620 $ 12,937
------------ ---------------------- --------------- ------------ ---------------------- -----------------
13,539 10,277 9,700 35,652 28,252 33,929
------------ ---------------------- --------------- ------------ ---------------------- -----------------
13,539 10,277 9,700 35,652 28,252 33,929
------------ ---------------------- --------------- ------------ ---------------------- -----------------
(2,663) (10,277) 30,626 57,392 32,368 (20,992)
------------ ---------------------- --------------- ------------ ---------------------- -----------------
-- -- 295,189 -- -- 176,346
(39,996) (109,001) (106,123) (148,382) (273,743) (135,383)
------------ ---------------------- --------------- ------------ ---------------------- -----------------
(39,996) (109,001) 189,066 (148,382) (273,743) 40,963
------------ ---------------------- --------------- ------------ ---------------------- -----------------
190,578 558,202 (860,586) 390,845 1,354,429 (3,108,496)
------------ ---------------------- --------------- ------------ ---------------------- -----------------
150,582 449,201 (671,520) 242,463 1,080,686 (3,067,533)
------------ ---------------------- --------------- ------------ ---------------------- -----------------
$ 147,919 $ 438,924 $ (640,894) $ 299,855 $ 1,113,054 $ (3,088,525)
============ ====================== =============== ============ ====================== =================
The accompanying notes are an integral part of these financial statements.
73
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST SSGA GROWTH ETF
INVESTMENT DIVISION
-----------------------------------------------
2010 2009 2008
--------- ----------------------- -------------
INVESTMENT INCOME:
Dividends $ 34,185 $ 15,419 $ 9,041
--------- ----------------------- -------------
EXPENSES:
Mortality and expense risk charges 17,903 8,413 4,512
--------- ----------------------- -------------
Total expenses 17,903 8,413 4,512
--------- ----------------------- -------------
Net investment income (loss) 16,282 7,006 4,529
--------- ----------------------- -------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 11,307
Realized gains (losses) on sale of investments 12,378 (20,730) (32,358)
--------- ----------------------- -------------
Net realized gains (losses) 12,378 (20,730) (21,051)
--------- ----------------------- -------------
Change in unrealized gains (losses) on investments 271,601 309,775 (210,490)
--------- ----------------------- -------------
Net realized and change in unrealized gains (losses)
on investments 283,979 289,045 (231,541)
--------- ----------------------- -------------
Net increase (decrease) in net assets resulting
from operations $ 300,261 $ 296,051 $ (227,012)
========= ======================= =============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
74
MIST SSGA GROWTH AND INCOME ETF MIST PIMCO INFLATION PROTECTED BOND
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------- ------------------------------------------------
2010 2009 2008 2010 2009 2008
--------- ------------------- --------------- --------- ---------------------- ---------------
$ 35,130 $ 13,156 $ 7,559 $ 210,729 $ 247,574 $ 129,679
--------- ------------------- --------------- --------- ---------------------- ---------------
22,837 6,883 3,301 64,055 52,710 34,082
--------- ------------------- --------------- --------- ---------------------- ---------------
22,837 6,883 3,301 64,055 52,710 34,082
--------- ------------------- --------------- --------- ---------------------- ---------------
12,293 6,273 4,258 146,674 194,864 95,597
--------- ------------------- --------------- --------- ---------------------- ---------------
115 -- 8,201 220,376 -- 6,847
16,043 3,801 (45,016) 60,903 (46,474) (100,879)
--------- ------------------- --------------- --------- ---------------------- ---------------
16,158 3,801 (36,815) 281,279 (46,474) (94,032)
--------- ------------------- --------------- --------- ---------------------- ---------------
322,318 204,020 (94,558) 130,473 877,182 (678,454)
--------- ------------------- --------------- --------- ---------------------- ---------------
338,476 207,821 (131,373) 411,752 830,708 (772,486)
--------- ------------------- --------------- --------- ---------------------- ---------------
$ 350,769 $ 214,094 $ (127,115) $ 558,426 $ 1,025,572 $ (676,889)
========= =================== =============== ========= ====================== ===============
The accompanying notes are an integral part of these financial statements.
75
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST BLACKROCK LARGE CAP CORE
INVESTMENT DIVISION
----------------------------------------------------------
2010 2009 2008
--------------- ---------------------- -------------------
INVESTMENT INCOME:
Dividends $ 3,848,840 $ 4,180,146 $ 2,475,191
--------------- ---------------------- -------------------
EXPENSES:
Mortality and expense risk charges 2,233,231 2,047,270 2,792,458
--------------- ---------------------- -------------------
Total expenses 2,233,231 2,047,270 2,792,458
--------------- ---------------------- -------------------
Net investment income (loss) 1,615,609 2,132,876 (317,267)
--------------- ---------------------- -------------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 16,168,718
Realized gains (losses) on sale of investments (7,248,214) (10,716,690) (6,439,384)
--------------- ---------------------- -------------------
Net realized gains (losses) (7,248,214) (10,716,690) 9,729,334
--------------- ---------------------- -------------------
Change in unrealized gains (losses) on investments 38,497,976 54,384,062 (169,653,539)
--------------- ---------------------- -------------------
Net realized and change in unrealized gains (losses)
on investments 31,249,762 43,667,372 (159,924,205)
--------------- ---------------------- -------------------
Net increase (decrease) in net assets resulting
from operations $ 32,865,371 $ 45,800,248 $ (160,241,472)
=============== ====================== ===================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
76
MIST JANUS FORTY MIST DREMAN SMALL CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------------- -----------------------------------------------------------
2010 2009 2008 2010 2009 2008 (a)
-------------- ---------------------- --------------- ------------- ---------------------- ----------------------
$ 219,796 $ -- $ 306,277 $ 172 $ 1 $ --
-------------- ---------------------- --------------- ------------- ---------------------- ----------------------
99,823 75,162 57,079 220 428 --
-------------- ---------------------- --------------- ------------- ---------------------- ----------------------
99,823 75,162 57,079 220 428 --
-------------- ---------------------- --------------- ------------- ---------------------- ----------------------
119,973 (75,162) 249,198 (48) (427) --
-------------- ---------------------- --------------- ------------- ---------------------- ----------------------
-- -- 132,557 -- -- --
(41,591) (540,105) (167,618) 403 58,177 (10)
-------------- ---------------------- --------------- ------------- ---------------------- ----------------------
(41,591) (540,105) (35,061) 403 58,177 (10)
-------------- ---------------------- --------------- ------------- ---------------------- ----------------------
1,120,682 3,887,171 (4,523,728) 3,392 2,844 6
-------------- ---------------------- --------------- ------------- ---------------------- ----------------------
1,079,091 3,347,066 (4,558,789) 3,795 61,021 (4)
-------------- ---------------------- --------------- ------------- ---------------------- ----------------------
$ 1,199,064 $ 3,271,904 $ (4,309,591) $ 3,747 $ 60,594 $ (4)
============== ====================== =============== ============= ====================== ======================
The accompanying notes are an integral part of these financial statements.
77
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST AMERICAN FUNDS BALANCED ALLOCATION
INVESTMENT DIVISION
-----------------------------------------------
2010 2009 2008 (a)
----------- ---------------------- ------------
INVESTMENT INCOME:
Dividends $ 3,146 $ -- $ 368
----------- ---------------------- ------------
EXPENSES:
Mortality and expense risk charges -- -- --
----------- ---------------------- ------------
Total expenses -- -- --
----------- ---------------------- ------------
Net investment income (loss) 3,146 -- 368
----------- ---------------------- ------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions 117 -- 1
Realized gains (losses) on sale of investments 1,705 (28) (91)
----------- ---------------------- ------------
Net realized gains (losses) 1,822 (28) (90)
----------- ---------------------- ------------
Change in unrealized gains (losses) on investments 26,193 14,667 (1,781)
----------- ---------------------- ------------
Net realized and change in unrealized gains (losses)
on investments 28,015 14,639 (1,871)
----------- ---------------------- ------------
Net increase (decrease) in net assets resulting
from operations $ 31,161 $ 14,639 $ (1,503)
=========== ====================== ============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
78
MIST AMERICAN FUNDS GROWTH ALLOCATION MIST AMERICAN FUNDS MODERATE ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------------- -------------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008 (a)
----------- ------------------- ----------------------------- ----------- ------------------- -----------------------
$ 2,434 $ -- $ 644 $ 2,501 $ -- $ 165
----------- ------------------- ----------------------------- ----------- ------------------- -----------------------
-- -- -- -- -- --
----------- ------------------- ----------------------------- ----------- ------------------- -----------------------
-- -- -- -- -- --
----------- ------------------- ----------------------------- ----------- ------------------- -----------------------
2,434 -- 644 2,501 -- 165
----------- ------------------- ----------------------------- ----------- ------------------- -----------------------
-- -- -- -- -- --
5,990 1,298 12 646 370 (29)
----------- ------------------- ----------------------------- ----------- ------------------- -----------------------
5,990 1,298 12 646 370 (29)
----------- ------------------- ----------------------------- ----------- ------------------- -----------------------
79,550 20,909 (48) 16,902 11,101 (130)
----------- ------------------- ----------------------------- ----------- ------------------- -----------------------
85,540 22,207 (36) 17,548 11,471 (159)
----------- ------------------- ----------------------------- ----------- ------------------- -----------------------
$ 87,974 $ 22,207 $ 608 $ 20,049 $ 11,471 $ 6
=========== =================== ============================= =========== =================== =======================
The accompanying notes are an integral part of these financial statements.
79
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST MET/FRANKLIN INCOME
INVESTMENT DIVISION
------------------------------------------------
2010 2009 2008 (a)
----------- ------------------------ -----------
INVESTMENT INCOME:
Dividends $ 3,216 $ -- $ 469
----------- ------------------------ -----------
EXPENSES:
Mortality and expense risk charges -- -- --
----------- ------------------------ -----------
Total expenses -- -- --
----------- ------------------------ -----------
Net investment income (loss) 3,216 -- 469
----------- ------------------------ -----------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions 433 -- --
Realized gains (losses) on sale of investments 390 54 (63)
----------- ------------------------ -----------
Net realized gains (losses) 823 54 (63)
----------- ------------------------ -----------
Change in unrealized gains (losses) on investments 10,272 9,507 (2,459)
----------- ------------------------ -----------
Net realized and change in unrealized gains (losses)
on investments 11,095 9,561 (2,522)
----------- ------------------------ -----------
Net increase (decrease) in net assets resulting
from operations $ 14,311 $ 9,561 $ (2,053)
=========== ======================== ===========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
80
MIST MET/FRANKLIN MUTUAL SHARES MIST MET/FRANKLIN TEMPLETON FOUNDING STRATEGY
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------ --------------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008 (a)
---------- ---------------------- -------------- -------- ------------------- ---------------------------
$ -- $ -- $ 234 $ -- $ -- $ 207
---------- ---------------------- -------------- -------- ------------------- ---------------------------
-- -- -- -- -- --
---------- ---------------------- -------------- -------- ------------------- ---------------------------
-- -- -- -- -- --
---------- ---------------------- -------------- -------- ------------------- ---------------------------
-- -- 234 -- -- 207
---------- ---------------------- -------------- -------- ------------------- ---------------------------
577 -- -- 1 -- --
106 (91) (83) 1,545 565 (21)
---------- ---------------------- -------------- -------- ------------------- ---------------------------
683 (91) (83) 1,546 565 (21)
---------- ---------------------- -------------- -------- ------------------- ---------------------------
4,077 4,710 (2,584) 23,230 14,572 (146)
---------- ---------------------- -------------- -------- ------------------- ---------------------------
4,760 4,619 (2,667) 24,776 15,137 (167)
---------- ---------------------- -------------- -------- ------------------- ---------------------------
$ 4,760 $ 4,619 $ (2,433) $ 24,776 $ 15,137 $ 40
========== ====================== ============== ======== =================== ===========================
The accompanying notes are an integral part of these financial statements.
81
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST MET/TEMPLETON GROWTH
INVESTMENT DIVISION
--------------------------------------------------------
2010 2009 2008 (a)
---------- ---------------------- ----------------------
INVESTMENT INCOME:
Dividends $ 305 $ 2 $ 18
---------- ---------------------- ----------------------
EXPENSES:
Mortality and expense risk charges -- -- --
---------- ---------------------- ----------------------
Total expenses -- -- --
---------- ---------------------- ----------------------
Net investment income (loss) 305 2 18
---------- ---------------------- ----------------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- --
Realized gains (losses) on sale of investments 125 (60) (39)
---------- ---------------------- ----------------------
Net realized gains (losses) 125 (60) (39)
---------- ---------------------- ----------------------
Change in unrealized gains (losses) on investments 3,904 3,117 (322)
---------- ---------------------- ----------------------
Net realized and change in unrealized gains (losses)
on investments 4,029 3,057 (361)
---------- ---------------------- ----------------------
Net increase (decrease) in net assets resulting
from operations $ 4,334 $ 3,059 $ (343)
========== ====================== ======================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
82
MIST PIONEER FUND AMERICAN CENTURY VP VISTA
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------ -----------------------------------------
2010 2009 (d) 2010 2009 2008
----------- --------------- -------------- ---------------------------- ------------
$ 1,987 $ -- $ -- $ -- $ --
----------- --------------- -------------- ---------------------------- ------------
982 580 519 472 285
----------- --------------- -------------- ---------------------------- ------------
982 580 519 472 285
----------- --------------- -------------- ---------------------------- ------------
1,005 (580) (519) (472) (285)
----------- --------------- -------------- ---------------------------- ------------
-- -- -- -- 1,116
6,067 1,986 12,351 (47,927) (912)
----------- --------------- -------------- ---------------------------- ------------
6,067 1,986 12,351 (47,927) 204
----------- --------------- -------------- ---------------------------- ------------
25,716 48,304 (1,947) 67,433 (65,328)
----------- --------------- -------------- ---------------------------- ------------
31,783 50,290 10,404 19,506 (65,124)
----------- --------------- -------------- ---------------------------- ------------
$ 32,788 $ 49,710 $ 9,885 $ 19,034 $ (65,409)
=========== =============== ============== ============================ ============
The accompanying notes are an integral part of these financial statements.
83
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
DELAWARE VIP SMALL CAP VALUE
INVESTMENT DIVISION
-----------------------------------------------------
2010 2009 2008
-------------- ---------------------- ---------------
INVESTMENT INCOME:
Dividends $ 980 $ 4,242 $ 4,853
-------------- ---------------------- ---------------
EXPENSES:
Mortality and expense risk charges 1,541 1,544 4,658
-------------- ---------------------- ---------------
Total expenses 1,541 1,544 4,658
-------------- ---------------------- ---------------
Net investment income (loss) (561) 2,698 195
-------------- ---------------------- ---------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 70,050
Realized gains (losses) on sale of investments 10,618 (324,068) (158,860)
-------------- ---------------------- ---------------
Net realized gains (losses) 10,618 (324,068) (88,810)
-------------- ---------------------- ---------------
Change in unrealized gains (losses) on investments 49,508 372,833 (269,207)
-------------- ---------------------- ---------------
Net realized and change in unrealized gains (losses)
on investments 60,126 48,765 (358,017)
-------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations $ 59,565 $ 51,463 $ (357,822)
============== ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
84
DREYFUS VIF INTERNATIONAL VALUE GOLDMAN SACHS MID CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
-------------- ---------------------- --- ----------- ----------- ---------------------- --- -----------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- --------------- ----------- ---------------------- ---------------
$ 3,367 $ 10,533 $ 10,713 $ 2,264 $ 5,173 $ 13,616
-------------- ---------------------- --------------- ----------- ---------------------- ---------------
876 1,264 2,366 1,356 2,426 5,676
-------------- ---------------------- --------------- ----------- ---------------------- ---------------
876 1,264 2,366 1,356 2,426 5,676
-------------- ---------------------- --------------- ----------- ---------------------- ---------------
2,491 9,269 8,347 908 2,747 7,940
-------------- ---------------------- --------------- ----------- ---------------------- ---------------
-- -- 92,929 -- -- 2,438
(14,086) (185,176) (67,586) (13,608) (540,331) (114,620)
-------------- ---------------------- --------------- ----------- ---------------------- ---------------
(14,086) (185,176) 25,343 (13,608) (540,331) (112,182)
-------------- ---------------------- --------------- ----------- ---------------------- ---------------
19,382 238,024 (268,322) 84,633 633,578 (486,662)
-------------- ---------------------- --------------- ----------- ---------------------- ---------------
5,296 52,848 (242,979) 71,025 93,247 (598,844)
-------------- ---------------------- --------------- ----------- ---------------------- ---------------
$ 7,787 $ 62,117 $ (234,632) $ 71,933 $ 95,994 $ (590,904)
============== ====================== =============== =========== ====================== ===============
The accompanying notes are an integral part of these financial statements.
85
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY
INVESTMENT DIVISION
---------------------------------------------------------
2010 2009 2008
-------------- ---------------------- -------------------
INVESTMENT INCOME:
Dividends $ 254 $ 724 $ 447
-------------- ---------------------- -------------------
EXPENSES:
Mortality and expense risk charges 154 173 255
-------------- ---------------------- -------------------
Total expenses 154 173 255
-------------- ---------------------- -------------------
Net investment income (loss) 100 551 192
-------------- ---------------------- -------------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 113
Realized gains (losses) on sale of investments (7,335) (17,708) (35,096)
-------------- ---------------------- -------------------
Net realized gains (losses) (7,335) (17,708) (34,983)
-------------- ---------------------- -------------------
Change in unrealized gains (losses) on investments 18,632 28,044 (655)
-------------- ---------------------- -------------------
Net realized and change in unrealized gains (losses)
on investments 11,297 10,336 (35,638)
-------------- ---------------------- -------------------
Net increase (decrease) in net assets resulting
from operations $ 11,397 $ 10,887 $ (35,446)
============== ====================== ===================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
86
MFS VIT HIGH INCOME MFS VIT GLOBAL EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------- -------------------------------------------------
2010 2009 2008 2010 2009 2008
---------- ------------------- -------------- ----------- ------------------------ ------------
$ 8,657 $ 933 $ 1,656 $ 1,232 $ 1,242 $ 480
---------- ------------------- -------------- ----------- ------------------------ ------------
457 273 62 598 238 255
---------- ------------------- -------------- ----------- ------------------------ ------------
457 273 62 598 238 255
---- ----- ------------------- ---- --------- ---- ------ ------------------------ ------------
8,200 660 1,594 634 1,004 225
---------- ------------------- -------------- ----------- ------------------------ ------------
-- -- -- -- -- 4,968
680 326 (3,105) 183 (11,994) (670)
---------- ------------------- -------------- ----------- ------------------------ ------------
680 326 (3,105) 183 (11,994) 4,298
---------- ------------------- -------------- ----------- ------------------------ ------------
7,331 21,466 (1,097) 19,523 27,307 (30,617)
---------- ------------------- -------------- ----------- ------------------------ ------------
8,011 21,792 (4,202) 19,706 15,313 (26,319)
---------- ------------------- -------------- ----------- ------------------------ ------------
$ 16,211 $ 22,452 $ (2,608) $ 20,340 $ 16,317 $ (26,094)
========== =================== ============== =========== ======================== ============
The accompanying notes are an integral part of these financial statements.
87
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MFS VIT NEW DISCOVERY
INVESTMENT DIVISION
------------------------------------------------------
2010 2009 2008
-------------- ------------------------ --------------
INVESTMENT INCOME:
Dividends $ -- $ -- $ --
-------------- ------------------------ --------------
EXPENSES:
Mortality and expense risk charges 340 27 11
-------------- ------------------------ --------------
Total expenses 340 27 11
-------------- ------------------------ --------------
Net investment income (loss) (340) (27) (11)
-------------- ------------------------ --------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- 561
Realized gains (losses) on sale of investments 544 1,560 (22)
-------------- ------------------------ --------------
Net realized gains (losses) 544 1,560 539
-------------- ------------------------ --------------
Change in unrealized gains (losses) on investments 28,843 3,314 (1,817)
-------------- ------------------------ --------------
Net realized and change in unrealized gains (losses)
on investments 29,387 4,874 (1,278)
-------------- ------------------------ --------------
Net increase (decrease) in net assets resulting
from operations $ 29,047 $ 4,847 $ (1,289)
============== ======================== ==============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
88
MFS VIT VALUE WELLS FARGO VT TOTAL RETURN BOND
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------ ---------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ----------- ----------- ------------------- -------------
$ 969 $ 803 $ 10,331 $ 29,774 $ 18,789 $ 7,542
------------- ---------------------- ----------- ----------- ------------------- -------------
293 257 302 6,709 1,892 619
------------- ---------------------- ----------- ----------- ------------------- -------------
293 257 302 6,709 1,892 619
------------- ---------------------- ----------- ----------- ------------------- -------------
676 546 10,029 23,065 16,897 6,923
------------- ---------------------- ----------- ----------- ------------------- -------------
-- -- 42,245 23,602 2,046 --
(552) (1,224) (23,850) 10,857 3,173 (532)
------------- ---------------------- ----------- ----------- ------------------- -------------
(552) (1,224) 18,395 34,459 5,219 (532)
------------- ---------------------- ----------- ----------- ------------------- -------------
7,585 14,082 (26,364) (12,496) 23,526 (2,943)
------------- ---------------------- ----------- ----------- ------------------- -------------
7,033 12,858 (7,969) 21,963 28,745 (3,475)
------------- ---------------------- ----------- ----------- ------------------- -------------
$ 7,709 $ 13,404 $ 2,060 $ 45,028 $ 45,642 $ 3,448
============= ====================== =========== =========== =================== =============
The accompanying notes are an integral part of these financial statements.
89
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
PIONEER VCT EMERGING MARKETS
INVESTMENT DIVISION
-----------------------------------------------
2010 2009 2008 (a)
------------ ------------------- --------------
INVESTMENT INCOME:
Dividends $ 3,039 $ 5,200 $ --
------------ ------------------- --------------
EXPENSES:
Mortality and expense risk charges 13,622 1,999 141
------------ ------------------- --------------
Total expenses 13,622 1,999 141
------------ ------------------- --------------
Net investment income (loss) (10,583) 3,201 (141)
------------ ------------------- --------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- -- --
Realized gains (losses) on sale of investments 75,682 8,989 (554)
------------ ------------------- --------------
Net realized gains (losses) 75,682 8,989 (554)
------------ ------------------- --------------
Change in unrealized gains (losses) on investments 68,690 311,181 (40,541)
------------ ------------------- --------------
Net realized and change in unrealized gains (losses)
on investments 144,372 320,170 (41,095)
------------ ------------------- --------------
Net increase (decrease) in net assets resulting
from operations $ 133,789 $ 323,371 $ (41,236)
============ =================== ==============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
90
PIONEER VCT MID CAP VALUE ROYCE MICRO-CAP ROYCE SMALL-CAP
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------- ---------------------------------------------------------------
2010 2009 (b) 2010 (f) 2010 2009 (g)
----------- ------------------------- ---------------------- -------------- -------------------------
$ 801 $ -- $ 5,659 $ 425 $ --
----------- ------------------------- ---------------------- -------------- -------------------------
297 34 619 1,285 57
----------- ------------------------- ---------------------- -------------- -------------------------
297 34 619 1,285 57
----------- ------------------------- ---------------------- -------------- -------------------------
504 (34) 5,040 (860) (57)
----------- ------------------------- ---------------------- -------------- -------------------------
-- -- -- -- --
313 32 197 2,111 16
----------- ------------------------- ---------------------- -------------- -------------------------
313 32 197 2,111 16
----------- ------------------------- ---------------------- -------------- -------------------------
14,039 2,439 61,964 63,066 2,984
----------- ------------------------- ---------------------- -------------- -------------------------
14,352 2,471 62,161 65,177 3,000
----------- ------------------------- ---------------------- -------------- -------------------------
$ 14,856 $ 2,437 $ 67,201 $ 64,317 $ 2,943
=========== ========================= ====================== ============== =========================
The accompanying notes are an integral part of these financial statements.
91
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
UIF EMERGING MARKETS DEBT
INVESTMENT DIVISION
--------------------------------
2010 2009 (g)
-------- -----------------------
INVESTMENT INCOME:
Dividends $ 318 $ 74
-------- -----------------------
EXPENSES:
Mortality and expense risk charges 31 6
-------- -----------------------
Total expenses 31 6
-------- -----------------------
Net investment income (loss) 287 68
-------- -----------------------
NET REALIZED AND CHANGE IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions -- --
Realized gains (losses) on sale of investments 87 32
-------- -----------------------
Net realized gains (losses) 87 32
-------- -----------------------
Change in unrealized gains (losses) on investments 318 95
-------- -----------------------
Net realized and change in unrealized gains (losses)
on investments 405 127
-------- -----------------------
Net increase (decrease) in net assets resulting
from operations $ 692 $ 195
======== =======================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
92
UIF EMERGING MARKETS EQUITY PIMCO VIT LOW DURATION
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------- ----------------------------------
2010 2009 (g) 2010 2009 (d)
----------- --------------------------- ----------- ----------------------
$ 758 $ -- $ 12,187 $ 11,216
----------- --------------------------- ----------- ----------------------
520 17 2,779 1,731
----------- --------------------------- ----------- ----------------------
520 17 2,779 1,731
----------- --------------------------- ----------- ----------------------
238 (17) 9,408 9,485
----------- --------------------------- ----------- ----------------------
-- -- 2,469 32,906
899 480 260 180
----------- --------------------------- ----------- ----------------------
899 480 2,729 33,086
----------- --------------------------- ----------- ----------------------
38,992 1,146 23,685 1,601
----------- --------------------------- ----------- ----------------------
39,891 1,626 26,414 34,687
----------- --------------------------- ----------- ----------------------
$ 40,129 $ 1,609 $ 35,822 $ 44,172
=========== =========================== =========== ======================
The accompanying notes are an integral part of these financial statements.
93
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF BLACKROCK DIVERSIFIED
INVESTMENT DIVISION
--------------------------------------------------------------
2010 2009 2008
---------------- ---------------------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 2,653,340 $ 10,169,948 $ 5,620,528
Net realized gains (losses) (1,951,136) (4,609,576) 1,274,596
Change in unrealized gains (losses) on investments 20,635,275 31,028,944 (90,018,067)
---------------- ---------------------------- ----------------
Net increase (decrease) in net assets resulting
from operations 21,337,479 36,589,316 (83,122,943)
---------------- ---------------------------- ----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 29,469,771 32,386,040 36,312,304
Net transfers (including fixed account) (2,059,076) (4,711,176) (7,645,743)
Policy charges (23,701,241) (25,234,205) (25,234,783)
Transfers for policy benefits and terminations (19,336,433) (17,354,140) (18,838,290)
---------------- ---------------------------- ----------------
Net increase (decrease) in net assets resulting
from policy transactions (15,626,979) (14,913,481) (15,406,512)
---------------- ---------------------------- ----------------
Net increase (decrease) in net assets 5,710,500 21,675,835 (98,529,455)
NET ASSETS:
Beginning of year 257,391,816 235,715,981 334,245,436
---------------- ---------------------------- ----------------
End of year $ 263,102,316 $ 257,391,816 $ 235,715,981
================ ============================ ================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
94
MSF BLACKROCK AGGRESSIVE GROWTH MSF METLIFE STOCK INDEX
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------------------- ------------------------------------------------------------
2010 2009 2008 2010 2009 2008
---------------- ---------------------- ------------------- ---------------- -------------------------- ----------------
$ (1,491,228) $ (1,057,460) $ (1,837,501) $ 5,808,346 $ 9,682,465 $ 7,210,587
451,106 (3,328,441) 740,184 (5,405,568) (976,772) 24,582,861
26,312,677 66,805,065 (115,833,611) 82,259,608 112,925,652 (312,125,621)
---------------- ---------------------- ------------------- ---------------- -------------------------- ----------------
25,272,555 62,419,164 (116,930,928) 82,662,386 121,631,345 (280,332,173)
---------------- ---------------------- ------------------- ---------------- -------------------------- ----------------
18,632,365 20,361,017 22,493,319 86,739,358 95,757,402 104,846,071
(3,158,688) (3,469,034) (1,853,857) (12,182,904) (18,281,346) (10,320,663)
(13,928,346) (14,222,944) (14,747,697) (41,866,793) (43,260,398) (45,394,792)
(14,208,996) (11,832,605) (14,745,615) (41,307,628) (30,750,386) (44,256,002)
---------------- ---------------------- ------------------- ---------------- -------------------------- ----------------
(12,663,665) (9,163,566) (8,853,850) (8,617,967) 3,465,272 4,874,614
---------------- ---------------------- ------------------- ---------------- -------------------------- ----------------
12,608,890 53,255,598 (125,784,778) 74,044,419 125,096,617 (275,457,559)
187,532,635 134,277,037 260,061,815 597,707,546 472,610,929 748,068,488
---------------- ---------------------- ------------------- ---------------- -------------------------- ----------------
$ 200,141,525 $ 187,532,635 $ 134,277,037 $ 671,751,965 $ 597,707,546 $ 472,610,929
================ ====================== =================== ================ ========================== ================
The accompanying notes are an integral part of these financial statements.
95
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF ARTIO INTERNATIONAL STOCK
INVESTMENT DIVISION
----------------------------------------------------------------
2010 2009 2008
--------------- -------------------------------- ---------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 312,234 $ (49,120) $ 1,319,521
Net realized gains (losses) (1,030,425) (2,053,375) 6,453,740
Change in unrealized gains (losses) on investments 3,370,719 10,298,349 (39,671,178)
--------------- -------------------------------- ---------------
Net increase (decrease) in net assets resulting
from operations 2,652,528 8,195,854 (31,897,917)
--------------- -------------------------------- ---------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 5,258,777 5,947,335 6,916,925
Net transfers (including fixed account) (592,663) (1,694,751) (1,195,679)
Policy charges (3,227,781) (3,532,211) (3,925,209)
Transfers for policy benefits and terminations (3,487,847) (2,746,693) (3,608,501)
--------------- -------------------------------- ---------------
Net increase (decrease) in net assets resulting
from policy transactions (2,049,514) (2,026,320) (1,812,464)
--------------- -------------------------------- ---------------
Net increase (decrease) in net assets 603,014 6,169,534 (33,710,381)
NET ASSETS:
Beginning of year 45,163,862 38,994,328 72,704,709
--------------- -------------------------------- ---------------
End of year $ 45,766,876 $ 45,163,862 $ 38,994,328
=============== ================================ ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
96
MSF T. ROWE PRICE SMALL CAP GROWTH MSF OPPENHEIMER GLOBAL EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------------- ---------------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
$ (769,902) $ (277,201) $ (578,209) $ 315,620 $ 593,945 $ 579,985
562,971 468,105 14,184,194 362,727 (362,452) 1,806,879
22,601,563 19,138,611 (44,529,670) 5,192,068 11,124,292 (23,254,667)
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
22,394,632 19,329,515 (30,923,685) 5,870,415 11,355,785 (20,867,803)
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
6,679,778 7,344,778 8,304,333 3,921,178 4,170,777 4,811,674
(365,817) (1,819,482) (1,832,472) 130,181 (1,832,917) (1,307,371)
(4,469,032) (4,555,731) (4,567,009) (2,449,571) (2,484,658) (2,551,030)
(5,044,716) (3,780,276) (4,436,137) (2,648,050) (1,971,254) (2,513,495)
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
(3,199,787) (2,810,711) (2,531,285) (1,046,262) (2,118,051) (1,560,222)
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
19,194,845 16,518,804 (33,454,970) 4,824,153 9,237,733 (22,428,025)
68,810,021 52,291,217 85,746,187 38,882,417 29,644,684 52,072,709
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
$ 88,004,866 $ 68,810,021 $ 52,291,217 $ 43,706,570 $ 38,882,417 $ 29,644,684
=============== ====================== ================== =============== ====================== ==================
The accompanying notes are an integral part of these financial statements.
97
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF MFS VALUE
INVESTMENT DIVISION
------------------------------------------------------
2010 2009 2008
--------------- ---------------------- ---------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 255,596 $ (360,654) $ 561,336
Net realized gains (losses) (425,864) (877,734) 4,618,363
Change in unrealized gains (losses) on investments 5,358,513 9,493,542 (26,124,726)
--------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations 5,188,245 8,255,154 (20,945,027)
--------------- ---------------------- ---------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 6,966,530 7,793,992 9,258,644
Net transfers (including fixed account) 37,691 (1,188,905) (2,421,442)
Policy charges (3,542,869) (3,789,583) (4,038,000)
Transfers for policy benefits and terminations (3,962,238) (2,718,079) (2,767,928)
--------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from policy transactions (500,886) 97,424 31,274
--------------- ---------------------- ---------------
Net increase (decrease) in net assets 4,687,359 8,352,579 (20,913,753)
NET ASSETS:
Beginning of year 49,365,491 41,012,912 61,926,665
--------------- ---------------------- ---------------
End of year $ 54,052,850 $ 49,365,491 $ 41,012,912
=============== ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
98
MSF NEUBERGER BERMAN MID CAP VALUE MSF T. ROWE PRICE LARGE CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------------- ---------------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
$ (335) $ 373,237 $ (1,022) $ (260,485) $ (70,974) $ (96,719)
12,235 (1,385,415) 465,644 253,453 (485,740) 2,565,785
15,949,723 21,838,137 (39,787,375) 6,370,252 13,392,122 (24,832,884)
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
15,961,623 20,825,959 (39,322,753) 6,363,220 12,835,408 (22,363,818)
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
8,746,908 9,917,985 12,028,118 4,102,715 5,247,409 6,714,567
(311,273) (2,538,823) (1,512,789) (1,629,305) (479,252) (722,396)
(4,935,922) (4,785,680) (5,289,330) (2,739,632) (3,146,728) (3,279,014)
(5,431,326) (3,527,386) (3,842,875) (2,842,508) (2,638,815) (2,458,005)
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
(1,931,613) (933,904) 1,383,124 (3,108,730) (1,017,386) 255,152
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
14,030,010 19,892,055 (37,939,629) 3,254,490 11,818,022 (22,108,666)
63,957,799 44,065,744 82,005,373 42,520,597 30,702,575 52,811,241
--------------- ---------------------- ------------------ --------------- ---------------------- ------------------
$ 77,987,809 $ 63,957,799 $ 44,065,744 $ 45,775,087 $ 42,520,597 $ 30,702,575
=============== ====================== ================== =============== ====================== ==================
The accompanying notes are an integral part of these financial statements.
99
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF BARCLAYS CAPITAL AGGREGATE BOND INDEX
INVESTMENT DIVISION
---------------- ---------------------- ---------------
2010 2009 2008
---------------- ---------------------- ---------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 3,134,920 $ 5,177,513 $ 3,745,554
Net realized gains (losses) 613,564 195,723 578,961
Change in unrealized gains (losses) on investments 1,607,603 (1,139,158) 873,489
---------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations 5,356,087 4,234,078 5,198,004
---------------- ---------------------- ---------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 13,651,933 15,575,764 17,571,072
Net transfers (including fixed account) 4,296,224 5,185,787 (10,724,107)
Policy charges (7,836,195) (8,703,722) (8,741,597)
Transfers for policy benefits and terminations (7,334,933) (6,465,006) (11,706,897)
---------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from policy transactions 2,777,029 5,592,822 (13,601,529)
---------------- ---------------------- ---------------
Net increase (decrease) in net assets 8,133,116 9,826,901 (8,403,525)
NET ASSETS:
Beginning of year 106,351,639 96,524,738 104,928,263
---------------- ---------------------- ---------------
End of year $ 114,484,755 $ 106,351,639 $ 96,524,738
================ ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
100
MSF MORGAN STANLEY EAFE INDEX MSF RUSSELL 2000 INDEX
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------------- ---------------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- ------------------ --------------- ------------------------- ---------------
$ 1,043,606 $ 1,709,359 $ 1,230,251 $ 169,705 $ 494,140 $ 223,659
(236,046) (455,196) 2,898,914 (66,857) 70,119 1,982,185
3,674,685 11,844,795 (35,342,222) 11,828,973 9,093,620 (21,357,274)
--------------- ---------------------- ------------------ --------------- ------------------------- ---------------
4,482,245 13,098,958 (31,213,057) 11,931,821 9,657,879 (19,151,430)
--------------- ---------------------- ------------------ --------------- ------------------------- ---------------
7,898,110 9,558,645 11,532,998 6,030,913 6,872,994 7,965,817
2,327,295 (1,404,247) 1,253,714 (1,459,730) (966,184) (1,376,858)
(3,885,302) (4,356,028) (4,798,345) (3,188,654) (3,197,900) (3,405,238)
(4,368,376) (2,974,891) (3,419,820) (3,961,411) (2,569,871) (2,830,521)
--------------- ---------------------- ------------------ --------------- ------------------------- ---------------
1,971,727 823,479 4,568,547 (2,578,882) 139,039 353,200
--------------- ---------------------- ------------------ --------------- ------------------------- ---------------
6,453,972 13,922,437 (26,644,510) 9,352,939 9,796,918 (18,798,230)
58,913,857 44,991,420 71,635,930 47,243,288 37,446,370 56,244,600
--------------- ---------------------- ------------------ --------------- ------------------------- ---------------
$ 65,367,829 $ 58,913,857 $ 44,991,420 $ 56,596,227 $ 47,243,288 $ 37,446,370
=============== ====================== ================== =============== ========================= ===============
The accompanying notes are an integral part of these financial statements.
101
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF JENNISON GROWTH
INVESTMENT DIVISION
-----------------------------------------------------
2010 2009 2008
--------------- ---------------------- --------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (33,604) $ (75,210) $ 209,436
Net realized gains (losses) 17,747 (140,559) 1,100,787
Change in unrealized gains (losses) on investments 1,535,759 4,015,386 (7,064,823)
--------------- ---------------------- --------------
Net increase (decrease) in net assets resulting
from operations 1,519,902 3,799,617 (5,754,600)
--------------- ---------------------- --------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 1,601,194 1,719,206 1,982,892
Net transfers (including fixed account) 598,866 (143,027) (361,588)
Policy charges (946,786) (963,364) (951,173)
Transfers for policy benefits and terminations (838,122) (752,854) (843,478)
--------------- ---------------------- --------------
Net increase (decrease) in net assets resulting
from policy transactions 415,152 (140,039) (173,347)
--------------- ---------------------- --------------
Net increase (decrease) in net assets 1,935,054 3,659,578 (5,927,947)
NET ASSETS:
Beginning of year 13,473,347 9,813,769 15,741,716
--------------- ---------------------- --------------
End of year $ 15,408,401 $ 13,473,347 $ 9,813,769
=============== ====================== ==============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
102
MSF NEUBERGER BERMAN GENESIS MSF METLIFE MID CAP STOCK INDEX
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------------------- ---------------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ------------------------------- --------------- --------------- ---------------------- ------------------
$ (275,380) $ 150,638 $ (263,415) $ 88,922 $ 436,208 $ 324,526
(2,085,738) (2,703,187) 6,156,715 248,370 308,329 4,777,346
15,927,942 10,045,644 (44,228,185) 12,893,844 13,600,526 (28,232,883)
--------------- ------------------------------- --------------- --------------- ---------------------- ------------------
13,566,824 7,493,095 (38,334,885) 13,231,136 14,345,063 (23,131,011)
--------------- ------------------------------- --------------- --------------- ---------------------- ------------------
9,951,447 11,539,415 13,840,463 7,250,885 8,322,995 9,503,166
(1,640,139) (1,847,368) (4,686,927) 173,240 (1,733,152) 922,808
(5,140,082) (5,408,103) (6,294,459) (3,916,122) (3,929,463) (4,174,112)
(5,453,013) (4,050,199) (5,526,338) (4,634,928) (4,046,727) (6,346,919)
--------------- ------------------------------- --------------- --------------- ---------------------- ------------------
(2,281,787) 233,745 (2,667,261) (1,126,925) (1,386,348) (95,057)
--------------- ------------------------------- --------------- --------------- ---------------------- ------------------
11,285,037 7,726,840 (41,002,146) 12,104,211 12,958,716 (23,226,068)
67,433,059 59,706,219 100,708,365 53,691,851 40,733,135 63,959,203
--------------- ------------------------------- --------------- --------------- ---------------------- --- --------------
$ 78,718,096 $ 67,433,059 $ 59,706,219 $ 65,796,062 $ 53,691,851 $ 40,733,135
=============== =============================== =============== =============== ====================== ==================
The accompanying notes are an integral part of these financial statements.
103
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF LOOMIS SAYLES SMALL CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------
2010 2009 2008
-------------- ---------------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (51,755) $ (39,304) $ (48,690)
Net realized gains (losses) (47,680) (219,528) 462,091
Change in unrealized gains (losses) on investments 1,843,398 1,519,136 (3,371,627)
-------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations 1,743,963 1,260,304 (2,958,226)
-------------- ---------------------- -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 919,140 988,520 1,143,026
Net transfers (including fixed account) 81,273 (173,065) (232,983)
Policy charges (421,055) (408,126) (445,177)
Transfers for policy benefits and terminations (486,248) (281,193) (339,761)
-------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from policy transactions 93,110 126,136 125,105
-------------- ---------------------- -----------------
Net increase (decrease) in net assets 1,837,073 1,386,440 (2,833,121)
NET ASSETS:
Beginning of year 5,593,368 4,206,928 7,040,049
-------------- ---------------------- -----------------
End of year $ 7,430,441 $ 5,593,368 $ 4,206,928
============== ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
104
MSF BLACKROCK LARGE CAP VALUE MSF DAVIS VENTURE VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------------------- ----------------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- -------------------- --------------- -------------------------- ---------------
$ 27,035 $ 73,451 $ (2,759) $ 89,335 $ 312,737 $ 252,624
(263,466) (513,587) (9,263) 191,969 (723,952) 284,552
1,265,453 1,615,283 (4,899,187) 5,562,556 12,907,686 (24,908,606)
--------------- ---------------------- -------------------- --------------- -------------------------- ---------------
1,029,022 1,175,147 (4,911,209) 5,843,860 12,496,471 (24,371,430)
--------------- ---------------------- -------------------- --------------- -------------------------- ---------------
2,157,901 2,432,547 2,920,669 8,027,444 9,217,297 10,613,485
(183,197) 29,524 905,258 (908,212) (601,386) 154,312
(871,019) (969,741) (1,106,269) (3,883,974) (4,013,443) (4,201,518)
(957,459) (514,960) (512,125) (3,941,742) (2,327,459) (2,743,331)
--------------- ---------------------- -------------------- --------------- -------------------------- ---------------
146,226 977,370 2,207,533 (706,484) 2,275,010 3,822,948
--------------- ---------------------- -------------------- --------------- -------------------------- ---------------
1,175,248 2,152,517 (2,703,676) 5,137,376 14,771,480 (20,548,482)
11,723,889 9,571,372 12,275,048 52,773,242 38,001,762 58,550,244
--------------- ---------------------- -------------------- --------------- -------------------------- ---------------
$ 12,899,137 $ 11,723,889 $ 9,571,372 $ 57,910,618 $ 52,773,242 $ 38,001,762
=============== ====================== ==================== =============== ========================== ===============
The accompanying notes are an integral part of these financial statements.
105
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF LOOMIS SAYLES SMALL CAP CORE
INVESTMENT DIVISION
--------------------------------------------------------
2010 2009 2008
--------------- ---------------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (112,605) $ (66,505) $ (116,679)
Net realized gains (losses) (55,224) (439,969) 2,006,144
Change in unrealized gains (losses) on investments 4,065,140 3,809,050 (7,889,493)
--------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations 3,897,311 3,302,576 (6,000,028)
--------------- ---------------------- -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 2,076,395 2,435,828 2,662,737
Net transfers (including fixed account) (491,792) (114,204) 421,215
Policy charges (1,025,327) (1,044,037) (1,093,210)
Transfers for policy benefits and terminations (999,217) (789,008) (727,927)
--------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from policy transactions (439,941) 488,579 1,262,815
--------------- ---------------------- -----------------
Net increase (decrease) in net assets 3,457,370 3,791,155 (4,737,213)
NET ASSETS:
Beginning of year 14,825,414 11,034,259 15,771,472
--------------- ---------------------- -----------------
End of year $ 18,282,784 $ 14,825,414 $ 11,034,259
=============== ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
106
MSF BLACKROCK LEGACY LARGE CAP GROWTH MSF BLACKROCK BOND INCOME
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------- ------------------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- ----------------- --------------- ---------------------------- ---------------
$ (38,770) $ (5,579) $ (18,267) $ 2,669,950 $ 5,080,494 $ 3,846,123
75,641 (146,284) (120,478) 24,746 (553,787) (261,951)
1,107,022 1,684,656 (1,924,420) 3,372,816 2,142,811 (7,357,146)
-------------- ---------------------- ----------------- --------------- ---------------------------- ---------------
1,143,893 1,532,793 (2,063,165) 6,067,512 6,669,518 (3,772,974)
-------------- ---------------------- ----------------- --------------- ---------------------------- ---------------
1,127,304 1,097,152 1,197,008 8,520,413 9,587,028 10,790,630
39,075 217,819 1,571,610 406,620 (2,591,044) (3,035,916)
(499,832) (460,694) (466,831) (6,604,181) (7,385,796) (7,121,758)
(438,412) (223,463) (276,284) (5,946,761) (5,845,823) (7,310,990)
-------------- ---------------------- ----------------- --------------- ---------------------------- ---------------
228,135 630,814 2,025,503 (3,623,909) (6,235,635) (6,678,034)
-------------- ---------------------- ----------------- --------------- ---------------------------- ---------------
1,372,028 2,163,607 (37,662) 2,443,603 433,883 (10,451,008)
5,950,495 3,786,888 3,824,550 82,419,233 81,985,350 92,436,358
-------------- ---------------------- ----------------- --------------- ---------------------------- ---------------
$ 7,322,523 $ 5,950,495 $ 3,786,888 $ 84,862,836 $ 82,419,233 $ 81,985,350
============== ====================== ================= =============== ============================ ===============
The accompanying notes are an integral part of these financial statements.
107
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF FI VALUE LEADERS
INVESTMENT DIVISION
-----------------------------------------------------
2010 2009 2008
-------------- ----------------------- --------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 42,314 $ 90,114 $ 62,174
Net realized gains (losses) (145,291) (259,906) 411,042
Change in unrealized gains (losses) on investments 885,079 1,128,894 (3,184,937)
-------------- ----------------------- --------------
Net increase (decrease) in net assets resulting
from operations 782,102 959,102 (2,711,721)
-------------- ----------------------- --------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 997,133 1,137,076 1,366,282
Net transfers (including fixed account) 41,388 (112,167) (339,700)
Policy charges (451,311) (473,372) (540,376)
Transfers for policy benefits and terminations (361,541) (254,916) (291,811)
-------------- ----------------------- --------------
Net increase (decrease) in net assets resulting
from policy transactions 225,669 296,621 194,395
-------------- ----------------------- --------------
Net increase (decrease) in net assets 1,007,771 1,255,723 (2,517,326)
NET ASSETS:
Beginning of year 5,481,161 4,225,438 6,742,764
-------------- ----------------------- --------------
End of year $ 6,488,932 $ 5,481,161 $ 4,225,438
============== ======================= ==============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
108
MSF MET/ARTISAN MID CAP VALUE MSF WESTERN ASSET MANAGEMENT STRATEGIC BOND OPPORTUNITIES
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------------------------- ------------------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- -------------------------------- --------------- --------------- ---------------------- ---------------------
$ (47,745) $ 94,579 $ (210,128) $ 1,151,290 $ 1,027,387 $ 570,564
(887,093) (2,074,439) 4,346,340 71,403 382,268 (105,443)
6,661,231 14,134,862 (29,274,257) 1,196,007 3,433,572 (3,452,504)
--------------- -------------------------------- --------------- --------------- ---------------------- ---------------------
5,726,393 12,155,002 (25,138,045) 2,418,700 4,843,227 (2,987,383)
--------------- -------------------------------- --------------- --------------- ---------------------- ---------------------
6,389,633 7,222,155 8,854,520 2,832,832 3,046,053 3,632,344
(144,561) (2,763,216) (1,996,000) 1,156,919 35,565 (873,301)
(3,135,232) (3,172,696) (3,462,919) (1,584,202) (1,611,112) (1,570,638)
(3,307,007) (2,344,946) (2,411,660) (1,617,829) (1,198,113) (1,108,566)
--------------- -------------------------------- --------------- --------------- ---------------------- ---------------------
(197,167) (1,058,703) 983,941 787,720 272,393 79,839
--------------- -------------------------------- --------------- --------------- ---------------------- ---------------------
5,529,226 11,096,299 (24,154,104) 3,206,420 5,115,620 (2,907,544)
41,071,915 29,975,616 54,129,720 20,580,082 15,464,462 18,372,006
--------------- -------------------------------- --------------- --------------- ---------------------- ---------------------
$ 46,601,141 $ 41,071,915 $ 29,975,616 $ 23,786,502 $ 20,580,082 $ 15,464,462
=============== ================================ =============== =============== ====================== =====================
The accompanying notes are an integral part of these financial statements.
109
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF WESTERN ASSET MANAGEMENT U.S. GOVERNMENT
INVESTMENT DIVISION
------------------------------------------------------
2010 2009 2008
--------------- ---------------------- ---------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 314,612 $ 583,308 $ 545,979
Net realized gains (losses) 49,043 (89,029) (26,281)
Change in unrealized gains (losses) on investments 435,726 44,105 (712,221)
--------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations 799,381 538,384 (192,523)
--------------- ---------------------- ---------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 2,331,803 2,652,804 3,041,844
Net transfers (including fixed account) (168,918) 3,368,164 (439,337)
Policy charges (1,312,750) (1,485,448) (1,426,939)
Transfers for policy benefits and terminations (1,375,135) (4,351,515) (1,143,545)
--------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from policy transactions (525,000) 184,006 32,023
--------------- ---------------------- ---------------
Net increase (decrease) in net assets 274,381 722,389 (160,500)
NET ASSETS:
Beginning of year 16,359,270 15,636,881 15,797,381
--------------- ---------------------- ---------------
End of year $ 16,633,651 $ 16,359,270 $ 15,636,881
=============== ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
110
MSF BLACKROCK MONEY MARKET MSF MFS TOTAL RETURN
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------------- -----------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ----------------------------- --------------- -------------- ----------------------- --------------
$ (300,906) $ (11,349) $ 1,496,178 $ 130,483 $ 179,213 $ 147,927
-- -- -- (99,947) (173,243) 299,566
-- -- -- 568,242 937,515 (1,824,737)
--------------- ----------------------------- --------------- -------------- ----------------------- --------------
(300,906) (11,349) 1,496,178 598,778 943,485 (1,377,244)
--------------- ----------------------------- --------------- -------------- ----------------------- --------------
14,816,043 8,264,492 7,147,517 952,924 1,270,198 1,252,582
(13,160,154) (31,859,828) (3,230,345) (93,026) 999,337 209,612
(1,340,285) (1,914,002) (1,791,374) (506,572) (577,409) (544,548)
(5,424,880) (2,515,809) (3,755,019) (377,989) (362,991) (228,375)
--------------- ----------------------------- --------------- -------------- ----------------------- --------------
(5,109,276) (28,025,147) (1,629,221) (24,663) 1,329,135 689,271
--------------- ----------------------------- --------------- -------------- ----------------------- --------------
(5,410,182) (28,036,496) (133,043) 574,115 2,272,620 (687,973)
35,228,518 63,265,014 63,398,057 7,134,157 4,861,537 5,549,510
--------------- ----------------------------- --------------- -------------- ----------------------- --------------
$ 29,818,336 $ 35,228,518 $ 63,265,014 $ 7,708,272 $ 7,134,157 $ 4,861,537
=============== ============================= =============== ============== ======================= ==============
The accompanying notes are an integral part of these financial statements.
111
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF METLIFE CONSERVATIVE ALLOCATION
INVESTMENT DIVISION
-----------------------------------------------------
2010 2009 2008
-------------- ---------------------- ---------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 80,267 $ 42,263 $ 10,090
Net realized gains (losses) 46,459 5,727 (144,954)
Change in unrealized gains (losses) on investments 119,161 276,504 (182,260)
-------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations 245,887 324,494 (317,124)
-------------- ---------------------- ---------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 467,696 374,777 277,237
Net transfers (including fixed account) 1,892,409 493,401 917,176
Policy charges (296,178) (222,010) (193,582)
Transfers for policy benefits and terminations (461,555) (132,555) (117,612)
-------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from policy transactions 1,602,372 513,613 883,219
-------------- ---------------------- ---------------
Net increase (decrease) in net assets 1,848,259 838,107 566,095
NET ASSETS:
Beginning of year 2,188,237 1,350,130 784,035
-------------- ---------------------- ---------------
End of year $ 4,036,496 $ 2,188,237 $ 1,350,130
============== ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
112
MSF METLIFE CONSERVATIVE TO MODERATE ALLOCATION MSF METLIFE MODERATE ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------------- --------------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- -------------- --------------- ---------------------- -----------------
$ 146,886 $ 97,885 $ 15,426 $ 612,920 $ 506,612 $ 37,558
32,319 (68,146) (9,779) 17,779 (2,887) (190,034)
421,073 828,280 (847,823) 3,378,733 5,007,760 (6,087,839)
-------------- ---------------------- -------------- --------------- ---------------------- -----------------
600,278 858,019 (842,176) 4,009,432 5,511,485 (6,240,315)
-------------- ---------------------- -------------- --------------- ---------------------- -----------------
1,013,491 1,081,983 1,068,633 5,949,225 6,448,156 6,618,762
1,079,782 990,434 821,833 3,305,318 2,562,902 3,791,639
(573,007) (588,201) (557,733) (2,798,394) (2,812,947) (2,810,307)
(457,386) (298,169) (249,480) (2,041,425) (1,454,530) (1,220,615)
-------------- ---------------------- -------------- --------------- ---------------------- -----------------
1,062,880 1,186,047 1,083,253 4,414,724 4,743,580 6,379,479
-------------- ---------------------- -------------- --------------- ---------------------- -----------------
1,663,158 2,044,066 241,077 8,424,156 10,255,066 139,164
5,262,543 3,218,477 2,977,400 28,790,175 18,535,109 18,395,945
-------------- ---------------------- -------------- --------------- ---------------------- -----------------
$ 6,925,701 $ 5,262,543 $ 3,218,477 $ 37,214,331 $ 28,790,175 $ 18,535,109
============== ====================== ============== =============== ====================== =================
The accompanying notes are an integral part of these financial statements.
113
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MSF METLIFE MODERATE TO AGGRESSIVE ALLOCATION
INVESTMENT DIVISION
--------------- ---------------------- ---------------
2010 2009 2008
--------------- ---------------------- ---------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 796,924 $ 779,492 $ (16,159)
Net realized gains (losses) (102,509) (133,216) 175,501
Change in unrealized gains (losses) on investments 7,116,457 10,602,923 (15,640,562)
--------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations 7,810,872 11,249,199 (15,481,220)
--------------- ---------------------- ---------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 13,837,630 16,058,041 18,467,427
Net transfers (including fixed account) 655,595 (778,406) 5,509,124
Policy charges (5,100,587) (5,739,610) (6,415,360)
Transfers for policy benefits and terminations (4,588,662) (2,211,947) (1,143,926)
--------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from policy transactions 4,803,976 7,328,078 16,417,265
--------------- ---------------------- ---------------
Net increase (decrease) in net assets 12,614,848 18,577,277 936,045
NET ASSETS:
Beginning of year 52,449,221 33,871,944 32,935,899
--------------- ---------------------- ---------------
End of year $ 65,064,069 $ 52,449,221 $ 33,871,944
=============== ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
114
MSF METLIFE AGGRESSIVE ALLOCATION JANUS ASPEN JANUS
INVESTMENT DIVISION INVESTMENT DIVISION
--------------- ---------------------------------------- ----------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- ----------------- -------------- ---------------------- --------------
$ 35,920 $ 123,185 $ (10,348) $ (153,142) $ 5,686 $ 16,320
(132,924) (317,303) 90,850 52,158 (31,201) 49,473
1,845,829 2,668,257 (4,222,544) 848,330 1,662,317 (3,051,413)
--------------- ---------------------- ----------------- -------------- ---------------------- --------------
1,748,825 2,474,139 (4,142,042) 747,346 1,636,802 (2,985,620)
--------------- ---------------------- ----------------- -------------- ---------------------- --------------
2,868,443 3,280,605 3,819,292 635,005 658,401 663,301
306,772 (255,947) 697,397 (58,773) 8,858 122,598
(1,017,478) (1,143,655) (1,345,001) (122,027) (310,790) (245,583)
(952,529) (607,225) (323,045) -- (1,693) (135,708)
--------------- ---------------------- ----------------- -------------- ---------------------- --------------
1,205,208 1,273,778 2,848,643 454,205 354,776 404,608
--------------- ---------------------- ----------------- -------------- ---------------------- --------------
2,954,033 3,747,917 (1,293,399) 1,201,551 1,991,578 (2,581,012)
10,645,616 6,897,699 8,191,098 6,630,451 4,638,873 7,219,885
--------------- ---------------------- ----------------- -------------- ---------------------- --------------
$ 13,599,649 $ 10,645,616 $ 6,897,699 $ 7,832,002 $ 6,630,451 $ 4,638,873
=============== ====================== ================= ============== ====================== ==============
The accompanying notes are an integral part of these financial statements.
115
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
JANUS ASPEN BALANCED
INVESTMENT DIVISION
---------------------------------------------------
2010 2009 2008
-------------- ----------------------- ------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 30,692 $ 12,907 $ 2,996
Net realized gains (losses) 26,581 19,174 3,694
Change in unrealized gains (losses) on investments 90,252 93,262 (21,788)
-------------- ----------------------- ------------
Net increase (decrease) in net assets resulting
from operations 147,525 125,343 (15,098)
-------------- ----------------------- ------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 500,783 116,443 43,848
Net transfers (including fixed account) 426,734 1,020,529 144,876
Policy charges (30,577) (15,717) (4,348)
Transfers for policy benefits and terminations (8,070) (2,543) (2,904)
-------------- ----------------------- ------------
Net increase (decrease) in net assets resulting
from policy transactions 888,870 1,118,712 181,472
-------------- ----------------------- ------------
Net increase (decrease) in net assets 1,036,395 1,244,055 166,374
NET ASSETS:
Beginning of year 1,490,464 246,409 80,035
-------------- ----------------------- ------------
End of year $ 2,526,859 $ 1,490,464 $ 246,409
============== ======================= ============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
116
JANUS ASPEN FORTY JANUS ASPEN OVERSEAS
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- ------------------------------------------------
2010 2009 2008 2010 2009 2008 (a)
-------------- ---------------------- ------------ ------------ ----------------------- -----------
$ (14,015) $ (2,048) $ (2,300) $ 792 $ 58 $ (44)
14,051 (78,622) (93,936) 4,218 26,564 (177)
47,707 310,554 (295,412) 62,994 37,885 (18,504)
-------------- ---------------------- ------------ ------------ ----------------------- -----------
47,743 229,884 (391,648) 68,004 64,507 (18,725)
-------------- ---------------------- ------------ ------------ ----------------------- -----------
190,160 165,769 22,794 61,601 9,283 38
46,953 209,535 641,922 175,192 11,467 45,738
(16,395) (23,392) (14,473) (7,034) (3,624) (400)
(6,634) (106,150) (302,227) (4,005) (25,524) (667)
-------------- ---------------------- ------------ ------------ ----------------------- -----------
214,084 245,762 348,016 225,754 (8,398) 44,709
-------------- ---------------------- ------------ ------------ ----------------------- -----------
261,827 475,646 (43,632) 293,758 56,109 25,984
950,941 475,295 518,927 82,093 25,984 --
-------------- ---------------------- ------------ ------------ ----------------------- -----------
$ 1,212,768 $ 950,941 $ 475,295 $ 375,851 $ 82,093 $ 25,984
============== ====================== ============ ============ ======================= ===========
The accompanying notes are an integral part of these financial statements.
117
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
INVESCO V.I. GLOBAL REAL ESTATE
INVESTMENT DIVISION
----------------------------------------------------------------
2010 2009 2008
-------------- ---------------------------------- --------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 32,545 $ (5,813) $ 117,347
Net realized gains (losses) (130,047) (698,156) (61,509)
Change in unrealized gains (losses) on investments 289,353 1,038,943 (1,334,686)
-------------- ---------------------------------- --------------
Net increase (decrease) in net assets resulting
from operations 191,851 334,974 (1,278,848)
-------------- ---------------------------------- --------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 3,708 143,426 125,102
Net transfers (including fixed account) (63,773) (367,827) 28,052
Policy charges (14,537) (55,212) (71,189)
Transfers for policy benefits and terminations (26,660) (3,924) 80,702
-------------- ---------------------------------- --------------
Net increase (decrease) in net assets resulting
from policy transactions (101,262) (283,537) 162,667
-------------- ---------------------------------- --------------
Net increase (decrease) in net assets 90,589 51,437 (1,116,181)
NET ASSETS:
Beginning of year 1,506,522 1,455,085 2,571,266
-------------- ---------------------------------- --------------
End of year $ 1,597,111 $ 1,506,522 $ 1,455,085
============== ================================== ==============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
118
INVESCO V.I.
INVESCO V.I. INTERNATIONAL GROWTH INVESCO V.I. GOVERNMENT VAN KAMPEN COMSTOCK
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------ --------------------------------------- ----------------------------------
2010 2009 (b) 2010 2009 2008 2010 (c)
------------ ----------------------- ------------ -------------------------- ----------- ----------------------
$ 3,581 $ 213 $ (101) $ 3,609 $ 1,876 $ --
1,465 34 (188) (289) (1,270) 53
26,537 2,258 4,107 (2,868) (983) 45
------------ ----------------------- ------------ -------------------------- ----------- ----------------------
31,583 2,505 3,818 452 (377) 98
------------ ----------------------- ------------ -------------------------- ----------- ----------------------
43,890 -- 23,483 51,159 30,742 --
184,805 16,392 (1,622) 10,279 444 31,986
(4,422) (495) (5,001) (7,970) (6,986) --
(1,805) (42) -- (411) (15,013) --
------------ ----------------------- ------------ -------------------------- ----------- ----------------------
222,468 15,855 16,860 53,057 9,187 31,986
------------ ----------------------- ------------ -------------------------- ----------- ----------------------
254,051 18,360 20,678 53,509 8,810 32,084
18,360 -- 85,035 31,526 22,716 --
------------ ----------------------- ------------ -------------------------- ----------- ----------------------
$ 272,411 $ 18,360 $ 105,713 $ 85,035 $ 31,526 $ 32,084
============ ======================= ============ ========================== =========== ======================
The accompanying notes are an integral part of these financial statements.
119
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
FTVIPT TEMPLETON FOREIGN SECURITIES
INVESTMENT DIVISION
-------------------------------------------------------
2010 2009 2008
-------------- ---------------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (74,871) $ 211,754 $ 166,480
Net realized gains (losses) (50,450) (153,389) 735,646
Change in unrealized gains (losses) on investments 614,425 2,059,948 (4,855,241)
-------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations 489,104 2,118,313 (3,953,115)
-------------- ---------------------- -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 834,212 807,327 773,781
Net transfers (including fixed account) 220,184 (284,673) 350,298
Policy charges (165,900) (372,860) (323,164)
Transfers for policy benefits and terminations (68,047) (189,134) (355,256)
-------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from policy transactions 820,449 (39,340) 445,659
-------------- ---------------------- -----------------
Net increase (decrease) in net assets 1,309,553 2,078,973 (3,507,456)
NET ASSETS:
Beginning of year 7,935,141 5,856,168 9,363,624
-------------- ---------------------- -----------------
End of year $ 9,244,694 $ 7,935,141 $ 5,856,168
============== ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
120
FTVIPT MUTUAL GLOBAL DISCOVERY SECURITIES FTVIPT TEMPLETON GLOBAL BOND SECURITIES
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------ ------------------------------------------
2010 2009 2008 2010 2009 (d)
------------ ---------------------- ------------------ ---------- -------------------------------
$ 7,237 $ 3,112 $ 39,464 $ (29) $ (4)
(4,189) (438,168) 78,245 4,601 5
81,592 609,659 (759,844) (171) 239
------------ ---------------------- ------------------ ---------- -------------------------------
84,640 174,603 (642,135) 4,401 240
------------ ---------------------- ------------------ ---------- -------------------------------
97,464 291,315 407,392 9,303 --
(79,267) (1,354,085) 463,793 (9,428) 3,614
(17,879) (31,930) (44,076) (736) (140)
(141) (32,906) (55,518) (3,516) (10)
------------ ---------------------- ------------------ ---------- -------------------------------
177 (1,127,606) 771,591 (4,377) 3,464
------------ ---------------------- ------------------ ---------- -------------------------------
84,817 (953,003) 129,456 24 3,704
882,515 1,835,518 1,706,062 3,704 --
------------ ---------------------- ------------------ ---------- -------------------------------
$ 967,332 $ 882,515 $ 1,835,518 $ 3,728 $ 3,704
============ ====================== ================== ========== ===============================
The accompanying notes are an integral part of these financial statements.
121
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH
INVESTMENT DIVISION
---------------------------------------------------
2010 2009 2008
------------ ---------------------- ---------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 1,176 $ (370) $ (223)
Net realized gains (losses) 8,379 (2,773) (414)
Change in unrealized gains (losses) on investments 1,480 45,397 (37,457)
------------ ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations 11,035 42,254 (38,094)
------------ ---------------------- ---------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 1,269 21,200 5,432
Net transfers (including fixed account) (20,468) 29,509 30,492
Policy charges (1,852) (2,499) (913)
Transfers for policy benefits and terminations -- (10,407) (567)
------------ ---------------------- ---------------
Net increase (decrease) in net assets resulting
from policy transactions (21,051) 37,803 34,444
------------ ---------------------- ---------------
Net increase (decrease) in net assets (10,016) 80,057 (3,650)
NET ASSETS:
Beginning of year 129,504 49,447 53,097
------------ ---------------------- ---------------
End of year $ 119,488 $ 129,504 $ 49,447
============ ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
122
ALLIANCEBERNSTEIN
ALLIANCEBERNSTEIN INTERMEDIATE BOND INTERNATIONAL VALUE FIDELITY VIP CONTRAFUND
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------------- --------------------------------------------------------
2010 2009 (e) 2010 (f) 2010 2009 2008
----------- -------------------------- ---------------------- -------------- -------------------------- --------------
$ 2,038 $ 692 $ 29 $ 9,930 $ 30,836 $ 13,305
2,172 716 1 (217,628) (198,535) (242,658)
(1,393) 2,187 88 648,547 1,136,586 (1,292,698)
----------- -------------------------- ---------------------- -------------- -------------------------- --------------
2,817 3,595 118 440,849 968,887 (1,522,051)
----------- -------------------------- ---------------------- -------------- -------------------------- --------------
3,570 13,019 -- 166,923 431,847 540,486
9,880 23,126 1,252 (1,821,221) 898,388 269,458
(1,055) (590) (13) (86,557) (99,153) (91,935)
(255) (10,842) -- (10,806) (139,114) (170,946)
----------- -------------------------- ---------------------- -------------- -------------------------- --------------
12,140 24,713 1,239 (1,751,661) 1,091,968 547,063
----------- -------------------------- ---------------------- -------------- -------------------------- --------------
14,957 28,308 1,357 (1,310,812) 2,060,855 (974,988)
28,308 -- -- 3,988,185 1,927,330 2,902,318
----------- -------------------------- ---------------------- -------------- -------------------------- --------------
$ 43,265 $ 28,308 $ 1,357 $ 2,677,373 $ 3,988,185 $ 1,927,330
=========== ========================== ====================== ============== ========================== ==============
The accompanying notes are an integral part of these financial statements.
123
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
FIDELITY VIP ASSET MANAGER: GROWTH
INVESTMENT DIVISION
------------------------------------------------------
2010 2009 2008
-------------- ---------------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 7,999 $ 15,866 $ 17,011
Net realized gains (losses) 37,274 (16,185) 8,935
Change in unrealized gains (losses) on investments 201,872 427,179 (532,156)
-------------- ---------------------- ----------------
Net increase (decrease) in net assets resulting
from operations 247,145 426,860 (506,210)
-------------- ---------------------- ----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 168,558 240,196 167,675
Net transfers (including fixed account) (53,668) 256,106 79,494
Policy charges (58,088) (64,669) (45,464)
Transfers for policy benefits and terminations (120,774) (44,925) (46,018)
-------------- ---------------------- ----------------
Net increase (decrease) in net assets resulting
from policy transactions (63,972) 386,708 155,687
-------------- ---------------------- ----------------
Net increase (decrease) in net assets 183,173 813,568 (350,523)
NET ASSETS:
Beginning of year 1,722,435 908,867 1,259,390
-------------- ---------------------- ----------------
End of year $ 1,905,608 $ 1,722,435 $ 908,867
============== ====================== ================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
124
FIDELITY VIP INVESTMENT GRADE BOND FIDELITY VIP EQUITY-INCOME
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------- -------------------------------------------------------
2010 2009 2008 2010 2009 2008
------------ ---------------------- --------------- ------------ ----------------------------- ------------
$ 13,892 $ 10,311 $ 1,503 $ 2,489 $ 3,688 $ 16,347
23,465 3,887 13,667 (5,418) (392,905) (281,987)
(13,312) (1,678) (8,842) 31,745 405,695 (292,885)
------------ ---------------------- --------------- ------------ ----------------------------- ------------
24,045 12,520 6,328 28,816 16,478 (558,525)
------------ ---------------------- --------------- ------------ ----------------------------- ------------
829 4,336 5,021 37,251 60,293 140,670
281,430 183,821 (563,563) (103,500) (169,930) 350,624
(4,910) (4,482) (5,850) (5,643) (10,922) (27,027)
-- (5,946) (250,607) -- (227,954) (544,605)
------------ ---------------------- --------------- ------------ ----------------------------- ------------
277,349 177,729 (814,999) (71,892) (348,513) (80,338)
------------ ---------------------- --------------- ------------ ----------------------------- ------------
301,394 190,249 (808,671) (43,076) (332,035) (638,863)
233,950 43,701 852,372 245,766 577,801 1,216,664
------------ ---------------------- --------------- ------------ ----------------------------- ------------
$ 535,344 $ 233,950 $ 43,701 $ 202,690 $ 245,766 $ 577,801
============ ====================== =============== ============ ============================= ============
The accompanying notes are an integral part of these financial statements.
125
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
FIDELITY VIP HIGH INCOME
INVESTMENT DIVISION
------------------------ ---------
2010 2009 (b)
---------- -----------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 310 $ 2,849
Net realized gains (losses) (227) 11
Change in unrealized gains (losses) on investments 801 (647)
---------- -----------------------
Net increase (decrease) in net assets resulting from operations 884 2,213
---------- -----------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners -- 16,782
Net transfers (including fixed account) (36,834) 22,156
Policy charges (252) (236)
Transfers for policy benefits and terminations (148) --
---------- -----------------------
Net increase (decrease) in net assets resulting from policy transactions (37,234) 38,702
---------- -----------------------
Net increase (decrease) in net assets (36,350) 40,915
NET ASSETS:
Beginning of year 40,915 --
---------- -----------------------
End of year $ 4,565 $ 40,915
========== =======================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
126
FIDELITY VIP MID CAP FIDELITY VIP FREEDOM 2010
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------ ----------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008 (a)
------------ ----------------------- ----------- ----------- ---------------------------- -----------
$ (4,707) $ (23) $ 14 $ 545 $ 457 $ 802
3,104 742 (70) 537 (1,656) 545
83,723 13,131 (10,714) 2,036 3,793 (2,956)
------------ ----------------------- ----------- ----------- ---------------------------- -----------
82,120 13,850 (10,770) 3,118 2,594 (1,609)
------------ ----------------------- ----------- ----------- ---------------------------- -----------
95,232 3,949.00 -- 2,793 1,353 339
77,140 192,734 43,089 12,520 (12,215) 26,580
(3,824) (835) (179) -- -- --
(4,506) (25,654) (315) (1,119) (753) (1,741)
------------ ----------------------- ----------- ----------- ---------------------------- -----------
164,042 170,194 42,595 14,194 (11,615) 25,178
------------ ----------------------- ----------- ----------- ---------------------------- -----------
246,162 184,044 31,825 17,312 (9,021) 23,569
215,869 31,825 -- 14,548 23,569 --
------------ ----------------------- ----------- ----------- ---------------------------- -----------
$ 462,031 $ 215,869 $ 31,825 $ 31,860 $ 14,548 $ 23,569
============ ======================= =========== =========== ============================ ===========
The accompanying notes are an integral part of these financial statements.
127
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
FIDELITY VIP FREEDOM 2020
INVESTMENT DIVISION
------------ ---------------------------- -----------
2010 2009 2008 (a)
------------ ---------------------------- -----------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 12,680 $ 17,181 $ 1,217
Net realized gains (losses) 8,278 (918) 1,278
Change in unrealized gains (losses) on investments 70,032 149,817 (11,135)
------------ ---------------------------- -----------
Net increase (decrease) in net assets resulting
from operations 90,990 166,080 (8,640)
------------ ---------------------------- -----------
POLICY TRANSACTIONS:
Premium payments received from policy owners 10,953 2,536 344
Net transfers (including fixed account) 1,108 449,027 46,772
Policy charges (7,298) (5,925) (315)
Transfers for policy benefits and terminations (5,562) (928) (440)
------------ ---------------------------- -----------
Net increase (decrease) in net assets resulting
from policy transactions (799) 444,710 46,361
------------ ---------------------------- -----------
Net increase (decrease) in net assets 90,191 610,790 37,721
NET ASSETS:
Beginning of year 648,511 37,721 --
------------ ---------------------------- -----------
End of year $ 738,702 $ 648,511 $ 37,721
============ ============================ ===========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
128
FIDELITY VIP FREEDOM 2030 AMERICAN FUNDS GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------------- ---------------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008
------------ ---------------------------- ----------- ---------------- ------------------------ ---------------
$ 1,654 $ 512 $ 652 $ (121,539) $ (160,985) $ 8,765
1,390 367 1,114 (328,082) (1,821,468) 11,917,407
11,839 6,395 (3,051) 19,817,938 31,985,158 (70,192,654)
------------ ---------------------------- ----------- ---------------- ------------------------ ---------------
14,883 7,274 (1,285) 19,368,317 30,002,705 (58,266,482)
------------ ---------------------------- ----------- ---------------- ------------------------ ---------------
3,169 1,286 109 16,677,167 18,769,815 22,132,573
62,506 2,573 22,132 (1,005,842) (2,195,305) 5,909,829
(1,042) (28) -- (8,182,015) (8,384,980) (9,064,293)
(3,063) (754) 431 (8,617,264) (5,510,035) (5,469,352)
------------ ---------------------------- ----------- ---------------- ------------------------ ---------------
61,570 3,077 22,672 (1,127,954) 2,679,495 13,508,757
------------ ---------------------------- ----------- ---------------- ------------------------ ---------------
76,453 10,351 21,387 18,240,363 32,682,200 (44,757,725)
31,738 21,387 -- 109,197,492 76,515,292 121,273,017
------------ ---------------------------- ----------- ---------------- ------------------------ ---------------
$ 108,191 $ 31,738 $ 21,387 $ 127,437,855 $ 109,197,492 $ 76,515,292
============ ============================ =========== ================ ======================== ===============
The accompanying notes are an integral part of these financial statements.
129
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
AMERICAN FUNDS GROWTH-INCOME
INVESTMENT DIVISION
---------------------------------------------------------------
2010 2009 2008
--------------- ------------------------------- ---------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 453,689 $ 446,910 $ 616,716
Net realized gains (losses) (336,443) (956,152) 4,098,718
Change in unrealized gains (losses) on investments 6,948,053 15,943,649 (34,739,655)
--------------- ------------------------------- ---------------
Net increase (decrease) in net assets resulting
from operations 7,065,299 15,434,407 (30,024,221)
--------------- ------------------------------- ---------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 10,334,758 11,825,982 13,919,840
Net transfers (including fixed account) (240,405) (1,377,002) (337,648)
Policy charges (5,117,228) (5,387,634) (5,766,937)
Transfers for policy benefits and terminations (4,718,644) (3,569,007) (3,550,594)
--------------- ------------------------------- ---------------
Net increase (decrease) in net assets resulting
from policy transactions 258,481 1,492,340 4,264,661
--------------- ------------------------------- ---------------
Net increase (decrease) in net assets 7,323,780 16,926,746 (25,759,560)
NET ASSETS:
Beginning of year 66,537,414 49,610,668 75,370,228
--------------- ------------------------------- ---------------
End of year $ 73,861,194 $ 66,537,414 $ 49,610,668
=============== =============================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
130
AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION AMERICAN FUNDS BOND
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------ ----------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- ---------------------- --------------- -------------- ---------------------- --------------
$ 538,047 $ (246,097) $ (466,291) $ 94,433 $ 88,860 $ 168,134
(386,466) (2,366,209) 6,877,405 (8,911) (91,981) (78,359)
11,810,164 23,159,810 (44,244,505) 122,161 381,938 (446,834)
--------------- ---------------------- --------------- -------------- ---------------------- --------------
11,961,745 20,547,504 (37,833,391) 207,683 378,817 (357,059)
--------------- ---------------------- --------------- -------------- ---------------------- --------------
8,529,505 9,330,898 11,097,448 724,857 777,097 813,635
(976,366) (1,354,960) 87,246 320,665 (59,617) 63,592
(4,049,658) (3,968,778) (4,406,590) (330,299) (371,335) (377,262)
(4,114,157) (2,381,130) (2,679,242) (318,517) (107,448) (182,193)
--------------- ---------------------- --------------- -------------- ---------------------- --------------
(610,676) 1,626,030 4,098,862 396,706 238,697 317,772
--------------- ---------------------- --------------- -------------- ---------------------- --------------
11,351,069 22,173,534 (33,734,529) 604,389 617,514 (39,287)
56,054,284 33,880,750 67,615,279 3,760,642 3,143,128 3,182,415
--------------- ---------------------- --------------- -------------- ---------------------- --------------
$ 67,405,353 $ 56,054,284 $ 33,880,750 $ 4,365,031 $ 3,760,642 $ 3,143,128
=============== ====================== =============== ============== ====================== ==============
The accompanying notes are an integral part of these financial statements.
131
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
AMERICAN FUNDS INTERNATIONAL
INVESTMENT DIVISION
--------------------------------------------------------
2010 2009 2008 (a)
------------ ------------------------------- -----------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 3,782 $ 799 $ 1,075
Net realized gains (losses) (608) 1,537 (88)
Change in unrealized gains (losses) on investments 46,566 19,842 (13,968)
------------ ------------------------------- -----------
Net increase (decrease) in net assets resulting
from operations 49,740 22,178 (12,981)
------------ ------------------------------- -----------
POLICY TRANSACTIONS:
Premium payments received from policy owners 196,875 22,210 --
Net transfers (including fixed account) 113,293 416,930 57,452
Policy charges (7,689) (1,457) (246)
Transfers for policy benefits and terminations (7,938) (38,651) (91)
------------ ------------------------------- -----------
Net increase (decrease) in net assets resulting
from policy transactions 294,541 399,032 57,115
------------ ------------------------------- -----------
Net increase (decrease) in net assets 344,281 421,210 44,134
NET ASSETS:
Beginning of year 465,344 44,134 --
------------ ------------------------------- -----------
End of year $ 809,625 $ 465,344 $ 44,134
============ =============================== ===========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
132
AMERICAN FUNDS U.S. GOVERNMENT/AAA RATED SECURITIES MIST T. ROWE PRICE MID CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------ --------------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008
------------- ---------------------- ----------------- --------------- ---------------------- -----------------
$ 87 $ 1,740 $ 709 $ (150,122) $ (115,483) $ (121,466)
643 1,124 1 131,367 (381,122) 1,499,327
1,804 (1,799) 862 4,580,355 5,596,487 (8,808,387)
------------- ---------------------- ----------------- --------------- ---------------------- -----------------
2,534 1,065 1,572 4,561,600 5,099,882 (7,430,526)
------------- ---------------------- ----------------- --------------- ---------------------- -----------------
7,825 43,406 -- 2,269,288 2,540,664 3,106,587
(50,106) 40,706 33,514 264,028 (25,606) 478,281
(10,089) (8,355) (181) (1,184,611) (1,208,476) (1,260,749)
(2,565) (21,474) (22) (1,448,078) (796,500) (1,115,075)
------------- ---------------------- ----------------- --------------- ---------------------- -----------------
(54,935) 54,283 33,311 (99,373) 510,083 1,209,044
------------- ---------------------- ----------------- --------------- ---------------------- -----------------
(52,401) 55,348 34,883 4,462,227 5,609,964 (6,221,482)
90,231 34,883 -- 16,772,681 11,162,717 17,384,199
------------- ---------------------- ----------------- --------------- ---------------------- -----------------
$ 37,830 $ 90,231 $ 34,883 $ 21,234,908 $ 16,772,681 $ 11,162,717
============= ====================== ================= =============== ====================== =================
The accompanying notes are an integral part of these financial statements.
133
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST MFS RESEARCH INTERNATIONAL
INVESTMENT DIVISION
--------------------------------------------------------
2010 2009 2008
--------------- ---------------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 134,233 $ 280,264 $ 153,553
Net realized gains (losses) (545,005) (1,024,253) 891,055
Change in unrealized gains (losses) on investments 1,743,808 3,897,065 (7,755,181)
--------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations 1,333,036 3,153,076 (6,710,573)
--------------- ---------------------- -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 1,870,809 2,210,375 2,439,035
Net transfers (including fixed account) (766,625) (550,815) 2,279,426
Policy charges (802,613) (902,498) (971,130)
Transfers for policy benefits and terminations (892,543) (545,950) (852,116)
--------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from policy transactions (590,972) 211,112 2,895,215
--------------- ---------------------- -----------------
Net increase (decrease) in net assets 742,064 3,364,188 (3,815,358)
NET ASSETS:
Beginning of year 13,178,754 9,814,566 13,629,924
--------------- ---------------------- -----------------
End of year $ 13,920,818 $ 13,178,754 $ 9,814,566
=============== ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
134
MIST PIMCO TOTAL RETURN MIST RCM TECHNOLOGY
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------------------- -----------------------------------------------------
2010 2009 2008 2010 2009 2008
--------------- -------------------------- --------------- --------------- ---------------------- --------------
$ 1,273,636 $ 2,452,300 $ 1,044,114 $ (111,175) $ (82,504) $ 1,260,852
474,495 1,576,841 795,767 (54,192) (600,648) 2,114,093
1,426,113 1,911,046 (1,944,451) 3,551,862 5,182,655 (9,308,569)
--------------- -------------------------- --------------- --------------- ---------------------- --------------
3,174,244 5,940,187 (104,570) 3,386,495 4,499,503 (5,933,624)
--------------- -------------------------- --------------- --------------- ---------------------- --------------
5,334,220 5,672,803 6,020,557 1,602,041 1,674,647 1,927,758
3,101,158 2,447,477 960,679 7,146 1,430,181 (675,929)
(3,135,341) (3,246,181) (2,840,352) (958,684) (886,510) (820,489)
(3,692,336) (3,035,028) (2,205,736) (1,144,160) (618,269) (607,497)
--------------- -------------------------- --------------- --------------- ---------------------- --------------
1,607,701 1,839,070 1,935,148 (493,657) 1,600,049 (176,157)
--------------- -------------------------- --------------- --------------- ---------------------- --------------
4,781,945 7,779,258 1,830,578 2,892,838 6,099,552 (6,109,781)
41,820,317 34,041,059 32,210,481 13,221,048 7,121,496 13,231,277
--------------- -------------------------- --------------- --------------- ---------------------- --------------
$ 46,602,262 $ 41,820,317 $ 34,041,059 $ 16,113,886 $ 13,221,048 $ 7,121,496
=============== ========================== =============== =============== ====================== ==============
The accompanying notes are an integral part of these financial statements.
135
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST LORD ABBETT BOND DEBENTURE
INVESTMENT DIVISION
--------------------------------------------------------
2010 2009 2008
--------------- ---------------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 1,402,246 $ 1,391,406 $ 741,410
Net realized gains (losses) 240,525 (126,749) 159,621
Change in unrealized gains (losses) on investments 1,315,427 5,411,601 (5,045,528)
--------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations 2,958,198 6,676,258 (4,144,497)
--------------- ---------------------- -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 2,523,009 2,703,439 3,044,630
Net transfers (including fixed account) (548,415) 2,036,045 (840,812)
Policy charges (1,509,898) (1,703,902) (1,532,129)
Transfers for policy benefits and terminations (1,782,906) (1,226,776) (1,240,893)
--------------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from policy transactions (1,318,210) 1,808,806 (569,204)
--------------- ---------------------- -----------------
Net increase (decrease) in net assets 1,639,988 8,485,064 (4,713,701)
NET ASSETS:
Beginning of year 26,033,742 17,548,678 22,262,379
--------------- ---------------------- -----------------
End of year $ 27,673,730 $ 26,033,742 $ 17,548,678
=============== ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
136
MIST LAZARD MID CAP MIST INVESCO SMALL CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------------- --------------------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- -------------- -------------- -------------------------------- --------------
$ 11,435 $ 19,267 $ 16,248 $ (30,507) $ (22,254) $ (24,205)
(93,933) (283,748) 35,602 (15,371) (84,509) 197,782
1,108,654 1,519,608 (2,239,073) 887,599 919,328 (1,510,157)
-------------- ---------------------- -------------- -------------- -------------------------------- --------------
1,026,156 1,255,127 (2,187,223) 841,721 812,565 (1,336,580)
-------------- ---------------------- -------------- -------------- -------------------------------- --------------
700,574 796,272 992,305 471,774 525,764 623,838
24,219 (267,754) 293,008 164,724 214,625 84,613
(347,953) (346,321) (394,747) (216,436) (223,502) (237,487)
(387,630) (290,206) (365,399) (184,521) (124,073) (180,449)
-------------- ---------------------- -------------- -------------- -------------------------------- --------------
(10,790) (108,009) 525,167 235,541 392,814 290,515
-------------- ---------------------- -------------- -------------- -------------------------------- --------------
1,015,366 1,147,118 (1,662,056) 1,077,262 1,205,379 (1,046,065)
4,569,758 3,422,640 5,084,696 3,392,636 2,187,257 3,233,322
-------------- ---------------------- -------------- -------------- -------------------------------- --------------
$ 5,585,124 $ 4,569,758 $ 3,422,640 $ 4,469,898 $ 3,392,636 $ 2,187,257
============== ====================== ============== ============== ================================ ==============
The accompanying notes are an integral part of these financial statements.
137
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST HARRIS OAKMARK INTERNATIONAL
INVESTMENT DIVISION
---------------------------------------------------------
2010 2009 2008
--------------- ---------------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 343,311 $ 1,418,689 $ 242,385
Net realized gains (losses) (312,283) (1,294,657) 2,675,287
Change in unrealized gains (losses) on investments 4,235,035 8,897,628 (13,913,907)
--------------- ---------------------- ------------------
Net increase (decrease) in net assets resulting
from operations 4,266,063 9,021,660 (10,996,235)
--------------- ---------------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 4,074,673 4,204,850 5,154,234
Net transfers (including fixed account) 669,473 154,538 (2,283,317)
Policy charges (1,796,257) (1,715,379) (1,786,246)
Transfers for policy benefits and terminations (2,128,605) (1,050,988) (944,552)
--------------- ---------------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions 819,284 1,593,020 140,119
--------------- ---------------------- ------------------
Net increase (decrease) in net assets 5,085,347 10,614,681 (10,856,116)
NET ASSETS:
Beginning of year 26,459,351 15,844,670 26,700,786
--------------- ---------------------- ------------------
End of year $ 31,544,698 $ 26,459,351 $ 15,844,670
=============== ====================== ==================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
138
MIST LEGG MASON CLEARBRIDGE AGGRESSIVE GROWTH MIST LORD ABBETT GROWTH AND INCOME
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------------- -------------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- -------------- -------------- ---------------------- -----------------
$ (53,638) $ (40,420) $ (56,576) $ (69,544) $ 86,241 $ 70,536
(57,251) (166,346) (18,149) (79,021) (261,167) 472,182
1,583,027 1,815,976 (3,076,964) 921,874 894,542 (2,888,440)
-------------- ---------------------- -------------- -------------- ---------------------- -----------------
1,472,138 1,609,210 (3,151,689) 773,309 719,616 (2,345,722)
-------------- ---------------------- -------------- -------------- ---------------------- -----------------
897,883 1,020,767 1,253,068 427,886 455,197 479,313
(116,646) (178,569) (80,248) (66,707) (56,090) (17,411)
(490,095) (500,322) (526,115) (66,379) (175,840) (146,058)
(464,163) (374,454) (342,790) (7,059) (15,683) (23,697)
-------------- ---------------------- -------------- -------------- ---------------------- -----------------
(173,021) (32,578) 303,915 287,741 207,584 292,147
-------------- ---------------------- -------------- -------------- ---------------------- -----------------
1,299,117 1,576,632 (2,847,774) 1,061,050 927,200 (2,053,575)
6,533,459 4,956,827 7,804,601 5,163,011 4,235,811 6,289,386
-------------- ---------------------- -------------- -------------- ---------------------- -----------------
$ 7,832,576 $ 6,533,459 $ 4,956,827 $ 6,224,061 $ 5,163,011 $ 4,235,811
============== ====================== ============== ============== ====================== =================
The accompanying notes are an integral part of these financial statements.
139
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST CLARION GLOBAL REAL ESTATE
INVESTMENT DIVISION
------------------------------------------------------------------
2010 2009 2008
--------------- ---------------------------------- ---------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 1,391,967 $ 376,681 $ 192,412
Net realized gains (losses) (571,095) (1,092,248) 947,022
Change in unrealized gains (losses) on investments 1,969,823 5,493,585 (9,433,208)
--------------- ---------------------------------- ---------------
Net increase (decrease) in net assets resulting
from operations 2,790,695 4,778,018 (8,293,774)
--------------- ---------------------------------- ---------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 3,115,895 3,655,037 4,540,759
Net transfers (including fixed account) (6,843) (802,883) 360,392
Policy charges (1,331,035) (1,374,865) (1,606,318)
Transfers for policy benefits and terminations (1,474,613) (714,297) (908,507)
--------------- ---------------------------------- ---------------
Net increase (decrease) in net assets resulting
from policy transactions 303,404 762,992 2,386,326
--------------- ---------------------------------- ---------------
Net increase (decrease) in net assets 3,094,099 5,541,010 (5,907,448)
NET ASSETS:
Beginning of year 18,066,465 12,525,455 18,432,903
--------------- ---------------------------------- ---------------
End of year $ 21,160,564 $ 18,066,465 $ 12,525,455
=============== ================================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
140
MIST MORGAN STANLEY MID CAP GROWTH MIST LORD ABBETT MID CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------ --------------------------------------------------
2010 2009 2008 2010 2009 2008
---------------- ---------------------- -------------- ------------ ---------------------- --------------
$ (957,593) $ (870) $ 267 $ 199 $ 1,558 $ (115)
336,382 1,780 2,309 3,236 (38,897) (9,425)
31,775,159 75,648 (17,251) 19,769 57,059 (38,556)
---------------- ---------------------- -------------- ------------ ---------------------- --------------
31,153,948 76,558 (14,675) 23,204 19,720 (48,096)
---------------- ---------------------- -------------- ------------ ---------------------- --------------
16,409,129 13,014 31 6,334 75,266 6,403
174,856,480 208,259 36 (18,047) (77,923) 79,533
(9,530,730) (2,906) (162) (3,822) (4,803) (4,269)
(9,440,323) (5,098) (1) -- (590) (8,220)
---------------- ---------------------- -------------- ------------ ---------------------- --------------
172,294,556 213,269 (96) (15,535) (8,050) 73,447
---------------- ---------------------- -------------- ------------ ---------------------- --------------
203,448,504 289,827 (14,771) 7,669 11,670 25,351
306,427 16,600 31,371 103,521 91,851 66,500
---------------- ---------------------- -------------- ------------ ---------------------- --------------
$ 203,754,931 $ 306,427 $ 16,600 $ 111,190 $ 103,521 $ 91,851
================ ====================== ============== ============ ====================== ==============
The accompanying notes are an integral part of these financial statements.
141
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST THIRD AVENUE SMALL CAP VALUE
INVESTMENT DIVISION
-----------------------------------------------------
2010 2009 2008
-------------- ---------------------- ---------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 1,081 $ 839 $ 888
Net realized gains (losses) 42,370 (14,175) 153
Change in unrealized gains (losses) on investments 198,929 152,916 (119,764)
-------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from operations 242,380 139,580 (118,723)
-------------- ---------------------- ---------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 152,265 57,631 48,914
Net transfers (including fixed account) 298,003 486,247 30,930
Policy charges (17,684) (12,877) (11,149)
Transfers for policy benefits and terminations (369) (13,418) (87,205)
-------------- ---------------------- ---------------
Net increase (decrease) in net assets resulting
from policy transactions 432,215 517,583 (18,510)
-------------- ---------------------- ---------------
Net increase (decrease) in net assets 674,595 657,163 (137,233)
NET ASSETS:
Beginning of year 900,994 243,831 381,064
-------------- ---------------------- ---------------
End of year $ 1,575,589 $ 900,994 $ 243,831
============== ====================== ===============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
142
MIST OPPENHEIMER CAPITAL APPRECIATION MIST LEGG MASON VALUE EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------------- -------------------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- --------------- -------------- ------------------------------- --------------
$ (2,663) $ (10,277) $ 30,626 $ 57,392 $ 32,368 $ (20,992)
(39,996) (109,001) 189,066 (148,382) (273,743) 40,963
190,578 558,202 (860,586) 390,845 1,354,429 (3,108,496)
-------------- ---------------------- --------------- -------------- ------------------------------- --------------
147,919 438,924 (640,894) 299,855 1,113,054 (3,088,525)
-------------- ---------------------- --------------- -------------- ------------------------------- --------------
304,670 338,372 373,345 741,153 817,337 938,630
(75,809) 205,296 325,069 90,931 (92,993) 186,585
(119,410) (126,102) (131,344) (323,856) (317,442) (346,212)
(109,397) (66,149) (40,306) (302,171) (208,119) (338,027)
-------------- ---------------------- --------------- -------------- ------------------------------- --------------
54 351,417 526,764 206,057 198,783 440,976
-------------- ---------------------- --------------- -------------- ------------------------------- --------------
147,973 790,341 (114,130) 505,912 1,311,837 (2,647,549)
1,631,638 841,297 955,427 4,100,190 2,788,353 5,435,902
-------------- ---------------------- --------------- -------------- ------------------------------- --------------
$ 1,779,611 $ 1,631,638 $ 841,297 $ 4,606,102 $ 4,100,190 $ 2,788,353
============== ====================== =============== ============== =============================== ==============
The accompanying notes are an integral part of these financial statements.
143
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST SSGA GROWTH ETF
INVESTMENT DIVISION
---------------------------------------------------
2010 2009 2008
-------------- ----------------------- ------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 16,282 $ 7,006 $ 4,529
Net realized gains (losses) 12,378 (20,730) (21,051)
Change in unrealized gains (losses) on investments 271,601 309,775 (210,490)
-------------- ----------------------- ------------
Net increase (decrease) in net assets resulting
from operations 300,261 296,051 (227,012)
-------------- ----------------------- ------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 426,740 229,022 168,313
Net transfers (including fixed account) 479,704 921,197 (72,658)
Policy charges (144,844) (75,749) (43,964)
Transfers for policy benefits and terminations (171,487) (38,845) (6,807)
-------------- ----------------------- ------------
Net increase (decrease) in net assets resulting
from policy transactions 590,113 1,035,626 44,884
-------------- ----------------------- ------------
Net increase (decrease) in net assets 890,374 1,331,676 (182,128)
NET ASSETS:
Beginning of year 1,789,007 457,331 639,459
-------------- ----------------------- ------------
End of year $ 2,679,381 $ 1,789,007 $ 457,331
============== ======================= ============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
144
MIST SSGA GROWTH AND INCOME ETF MIST PIMCO INFLATION PROTECTED BOND
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------------- ------------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- --------------- -------------- ---------------------- ----------------
$ 12,293 $ 6,273 $ 4,258 $ 146,674 $ 194,864 $ 95,597
16,158 3,801 (36,815) 281,279 (46,474) (94,032)
322,318 204,020 (94,558) 130,473 877,182 (678,454)
-------------- ---------------------- --------------- -------------- ---------------------- ----------------
350,769 214,094 (127,115) 558,426 1,025,572 (676,889)
-------------- ---------------------- --------------- -------------- ---------------------- ----------------
471,109 200,034 163,517 1,208,996 1,284,337 878,509
1,821,735 921,708 17,087 587,680 842,827 4,986,265
(188,226) (67,668) (43,029) (577,592) (561,645) (339,089)
(217,589) (23,508) (19,484) (699,416) (379,813) (237,169)
-------------- ---------------------- --------------- -------------- ---------------------- ----------------
1,887,029 1,030,566 118,091 519,668 1,185,706 5,288,516
-------------- ---------------------- --------------- -------------- ---------------------- ----------------
2,237,798 1,244,660 (9,024) 1,078,094 2,211,278 4,611,627
1,581,109 336,449 345,473 7,734,444 5,523,166 911,539
-------------- ---------------------- --------------- -------------- ---------------------- ----------------
$ 3,818,907 $ 1,581,109 $ 336,449 $ 8,812,538 $ 7,734,444 $ 5,523,166
============== ====================== =============== ============== ====================== ================
The accompanying notes are an integral part of these financial statements.
145
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST BLACKROCK LARGE CAP CORE
INVESTMENT DIVISION
-----------------------------------------------------------
2010 2009 2008
---------------- ---------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 1,615,609 $ 2,132,876 $ (317,267)
Net realized gains (losses) (7,248,214) (10,716,690) 9,729,334
Change in unrealized gains (losses) on investments 38,497,976 54,384,062 (169,653,539)
---------------- ---------------------- -------------------
Net increase (decrease) in net assets resulting
from operations 32,865,371 45,800,248 (160,241,472)
---------------- ---------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 34,809,861 38,206,877 42,625,658
Net transfers (including fixed account) (2,767,361) (5,847,879) (7,982,176)
Policy charges (25,759,862) (26,968,042) (28,104,995)
Transfers for policy benefits and terminations (21,236,249) (18,412,707) (24,473,418)
---------------- ---------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions (14,953,611) (13,021,751) (17,934,931)
---------------- ---------------------- -------------------
Net increase (decrease) in net assets 17,911,760 32,778,497 (178,176,403)
NET ASSETS:
Beginning of year 291,577,776 258,799,279 436,975,682
---------------- ---------------------- -------------------
End of year $ 309,489,536 $ 291,577,776 $ 258,799,279
================ ====================== ===================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
146
MIST JANUS FORTY MIST DREMAN SMALL CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------------- -------------------------------------------------------------
2010 2009 2008 2010 2009 2008 (a)
--------------- ---------------------- -------------- ----------- ------------------------------ ------------------
$ 119,973 $ (75,162) $ 249,198 $ (48) $ (427) $ --
(41,591) (540,105) (35,061) 403 58,177 (10)
1,120,682 3,887,171 (4,523,728) 3,392 2,844 6
--------------- ---------------------- -------------- ----------- ------------------------------ ------------------
1,199,064 3,271,904 (4,309,591) 3,747 60,594 (4)
--------------- ---------------------- -------------- ----------- ------------------------------ ------------------
2,241,409 2,031,808 1,649,448 2,082 412 --
410,883 1,027,089 7,003,261 6,849 240,274 114
(908,738) (846,828) (590,128) (2,325) (5,500) --
(788,374) (298,955) (325,545) -- (278,764) 10
--------------- ---------------------- -------------- ----------- ------------------------------ ------------------
955,180 1,913,115 7,737,036 6,606 (43,578) 124
--------------- ---------------------- -------------- ----------- ------------------------------ ------------------
2,154,244 5,185,018 3,427,445 10,353 17,016 120
12,100,411 6,915,393 3,487,948 17,136 120 --
--------------- ---------------------- -------------- ----------- ------------------------------ ------------------
$ 14,254,655 $ 12,100,411 $ 6,915,393 $ 27,489 $ 17,136 $ 120
=============== ====================== ============== =========== ============================== ==================
The accompanying notes are an integral part of these financial statements.
147
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST AMERICAN FUNDS BALANCED ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------
2010 2009 2008 (a)
------------ ---------------------- --------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 3,146 $ -- $ 368
Net realized gains (losses) 1,822 (28) (90)
Change in unrealized gains (losses) on investments 26,193 14,667 (1,781)
------------ ---------------------- --------------
Net increase (decrease) in net assets resulting
from operations 31,161 14,639 (1,503)
------------ ---------------------- --------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 105,391 30,361 302
Net transfers (including fixed account) 89,836 167,911 12,281
Policy charges (11,710) (9,727) (973)
Transfers for policy benefits and terminations -- (563) --
------------ ---------------------- --------------
Net increase (decrease) in net assets resulting
from policy transactions 183,517 187,982 11,610
------------ ---------------------- --- ----------
Net increase (decrease) in net assets 214,678 202,621 10,107
NET ASSETS:
Beginning of year 212,728 10,107 --
------------ ---------------------- --------------
End of year $ 427,406 $ 212,728 $ 10,107
============ ====================== ==============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
148
MIST AMERICAN FUNDS GROWTH ALLOCATION MIST AMERICAN FUNDS MODERATE ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- --------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008 (a)
------------ ---------------------- -------------- ------------ ---------------------- --------------
$ 2,434 $ -- $ 644 $ 2,501 $ -- $ 165
5,990 1,298 12 646 370 (29)
79,550 20,909 (48) 16,902 11,101 (130)
------------ ---------------------- -------------- ------------ ---------------------- --------------
87,974 22,207 608 20,049 11,471 6
------------ ---------------------- -------------- ------------ ---------------------- --------------
355,048 87,422 2,162 103,657 36,169 3,061
223,657 36,431 14,336 70,020 57,483 2,966
(93,195) (24,118) (1,358) (37,265) (13,816) (1,421)
(2,170) (2,703) (1) (2,260) (21) (5)
------------ ---------------------- -------------- ------------ ---------------------- --------------
483,340 97,032 15,139 134,152 79,815 4,601
------------ ---------------------- -------------- ------------ ---------------------- --------------
571,314 119,239 15,747 154,201 91,286 4,607
134,986 15,747 -- 95,893 4,607 --
------------ ---------------------- -------------- ------------ ---------------------- --------------
$ 706,300 $ 134,986 $ 15,747 $ 250,094 $ 95,893 $ 4,607
============ ====================== ============== ============ ====================== ==============
The accompanying notes are an integral part of these financial statements.
149
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST MET/FRANKLIN INCOME
INVESTMENT DIVISION
----------------------------------------------------
2010 2009 2008 (a)
------------ --------------------------- -----------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 3,216 $ -- $ 469
Net realized gains (losses) 823 54 (63)
Change in unrealized gains (losses) on investments 10,272 9,507 (2,459)
------------ --------------------------- -----------
Net increase (decrease) in net assets resulting
from operations 14,311 9,561 (2,053)
------------ --------------------------- -----------
POLICY TRANSACTIONS:
Premium payments received from policy owners 28,894 13,515 2,138
Net transfers (including fixed account) 66,675 19,688 20,690
Policy charges (12,613) (6,238) (1,315)
Transfers for policy benefits and terminations (1,480) (482) 1
------------ --------------------------- -----------
Net increase (decrease) in net assets resulting
from policy transactions 81,476 26,483 21,514
------------ --------------------------- -----------
Net increase (decrease) in net assets 95,787 36,044 19,461
NET ASSETS:
Beginning of year 55,505 19,461 --
------------ --------------------------- -----------
End of year $ 151,292 $ 55,505 $ 19,461
============ =========================== ===========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
150
MIST MET/FRANKLIN MUTUAL SHARES MIST MET/FRANKLIN TEMPLETON FOUNDING STRATEGY
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------- ------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008 (a)
------------- ---------------------- -------------- ------------ ---------------------- ------------
$ -- $ -- $ 234 $ -- $ -- $ 207
683 (91) (83) 1,546 565 (21)
4,077 4,710 (2,584) 23,230 14,572 (146)
------------- ---------------------- -------------- ------------ ---------------------- ------------
4,760 4,619 (2,433) 24,776 15,137 40
------------- ---------------------- -------------- ------------ ---------------------- ------------
13,024 8,704 4,224 25,504 18,400 940
22,360 6,499 7,195 21,917 159,413 10,164
(6,571) (3,313) (946) (6,972) (7,871) (459)
(811) (293) 24 -- (705) (4)
------------- ---------------------- -------------- ------------ ---------------------- ------------
28,002 11,597 10,497 40,449 169,237 10,641
------------- ---------------------- -------------- ------------ ---------------------- ------------
32,762 16,216 8,064 65,225 184,374 10,681
24,280 8,064 -- 195,055 10,681 --
------------- ---------------------- -------------- ------------ ---------------------- ------------
$ 57,042 $ 24,280 $ 8,064 $ 260,280 $ 195,055 $ 10,681
============= ====================== ============== ============ ====================== ============
The accompanying notes are an integral part of these financial statements.
151
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MIST MET/TEMPLETON GROWTH
INVESTMENT DIVISION
---------------------------------------------------
2010 2009 2008 (a)
----------- ---------------------------- ----------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 305 $ 2 $ 18
Net realized gains (losses) 125 (60) (39)
Change in unrealized gains (losses) on investments 3,904 3,117 (322)
----------- ---------------------------- ----------
Net increase (decrease) in net assets resulting
from operations 4,334 3,059 (343)
----------- ---------------------------- ----------
POLICY TRANSACTIONS:
Premium payments received from policy owners 18,420 14,327 1,057
Net transfers (including fixed account) 12,049 2,568 2,915
Policy charges (5,335) (3,419) (442)
Transfers for policy benefits and terminations (173) (526) 1
----------- ---------------------------- ----------
Net increase (decrease) in net assets resulting
from policy transactions 24,961 12,949 3,531
----------- ---------------------------- ----------
Net increase (decrease) in net assets 29,295 16,009 3,188
NET ASSETS:
Beginning of year 19,197 3,188 --
----------- ---------------------------- ----------
End of year $ 48,492 $ 19,197 $ 3,188
=========== ============================ ==========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
152
MIST PIONEER FUND AMERICAN CENTURY VP VISTA
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------- -----------------------------------------
2010 2009 (d) 2010 2009 2008
------------ ------------ ----------- ---------------------------- ------------
$ 1,005 $ (580) $ (519) $ (472) $ (285)
6,067 1,986 12,351 (47,927) 204
25,716 48,304 (1,947) 67,433 (65,328)
------------ ------------ ----------- ---------------------------- ------------
32,788 49,710 9,885 19,034 (65,409)
------------ ------------ ----------- ---------------------------- ------------
4,871 9,778 13,202 110,074.00 13,124.00
(26,206) 197,145 (83,499) (53,969) 106,780
(4,729) (2,535) (2,550) (4,572) (3,919)
-- (14,962) (9,338) (3,305) (516)
------------ ------------ ----------- ---------------------------- ------------
(26,064) 189,426 (82,185) 48,228 115,469
------------ ------------ ----------- ---------------------------- ------------
6,724 239,136 (72,300) 67,262 50,060
239,136 -- 146,455 79,193 29,133
------------ ------------ ----------- ---------------------------- ------------
$ 245,860 $ 239,136 $ 74,155 $ 146,455 $ 79,193
============ ============ =========== ============================ ============
The accompanying notes are an integral part of these financial statements.
153
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
DELAWARE VIP SMALL CAP VALUE
INVESTMENT DIVISION
---------------------------------------------------------
2010 2009 2008
------------ ------------------------------- ------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (561) $ 2,698 $ 195
Net realized gains (losses) 10,618 (324,068) (88,810)
Change in unrealized gains (losses) on investments 49,508 372,833 (269,207)
------------ ------------------------------- ------------
Net increase (decrease) in net assets resulting
from operations 59,565 51,463 (357,822)
------------ ------------------------------- ------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 10,701 60,157 119,309
Net transfers (including fixed account) 93,641 (501,693) 78,642
Policy charges (6,802) (11,186) (21,619)
Transfers for policy benefits and terminations -- (5,015) (210,049)
------------ ------------------------------- ------------
Net increase (decrease) in net assets resulting
from policy transactions 97,540 (457,737) (33,717)
------------ ------------------------------- ------------
Net increase (decrease) in net assets 157,105 (406,274) (391,539)
NET ASSETS:
Beginning of year 228,031 634,305 1,025,844
------------ ------------------------------- ------------
End of year $ 385,136 $ 228,031 $ 634,305
============ =============================== ============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
154
DREYFUS VIF INTERNATIONAL VALUE GOLDMAN SACHS MID CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------------ --------------------------------------------------------
2010 2009 2008 2010 2009 2008
------------ ---------------------------------- ------------ ------------ ------------------------------ ------------
$ 2,491 $ 9,269 $ 8,347 $ 908 $ 2,747 $ 7,940
(14,086) (185,176) 25,343 (13,608) (540,331) (112,182)
19,382 238,024 (268,322) 84,633 633,578 (486,662)
------------ ---------------------------------- ------------ ------------ ------------------------------ ------------
7,787 62,117 (234,632) 71,933 95,994 (590,904)
------------ ---------------------------------- ------------ ------------ ------------------------------ ------------
955 28,115 2,055 -- -- 205,990
(65,938) (85,562) 3,974 (23,223) (667,539) 102,395
(3,082) (8,707) (12,689) (7,848) (13,708) (27,133)
-- (45,781) (118,241) (2,114) (214) 12,539
------------ ---------------------------------- ------------ ------------ ------------------------------ ------------
(68,065) (111,935) (124,901) (33,185) (681,461) 293,791
------------ ---------------------------------- ------------ ------------ ------------------------------ ------------
(60,278) (49,818) (359,533) 38,748 (585,467) (297,113)
291,742 341,560 701,093 328,341 913,808 1,210,921
------------ ---------------------------------- ------------ ------------ ------------------------------ ------------
$ 231,464 $ 291,742 $ 341,560 $ 367,089 $ 328,341 $ 913,808
============ ================================== ============ ============ ============================== ============
The accompanying notes are an integral part of these financial statements.
155
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY
INVESTMENT DIVISION
----------------------------------------------------
2010 2009 2008
----------- ---------------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 100 $ 551 $ 192
Net realized gains (losses) (7,335) (17,708) (34,983)
Change in unrealized gains (losses) on investments 18,632 28,044 (655)
----------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from operations 11,397 10,887 (35,446)
----------- ---------------------- -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 4,077 12,573 1,613
Net transfers (including fixed account) (33,283) 4,125 25,177
Policy charges (1,447) (1,545) (2,152)
Transfers for policy benefits and terminations -- (4,928) (74,323)
----------- ---------------------- -----------------
Net increase (decrease) in net assets resulting
from policy transactions (30,653) 10,225 (49,685)
----------- ---------------------- -----------------
Net increase (decrease) in net assets (19,256) 21,112 (85,131)
NET ASSETS:
Beginning of year 70,508 49,396 134,527
----------- ---------------------- -----------------
End of year $ 51,252 $ 70,508 $ 49,396
=========== ====================== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
156
MFS VIT HIGH INCOME MFS VIT GLOBAL EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------- -------------------------------------------------
2010 2009 2008 2010 2009 2008
------------ ---------------------- ---------- ------------ ------------------------ -----------
$ 8,200 $ 660 $ 1,594 $ 634 $ 1,004 $ 225
680 326 (3,105) 183 (11,994) 4,298
7,331 21,466 (1,097) 19,523 27,307 (30,617)
------------ ---------------------- ---------- ------------ ------------------------ -----------
16,211 22,452 (2,608) 20,340 16,317 (26,094)
------------ ---------------------- ---------- ------------ ------------------------ -----------
-- 3,777 696 28,453 20,456 16,644
(706) 90,405 (8,416) 103,015 (9,035) 8,770
(1,293) (684) (180) (2,360) (1,544) (2,425)
-- (1,164) (8,325) (1,538) (5,469) (3,305)
------------ ---------------------- ---------- ------------ ------------------------ -----------
(1,999) 92,334 (16,225) 127,570 4,408 19,684
------------ ---------------------- ---------- ------------ ------------------------ -----------
14,212 114,786 (18,833) 147,910 20,725 (6,410)
117,897 3,111 21,944 78,884 58,159 64,569
------------ ---------------------- ---------- ------------ ------------------------ -----------
$ 132,109 $ 117,897 $ 3,111 $ 226,794 $ 78,884 $ 58,159
============ ====================== ========== ============ ======================== ===========
The accompanying notes are an integral part of these financial statements.
157
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
MFS VIT NEW DISCOVERY
INVESTMENT DIVISION
------------------------------------------------
2010 2009 2008
------------ ------------------------ ----------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (340) $ (27) $ (11)
Net realized gains (losses) 544 1,560 539
Change in unrealized gains (losses) on investments 28,843 3,314 (1,817)
------------ ------------------------ ----------
Net increase (decrease) in net assets resulting
from operations 29,047 4,847 (1,289)
------------ ------------------------ ----------
POLICY TRANSACTIONS:
Premium payments received from policy owners 8,926 564 --
Net transfers (including fixed account) 94,362 (83) --
Policy charges (2,441) (178) (37)
Transfers for policy benefits and terminations -- (2,063) (1)
------------ ------------------------ ----------
Net increase (decrease) in net assets resulting
from policy transactions 100,847 (1,760) (38)
------------ ------------------------ ----------
Net increase (decrease) in net assets 129,894 3,087 (1,327)
NET ASSETS:
Beginning of year 5,029 1,942 3,269
------------ ------------------------ ----------
End of year $ 134,923 $ 5,029 $ 1,942
============ ======================== ==========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
158
MFS VIT VALUE WELLS FARGO VT TOTAL RETURN BOND
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------- ----------------------------------------------------
2010 2009 2008 2010 2009 2008
----------- ---------------------- ----------- -------------- ---------------------- --------------
$ 676 $ 546 $ 10,029 $ 23,065 $ 16,897 $ 6,923
(552) (1,224) 18,395 34,459 5,219 (532)
7,585 14,082 (26,364) (12,496) 23,526 (2,943)
----------- ---------------------- ----------- -------------- ---------------------- --------------
7,709 13,404 2,060 45,028 45,642 3,448
----------- ---------------------- ----------- -------------- ---------------------- --------------
-- -- (5,064) 158,432 124,039 41,989
-- -- 55,984 386,034 234,843 50,132
(2,613) (2,736) (3,817) (15,907) (14,024) (4,589)
(2) (1) (31,762) (26,909) (39,437) (20,785)
----------- ---------------------- ----------- -------------- ---------------------- --------------
(2,615) (2,737) 15,341 501,650 305,421 66,747
----------- ---------------------- ----------- -------------- ---------------------- --------------
5,094 10,667 17,401 546,678 351,063 70,195
74,001 63,334 45,933 534,737 183,674 113,479
----------- ---------------------- ----------- -------------- ---------------------- --------------
$ 79,095 $ 74,001 $ 63,334 $ 1,081,415 $ 534,737 $ 183,674
=========== ====================== =========== ============== ====================== ==============
The accompanying notes are an integral part of these financial statements.
159
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
PIONEER VCT EMERGING MARKETS
INVESTMENT DIVISION
---------------------------------------------------------
2010 2009 2008 (a)
------------ ------------------------------- ------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ (10,583) $ 3,201 $ (141)
Net realized gains (losses) 75,682 8,989 (554)
Change in unrealized gains (losses) on investments 68,690 311,181 (40,541)
------------ ------------------------------- ------------
Net increase (decrease) in net assets resulting
from operations 133,789 323,371 (41,236)
------------ ------------------------------- ------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 102,565 70,484 25
Net transfers (including fixed account) 72,459 258,993 213,338
Policy charges (14,156) (19,519) (1,388)
Transfers for policy benefits and terminations (82,614) (15,065) (16,880)
------------ ------------------------------- ------------
Net increase (decrease) in net assets resulting
from policy transactions 78,254 294,893 195,095
------------ ------------------------------- ------------
Net increase (decrease) in net assets 212,043 618,264 153,859
NET ASSETS:
Beginning of year 772,123 153,859 --
------------ ------------------------------- ------------
End of year $ 984,166 $ 772,123 $ 153,859
============ =============================== ============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
160
PIONEER VCT MID CAP VALUE ROYCE MICRO-CAP ROYCE SMALL-CAP
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------- ---------------------- ---------------------------
2010 2009 (b) 2010 (f) 2010 2009 (g)
----------- ---------------- ---------------------- ------------ --------------
$ 504 $ (34) $ 5,040 $ (860) $ (57)
313 32 197 2,111 16
14,039 2,439 61,964 63,066 2,984
----------- ---------------- ---------------------- ------------ --------------
14,856 2,437 67,201 64,317 2,943
----------- ---------------- ---------------------- ------------ --------------
7,217 -- 53,592 22,886 13,726
59,471 19,671 236,555 257,401 42,530
(3,451) (582) (4,223) (6,872) (728)
(18) (123) (4,416) (3,061) --
----------- ---------------- ---------------------- ------------ --------------
63,219 18,966 281,508 270,354 55,528
----------- ---------------- ---------------------- ------------ --------------
78,075 21,403 348,709 334,671 58,471
21,403 -- -- 58,471 --
----------- ---------------- ---------------------- ------------ --------------
$ 99,478 $ 21,403 $ 348,709 $ 393,142 $ 58,471
=========== ================ ====================== ============ ==============
The accompanying notes are an integral part of these financial statements.
161
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008
UIF EMERGING MARKETS DEBT
INVESTMENT DIVISION
----------------------------
2010 2009 (g)
---------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) $ 287 $ 68
Net realized gains (losses) 87 32
Change in unrealized gains (losses) on investments 318 95
---------- -----------------
Net increase (decrease) in net assets resulting from operations 692 195
---------- -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners 2,057 803
Net transfers (including fixed account) -- 6,688
Policy charges (1,064) (131)
Transfers for policy benefits and terminations (89) (1,808)
---------- -----------------
Net increase (decrease) in net assets resulting from policy transactions 904 5,552
---------- -----------------
Net increase (decrease) in net assets 1,596 5,747
NET ASSETS:
Beginning of year 5,747 --
---------- -----------------
End of year $ 7,343 $ 5,747
========== =================
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
The accompanying notes are an integral part of these financial statements.
162
UIF EMERGING MARKETS EQUITY PIMCO VIT LOW DURATION
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------ -------------------------
2010 2009 (g) 2010 2009 (d)
------------ ----------------- ------------ ------------
$ 238 $ (17) $ 9,408 $ 9,485
899 480 2,729 33,086
38,992 1,146 23,685 1,601
------------ ----------------- ------------ ------------
40,129 1,609 35,822 44,172
------------ ----------------- ------------ ------------
2,451 803 -- --
157,781 6,231 32 696,037
(6,947) (1,164) (8,069) (3,966)
(1,388) (1,836) -- (1,497)
------------ ----------------- ------------ ------------
151,897 4,034 (8,037) 690,574
------------ ----------------- ------------ ------------
192,026 5,643 27,785 734,746
5,643 -- 734,746 --
------------ ----------------- ------------ ------------
$ 197,669 $ 5,643 $ 762,531 $ 734,746
============ ================= ============ ============
The accompanying notes are an integral part of these financial statements.
163
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS
1. ORGANIZATION
Metropolitan Life Separate Account UL (the "Separate Account"), a separate
account of Metropolitan Life Insurance Company (the "Company"), was established
by the Company's Board of Directors on December 13, 1988 to support operations
of the Company with respect to certain variable life insurance policies (the
"Policies"). The Company is a direct wholly-owned subsidiary of MetLife, Inc.,
a Delaware corporation. The Separate Account is registered as a unit investment
trust under the Investment Company Act of 1940, as amended, and exists in
accordance with the regulations of the New York Department of Insurance.
The Separate Account is divided into Investment Divisions, each of which is
treated as an individual accounting entity for financial reporting purposes.
Each Investment Division invests in shares of the corresponding portfolio,
series, or fund (with the same name) of registered investment management
companies (the "Trusts"), which are presented below:
Metropolitan Series Fund, Inc. ("MSF")*
Janus Aspen Series ("Janus Aspen")
AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco
V.I.")+
Franklin Templeton Variable Insurance Products Trust("FTVIPT")
AllianceBernstein Variable Products Series Fund, Inc. ("AllianceBernstein")
Fidelity Variable Insurance Products ("Fidelity VIP")
American Funds Insurance Series ("American Funds")
Met Investors Series Trust ("MIST")*
American Century Variable Portfolios, Inc. ("American Century VP")
Delaware VIP Trust ("Delaware VIP")
Dreyfus Variable Investment Fund ("Dreyfus VIF")
Goldman Sachs Variable Insurance Trust ("Goldman Sachs")
MFS Variable Insurance Trust ("MFS VIT")
Wells Fargo Variable Trust ("Wells Fargo VT")
Oppenheimer Variable Account Funds ("Oppenheimer VA")
Pioneer Variable Contracts Trust ("Pioneer VCT")
Putnam Variable Trust ("Putnam VT")
Royce Capital Fund ("Royce")
The Universal Institutional Funds, Inc. ("UIF")
PIMCO Variable Insurance Trust ("PIMCO VIT")
Legg Mason Partners Variable Equity Trust ("LMPVET")
+Formerly named AIM Variable Insurance Funds ("AIM V.I.)
*See Note 5 for discussion of additional information on related party
transactions.
NAME CHANGES:
The following portfolios were affected by a trust name change during the year
ended December 31, 2010:
FORMER NAME NEW NAME
---------------------------------- ---------------------------------------
AIM V.I. Global Real Estate Fund Invesco V.I. Global Real Estate Fund
AIM V.I. International Growth Fund Invesco V.I. International Growth Fund
REORGANIZATION:
During the year ended December 31, 2010, all of the portfolios of the Van
Kampen Life Investment Trust ("Van Kampen LIT") were reorganized into
portfolios of Invesco V.I.. As a result of the reorganization, the following
name change occurred:
FORMER TRUST NEW TRUST
----------------------------------------------------- ----------------------------
Van Kampen LIT Government Portfolio Invesco V.I. Government Fund
164
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
1. ORGANIZATION -- (CONTINUED)
The assets of each of the Investment Divisions of the Separate Account are
registered in the name of the Company. Under applicable insurance law, the
assets and liabilities of the Separate Account are clearly identified and
distinguished from the Company's other assets and liabilities. The portion of
the Separate Account's assets applicable to the Policies is not chargeable with
liabilities arising out of any other business the Company may conduct.
2. LIST OF INVESTMENT DIVISIONS
A. Premium payments, less any applicable charges, applied to the Separate
Account are invested in one or more
Investment Divisions in accordance with the selection made by the policy owner.
The following Investment Divisions had net assets as of December 31, 2010:
MSF BlackRock Diversified Investment Division
MSF BlackRock Aggressive Growth Investment Division
MSF MetLife Stock Index Investment Division
MSF Artio International Stock Investment Division
MSF T. Rowe Price Small Cap Growth Investment Division
MSF Oppenheimer Global Equity Investment Division
MSF MFS Value Investment Division
MSF Neuberger Berman Mid Cap Value Investment Division
MSF T. Rowe Price Large Cap Growth Investment Division
MSF Barclays Capital Aggregate Bond Index Investment Division
MSF Morgan Stanley EAFE Index Investment Division
MSF Russell 2000 Index Investment Division
MSF Jennison Growth Investment Division
MSF Neuberger Berman Genesis Investment Division
MSF MetLife Mid Cap Stock Index Investment Division
MSF Loomis Sayles Small Cap Growth Investment Division
MSF BlackRock Large Cap Value Investment Division
MSF Davis Venture Value Investment Division
MSF Loomis Sayles Small Cap Core Investment Division
MSF BlackRock Legacy Large Cap Growth Investment Division
MSF BlackRock Bond Income Investment Division
MSF FI Value Leaders Investment Division
MSF Met/Artisan Mid Cap Value Investment Division*
MSF Western Asset Management Strategic Bond Opportunities Investment Division
MSF Western Asset Management U.S. Government Investment Division
MSF BlackRock Money Market Investment Division
MSF MFS Total Return Investment Division*
MSF MetLife Conservative Allocation Investment Division*
MSF MetLife Conservative to Moderate Allocation Investment Division*
MSF MetLife Moderate Allocation Investment Division*
MSF MetLife Moderate to Aggressive Allocation Investment Division*
MSF MetLife Aggressive Allocation Investment Division*
Janus Aspen Janus Investment Division
Janus Aspen Balanced Investment Division
Janus Aspen Forty Investment Division
Janus Aspen Overseas Investment Division
Invesco V.I. Global Real Estate Investment Division
Invesco V.I. International Growth Investment Division
Invesco V.I. Government Investment Division
Invesco V.I. Van Kampen Comstock Investment Division**
FTVIPT Templeton Foreign Securities Investment Division
FTVIPT Mutual Global Discovery Securities Investment Division
FTVIPT Templeton Global Bond Securities Investment Division
AllianceBernstein Global Thematic Growth Investment Division
AllianceBernstein Intermediate Bond Investment Division
AllianceBernstein International Value Investment Division**
Fidelity VIP Contrafund Investment Division
Fidelity VIP Asset Manager: Growth Investment Division
Fidelity VIP Investment Grade Bond Investment Division
Fidelity VIP Equity-Income Investment Division
Fidelity VIP High Income Investment Division
165
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
2. LIST OF INVESTMENT DIVISIONS -- (CONTINUED)
Fidelity VIP Mid Cap Investment Division
Fidelity VIP Freedom 2010 Investment Division
Fidelity VIP Freedom 2020 Investment Division
Fidelity VIP Freedom 2030 Investment Division
American Funds Growth Investment Division
American Funds Growth-Income Investment Division
American Funds Global Small Capitalization Investment Division
American Funds Bond Investment Division
American Funds International Investment Division
American Funds U.S. Government/AAA Rated Securities Investment Division
MIST T. Rowe Price Mid Cap Growth Investment Division*
MIST MFS Research International Investment Division*
MIST PIMCO Total Return Investment Division
MIST RCM Technology Investment Division
MIST Lord Abbett Bond Debenture Investment Division
MIST Lazard Mid Cap Investment Division*
MIST Invesco Small Cap Growth Investment Division*
MIST Harris Oakmark International Investment Division
MIST Legg Mason ClearBridge Aggressive Growth Investment Division*
MIST Lord Abbett Growth and Income Investment Division
MIST Clarion Global Real Estate Investment Division*
MIST Morgan Stanley Mid Cap Growth Investment Division
MIST Lord Abbett Mid Cap Value Investment Division
MIST Third Avenue Small Cap Value Investment Division
MIST Oppenheimer Capital Appreciation Investment Division
MIST Legg Mason Value Equity Investment Division
MIST SSgA Growth ETF Investment Division
MIST SSgA Growth and Income ETF Investment Division
MIST PIMCO Inflation Protected Bond Investment Division
MIST BlackRock Large Cap Core Investment Division
MIST Janus Forty Investment Division
MIST Dreman Small Cap Value Investment Division
MIST American Funds Balanced Allocation Investment Division
MIST American Funds Growth Allocation Investment Division
MIST American Funds Moderate Allocation Investment Division
MIST Met/Franklin Income Investment Division
MIST Met/Franklin Mutual Shares Investment Division
MIST Met/Franklin Templeton Founding Strategy Investment Division
MIST Met/Templeton Growth Investment Division
MIST Pioneer Fund Investment Division
American Century VP Vista Investment Division
Delaware VIP Small Cap Value Investment Division
Dreyfus VIF International Value Investment Division
Goldman Sachs Mid Cap Value Investment Division
Goldman Sachs Structured Small Cap Equity Investment Division
MFS VIT High Income Investment Division
MFS VIT Global Equity Investment Division
MFS VIT New Discovery Investment Division
MFS VIT Value Investment Division
Wells Fargo VT Total Return Bond Investment Division
Pioneer VCT Emerging Markets Investment Division
Pioneer VCT Mid Cap Value Investment Division
Royce Micro-Cap Investment Division**
Royce Small-Cap Investment Division
UIF Emerging Markets Debt Investment Division
UIF Emerging Markets Equity Investment Division
PIMCO VIT Low Duration Investment Division
* This Investment Division invests in two or more share classes within the
underlying portfolio, series, or fund of the Trusts that may assess 12b-1
fees.
** This Investment Division began operations during the year ended December 31,
2010.
166
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
2. LIST OF INVESTMENT DIVISIONS -- (CONCLUDED)
B. The following Investment Divisions had no net assets as of December 31,
2010:
Janus Aspen Enterprise Investment Division
Fidelity VIP Freedom 2015 Investment Division
Fidelity VIP Freedom 2025 Investment Division
Fidelity VIP Freedom 2040 Investment Division
Fidelity VIP Freedom 2050 Investment Division
American Funds High-Income Bond Investment
Division
Oppenheimer VA Main Street Small Cap Investment Division
Putnam VT International Value Investment Division
PIMCO VIT Long-Term U.S. Government Investment Division
LMPVET Investment Counsel Variable Social
Awareness Investment Division
3. PORTFOLIO CHANGES
The following Investment Divisions ceased operations during the year ended
December 31, 2010:
MSF FI Mid Cap Opportunities Investment Division
Janus Aspen Perkins Mid Cap Value Investment Division
Wells Fargo VT Money Market Investment Division
The operations of the Investment Divisions were affected by the following
changes that occurred during the year ended December 31, 2010:
NAME CHANGES:
FORMER NAME NEW NAME
-------------------------------------------- -----------------------------------------------
(MSF) BlackRock Strategic Value Portfolio (MSF) Neuberger Berman Genesis Portfolio
(MIST) Met/AIM Small Cap Growth Portfolio (MIST) Invesco Small Cap Growth Portfolio
(MIST) Legg Mason Partners Aggressive Growth (MIST) Legg Mason ClearBridge Aggressive Growth
Portfolio Portfolio
(MIST) Van Kampen Mid Cap Growth Portfolio (MIST) Morgan Stanley Mid Cap Growth Portfolio
Putnam VT International Growth and Income Fund Putnam VT International Value Fund
MERGERS:
FORMER PORTFOLIO NEW PORTFOLIO
-------------------------------------------- -----------------------------------------------
(MSF) FI Mid Cap Opportunities Portfolio (MIST) Morgan Stanley Mid Cap Growth Portfolio
SUBSTITUTIONS:
FORMER PORTFOLIO NEW PORTFOLIO
-------------------------------------------- -----------------------------------------------
Janus Aspen Perkins Mid Cap Value Portfolio (MSF) Met/Artisan Mid Cap Value Portfolio
LIQUIDATIONS:
(Wells Fargo VT) Money Market Fund
4. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America ("GAAP")
applicable for variable life separate accounts registered as unit investment
trusts.
SECURITY TRANSACTIONS
Security transactions are recorded on a trade date basis. Realized gains and
losses on the sales of investments are computed on the basis of the average
cost of the investment sold. Income from dividends and realized gain
distributions are recorded on the ex-distribution date.
167
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
4. SIGNIFICANT ACCOUNTING POLICIES -- (CONTINUED)
SECURITY VALUATION
The Investment Divisions' investment in shares of the portfolio, series or fund
of the Trusts is valued at fair value based on the closing net asset value
("NAV") or price per share as determined by the Trusts as of the end of the
year. All changes in fair value are recorded as changes in unrealized gains
(losses) on investments in the statements of operations of the applicable
Investment Divisions.
The Separate Account defines fair value as the price that would be received to
sell an asset or paid to transfer a liability (an exit price) in the principal
or most advantageous market for the asset or liability in an orderly
transaction between market participants on the measurement date. The Separate
Account prioritizes the inputs to fair valuation techniques and allows for the
use of unobservable inputs to the extent that observable inputs are not
available. The Separate Account has categorized its assets based on the
priority of the inputs to the respective valuation technique. The fair value
hierarchy gives the highest priority to quoted prices in active markets for
identical assets (Level 1) and the lowest priority to unobservable inputs
(Level 3). An asset's classification within the fair value hierarchy is based
on the lowest level of significant input to its valuation. The input levels are
as follows:
Level 1 Unadjusted quoted prices in active markets for identical assets.
Level 2 Quoted prices in markets that are not active or inputs that are
observable either directly or indirectly.
Level 3 Unobservable inputs that are supported by little or no market activity
and are significant to the fair value of the assets.
Each Investment Division invests in shares of open-end mutual funds which
calculate a daily NAV based on the value of the underlying securities in their
portfolios. As a result, and as required by law, shares of open-end mutual
funds are purchased and redeemed at their quoted daily NAV as reported by the
Trusts at the close of each business day. On that basis, the inputs used to
value all shares held by the Separate Account, which are measured at fair value
on a recurring basis, are classified as Level 2.
FEDERAL INCOME TAXES
The operations of the Separate Account form a part of the total operations of
the Company and are not taxed separately. The Company is taxed as a life
insurance company under the provisions of the Internal Revenue Code ("IRC").
Under the current provisions of the IRC, the Company does not expect to incur
federal income taxes on the earnings of the Separate Account to the extent the
earnings are credited under the Policies. Accordingly, no charge is being made
to the Separate Account for federal income taxes. The Company will periodically
review the status of this policy in the event of changes in the tax law. A
charge may be made in future years for any federal income taxes that would be
attributable to the Policies.
PREMIUM PAYMENTS
The Company deducts a sales charge and a state premium tax charge from premiums
before amounts are allocated to the Separate Account. The Company also deducts
a federal income tax charge before amounts are allocated to the Separate
Account. This federal income tax charge is imposed to recover a portion of the
federal income tax adjustment attributable to policy acquisition expenses. Net
premiums are reported as payments received from policy owners on the statements
of changes in net assets of the applicable Investment Divisions and are
credited as accumulation units.
NET TRANSFERS
Funds transferred by the policy owner into or out of the Investment Divisions
within the Separate Account or into or out of the fixed account (an investment
option in the Company's general account) are recorded on a net basis as net
transfers in the statements of changes in net assets of the applicable
Investment Divisions.
USE OF ESTIMATES
The preparation of financial statements in accordance with GAAP requires
management to make estimates and assumptions that affect amounts reported
herein. Actual results could differ from these estimates.
168
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
4. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED)
ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS
Effective January 1, 2010, the Separate Account adopted new guidance that
requires new disclosures about significant transfers in and/or out of Levels 1
and 2 of the fair value hierarchy and activity in Level 3. In addition, this
guidance provides clarification of existing disclosure requirements about the
level of disaggregation and inputs and valuation techniques. The adoption of
this guidance did not have an impact on the Separate Account's financial
statements.
Effective December 31, 2009, the Separate Account adopted new guidance on: (i)
measuring the fair value of investments in certain entities that calculate a
NAV per share; (ii) how investments within its scope would be classified in the
fair value hierarchy; and (iii) enhanced disclosure requirements about the
nature and risks of investments measured at fair value on a recurring or
non-recurring basis. As a result, the Separate Account classified all of its
investments, which utilize a NAV to measure fair value, as Level 2 in the fair
value hierarchy.
Effective April 1, 2009, the Separate Account adopted prospectively new
guidance, which establishes general standards for accounting and disclosures of
events that occur subsequent to the statements of assets and liabilities date
but before financial statements are issued, as revised in February 2010. The
Separate Account has provided the required disclosures, if any, in its
financial statements.
Effective January 1, 2008, the Separate Account adopted new fair value
measurements guidance which defines fair value, establishes a consistent
framework for measuring fair value, establishes a fair value hierarchy based on
the observability of inputs used to measure fair value, and requires enhanced
disclosures about fair value measurements and applied this guidance
prospectively to assets measured at fair value. The adoption of this guidance
did not have an impact on the fair value of items measured at fair value or
each of the Investment Divisions.
5. EXPENSES AND RELATED PARTY TRANSACTIONS
The following annual Separate Account charge paid to the Company, is an
asset-based charge and assessed through a daily reduction in unit values, which
is recorded as an expense in the accompanying statements of operations of the
applicable Investment Divisions:
MORTALITY AND EXPENSE RISK -- The mortality risk assumed by the Company is the
risk that those insured may die sooner than anticipated and therefore, the
Company will pay an aggregate amount of death benefits greater than
anticipated. The expense risk assumed is the risk that expenses incurred in
issuing and administering the Policies will exceed the amounts realized from
the administrative charges assessed against the Policies.
The table below represents the range of effective annual rates for the
respective charge for the year ended December 31, 2010:
Mortality and Expense Risk 0.00% - 0.90%
The above referenced charge may not necessarily correspond to the costs
associated with providing the services or benefits indicated by the designation
of the charge or associated with a particular policy.
For some Policies, a mortality and expense risk charge ranging from 0.30% to
0.90% is assessed through the redemption of units on a monthly basis and
recorded as mortality and expense risk charges in the statements of
operations of the applicable Investment Divisions. Charges outlined in the
section below are paid to the Company and are recorded as policy charges in
the accompanying statements of changes in net assets of the applicable
Investment Divisions. Policy charges that are assessed through the redemption
of units generally include: Cost of Insurance ("COI") charges, administrative
charges, a policy fee, and charges for benefits provided by rider, if any.
The COI charge is the primary charge under the policy for the death benefit
provided by the Company which may vary by policy based on underwriting
criteria. Administrative charges range from $0 to $35 and are assessed
monthly. For some Policies, a surrender
169
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
5. EXPENSES AND RELATED PARTY TRANSACTIONS -- (CONTINUED)
charge is imposed if the policy is partially or fully surrendered within the
specified surrender charge period that ranges from $3.75 to $38.25 for every
$1,000 of the policy face amount. Surrender charges for other Policies are
equal to the lesser of the maximum surrender charge premium or the premiums
actually paid in the first two policy years. For these policies, in the first
policy year, the maximum surrender charge premium is 75% of the smoker
federal guideline premium for the policy, assuming a level death benefit for
the policy and any riders; and in the second and later policy years, it is
100% of the smoker federal guideline premium for the policy, assuming a level
death benefit for the policy and any riders. The surrender charge cannot
exceed 100% of the cumulative premiums paid in the first two policy years. If
the policy is surrendered in the first two policy years, the Company will
deduct 100% of the surrender charge, determined as described above. After the
second policy year, the percentage the Company deducts declines until it
reaches 0% at the end of the 15th policy year. Most policies offer optional
benefits that can be added to the policy by rider. The change for riders that
provide life insurance benefits can range from $0.01 to $37.98 per $1,000 of
coverage and the charge for riders providing benefits in the event of
disability can range from $0.00 to $61.44 per $100 of the benefit provided.
Certain investments in the various portfolios of the MIST and MSF Trusts hold
shares that are managed by MetLife Advisers, LLC, which acts in the capacity
of investment advisor and is an indirect affiliate of the Company. On May 1,
2009, Met Investors Advisory, LLC, an indirect affiliate of the Company and
previous manager of the MIST Trust, merged into MetLife Advisers, LLC.
170
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
6. STATEMENTS OF INVESTMENTS
FOR THE YEAR ENDED
AS OF DECEMBER 31, 2010 DECEMBER 31, 2010
----------------------- ----------------------------
COST OF PROCEEDS
SHARES COST ($) PURCHASES ($) FROM SALES ($)
----------- ----------- ------------- --------------
MSF BlackRock Diversified Investment Division 263,102,792 268,324,200 8,518,236 21,488,733
MSF BlackRock Aggressive Growth Investment Division 200,141,319 170,847,464 2,338,781 16,490,360
MSF MetLife Stock Index Investment Division 671,764,339 679,315,457 47,048,203 49,869,268
MSF Artio International Stock Investment Division 45,766,808 52,665,450 2,105,704 3,842,700
MSF T. Rowe Price Small Cap Growth Investment Division 87,990,296 66,021,182 2,318,086 6,301,609
MSF Oppenheimer Global Equity Investment Division 43,706,628 35,376,212 3,249,970 3,980,518
MSF MFS Value Investment Division 54,046,050 55,792,485 3,693,963 3,946,394
MSF Neuberger Berman Mid Cap Value Investment Division 77,987,777 67,436,921 3,294,311 5,225,572
MSF T. Rowe Price Large Cap Growth Investment Division 45,774,309 36,407,154 1,214,090 4,584,444
MSF Barclays Capital Aggregate Bond Index Investment
Division 114,484,199 110,654,732 22,625,306 16,711,144
MSF Morgan Stanley EAFE Index Investment Division 65,360,237 60,626,260 10,748,813 7,741,327
MSF Russell 2000 Index Investment Division 56,596,282 49,485,716 4,271,448 6,680,460
MSF Jennison Growth Investment Division 15,400,256 13,605,225 1,735,188 1,361,813
MSF Neuberger Berman Genesis Investment Division 78,718,305 99,041,535 2,239,658 4,796,586
MSF MetLife Mid Cap Stock Index Investment Division 65,795,207 56,653,792 4,558,217 5,525,712
MSF Loomis Sayles Small Cap Growth Investment Division 7,430,424 6,878,793 588,154 546,779
MSF BlackRock Large Cap Value Investment Division 12,899,194 14,304,257 1,366,630 1,193,468
MSF Davis Venture Value Investment Division 57,904,627 50,308,964 3,532,125 4,155,257
MSF Loomis Sayles Small Cap Core Investment Division 18,282,803 16,393,945 779,792 1,332,319
MSF BlackRock Legacy Large Cap Growth
Investment Division 7,322,522 5,895,870 955,624 766,286
MSF BlackRock Bond Income Investment Division 84,862,620 83,847,599 6,783,042 7,737,220
MSF FI Value Leaders Investment Division 6,488,970 7,523,326 768,915 500,892
MSF Met/Artisan Mid Cap Value Investment Division 46,594,385 56,288,922 3,730,063 3,981,454
MSF Western Asset Management Strategic Bond Opportunities
Investment Division 23,786,570 22,267,556 3,765,318 1,826,322
MSF Western Asset Management U.S. Government
Investment Division 16,633,677 16,548,496 1,730,763 1,893,816
MSF BlackRock Money Market Investment Division 29,829,020 29,829,068 39,085,331 44,495,834
MSF MFS Total Return Investment Division 7,708,232 7,889,884 2,150,016 2,044,235
MSF MetLife Conservative Allocation Investment Division 4,036,489 3,791,063 2,451,236 768,583
MSF MetLife Conservative to Moderate Allocation
Investment Division 6,925,754 6,362,162 2,108,320 898,546
MSF MetLife Moderate Allocation Investment Division 37,214,363 34,152,850 7,290,820 2,263,141
MSF MetLife Moderate to Aggressive Allocation
Investment Division 65,064,142 61,678,297 9,000,879 3,399,802
MSF MetLife Aggressive Allocation Investment Division 13,599,650 13,167,631 2,449,050 1,207,936
Janus Aspen Janus Investment Division 7,832,027 6,292,276 709,475 408,399
Janus Aspen Balanced Investment Division 2,526,892 2,362,915 1,410,141 490,563
Janus Aspen Forty Investment Division 1,212,504 1,058,636 374,848 175,085
Janus Aspen Overseas Investment Division 375,925 293,550 246,705 20,135
Invesco V.I. Global Real Estate Investment Division 1,597,827 1,900,541 281,030 349,677
Invesco V.I. International Growth Investment Division 272,423 243,626 348,070 122,011
Invesco V.I. Government Investment Division 105,716 105,181 26,124 9,364
Invesco V.I. Van Kampen Comstock Investment Division (a) 32,084 32,039 62,391 30,405
FTVIPT Templeton Foreign Securities Investment Division 9,245,237 9,032,570 1,298,784 553,148
FTVIPT Mutual Global Discovery Securities
Investment Division 967,459 928,349 735,899 728,462
FTVIPT Templeton Global Bond Securities
Investment Division 3,730 3,662 454,211 458,606
AllianceBernstein Global Thematic Growth
Investment Division 119,520 104,051 64,878 84,747
AllianceBernstein Intermediate Bond Investment Division 43,368 43,089 44,107 29,920
AllianceBernstein International Value Investment Division 1,357 1,269 1,284 16
171
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
6. STATEMENTS OF INVESTMENTS -- (CONTINUED)
FOR THE YEAR ENDED
AS OF DECEMBER 31, 2010 DECEMBER 31, 2010
----------------------- ----------------------------
COST OF PROCEEDS
SHARES COST ($) PURCHASES ($) FROM SALES ($)
----------- ----------- ------------- --------------
Fidelity VIP Contrafund Investment Division 2,677,586 2,605,414 618,817 2,359,396
Fidelity VIP Asset Manager: Growth Investment Division 1,905,664 1,601,398 350,953 401,055
Fidelity VIP Investment Grade Bond Investment Division 535,348 551,922 1,216,749 919,692
Fidelity VIP Equity-Income Investment Division 202,703 193,458 83,560 152,960
Fidelity VIP High Income Investment Division 4,567 4,414 340 37,262
Fidelity VIP Mid Cap Investment Division 462,037 375,898 192,649 32,284
Fidelity VIP Freedom 2010 Investment Division 31,863 28,990 16,287 1,077
Fidelity VIP Freedom 2020 Investment Division 738,709 529,995 32,723 15,399
Fidelity VIP Freedom 2030 Investment Division 108,197 93,015 106,748 42,841
American Funds Growth Investment Division 127,437,891 119,191,240 6,233,209 7,482,387
American Funds Growth-Income Investment Division 73,861,244 74,149,207 4,134,198 3,422,111
American Funds Global Small Capitalization
Investment Division 67,405,396 64,151,822 4,775,557 4,848,239
American Funds Bond Investment Division 4,365,047 4,437,363 1,139,102 647,988
American Funds International Investment Division 809,630 757,190 390,086 91,760
American Funds U.S. Government/AAA Rated Securities
Investment Division 37,834 36,967 8,716 63,369
MIST T. Rowe Price Mid Cap Growth Investment Division 21,234,919 17,018,549 1,810,217 2,059,741
MIST MFS Research International Investment Division 13,920,147 15,302,568 1,608,825 2,067,653
MIST PIMCO Total Return Investment Division 46,602,304 43,438,571 7,076,844 3,959,479
MIST RCM Technology Investment Division 16,113,864 13,729,827 2,790,890 3,395,885
MIST Lord Abbett Bond Debenture Investment Division 27,673,394 24,784,731 3,982,725 3,898,865
MIST Lazard Mid Cap Investment Division 5,585,178 5,824,017 595,846 595,212
MIST Invesco Small Cap Growth Investment Division 4,469,864 3,908,949 797,813 592,803
MIST Harris Oakmark International Investment Division 31,544,693 32,145,832 3,407,788 2,246,052
MIST Legg Mason ClearBridge Aggressive Growth
Investment Division 7,832,598 7,150,010 471,892 698,228
MIST Lord Abbett Growth and Income Investment Division 6,220,900 6,986,138 501,908 286,976
MIST Clarion Global Real Estate Investment Division 21,155,496 25,452,280 3,370,800 1,679,748
MIST Morgan Stanley Mid Cap Growth Investment Division 203,751,581 171,918,595 181,166,153 9,832,558
MIST Lord Abbett Mid Cap Value Investment Division 111,198 82,410 7,623 22,956
MIST Third Avenue Small Cap Value Investment Division 1,575,617 1,361,005 877,330 444,016
MIST Oppenheimer Capital Appreciation Investment Division . 1,779,584 1,857,024 282,601 285,229
MIST Legg Mason Value Equity Investment Division 4,606,141 6,034,715 636,784 373,208
MIST SSgA Growth ETF Investment Division 2,679,337 2,306,484 875,750 269,381
MIST SSgA Growth and Income ETF Investment Division 3,818,872 3,386,885 2,220,868 321,444
MIST PIMCO Inflation Protected Bond Investment Division 8,812,603 8,434,527 2,469,861 1,583,040
MIST BlackRock Large Cap Core Investment Division 309,489,156 381,618,294 6,951,054 20,284,505
MIST Janus Forty Investment Division 14,254,609 13,582,405 2,738,764 1,663,638
MIST Dreman Small Cap Value Investment Division 27,494 21,252 10,026 3,466
MIST American Funds Balanced Allocation
Investment Division 427,409 388,329 209,126 22,345
MIST American Funds Growth Allocation Investment Division 706,302 605,891 546,597 60,823
MIST American Funds Moderate Allocation
Investment Division 250,096 222,223 144,861 8,208
MIST Met/Franklin Income Investment Division 151,295 133,975 90,123 4,997
MIST Met/Franklin Mutual Shares Investment Division 57,045 50,842 31,238 2,657
MIST Met/Franklin Templeton Founding Strategy
Investment Division 260,281 222,625 56,837 16,387
MIST Met/Templeton Growth Investment Division 48,494 41,795 26,766 1,499
MIST Pioneer Fund Investment Division 245,287 171,267 6,857 31,995
American Century VP Vista Investment Division 69,257 61,694 60,206 147,832
Delaware VIP Small Cap Value Investment Division 385,135 354,726 261,673 164,693
Dreyfus VIF International Value Investment Division 231,499 264,043 7,776 73,348
Goldman Sachs Mid Cap Value Investment Division 367,130 410,086 2,264 34,533
172
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
6. STATEMENTS OF INVESTMENTS -- (CONCLUDED)
FOR THE YEAR ENDED
AS OF DECEMBER 31, 2010 DECEMBER 31, 2010
----------------------- ----------------------------
COST OF PROCEEDS
SHARES COST ($) PURCHASES ($) FROM SALES ($)
--------- ------------- ------------- --------------
Goldman Sachs Structured Small Cap Equity
Investment Division 51,282 46,862 4,341 34,881
MFS VIT High Income Investment Division 132,571 105,302 10,141 3,882
MFS VIT Global Equity Investment Division 226,835 210,592 201,962 73,751
MFS VIT New Discovery Investment Division 134,934 104,942 105,171 4,660
MFS VIT Value Investment Division 79,100 85,643 969 2,907
Wells Fargo VT Total Return Bond Investment Division 1,081,377 1,071,578 920,218 371,858
Pioneer VCT Emerging Markets Investment Division 983,753 644,423 292,305 225,049
Pioneer VCT Mid Cap Value Investment Division 99,492 83,013 68,084 4,348
Royce Micro-Cap Investment Division (b) 348,711 286,746 291,230 4,681
Royce Small-Cap Investment Division 393,157 327,107 433,307 163,799
UIF Emerging Markets Debt Investment Division 7,345 6,932 3,126 1,934
UIF Emerging Markets Equity Investment Division 197,671 157,533 160,270 8,134
PIMCO VIT Low Duration Investment Division 762,323 737,037 14,655 10,848
(a) For the period May 3, 2010 to December 31, 2010.
(b) Commenced November 10, 2008 and began transactions in 2010.
173
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008:
MSF BLACKROCK DIVERSIFIED MSF BLACKROCK AGGRESSIVE GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- --------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ------------- ---------------------- -------------
Units beginning of year 11,480,151 12,136,197 12,715,624 9,655,662 10,226,808 10,673,487
Units issued and
transferred from
other funding options 7,504,390 5,841,981 3,715,948 5,730,219 4,486,979 2,758,625
Units redeemed and
transferred to other
funding options (8,158,313) (6,498,027) (4,295,375) (6,375,375) (5,058,125) (3,205,304)
------------- ---------------------- ------------- ------------- ---------------------- -------------
Units end of year 10,826,228 11,480,151 12,136,197 9,010,506 9,655,662 10,226,808
MSF T. ROWE PRICE SMALL CAP GROWTH MSF OPPENHEIMER GLOBAL EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------- -------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ------------- ---------------------- ------------
Units beginning of year 4,272,691 4,498,247 4,692,085 2,111,250 2,250,790 2,347,437
Units issued and
transferred from
other funding options 2,453,679 1,930,920 1,202,595 1,375,412 1,043,645 653,061
Units redeemed and
transferred to other
funding options (2,670,628) (2,156,476) (1,396,433) (1,441,970) (1,183,185) (749,708)
------------- ---------------------- ------------- ------------- ---------------------- ------------
Units end of year 4,055,742 4,272,691 4,498,247 2,044,692 2,111,250 2,250,790
============= ====================== ============= ============= ====================== ============
MSF T. ROWE PRICE LARGE CAP GROWTH MSF BARCLAYS CAPITAL AGGREGATE BOND INDEX
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- --------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ------------- ---------------------- -------------
Units beginning of year 3,409,767 3,522,287 3,529,093 5,979,612 5,705,639 6,582,200
Units issued and
transferred from
other funding options 2,659,923 2,114,300 1,354,500 5,950,976 4,481,852 3,155,394
Units redeemed and
transferred to other
funding options (2,921,312) (2,226,820) (1,361,306) (5,861,380) (4,207,879) (4,031,955)
------------- ---------------------- ------------- ------------- ---------------------- -------------
Units end of year 3,148,378 3,409,767 3,522,287 6,069,208 5,979,612 5,705,639
============= ====================== ============= ============= ====================== =============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
174
MSF METLIFE STOCK INDEX MSF ARTIO INTERNATIONAL STOCK
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------------- --------------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- -------------- ------------- ---------------------- -------------
36,924,505 36,120,853 34,637,993 3,130,833 3,272,041 3,371,026
25,845,802 21,105,595 13,540,436 2,254,216 1,779,165 1,065,634
(26,105,801) (20,301,943) (12,057,576) (2,399,709) (1,920,373) (1,164,619)
-------------- ---------------------- -------------- ------------- ---------------------- -------------
36,664,506 36,924,505 36,120,853 2,985,340 3,130,833 3,272,041
============== ====================== ============== ============= ====================== =============
MSF MFS VALUE MSF NEUBERGER BERMAN MID CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- --------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ------------- ---------------------- -------------
4,056,273 4,061,727 4,115,566 3,292,949 3,355,424 3,292,329
3,454,529 2,678,033 1,700,729 3,046,306 2,427,646 1,542,307
(3,535,458) (2,683,487) (1,754,568) (3,160,150) (2,490,121) (1,479,212)
------------- ---------------------- ------------- ------------- ---------------------- -------------
3,975,344 4,056,273 4,061,727 3,179,105 3,292,949 3,355,424
============= ====================== ============= ============= ====================== =============
MSF MORGAN STANLEY EAFE INDEX MSF RUSSELL 2000 INDEX
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- --------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ------------- ---------------------- -------------
4,618,467 4,548,869 4,186,312 2,972,133 2,979,566 2,975,863
5,171,804 3,949,991 2,508,640 2,633,026 2,105,103 1,318,726
(5,072,931) (3,880,393) (2,146,083) (2,796,559) (2,112,536) (1,315,023)
------------- ---------------------- ------------- ------------- ---------------------- -------------
4,717,340 4,618,467 4,548,869 2,808,600 2,972,133 2,979,566
============= ====================== ============= ============= ====================== =============
175
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008:
MSF JENNISON GROWTH MSF NEUBERGER BERMAN GENESIS
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------ --------------------------------------------------
2010 2009 2008 2010 2009 2008
------------ ---------------------- ------------ ------------- ---------------------- -------------
Units beginning of year 1,148,604 1,170,101 1,203,057 4,279,459 4,285,033 4,450,536
Units issued and
transferred from
other funding options 1,009,921 646,258 394,023 3,571,339 2,810,773 1,678,023
Units redeemed and
transferred to other
funding options (923,867) (667,755) (426,979) (3,738,934) (2,816,347) (1,843,526)
------------ ---------------------- ------------ ------------- ---------------------- -------------
Units end of year 1,234,658 1,148,604 1,170,101 4,111,864 4,279,459 4,285,033
============ ====================== ============ ============= ====================== =============
MSF BLACKROCK LARGE CAP VALUE MSF DAVIS VENTURE VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------ -------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ----------- ------------- ---------------------- ------------
Units beginning of year 1,018,697 924,995 770,111 1,661,533 1,580,625 1,479,707
Units issued and
transferred from
other funding options 1,430,731 1,160,670 738,266 1,634,097 1,319,611 814,725
Units redeemed and
transferred to other
funding options (1,423,068) (1,066,968) (583,382) (1,662,761) (1,238,703) (713,807)
------------- ---------------------- ----------- ------------- ---------------------- ------------
Units end of year 1,026,360 1,018,697 924,995 1,632,869 1,661,533 1,580,625
============= ====================== =========== ============= ====================== ============
MSF BLACKROCK BOND INCOME MSF FI VALUE LEADERS
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- ----------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ----------- ---------------------- -----------
Units beginning of year 3,849,026 4,137,787 4,467,585 478,934 451,406 440,904
Units issued and
transferred from
other funding options 2,545,294 1,958,068 1,342,396 576,474 447,507 277,204
Units redeemed and
transferred to other
funding options (2,698,422) (2,246,829) (1,672,194) (561,589) (419,979) (266,702)
------------- ---------------------- ------------- ----------- ---------------------- -----------
Units end of year 3,695,898 3,849,026 4,137,787 493,819 478,934 451,406
============= ====================== ============= =========== ====================== ===========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
176
MSF METLIFE MID CAP STOCK INDEX MSF LOOMIS SAYLES SMALL CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- ----------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ----------- ---------------------- -----------
3,313,158 3,450,115 3,466,871 592,149 579,322 569,953
3,107,108 2,443,661 1,669,439 595,787 456,755 284,532
(3,196,529) (2,580,618) (1,686,195) (590,320) (443,928) (275,163)
------------- ---------------------- ------------- ----------- ---------------------- -----------
3,223,737 3,313,158 3,450,115 597,616 592,149 579,322
============= ====================== ============= =========== ====================== ===========
MSF LOOMIS SAYLES SMALL CAP CORE MSF BLACKROCK LEGACY LARGE CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------- ----------------------------------------------
2010 2009 2008 2010 2009 2008
---------- ---------------------- ---------- ----------- ---------------------- -----------
116,312 116,157 98,083 480,438 413,693 265,094
70,304 70,176 60,203 793,080 696,623 481,035
(71,077) (70,021) (42,129) (778,520) (629,878) (332,436)
---------- ---------------------- ---------- ----------- ---------------------- -----------
115,539 116,312 116,157 494,998 480,438 413,693
========== ====================== ========== =========== ====================== ===========
MSF WESTERN ASSET MANAGEMENT
MSF MET/ARTISAN MID CAP VALUE STRATEGIC BOND OPPORTUNITIES
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------- ------------- ---------------------- ------------
2010 2009 2008 2010 2009 2008
----------- ---------------------- ---------- ------------- ---------------------- ------------
191,339 196,801 191,591 1,115,618 1,106,833 1,117,386
303,121 142,199 89,923 1,232,736 931,022 616,116
(271,624) (147,661) (84,713) (1,202,545) (922,237) (626,669)
----------- ---------------------- ---------- ------------- ---------------------- ------------
222,836 191,339 196,801 1,145,809 1,115,618 1,106,833
=========== ====================== ========== ============= ====================== ============
177
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008:
MSF WESTERN ASSET MANAGEMENT
U.S. GOVERNMENT MSF BLACKROCK MONEY MARKET
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------- --------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------ ------------- ---------------------- -------------
Units beginning of year 1,063,071 1,059,598 1,066,735 1,962,757 3,533,477 3,638,086
Units issued and
transferred from
other funding options 1,297,550 1,058,237 562,109 1,839,931 1,181,172 902,181
Units redeemed and
transferred to other
funding options (1,338,852) (1,054,764) (569,246) (2,138,792) (2,751,892) (1,006,790)
------------- ---------------------- ------------ ------------- ---------------------- -------------
Units end of year 1,021,769 1,063,071 1,059,598 1,663,896 1,962,757 3,533,477
============= ====================== ============ ============= ====================== =============
MSF METLIFE CONSERVATIVE TO MODERATE ALLOCATION MSF METLIFE MODERATE ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- --------------------------------------------------
2010 2009 2008 2010 2009 2008
----------- ---------------------- --------------- ------------- ---------------------- -------------
Units beginning of year 443,689 336,506 244,254 2,488,914 2,031,439 1,452,241
Units issued and
transferred from
other funding options 852,775 631,508 381,130 4,421,202 3,488,092 2,404,563
Units redeemed and
transferred to other
funding options (773,277) (524,325) (288,878) (4,084,553) (3,030,617) (1,825,365)
----------- ---------------------- --------------- ------------- ---------------------- -------------
Units end of year 523,187 443,689 336,506 2,825,563 2,488,914 2,031,439
=========== ====================== =============== ============= ====================== =============
JANUS ASPEN JANUS JANUS ASPEN BALANCED
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------- -------------------------------------------
2010 2009 2008 2010 2009 2008
---------- ---------------------- ---------- ---------- ---------------------- ---------
Units beginning of year 718,894 685,791 643,417 99,381 20,633 5,625
Units issued and
transferred from
other funding options 65,451 77,949 85,627 79,900 81,253 20,270
Units redeemed and
transferred to other
funding options (42,822) (44,846) (43,253) (23,447) (2,505) (5,262)
---------- ---------------------- ---------- ---------- ---------------------- ---------
Units end of year 741,523 718,894 685,791 155,834 99,381 20,633
========== ====================== ========== ========== ====================== =========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
178
MSF MFS TOTAL RETURN MSF METLIFE CONSERVATIVE ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------- ----------------------------------------------
2010 2009 2008 2010 2009 2008
----------- ---------------------- ----------- ----------- ---------------------- -----------
580,613 469,855 418,473 179,332 133,696 66,558
701,621 595,895 357,123 672,097 463,545 353,431
(714,128) (485,137) (305,741) (570,404) (417,909) (286,293)
----------- ---------------------- ----------- ----------- ---------------------- -----------
568,106 580,613 469,855 281,025 179,332 133,696
=========== ====================== =========== =========== ====================== ===========
MSF METLIFE MODERATE TO AGGRESSIVE ALLOCATION MSF METLIFE AGGRESSIVE ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- ------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ------------- ---------------------- -----------
4,732,679 3,956,910 2,499,351 993,895 851,068 608,756
8,011,177 6,445,005 4,336,625 1,827,076 1,466,442 960,727
(7,625,587) (5,669,236) (2,879,066) (1,739,137) (1,323,615) (718,415)
------------- ---------------------- ------------- ------------- ---------------------- -----------
5,118,269 4,732,679 3,956,910 1,081,834 993,895 851,068
============= ====================== ============= ============= ====================== ===========
JANUS ASPEN FORTY JANUS ASPEN OVERSEAS
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------- -------------------------------------------
2010 2009 2008 2010 2009 2008 (a)
---------- ---------------------- ---------- --------- ---------------------- ----------
61,130 45,182 27,126 3,135 1,777 --
22,591 39,687 46,241 9,125 5,289 1,802
(10,503) (23,739) (28,185) (779) (3,931) (25)
---------- ---------------------- ---------- --------- ---------------------- ----------
73,218 61,130 45,182 11,481 3,135 1,777
========== ====================== ========== ========= ====================== ==========
179
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008:
INVESCO V.I. GLOBAL REAL ESTATE INVESCO V.I. INTERNATIONAL GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------- ------------------------------------
2010 2009 2008 2010 2009 (b)
---------- ----------------------- ---------- --------- --------------------------
Units beginning of year 59,960 76,172 74,508 1,080 --
Units issued and
transferred from
other funding options 6,829 18,609 21,095 20,685 1,114
Units redeemed and
transferred to other
funding options (12,696) (34,821) (19,431) (7,564) (34)
---------- ----------------------- ---------- --------- --------------------------
Units end of year 54,093 59,960 76,172 14,201 1,080
========== ======================= ========== ========= ==========================
FTVIPT TEMPLETON
FTVIPT MUTUAL GLOBAL DISCOVERY SECURITIES GLOBAL BOND SECURITIES
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------- ---------------------------------
2010 2009 2008 2010 2009 (d)
---------- ---------------------- ---------- ---------- ----------------------
Units beginning of year 54,588 140,006 93,103 204 --
Units issued and
transferred from
other funding options 32,229 28,222 55,579 11,325 213
Units redeemed and
transferred to other
funding options (33,373) (113,640) (8,676) (11,350) (9)
---------- ---------------------- ---------- ---------- ----------------------
Units end of year 53,444 54,588 140,006 179 204
========== ====================== ========== ========== ============== =======
FIDELITY VIP CONTRAFUND FIDELITY VIP ASSET MANAGER: GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------- --------------------------------------------
2010 2009 2008 2010 2009 2008
----------- ---------------------- ---------- ---------- ---------------------- ----------
Units beginning of year 332,757 218,160 188,529 181,097 126,890 112,746
Units issued and
transferred from
other funding options 43,442 153,261 67,806 24,042 70,300 28,458
Units redeemed and
transferred to other
funding options (185,444) (38,664) (38,175) (32,679) (16,093) (14,314)
----------- ---------------------- ---------- ---------- ---------------------- ----------
Units end of year 190,755 332,757 218,160 172,460 181,097 126,890
=========== ====================== ========== ========== ====================== ==========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
180
INVESCO V.I.
INVESCO V.I. GOVERNMENT VAN KAMPEN COMSTOCK FTVIPT TEMPLETON FOREIGN SECURITIES
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------- ------------------------------- -----------------------------------
2010 2009 2008 2010 (C) 2010 2009 2008
------------- ---------------------- --------- ---------------------- -------- ------------------------ ----------
7,019 2,625 1,920 -- 520,792 527,866 504,436
2,058 5,113 2,736 2,966 75,062 104,859 90,235
(757) (719) (2,031) -- (37,545) (111,933) (66,805)
------------- ---------------------- --------- ---------------------- -------- ------------------------ ----------
8,320 7,019 2,625 2,966 558,309 520,792 527,866
==== ======== ====================== ========= ====================== ======== ======================== ==========
ALLIANCEBERNSTEIN ALLIANCEBERNSTEIN
ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH INTERMEDIATE BOND INTERNATIONAL VALUE
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------- ---------------------- ----------------------
2010 2009 2008 2010 2009 (e) 2010 (f)
---------- ---------------------- --------- --------- ------------ ----------------------
25,043 14,644 8,261 2,242 -- --
5,471 14,289 6,627 3,226 3,299 73
(11,028) (3,890) (244) (2,322) (1,057) --
---------- ---------------------- --------- --------- ------------ ----------------------
19,486 25,043 14,644 3,146 2,242 73
========== ====================== ========= ========= ============ ======================
FIDELITY VIP INVESTMENT GRADE BOND FIDELITY VIP EQUITY-INCOME
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------- --------------------------------------------
2010 2009 2008 2010 2009 2008
---------- ---------------------- ---------- ---------- ---------------------- ----------
18,087 3,908 73,675 23,778 72,691 87,700
87,556 31,638 1,647 4,102 10,561 72,887
(67,207) (17,459) (71,414) (10,840) (59,474) (87,896)
---------- ---------------------- ---------- ---------- ---------------------- ----------
38,436 18,087 3,908 17,040 23,778 72,691
========== ====================== ========== ========== ====================== ==========
181
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008:
FIDELITY VIP HIGH INCOME FIDELITY VIP MID CAP
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------- -------------------------------------------
2010 2009 (b) 2010 2009 2008 (a)
--------- ----------------- --------- ---------------------- ----------
Units beginning of year 3,001 -- 10,051 2,071 --
Units issued and
transferred from
other funding options -- 3,022 7,750 9,260 2,085
Units redeemed and
transferred to other
funding options (2,707) (21) (1,068) (1,280) (14)
--------- ----------------- --------- ---------------------- ----------
Units end of year 294 3,001 16,733 10,051 2,071
========= ================= ========= ====================== ==========
FIDELITY VIP FREEDOM 2030 AMERICAN FUNDS GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------- -------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008
--------- ---------------------- ---------- ------------- ---------------------- ------------
Units beginning of year 3,665 3,324 -- 1,419,237 1,382,286 1,218,654
Units issued and
transferred from
other funding options 9,042 372 3,402 1,491,854 1,183,014 771,486
Units redeemed and
transferred to other
funding options (3,696) (31) (78) (1,499,983) (1,146,063) (607,854)
--------- ---------------------- ---------- ------------- ---------------------- ------------
Units end of year 9,011 3,665 3,324 1,411,108 1,419,237 1,382,286
========= ====================== ========== ============= ====================== ============
AMERICAN FUNDS BOND AMERICAN FUNDS INTERNATIONAL
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------- -------------------------------------------
2010 2009 2008 2010 2009 2008 (a)
----------- ---------------------- ----------- --------- ---------------------- ----------
Units beginning of year 335,183 317,147 291,647 17,214 2,335 --
Units issued and
transferred from
other funding options 767,492 631,349 466,213 13,635 16,414 2,351
Units redeemed and
transferred to other
funding options (741,602) (613,313) (440,713) (2,919) (1,535) (16)
----------- ---------------------- ----------- --------- ---------------------- ----------
Units end of year 361,073 335,183 317,147 27,930 17,214 2,335
=========== ====================== =========== ========= ====================== ==========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
182
FIDELITY VIP FREEDOM 2010 FIDELITY VIP FREEDOM 2020
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------- -------------------------------------------
2010 2009 2008 (a) 2010 2009 2008 (a)
------------- ---------------------- ---------- --------- ---------------------- ----------
1,541 3,089 -- 56,341 4,617 --
1,471 21 3,101 829 52,551 4,660
(10) (1,569) (12) (873) (827) (43)
------------- ---------------------- ---------- --------- ---------------------- ----------
3,002 1,541 3,089 56,297 56,341 4,617
==== ======== ====================== ========== ========= ====================== ==========
AMERICAN FUNDS GROWTH-INCOME AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------- --------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------ ------------- ---------------------- -------------
1,491,242 1,461,879 1,381,044 2,152,577 2,098,117 1,945,062
1,511,750 1,196,222 759,706 2,898,451 2,393,707 1,620,594
(1,519,897) (1,166,859) (678,871) (2,936,108) (2,339,247) (1,467,539)
------------- ---------------------- ------------ ------------- ---------------------- -------------
1,483,095 1,491,242 1,461,879 2,114,920 2,152,577 2,098,117
============= ====================== ============ ============= ====================== =============
AMERICAN FUNDS
U.S. GOVERNMENT/AAA RATED SECURITIES MIST T. ROWE PRICE MID CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------- --------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008
--------- ---------------------- ---------- ------------- ---------------------- -------------
4,564 1,808 -- 1,754,850 1,702,757 1,587,296
398 4,273 1,820 2,400,707 1,928,793 1,301,840
(3,152) (1,517) (12) (2,429,809) (1,876,700) (1,186,379)
--------- ---------------------- ---------- ------------- ---------------------- -------------
1,810 4,564 1,808 1,725,748 1,754,850 1,702,757
========= ====================== ========== ============= ====================== =============
183
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008:
MIST MFS RESEARCH INTERNATIONAL MIST PIMCO TOTAL RETURN
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------------------- ------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ----------- ------------- ---------------------- -------------
Units beginning of year 885,756 870,603 695,827 2,378,221 2,287,745 2,175,489
Units issued and
transferred from
other funding options 1,201,606 996,145 702,443 2,765,705 2,051,940 1,322,359
Units redeemed and
transferred to other
funding options (1,249,252) (980,992) (527,667) (2,693,499) (1,961,464) (1,210,103)
------------- ---------------------- ----------- ------------- ---------------------- -------------
Units end of year 838,110 885,756 870,603 2,450,427 2,378,221 2,287,745
============= ====================== =========== ============= ====================== =============
MIST LAZARD MID CAP MIST INVESCO SMALL CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------- ----------------------------------------------
2010 2009 2008 2010 2009 2008
----------- ---------------------- ----------- ----------- ---------------------- -----------
Units beginning of year 362,314 371,732 340,316 268,049 230,618 208,985
Units issued and
transferred from
other funding options 450,103 378,306 294,536 345,354 285,386 181,529
Units redeemed and
transferred to other
funding options (451,970) (387,724) (263,120) (333,149) (247,955) (159,896)
----------- ---------------------- ----------- ----------- ---------------------- -----------
Units end of year 360,447 362,314 371,732 280,254 268,049 230,618
=========== ====================== =========== =========== ====================== ===========
MIST LORD ABBETT GROWTH AND INCOME MIST CLARION GLOBAL REAL ESTATE
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------- -------------------------------------------------
2010 2009 2008 2010 2009 2008
---------- ---------------------- ---------- ------------- ---------------------- ------------
Units beginning of year 585,353 569,914 539,972 1,332,507 1,247,223 1,071,638
Units issued and
transferred from
other funding options 46,143 58,321 51,580 1,901,957 1,551,482 1,053,139
Units redeemed and
transferred to other
funding options (30,055) (42,882) (21,638) (1,891,476) (1,466,198) (877,554)
---------- ---------------------- ---------- ------------- ---------------------- ------------
Units end of year 601,441 585,353 569,914 1,342,988 1,332,507 1,247,223
========== ====================== ========== ============= ====================== ============
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
184
MIST RCM TECHNOLOGY MIST LORD ABBETT BOND DEBENTURE
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- ------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ------------ ---------------------- ------------
2,111,049 1,806,845 1,867,295 1,300,112 1,205,110 1,249,287
3,754,204 2,949,637 1,857,487 833,058 736,059 372,521
(3,857,418) (2,645,433) (1,917,937) (910,963) (641,057) (416,698)
------------- ---------------------- ------------- ------------ ---------------------- ------------
2,007,835 2,111,049 1,806,845 1,222,207 1,300,112 1,205,110
============= ====================== ============= ============ ====================== ============
MIST HARRIS OAKMARK INTERNATIONAL MIST LEGG MASON CLEARBRIDGE AGGRESSIVE GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- ------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ----------- ---------------------- -------------
1,439,875 1,337,674 1,335,770 918,435 929,444 893,124
1,994,881 1,598,848 1,015,983 862,843 681,902 427,707
(1,961,447) (1,496,647) (1,014,079) (893,021) (692,911) (391,387)
------------- ---------------------- ------------- ----------- ---------------------- -------------
1,473,309 1,439,875 1,337,674 888,257 918,435 929,444
============= ====================== ============= =========== ====================== =============
MIST MORGAN STANLEY MID CAP GROWTH MIST LORD ABBETT MID CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------- ------------------------------------------
2010 2009 2008 2010 2009 2008
-------------- ---------------------- ------------- --------- ---------------------- ---------
23,317 1,987 2,000 9,319 10,463 4,638
24,103,485 23,232 9 620 12,325 8,670
(11,005,152) (1,902) (22) (1,965) (13,469) (2,845)
-------------- ---------------------- ------------- --------- ---------------------- ---------
13,121,650 23,317 1,987 7,974 9,319 10,463
============== ====================== ============= ========= ====================== =========
185
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008:
MIST THIRD AVENUE SMALL CAP VALUE MIST OPPENHEIMER CAPITAL APPRECIATION
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------- ---------------------------------------------
2010 2009 2008 2010 2009 2008
---------- ---------------------- --------- ----------- ---------------------- ----------
Units beginning of year 66,457 22,742 24,943 155,544 114,986 70,634
Units issued and
transferred from
other funding options 54,144 49,002 5,677 284,133 234,271 142,400
Units redeemed and
transferred to other
funding options (23,671) (5,287) (7,878) (284,323) (193,713) (98,048)
---------- ---------------------- --------- ----------- ---------------------- ----------
Units end of year 96,930 66,457 22,742 155,354 155,544 114,986
========== ====================== ========= =========== ====================== ==========
MIST SSGA GROWTH AND INCOME ETF MIST PIMCO INFLATION PROTECTED BOND
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------- ------------------------------------------------
2010 2009 2008 2010 2009 2008
----------- ---------------------- ---------- ------------- ---------------------- -----------
Units beginning of year 149,333 39,742 30,551 618,801 523,888 80,592
Units issued and
transferred from
other funding options 435,343 206,989 57,632 1,507,168 1,226,809 872,786
Units redeemed and
transferred to other
funding options (264,392) (97,398) (48,441) (1,472,356) (1,131,896) (429,490)
----------- ---------------------- ---------- ------------- ---------------------- -----------
Units end of year 320,284 149,333 39,742 653,613 618,801 523,888
=========== ====================== ========== ============= ====================== ===========
MIST DREMAN SMALL CAP VALUE MIST AMERICAN FUNDS BALANCED ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
----------------------------------------------- ----------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008 (a)
------------- ---------------------- ---------- ------- ---------- ---------------------- ----------
Units beginning of year 1,271 11 -- 23,102 1,427 --
Units issued and
transferred from
other funding options 1,222 22,145 15 70,685 44,911 1,565
Units redeemed and
transferred to other
funding options (788) (20,885) (4) (52,491) (23,236) (138)
------------- ---------------------- ---------- ------- ---------- ---------------------- ----------
Units end of year 1,705 1,271 11 41,296 23,102 1,427
============= ====================== ========== ======= ========== ====================== ==========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
186
MIST LEGG MASON VALUE EQUITY MIST SSGA GROWTH ETF
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------- ---------------------------------------------
2010 2009 2008 2010 2009 2008
----------- ---------------------- ----------- ----------- ---------------------- ----------
615,613 576,603 511,093 181,473 59,898 56,164
729,851 565,868 304,320 355,523 247,780 75,852
(704,992) (526,858) (238,810) (299,245) (126,205) (72,118)
----------- ---------------------- ----------- ----------- ---------------------- ----------
640,472 615,613 576,603 237,751 181,473 59,898
=========== ====================== =========== =========== ====================== ==========
MIST BLACKROCK LARGE CAP CORE MIST JANUS FORTY
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------------- -------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------- ------------- ---------------------- ------------
14,107,746 14,670,780 15,352,126 1,122,196 943,170 281,380
9,046,176 6,882,314 4,069,201 2,258,407 1,816,405 1,255,331
(9,685,539) (7,445,348) (4,750,547) (2,194,977) (1,637,379) (593,541)
------------- ---------------------- ------------- ------------- ---------------------- ------------
13,468,383 14,107,746 14,670,780 1,185,626 1,122,196 943,170
============= ====================== ============= ============= ====================== ============
MIST AMERICAN FUNDS GROWTH ALLOCATION MIST AMERICAN FUNDS MODERATE ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------------------------------- --------------------------------------------
2010 2009 2008 (a) 2010 2009 2008 (a)
---------- ---------------------- ---------- ---------- ---------------------- ----------
15,564 2,439 -- 9,961 593 --
90,305 17,809 2,697 29,424 11,392 809
(34,295) (4,684) (258) (15,801) (2,024) (216)
---------- ---------------------- ---------- ---------- ---------------------- ----------
71,574 15,564 2,439 23,584 9,961 593
========== ====================== ========== ========== ====================== ==========
187
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008:
MIST MET/FRANKLIN INCOME MIST MET/FRANKLIN MUTUAL SHARES
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------- -------------------------------------------
2010 2009 2008 (a) 2010 2009 2008 (a)
--------- ---------------------- ---------- --------- ---------------------- ----------
Units beginning of year 5,364 2,408 -- 2,904 1,208 --
Units issued and
transferred from
other funding options 13,379 4,293 2,572 6,436 2,223 1,620
Units redeemed and
transferred to other
funding options (5,703) (1,337) (164) (3,206) (527) (412)
--------- ---------------------- ---------- --------- ---------------------- ----------
Units end of year 13,040 5,364 2,408 6,134 2,904 1,208
========= ====================== ========== ========= ====================== ==========
MIST PIONEER FUND AMERICAN CENTURY VP VISTA
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------- ------------------------------------
2010 2009 (d) 2010 2009 2008
--------- ------------ ---------- ---------------------- -------------
Units beginning of year 20,277 -- 13,115 8,686 1,642
Units issued and
transferred from
other funding options 399 22,226 2,722 17,746 7,373
Units redeemed and
transferred to other
funding options (2,738) (1,949) (10,477) (13,317) (329)
--------- ------------ ---------- ---------------------- -------------
Units end of year 17,938 20,277 5,360 13,115 8,686
========= ============ ========== ====================== ==== ========
GOLDMAN SACHS MID CAP VALUE GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------- --------------------------------------------
2010 2009 2008 2010 2009 2008
--------- ---------------------- ---------- --------- ---------------------- -----------
Units beginning of year 27,552 102,102 84,789 7,623 6,818 12,264
Units issued and
transferred from
other funding options 1 -- 29,281 436 2,806 2,521
Units redeemed and
transferred to other
funding options (2,910) (74,550) (11,968) (3,801) (2,001) (7,967)
--------- ---------------------- ---------- --------- ---------------------- -----------
Units end of year 24,643 27,552 102,102 4,258 7,623 6,818
========= ====================== ========== ========= ====================== ===========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
188
MIST MET/FRANKLIN TEMPLETON FOUNDING STRATEGY MIST MET/TEMPLETON GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------ ---------------------------------------------------
2010 2009 2008 (a) 2010 2009 2008 (a)
---------- ---------------------- -------------- --------- ---------------------- ---------- -------
21,298 1,503 -- 2,173 480 --
55,695 44,058 1,613 5,903 2,325 543
(51,240) (24,263) (110) (2,988) (632) (63)
---------- ---------------------- -------------- --------- ---------------------- ---------- -------
25,753 21,298 1,503 5,088 2,173 480
========== ====================== ============== ========= ====================== ========== =======
DELAWARE VIP SMALL CAP VALUE DREYFUS VIF INTERNATIONAL VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------- ---------------------------------------------
2010 2009 2008 2010 2009 2008
--------- ---------------------- ---------- --------- ------------------------ ----------
16,198 59,279 67,044 21,676 33,156 42,550
7,585 7,473 14,415 505 2,909 1,327
(3,044) (50,554) (22,180) (5,679) (14,389) (10,721)
--------- ---------------------- ---------- --------- ------------------------ ----------
20,739 16,198 59,279 16,502 21,676 33,156
========= ====================== ========== ========= ======================== ==========
MFS VIT HIGH INCOME MFS VIT GLOBAL EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------------- ----------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- --------- --------- ---------------------- -------------
9,209 354 1,776 5,543 5,386 3,948
106 9,330 77 11,271 2,627 1,868
(295) (475) (1,499) (2,592) (2,470) (430)
------------- ---------------------- --------- --------- ---------------------- -------------
9,020 9,209 354 14,222 5,543 5,386
============= ====================== ========= ========= ====================== =============
189
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009, AND 2008:
MFS VIT NEW DISCOVERY MFS VIT VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------- --------------------------------------------------
2010 2009 2008 2010 2009 2008
------------- ---------------------- ------------ ------------- ---------------------- -------------
Units beginning of year 396 249 253 5,803 6,081 2,966
Units issued and
transferred from
other funding options 7,766 864 -- -- -- 3,928
Units redeemed and
transferred to other
funding options (348) (717) (4) (226) (278) (813)
------------- ---------------------- ------------ ------------- ---------------------- -------------
Units end of year 7,814 396 249 5,577 5,803 6,081
============= ====================== ============ ============= ====================== =============
PIONEER VCT MID CAP VALUE ROYCE MICRO-CAP ROYCE SMALL-CAP
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------- ---------------------- ----------------------
2010 2009 (b) 2010 (f) 2010 2009 (g)
-------- ------------------- ---------------------- ---------- -----------
Units beginning of year 586 -- -- 4,703 --
Units issued and
transferred from
other funding options 1,815 604 19,549 35,416 4,771
Units redeemed and
transferred to other
funding options (99) (18) (323) (13,884) (68)
-------- ------------------- ---------------------- ---------- -----------
Units end of year 2,302 586 19,226 26,235 4,703
======== =================== ====================== ========== ===========
(a) For the period April 28, 2008 to December 31, 2008.
(b) Commenced on April 28, 2008 and began transactions in 2009.
(c) For the period May 3, 2010 to December 31, 2010.
(d) For the period May 4, 2009 to December 31, 2009.
(e) Commenced on May 1, 2005 and began transactions in 2009.
(f) Commenced on November 10, 2008 and began transactions in 2010.
(g) Commenced on November 10, 2008 and began transactions in 2009.
190
WELLS FARGO VT TOTAL RETURN BOND PIONEER VCT EMERGING MARKETS
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------- -------------------------------------------
2010 2009 2008 2010 2009 2008 (a)
---------- ---------------------- --------- --------- ---------------------- ----------
39,845 15,329 9,697 37,577 13,031 --
56,222 36,270 9,589 11,637 26,780 13,166
(20,786) (11,754) (3,957) (7,783) (2,234) (136)
---------- ---------------------- --------- --------- ---------------------- ----------
75,281 39,845 15,329 41,431 37,577 13,031
========== ====================== ========= ========= ====================== ==========
UIF EMERGING MARKETS DEBT UIF EMERGING MARKETS EQUITY PIMCO VIT LOW DURATION
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------- ------------------------------ -------------------------
2010 2009 (g) 2010 2009 (g) 2010 2009 (d)
------- -------------------- --------- -------------------- --------- ---------------
223 -- 442 -- 66,450 --
79 302 13,146 714 -- 66,978
(43) (79) (570) (272) (953) (528)
------- -------------------- --------- -------------------- --------- ---------------
259 223 13,018 442 65,497 66,450
======= ==================== ========= ==================== ========= ===============
191
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
8. FINANCIAL HIGHLIGHTS
The Company sells a number of variable life products, which have unique
combinations of features and fees that are charged against the policy owner's
cash value. Differences in the fee structures result in a variety of unit
values, expense ratios, and total returns.
The following table is a summary of unit values and units outstanding for the
Policies, net investment income ratios, and expense ratios, excluding expenses
for the underlying portfolio, series, or fund for the respective stated periods
in the five years ended December 31, 2010:
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
------------------------------------ --------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
---------- ------------- ----------- ------------- ---------------- -------------------
MSF BlackRock Diversified 2010 10,826,228 14.93 - 60.41 263,102,316 1.90 0.00 - 0.90 8.67 - 9.65
Investment Division 2009 11,480,151 13.61 - 55.09 257,391,816 5.15 0.45 - 0.90 16.25 - 17.30
2008 12,136,197 11.61 - 46.97 235,715,981 2.81 0.45 - 0.90 (25.47) - (20.65)
2007 12,715,624 15.43 - 38.69 334,245,436 2.54 0.45 - 0.90 4.96 - 8.02
2006 13,096,726 14.57 - 36.86 331,432,719 2.44 0.40 - 0.90 7.38 - 10.53
MSF BlackRock Aggressive Growth 2010 9,010,506 17.39 - 65.35 200,141,525 0.07 0.00 - 0.90 14.27 - 15.30
Investment Division 2009 9,655,662 15.15 - 56.68 187,532,635 0.20 0.45 - 0.90 48.10 - 49.44
2008 10,226,808 10.19 - 37.93 134,277,037 -- 0.45 - 0.90 (46.22) - (44.59)
2007 10,673,487 18.84 - 26.64 260,061,815 -- 0.45 - 0.90 19.53 - 20.60
2006 11,198,297 15.63 - 22.09 228,717,595 -- 0.40 - 0.90 5.76 - 6.75
MSF MetLife Stock Index 2010 36,664,506 12.28 - 55.00 671,751,965 1.75 0.00 - 0.90 13.79 - 14.82
Investment Division 2009 36,924,505 10.69 - 47.90 597,707,546 2.70 0.45 - 0.90 25.11 - 26.26
2008 36,120,853 8.47 - 37.94 472,610,929 1.94 0.45 - 0.90 (37.67) - (34.22)
2007 34,637,993 13.47 - 39.67 748,068,488 1.03 0.45 - 0.90 4.28 - 10.73
2006 33,607,228 12.80 - 38.04 707,564,793 1.97 0.40 - 0.90 8.73 - 15.48
MSF Artio International Stock 2010 2,985,340 12.56 - 18.74 45,766,876 1.57 0.00 - 0.90 6.25 - 7.21
Investment Division 2009 3,130,833 11.77 - 17.48 45,163,862 0.71 0.45 - 0.90 21.07 - 22.17
2008 3,272,041 9.71 - 14.31 38,994,328 3.13 0.45 - 0.90 (44.63) - (40.37)
2007 3,371,026 17.46 - 23.95 72,704,709 1.05 0.45 - 0.90 9.36 - 11.35
2006 3,412,213 15.68 - 21.90 67,509,144 1.40 0.40 - 0.90 14.38 - 16.49
MSF T. Rowe Price Small Cap Growth 2010 4,055,742 19.98 - 22.99 88,004,866 -- 0.00 - 0.90 33.69 - 34.90
Investment Division 2009 4,272,691 14.95 - 17.11 68,810,021 0.35 0.45 - 0.90 37.72 - 38.97
2008 4,498,247 10.85 - 12.37 52,291,217 -- 0.45 - 0.90 (36.76) - (33.41)
2007 4,692,085 17.16 - 19.47 85,746,187 -- 0.45 - 0.90 8.88 - 9.89
2006 4,913,291 15.76 - 17.80 81,812,746 -- 0.45 - 0.90 2.96 - 3.93
MSF Oppenheimer Global Equity 2010 2,044,692 20.77 - 23.52 43,706,570 1.54 0.00 - 0.90 15.19 - 16.23
Investment Division 2009 2,111,250 18.03 - 20.23 38,882,417 2.57 0.45 - 0.90 39.06 - 40.31
2008 2,250,790 12.94 - 14.42 29,644,684 2.15 0.45 - 0.90 (40.90) - (37.34)
2007 2,347,437 21.71 - 24.18 52,072,709 1.10 0.45 - 0.90 5.53 - 10.86
2006 2,344,938 20.38 - 22.70 48,944,535 2.49 0.45 - 0.90 11.00 - 16.59
MSF MFS Value Investment Division 2010 3,975,344 12.48 - 18.04 54,052,850 1.43 0.00 - 0.90 10.43 - 11.42
2009 4,056,273 11.25 - 16.19 49,365,491 -- 0.45 - 0.90 19.74 - 20.82
2008 4,061,727 9.35 - 13.40 41,012,912 1.91 0.45 - 0.90 (34.05) - (17.37)
2007 4,115,566 14.14 - 17.54 61,926,665 0.78 0.45 - 0.90 (4.67) - (3.48)
2006 4,099,325 14.65 - 18.40 64,292,839 0.77 0.40 - 0.90 16.70 - 18.14
MSF Neuberger Berman Mid Cap 2010 3,179,105 20.40 - 30.55 77,987,809 0.83 0.00 - 0.90 25.18 - 26.31
Value Investment Division 2009 3,292,949 16.29 - 24.19 63,957,799 1.58 0.90 46.77 - 48.10
2008 3,355,424 11.10 - 16.33 44,065,744 0.85 0.90 (47.81) - (46.55)
2007 3,292,329 21.27 - 30.68 82,005,373 0.55 0.90 2.51 - 3.45
2006 3,225,765 20.75 - 29.66 77,735,349 0.48 0.40 - 0.90 10.46 - 11.46
192
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
8. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
----------------------------------- --------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
--------- ------------- ----------- ------------- ---------------- -------------------
MSF T. Rowe Price Large Cap Growth 2010 3,148,378 10.95 - 17.18 45,775,087 0.27 0.00 - 0.90 16.00 - 17.05
Investment Division 2009 3,409,767 9.44 - 14.68 42,520,597 0.63 0.90 42.15 - 43.44
2008 3,522,287 6.64 - 10.23 30,702,575 0.59 0.90 (41.89) - (38.27)
2007 3,529,093 11.53 - 17.60 52,811,241 0.45 0.90 8.47 - 9.40
2006 3,620,946 10.63 - 16.09 49,315,573 0.33 0.40 - 0.90 12.21 - 13.23
MSF Barclays Capital Aggregate 2010 6,069,208 16.75 - 19.11 114,484,755 3.72 0.00 - 0.90 5.10 - 6.05
Bond Index Investment Division 2009 5,979,612 15.94 - 18.02 106,351,639 5.95 0.45 - 0.90 4.22 - 5.17
2008 5,705,639 15.30 - 17.13 96,524,738 4.55 0.45 - 0.90 4.32 - 5.99
2007 6,582,200 14.56 - 16.17 104,928,263 4.49 0.45 - 0.90 5.89 - 11.27
2006 6,058,549 13.75 - 15.13 90,417,327 4.29 0.45 - 0.90 (0.88) - 4.15
MSF Morgan Stanley EAFE Index 2010 4,717,340 11.23 - 15.78 65,367,829 2.68 0.00 - 0.90 7.22 - 8.19
Investment Division 2009 4,618,467 10.47 - 14.59 58,913,857 4.28 0.45 - 0.90 27.52 - 28.67
2008 4,548,869 8.21 - 11.34 44,991,420 2.87 0.45 - 0.90 (42.58) - (40.15)
2007 4,186,312 14.30 - 19.58 71,635,930 1.94 0.45 - 0.90 9.83 - 13.98
2006 3,792,545 13.02 - 17.67 58,401,764 1.70 0.40 - 0.90 23.03 - 25.75
MSF Russell 2000 Index 2010 2,808,600 15.35 - 22.19 56,596,227 1.10 0.00 - 0.90 25.78 - 26.92
Investment Division 2009 2,972,133 12.21 - 17.49 47,243,288 2.05 0.45 - 0.90 24.88 - 26.01
2008 2,979,566 9.77 - 13.88 37,446,370 1.26 0.45 - 0.90 (34.09) - (30.11)
2007 2,975,863 14.83 - 20.87 56,244,600 0.91 0.45 - 0.90 (2.43) - 2.72
2006 2,884,744 15.20 - 21.19 55,288,989 0.81 0.45 - 0.90 12.11 - 17.99
MSF Jennison Growth 2010 1,234,658 6.44 - 14.22 15,408,401 0.59 0.00 - 0.90 10.63 - 11.66
Investment Division 2009 1,148,604 5.77 - 12.74 13,473,347 0.19 0.90 38.73 - 39.99
2008 1,170,101 4.12 - 9.10 9,813,769 2.43 0.90 (37.00) - (26.98)
2007 1,203,057 6.48 - 13.98 15,741,716 0.42 0.90 10.62 - 11.66
2006 1,356,790 5.81 - 12.52 14,099,259 -- 0.40 - 0.90 1.88 - 2.82
MSF Neuberger Berman Genesis 2010 4,111,864 17.63 - 19.37 78,718,096 0.51 0.00 - 0.90 20.49 - 21.58
Investment Division 2009 4,279,459 14.59 - 15.93 67,433,059 1.12 0.90 12.14 - 13.15
2008 4,285,033 12.90 - 14.08 59,706,219 0.54 0.90 (38.96) - (35.81)
2007 4,450,536 20.94 - 22.86 100,708,365 0.30 0.90 (4.30) - (3.41)
2006 4,494,782 21.68 - 23.68 105,414,517 0.31 0.40 - 0.90 15.68 - 16.74
MSF MetLife Mid Cap Stock Index 2010 3,223,737 18.84 - 20.70 65,796,062 0.99 0.00 - 0.90 25.15 - 26.28
Investment Division 2009 3,313,158 14.93 - 16.39 53,691,851 1.81 0.90 35.77 - 36.99
2008 3,450,115 10.90 - 11.97 40,733,135 1.41 0.90 (36.75) - (35.42)
2007 3,466,871 17.07 - 18.75 63,959,203 0.75 0.90 6.83 - 7.82
2006 3,270,208 15.84 - 17.39 56,090,136 1.19 0.48 - 0.90 9.11 - 10.09
MSF Loomis Sayles Small Cap 2010 597,616 11.50 - 12.54 7,430,441 -- 0.00 - 0.90 30.53 - 31.71
Growth Investment Division 2009 592,149 8.22 - 9.52 5,593,368 -- 0.90 28.77 - 38.63
2008 579,322 5.93 - 7.33 4,206,928 -- 0.90 (41.67) - (36.32)
2007 569,953 11.73 - 12.46 7,040,049 -- 0.90 3.53 - 4.53
2006 538,941 11.33 - 11.92 6,368,294 -- 0.90 9.07 - 10.05
MSF BlackRock Large Cap Value 2010 1,026,360 11.78 - 12.73 12,899,137 1.05 0.00 - 0.90 8.24 - 9.22
Investment Division 2009 1,018,697 10.88 - 11.66 11,723,889 1.58 0.90 10.22 - 11.21
2008 924,995 9.87 - 10.48 9,571,372 0.82 0.90 (35.46) - (30.94)
2007 770,111 15.30 - 16.10 12,275,048 0.98 0.90 2.41 - 3.40
2006 608,908 8.29 - 15.57 9,397,259 1.17 0.90 18.29 - 19.30
193
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
8. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
------------------------------------ --------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
--------- --------------- ---------- ------------- ---------------- -------------------
MSF Davis Venture Value 2010 1,632,869 13.03 - 43.04 57,910,618 1.00 0.00 - 0.90 11.00 - 12.00
Investment Division 2009 1,661,533 11.63 - 38.43 52,773,242 1.57 0.90 30.80 - 31.99
2008 1,580,625 8.81 - 29.12 38,001,762 1.34 0.90 (39.89) - (37.59)
2007 1,479,707 14.53 - 42.17 58,550,244 0.77 0.90 3.65 - 4.56
2006 1,301,427 13.90 - 40.33 49,859,713 0.85 0.40 - 0.90 13.55 - 14.62
MSF Loomis Sayles Small Cap Core 2010 115,539 16.04 - 355.36 18,282,784 0.09 0.00 - 0.90 26.38 - 27.53
Investment Division 2009 116,312 12.58 - 278.66 14,825,414 0.28 0.90 29.08 - 30.25
2008 116,157 9.66 - 213.94 11,034,259 -- 0.90 (36.47) - (30.05)
2007 98,083 15.07 - 333.74 15,771,472 0.08 0.90 10.90 - 11.90
2006 78,273 13.47 - 298.24 12,333,660 -- 0.40 - 0.90 15.64 - 16.72
MSF BlackRock Legacy Large Cap 2010 494,998 10.25 - 41.25 7,322,523 0.23 0.00 - 0.90 18.75 - 19.82
Growth Investment Division 2009 480,438 8.55 - 34.42 5,950,495 0.62 0.90 35.56 - 36.79
2008 413,693 6.25 - 25.16 3,786,888 0.43 0.90 (37.07) - (34.56)
2007 265,094 9.85 - 14.78 3,824,550 0.19 0.90 17.60 - 18.77
2006 190,308 8.29 - 12.45 2,269,333 0.16 0.48 - 0.90 3.23 - 4.13
MSF BlackRock Bond Income 2010 3,695,898 17.52 - 82.97 84,862,836 3.95 0.00 - 0.90 7.37 - 8.34
Investment Division 2009 3,849,026 16.17 - 76.59 82,419,233 7.04 0.45 - 0.90 8.49 - 9.47
2008 4,137,787 14.77 - 69.96 81,985,350 5.16 0.45 - 0.90 (4.31) - (3.43)
2007 4,467,585 15.30 - 31.06 92,436,358 3.24 0.45 - 0.90 5.36 - 12.31
2006 4,668,001 14.39 - 29.48 92,311,177 5.74 0.40 - 0.90 (2.17) - 4.43
MSF FI Value Leaders 2010 493,819 10.47 - 34.50 6,488,932 1.56 0.00 - 0.90 13.54 - 14.56
Investment Division 2009 478,934 9.14 - 30.11 5,481,161 2.80 0.90 20.75 - 21.85
2008 451,406 7.50 - 24.71 4,225,438 1.93 0.90 (39.49) - (34.25)
2007 440,904 12.29 - 15.50 6,742,764 0.91 0.90 3.22 - 4.24
2006 393,835 11.79 - 14.87 5,778,898 1.00 0.40 - 0.90 10.97 - 11.91
MSF Met/Artisan Mid Cap Value 2010 222,836 17.60 - 250.67 46,601,141 0.74 0.00 - 0.90 7.99 - 15.04
Investment Division 2009 191,339 35.18 - 217.89 41,071,915 1.13 0.90 40.30 - 41.56
2008 196,801 24.85 - 153.92 29,975,616 0.37 0.90 (46.49) - (42.81)
2007 191,591 268.52 - 285.05 54,129,720 0.56 0.90 (7.67) - (6.84)
2006 191,529 290.84 - 305.98 58,176,504 0.30 0.90 11.45 - 12.45
MSF Western Asset Management 2010 1,145,809 19.28 - 33.21 23,786,502 6.04 0.00 - 0.90 11.72 - 12.73
Strategic Bond Opportunities 2009 1,115,618 17.25 - 29.46 20,580,082 6.60 0.90 31.04 - 32.22
Investment Division 2008 1,106,833 13.17 - 22.28 15,464,462 4.07 0.90 (15.76) - (14.42)
2007 1,117,386 15.63 - 16.60 18,372,006 2.67 0.90 3.10 - 4.08
2006 998,939 15.16 - 15.95 15,802,133 4.79 0.90 3.38 - 4.33
MSF Western Asset Management 2010 1,021,769 15.08 - 22.66 16,633,651 2.70 0.00 - 0.90 4.86 - 5.81
U.S. Government 2009 1,063,071 14.38 - 21.41 16,359,270 4.49 0.90 3.40 - 4.33
Investment Division 2008 1,059,598 13.91 - 20.52 15,636,881 4.27 0.90 (1.23) - (0.36)
2007 1,066,735 14.08 - 14.95 15,797,381 2.66 0.90 3.38 - 4.33
2006 988,756 13.62 - 14.33 14,050,390 3.26 0.90 3.25 - 4.19
MSF BlackRock Money Market 2010 1,663,896 17.66 - 17.98 29,818,336 0.01 0.00 - 0.90 (0.89) - 0.01
Investment Division 2009 1,962,757 17.82 - 17.98 35,228,518 0.45 0.90 (0.48) - 0.42
2008 3,533,477 17.90 - 17.91 63,265,014 2.81 0.90 1.92 - 2.84
2007 3,638,086 17.41 - 17.57 63,398,057 4.94 0.90 4.15 - 5.07
2006 3,575,759 16.57 - 16.87 59,328,821 4.81 0.40 - 0.90 3.86 - 4.82
194
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
8. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
----------------------------------- --------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
--------- -------------- ---------- ------------- ---------------- -------------------
MSF MFS Total Return 2010 568,106 12.76 - 66.27 7,708,272 3.01 0.00 - 0.90 9.09 - 10.08
Investment Division 2009 580,613 11.70 - 60.20 7,134,157 4.19 0.90 17.54 - 18.60
2008 469,855 9.95 - 50.76 4,861,537 3.50 0.90 (22.84) - (20.13)
2007 418,473 12.90 - 13.33 5,549,510 1.97 0.90 3.45 - 4.39
2006 297,430 12.47 - 12.77 3,781,921 3.21 0.40 - 0.90 11.19 - 12.18
MSF MetLife Conservative 2010 281,025 12.84 - 133.23 4,036,496 3.52 0.00 - 0.90 9.35 - 10.34
Allocation Investment Division 2009 179,332 11.74 - 121.06 2,188,237 3.20 0.90 19.65 - 20.73
2008 133,696 9.82 - 10.14 1,350,130 1.41 0.90 (14.87) - (13.89)
2007 66,558 11.53 - 11.81 784,035 -- 0.90 4.82 - 5.73
2006 44,128 11.00 - 11.17 492,252 2.90 0.90 6.27 - 7.27
MSF MetLife Conservative to 2010 523,187 12.70 - 131.65 6,925,701 3.39 0.00 - 0.90 10.78 - 11.78
Moderate Allocation 2009 443,689 11.47 - 118.05 5,262,543 3.27 0.90 22.89 - 24.00
Investment Division 2008 336,506 9.33 - 9.64 3,218,477 1.34 0.90 (22.11) - (20.23)
2007 244,254 11.98 - 12.27 2,977,400 -- 0.90 4.08 - 5.05
2006 161,903 11.51 - 11.68 1,884,052 2.36 0.90 8.80 - 9.74
MSF MetLife Moderate Allocation 2010 2,825,563 12.48 - 129.39 37,214,331 2.69 0.00 - 0.90 12.45 - 13.47
Investment Division 2009 2,488,914 11.09 - 114.33 28,790,175 3.09 0.90 25.71 - 26.84
2008 2,031,439 8.82 - 90.36 18,535,109 1.08 0.90 (29.06) - (26.51)
2007 1,452,241 12.44 - 12.74 18,395,945 0.19 0.90 3.58 - 4.51
2006 775,138 12.01 - 12.19 9,406,274 1.48 0.90 11.20 - 12.19
MSF MetLife Moderate to Aggressive 2010 5,118,269 12.16 - 126.24 65,064,069 2.27 0.00 - 0.90 13.86 - 14.89
Allocation Investment Division 2009 4,732,679 10.68 - 110.06 52,449,221 2.75 0.90 28.27 - 29.43
2008 3,956,910 8.33 - 8.61 33,871,944 0.84 0.90 (35.55) - (32.36)
2007 2,499,351 12.92 - 13.23 32,935,899 0.19 0.90 3.19 - 4.09
2006 1,098,433 12.52 - 12.71 13,918,465 1.07 0.90 13.54 - 14.57
MSF MetLife Aggressive Allocation 2010 1,081,834 11.74 - 121.79 13,599,649 1.15 0.00 - 0.90 14.82 - 15.85
Investment Division 2009 993,895 10.23 - 105.27 10,645,616 2.32 0.90 30.74 - 31.92
2008 851,068 7.82 - 80.06 6,897,699 0.76 0.90 (40.83) - (37.15)
2007 608,756 13.22 - 13.54 8,191,098 0.22 0.90 2.56 - 3.52
2006 225,274 12.89 - 13.08 2,934,559 0.67 0.90 15.05 - 16.04
Janus Aspen Janus 2010 741,523 10.56 7,832,002 1.09 -- 14.52
Investment Division 2009 718,894 9.22 6,630,451 0.54 -- 36.35
2008 685,791 6.76 4,638,873 0.74 -- (39.71)
2007 643,417 11.22 7,219,885 0.74 -- 15.08
2006 595,051 9.75 5,801,609 0.49 0.48 - 0.60 11.38
Janus Aspen Balanced 2010 155,834 16.22 2,526,859 2.71 -- 8.12
Investment Division 2009 99,381 15.00 1,490,464 2.93 -- 25.58
2008 20,633 11.94 246,409 3.65 -- (16.08)
2007 5,625 14.23 80,035 3.00 -- 10.31
2006 179 12.90 2,311 1.92 0.48 10.41
Janus Aspen Forty Investment Division 2010 73,218 16.56 1,212,768 0.24 -- 6.48
(Commenced 5/3/2004 and began 2009 61,130 15.56 950,941 0.01 -- 46.01
transactions in 2006) 2008 45,182 10.65 475,295 0.01 -- (44.31)
2007 27,126 19.13 518,927 0.25 -- 36.64
2006 7,954 14.00 111,362 0.14 0.48 9.11
195
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
8. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
-------------------------------- -------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
------- ------------- ---------- ------------- ---------------- ------------------
Janus Aspen Overseas 2010 11,481 32.74 375,851 0.73 -- 25.02
Investment Division 2009 3,135 26.19 82,093 0.46 -- 79.07
(Commenced 4/28/2008) 2008 1,777 14.62 25,984 -- -- (52.68)
Invesco V.I. Global Real Estate 2010 54,093 29.53 1,597,111 5.17 -- 17.51
Investment Division 2009 59,960 25.13 1,506,522 -- -- 31.53
2008 76,172 19.10 1,455,085 5.47 -- (44.65)
2007 74,508 34.51 2,571,266 5.97 -- (12.34)
2006 70,179 39.37 2,762,613 1.18 0.40 - 0.60 42.62
Invesco V.I. International Growth 2010 14,201 19.18 272,411 2.40 -- 12.86
Investment Division 2009 1,080 17.00 18,360 1.38 -- 35.24
(Commenced 4/28/2008 and began
transactions in 2009)
Invesco V.I. Government 2010 8,320 12.71 105,713 0.20 -- 4.88
Investment Division 2009 7,019 12.11 85,035 6.08 -- 0.86
2008 2,625 12.01 31,526 5.03 -- 1.53
2007 1,920 11.83 22,716 5.06 -- 6.96
2006 1,342 11.06 14,833 4.52 0.40 3.14
Invesco V.I. Comstock Van Kampen 2010 2,966 10.82 32,084 -- -- 19.94
Investment Division
(Commenced 5/3/2010)
FTVIPT Templeton Foreign Securities 2010 558,309 16.56 9,244,694 2.02 -- 8.67
Investment Division 2009 520,792 15.24 7,935,141 3.61 -- 37.34
2008 527,866 11.09 5,856,168 2.58 -- (40.23)
2007 504,436 18.56 9,363,624 2.07 -- 15.78
2006 471,719 16.03 7,566,317 1.35 0.48 - 0.60 21.69
FTVIPT Mutual Global 2010 53,444 18.10 967,332 1.39 -- 11.96
Discovery Securities 2009 54,588 16.17 882,515 0.75 -- 23.31
Investment Division 2008 140,006 13.11 1,835,518 2.51 -- (28.44)
2007 93,103 18.32 1,706,062 1.59 -- 11.84
2006 54,880 16.38 899,109 0.99 0.40 - 0.48 23.03
FTVIPT Templeton Global Bond 2010 179 20.79 3,728 0.20 -- 14.71
Securities Investment Division
(Commenced 5/4/2009) 2009 204 18.12 3,704 -- -- 95.55
AllianceBernstein Global Thematic 2010 19,486 6.13 119,488 1.84 -- 18.58
Growth Investment Division 2009 25,043 5.17 129,504 -- -- 53.14
2008 14,644 3.38 49,447 -- -- (47.48)
2007 8,261 6.43 53,097 -- -- 19.96
2006 11,769 5.36 63,091 -- 0.40 - 0.60 8.36
AllianceBernstein Intermediate Bond 2010 3,146 13.75 43,265 5.90 -- 8.93
Investment Division 2009 2,242 12.62 28,308 4.18 -- 18.20
(Commenced 5/1/2005 and began
transactions in 2009)
196
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
8. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
------------------------------------ --------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
--------- -------------- ----------- ------------- ---------------- -------------------
AllianceBernstein International Value 2010 73 18.68 1,357 2.40 -- 13.41
Investment Division
(Commenced 11/10/2008 and began
transactions in 2010)
Fidelity VIP Contrafund 2010 190,755 14.04 2,677,373 0.96 -- 17.11
Investment Division 2009 332,757 11.99 3,988,185 1.48 -- 35.66
2008 218,160 8.83 1,927,330 0.90 -- (42.60)
2007 188,529 15.39 2,902,318 0.91 -- 11.44
2006 151,404 13.81 2,091,319 1.15 0.40 - 0.60 11.57
Fidelity VIP Asset Manager: Growth 2010 172,460 11.05 1,905,608 1.12 -- 16.18
Investment Division 2009 181,097 9.51 1,722,435 1.60 -- 32.79
2008 126,890 7.16 908,867 1.87 -- (35.88)
2007 112,746 11.17 1,259,390 4.07 -- 18.83
2006 102,160 9.40 958,076 1.87 0.48 6.89
Fidelity VIP Investment Grade Bond 2010 38,436 13.93 535,344 4.23 -- 7.68
Investment Division 2009 18,087 12.93 233,950 10.75 -- 15.67
2008 3,908 11.18 43,701 1.19 -- (3.35)
2007 73,675 11.57 852,372 0.68 -- 4.23
2006 3,341 11.10 36,978 4.18 0.40 - 0.48 4.28
Fidelity VIP Equity-Income 2010 17,040 11.90 202,690 1.60 -- 15.09
Investment Division 2009 23,778 10.34 245,766 1.95 -- 30.03
2008 72,691 7.95 577,801 1.89 -- (42.69)
2007 87,700 13.87 1,216,664 3.23 -- (0.93)
2006 30,951 14.00 433,176 3.96 0.40 - 0.48 20.07
Fidelity VIP High Income 2010 294 15.52 4,565 4.94 -- 13.82
Investment Division 2009 3,001 13.63 40,915 26.74 -- 43.96
(Commenced 4/28/2008 and began
transactions in 2009)
Fidelity VIP Mid Cap 2010 16,733 27.61 462,031 0.15 -- 28.57
Investment Division 2009 10,051 21.48 215,869 0.29 -- 39.75
(Commenced 4/28/2008) 2008 2,071 15.37 31,825 0.15 -- (46.25)
Fidelity VIP Freedom 2010 2010 3,002 10.61 31,860 2.67 -- 12.45
Investment Division 2009 1,541 9.44 - 12.05 14,548 3.32 0.45 23.72 - 24.27
(Commenced 4/28/2008) 2008 3,089 7.63 - 9.69 23,569 6.53 0.45 (23.71) - (23.48)
Fidelity VIP Freedom 2020 2010 56,297 10.16 - 13.67 738,702 2.26 -- 13.98 - 14.49
Investment Division 2009 56,341 8.91 - 11.94 648,511 4.16 0.45 28.40 - 28.97
(Commenced 4/28/2008) 2008 4,617 6.94 - 9.26 37,721 4.51 0.45 (30.60) - (30.39)
Fidelity VIP Freedom 2030 2010 9,011 9.75 - 13.35 108,191 2.42 -- 15.56 - 16.08
Investment Division 2009 3,665 8.43 - 11.50 31,738 2.47 0.45 31.07 - 31.66
(Commenced 4/28/2008) 2008 3,324 6.43 - 8.74 21,387 6.89 0.45 (35.65) - (35.46)
American Funds Growth 2010 1,411,108 20.92 - 228.81 127,437,855 0.73 0.00 - 0.90 17.62 - 18.68
Investment Division 2009 1,419,237 17.62 - 192.80 109,197,492 0.67 0.90 38.16 - 39.41
2008 1,382,286 12.64 - 138.29 76,515,292 0.86 0.90 (44.47) - 27.72
2007 1,218,654 94.52 - 100.35 121,273,017 0.82 0.90 11.33 - 12.35
2006 1,094,384 84.90 - 89.32 97,034,740 0.86 0.90 9.24 - 10.22
197
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
8. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
----------------------------------- --------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
--------- -------------- ---------- ------------- ---------------- -------------------
American Funds Growth-Income 2010 1,483,095 45.89 - 152.46 73,861,194 1.51 0.00 - 0.90 10.43 - 11.43
Investment Division 2009 1,491,242 41.56 - 136.83 66,537,414 1.65 0.90 30.07 - 31.24
2008 1,461,879 31.95 - 104.26 49,610,668 1.79 0.90 (38.41) - (35.35)
2007 1,381,044 51.88 - 55.07 75,370,228 1.59 0.90 4.11 - 5.04
2006 1,228,077 49.83 - 52.43 63,898,091 1.68 0.90 14.17 - 15.21
American Funds Global Small 2010 2,114,920 29.62 - 37.13 67,405,353 1.74 0.00 - 0.90 21.32 - 22.41
Capitalization Investment Division 2009 2,152,577 24.42 - 30.34 56,054,284 0.29 0.90 59.85 - 61.30
2008 2,098,117 15.27 - 18.81 33,880,750 -- 0.90 (53.94) - (48.89)
2007 1,945,062 33.16 - 35.20 67,615,279 3.01 0.90 20.32 - 21.42
2006 1,521,701 27.56 - 28.99 43,642,742 0.46 0.90 22.97 - 24.05
American Funds Bond 2010 361,073 11.41 - 20.00 4,365,031 3.15 0.00 - 0.90 5.49 - 6.44
Investment Division 2009 335,183 10.81 - 18.79 3,760,642 3.37 0.90 11.60 - 12.61
(Commenced 5/1/2006) 2008 317,147 9.69 - 16.69 3,143,128 5.80 0.90 (10.12) - (9.37)
2007 291,647 10.78 - 10.95 3,182,415 10.03 0.90 6.52 - 7.56
2006 63,414 10.12 - 10.18 644,176 0.87 0.90 1.20 - 1.80
American Funds International 2010 27,930 28.99 809,625 2.23 -- 7.23
Investment Division 2009 17,214 27.03 465,344 1.51 -- 43.07
(Commenced 4/28/2008) 2008 2,335 18.89 44,134 2.51 -- (39.19)
American Funds U.S. 2010 1,810 20.90 37,830 1.49 -- 5.75
Government/AAA Rated Securities 2009 4,564 19.77 90,231 3.32 -- 2.50
Investment Division 2008 1,808 19.29 34,883 2.26 -- 6.61
(Commenced 4/28/2008)
MIST T. Rowe Price Mid Cap Growth 2010 1,725,748 11.33 - 18.33 21,234,908 -- 0.00 - 0.90 26.93 - 28.07
Investment Division 2009 1,754,850 8.93 - 14.35 16,772,681 -- 0.90 44.54 - 45.85
2008 1,702,757 6.18 - 9.87 11,162,717 0.07 0.90 (40.16) - (37.28)
2007 1,587,296 10.32 - 16.38 17,384,199 0.21 0.90 16.74 - 17.85
2006 1,338,870 8.84 - 13.92 12,401,292 -- 0.60 - 0.90 5.66 - 6.60
MIST MFS Research International 2010 838,110 14.64 - 17.04 13,920,818 1.89 0.00 - 0.90 10.65 - 11.65
Investment Division 2009 885,756 13.14 - 15.26 13,178,754 3.35 0.90 30.75 - 31.93
2008 870,603 9.99 - 11.57 9,814,566 2.06 0.90 (42.78) - (41.00)
2007 695,827 17.33 - 20.03 13,629,924 1.44 0.90 12.59 - 13.61
2006 566,593 15.30 - 17.63 9,803,525 1.59 0.90 25.80 - 26.90
MIST PIMCO Total Return 2010 2,450,427 17.69 - 19.29 46,602,262 3.66 0.00 - 0.90 7.44 - 8.41
Investment Division 2009 2,378,221 16.46 - 17.80 41,820,317 7.36 0.90 17.33 - 18.39
2008 2,287,745 14.03 - 15.03 34,041,059 3.92 0.90 (1.28) - 0.61
2007 2,175,489 14.07 - 14.94 32,210,481 3.46 0.90 6.91 - 7.87
2006 2,039,385 13.16 - 13.85 28,016,253 2.73 0.90 3.85 - 4.81
MIST RCM Technology 2010 2,007,835 7.46 - 8.14 16,113,886 -- 0.00 - 0.90 27.12 - 28.27
Investment Division 2009 2,111,049 5.87 - 6.34 13,221,048 -- 0.90 57.74 - 59.17
2008 1,806,845 3.72 - 3.99 7,121,496 13.07 0.90 (44.79) - (37.82)
2007 1,867,295 6.74 - 7.15 13,231,277 -- 0.90 30.62 - 31.68
2006 1,395,573 5.16 - 5.43 7,523,569 -- 0.90 4.51 - 5.47
198
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
8. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
----------------------------------- --------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
---------- ------------- ---------- ------------- ---------------- -------------------
MIST Lord Abbett Bond Debenture 2010 1,222,207 19.75 - 29.48 27,673,730 6.47 0.00 - 0.90 12.16 - 13.18
Investment Division 2009 1,300,112 17.61 - 26.05 26,033,742 7.18 0.45 - 0.90 35.89 - 37.12
2008 1,205,110 12.96 - 19.00 17,548,678 4.38 0.45 - 0.90 (19.13) - (18.40)
2007 1,249,287 16.02 - 19.29 22,262,379 5.32 0.45 - 0.90 5.88 - 14.15
2006 1,162,806 14.77 - 18.05 19,368,414 6.71 0.40 - 0.90 1.42 - 9.34
MIST Lazard Mid Cap 2010 360,447 13.62 - 18.13 5,585,124 1.05 0.00 - 0.90 22.15 - 23.25
Investment Division 2009 362,314 11.09 - 14.71 4,569,758 1.34 0.90 35.92 - 37.14
2008 371,732 8.11 - 10.73 3,422,640 1.17 0.90 (38.70) - (36.07)
2007 340,316 13.14 - 15.10 5,084,696 0.63 0.90 (3.37) - (2.45)
2006 261,764 14.85 - 15.48 4,020,887 0.52 0.90 6.62 - 14.86
MIST Invesco Small Cap Growth 2010 280,254 15.06 - 18.44 4,469,898 -- 0.00 - 0.90 25.34 - 26.47
Investment Division 2009 268,049 12.01 - 14.58 3,392,636 -- 0.90 33.01 - 34.21
2008 230,618 9.03 - 10.86 2,187,257 -- 0.90 (38.73) - (34.43)
2007 208,985 14.84 - 15.62 3,233,322 -- 0.90 10.42 - 11.41
2006 170,794 13.44 - 14.02 2,376,804 -- 0.90 3.77 - 13.93
MIST Harris Oakmark International 2010 1,473,309 20.09 - 21.72 31,544,698 2.05 0.00 - 0.90 15.63 - 16.67
Investment Division 2009 1,439,875 17.38 - 18.61 26,459,351 7.87 0.90 54.07 - 55.46
2008 1,337,674 11.28 - 11.97 15,844,670 1.96 0.90 (41.26) - (37.26)
2007 1,335,770 19.20 - 20.20 26,700,786 0.89 0.90 (1.74) - (0.83)
2006 1,060,490 19.54 - 20.37 21,411,537 2.33 0.90 28.05 - 29.18
MIST Legg Mason ClearBridge 2010 888,257 7.56 - 9.05 7,832,576 0.06 0.00 - 0.90 22.94 - 24.05
Aggressive Growth 2009 918,435 6.11 - 7.30 6,533,459 0.12 0.90 32.26 - 33.45
Investment Division 2008 929,444 4.59 - 5.47 4,956,827 0.01 0.90 (39.49) - (36.35)
2007 893,124 7.54 - 8.82 7,804,601 0.22 0.90 1.71 - 2.56
2006 908,926 7.37 - 8.60 7,744,433 -- 0.48 - 0.90 (2.53) - (1.60)
MIST Lord Abbett Growth and 2010 601,441 10.35 6,224,061 1.22 -- 17.33
Income Investment Division 2009 585,353 8.82 5,163,011 2.45 -- 18.67
2008 569,914 7.43 - 48.32 4,235,811 1.80 -- (36.20) - (32.76)
2007 539,972 11.65 6,289,386 1.00 -- 4.02
2006 523,423 11.20 5,861,368 0.03 0.40 - 0.60 18.05
MIST Clarion Global Real Estate 2010 1,342,988 14.98 - 15.90 21,160,564 8.28 0.00 - 0.90 15.24 - 16.28
Investment Division 2009 1,332,507 13.00 - 13.68 18,066,465 3.50 0.90 33.91 - 35.12
2008 1,247,223 9.71 - 10.12 12,525,455 2.00 0.90 (44.73) - (41.56)
2007 1,071,638 16.76 - 17.32 18,432,903 1.09 0.90 (15.57) - (14.81)
2006 939,464 19.85 - 20.33 18,987,194 1.01 0.40 - 0.90 36.70 - 37.93
MIST Morgan Stanley Mid Cap 2010 13,121,650 6.67 - 18.71 203,754,931 -- 0.00 - 0.90 17.91 - 32.19
Growth Investment Division 2009 23,317 13.14 - 14.13 306,427 -- -- 57.27 - 57.83
(Commenced 5/3/2004 and began 2008 1,987 8.35 - 8.96 16,600 1.36 -- (46.77) - (43.85)
transactions in 2007) 2007 2,000 15.69 31,371 -- -- 23.52
MIST Lord Abbett Mid Cap Value 2010 7,974 13.94 111,190 0.58 -- 25.53
Investment Division 2009 9,319 11.11 103,521 2.10 -- 26.53
2008 10,463 8.78 91,851 0.25 -- (38.78)
2007 4,638 14.34 66,500 0.94 -- 0.63
2006 2,988 14.25 42,580 0.54 0.48 - 0.60 12.16
199
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
8. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
------------------------------------ --------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
---------- -------------- ---------- ------------- ---------------- -------------------
MIST Third Avenue Small Cap Value 2010 96,930 16.25 1,575,589 1.05 -- 19.90
Investment Division 2009 66,457 13.56 900,994 0.62 -- 26.45
2008 22,742 10.72 243,831 0.70 -- (29.73)
2007 24,943 15.28 381,064 0.85 -- (2.98)
2006 17,494 15.75 275,584 0.11 0.48 - 0.60 13.11
MIST Oppenheimer Capital 2010 155,354 9.89 - 11.63 1,779,611 0.66 0.00 - 0.90 8.70 - 9.68
Appreciation Investment Division 2009 155,544 9.02 - 10.61 1,631,638 -- 0.90 42.73 - 44.02
2008 114,986 6.26 - 7.37 841,297 3.67 0.90 (46.29) - (43.37)
2007 70,634 13.27 - 13.59 955,427 0.11 0.90 13.42 - 14.49
2006 27,796 11.70 - 11.87 329,300 0.26 0.90 6.88 - 7.78
MIST Legg Mason Value Equity 2010 640,472 6.61 - 7.73 4,606,102 2.19 0.00 - 0.90 6.88 - 7.85
Investment Division 2009 615,613 6.18 - 7.17 4,100,190 1.81 0.90 36.55 - 37.79
(Commenced 5/1/2006) 2008 576,603 4.53 - 5.20 2,788,353 0.32 0.90 (54.82) - (47.12)
2007 511,093 10.02 - 11.42 5,435,902 -- 0.90 (6.62) - (5.70)
2006 490,888 10.73 - 12.11 5,537,660 0.16 0.48 - 0.90 7.73 - 27.65
MIST SSgA Growth ETF 2010 237,751 10.89 - 12.28 2,679,381 1.57 0.00 - 0.90 13.35 - 14.37
Investment Division 2009 181,473 9.61 - 10.74 1,789,007 1.53 0.90 28.34 - 29.51
(Commenced 5/1/2006) 2008 59,898 7.48 - 8.29 457,331 1.65 0.90 (33.42) - (30.82)
2007 56,164 11.24 - 11.41 639,459 -- 0.90 4.95 - 5.94
2006 16,395 10.71 - 10.77 176,315 2.52 0.90 7.10 - 7.70
MIST SSgA Growth and Income ETF 2010 320,284 11.51 - 12.74 3,818,907 1.29 0.00 - 0.90 11.60 - 12.61
Investment Division 2009 149,333 10.31 - 11.31 1,581,109 1.61 0.90 23.84 - 24.96
(Commenced 5/1/2006) 2008 39,742 8.33 - 9.05 336,449 1.95 0.90 (25.54) - (23.99)
2007 30,551 11.18 - 11.35 345,473 -- 0.90 4.78 - 5.78
2006 10,875 10.67 - 10.73 116,548 3.14 0.90 6.70 - 7.30
MIST PIMCO Inflation 2010 653,613 12.97 - 15.63 8,812,538 2.54 0.00 - 0.90 7.04 - 8.00
Protected Bond 2009 618,801 12.12 - 14.47 7,734,444 3.75 0.90 17.31 - 18.37
Investment Division 2008 523,888 10.33 - 12.23 5,523,166 3.28 0.90 (9.73) - (6.61)
(Commenced 5/1/2006) 2007 80,592 11.16 - 11.33 911,539 1.27 0.90 10.06 - 11.08
2006 12,722 10.14 - 10.20 129,728 -- 0.90 1.40 - 2.00
MIST BlackRock Large Cap Core 2010 13,468,383 8.42 - 36.79 309,489,536 1.34 0.00 - 0.90 11.73 - 12.73
Investment Division 2009 14,107,746 7.50 - 32.93 291,577,776 1.61 0.45 - 0.90 18.37 - 19.43
(Commenced 4/30/2007) 2008 14,670,780 6.31 - 27.82 258,799,279 0.70 0.45 - 0.90 (37.68) - (31.87)
2007 15,352,126 10.08 - 44.64 436,975,682 -- 0.45 - 0.90 0.80 - 6.77
MIST Janus Forty 2010 1,185,626 10.96 - 355.01 14,254,655 1.71 0.00 - 0.90 8.70 - 9.68
Investment Division 2009 1,122,196 10.08 - 323.68 12,100,411 -- 0.90 41.93 - 43.21
(Commenced 4/30/2007) 2008 943,170 7.10 - 226.02 6,915,393 4.58 0.90 (44.68) - (41.84)
2007 281,380 12.33 - 12.40 3,487,948 -- 0.90 23.30 - 24.00
MIST Dreman Small Cap Value 2010 1,705 16.12 27,489 0.82 -- 19.53
Investment Division 2009 1,271 13.49 17,136 -- -- 29.09
(Commenced 4/28/2008) 2008 11 10.45 120 -- -- (25.08)
MIST American Funds 2010 41,296 10.35 427,406 1.26 -- 12.40
Balanced Allocation 2009 23,102 9.21 212,728 -- -- 30.06
Investment Division 2008 1,427 7.08 10,107 5.25 -- (29.27)
(Commenced 4/28/2008)
200
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
8. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
-------------------------------- -------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
------- ------------- ---------- ------------- ---------------- ------------------
MIST American Funds 2010 71,574 9.87 706,300 0.62 -- 13.78
Growth Allocation 2009 15,564 8.67 134,986 -- -- 34.36
Investment Division 2008 2,439 6.45 15,747 8.38 -- (35.51)
(Commenced 4/28/2008)
MIST American Funds 2010 23,584 10.60 250,094 1.38 -- 10.15
Moderate Allocation 2009 9,961 9.63 95,893 -- -- 23.90
Investment Division 2008 593 7.77 4,607 6.80 -- (22.46)
(Commenced 4/28/2008)
MIST Met/Franklin Income 2010 13,040 11.60 151,292 3.26 -- 12.13
Investment Division 2009 5,364 10.35 55,505 -- -- 28.05
(Commenced 4/28/2008) 2008 2,408 8.08 19,461 4.29 -- (19.19)
MIST Met/Franklin Mutual Shares 2010 6,134 9.30 57,042 -- -- 11.23
Investment Division 2009 2,904 8.36 24,280 -- -- 25.15
(Commenced 4/28/2008) 2008 1,208 6.68 8,064 3.53 -- (33.20)
MIST Met/Franklin 2010 25,753 10.11 260,280 -- -- 10.36
Templeton Founding Strategy 2009 21,298 9.16 195,055 -- -- 28.84
Investment Division 2008 1,503 7.11 10,681 7.79 -- (28.92)
(Commenced 4/28/2008)
MIST Met/Templeton Growth 2010 5,088 9.53 48,492 0.98 -- 7.88
Investment Division 2009 2,173 8.83 19,197 0.02 -- 33.08
(Commenced 4/28/2008) 2008 480 6.64 3,188 1.08 -- (33.62)
MIST Pioneer Fund 2010 17,938 13.71 245,860 0.90 -- 17.93
Investment Division 2009 20,277 11.79 239,136 -- -- 17.93
(Commenced 5/4/2009)
American Century VP Vista 2010 5,360 13.83 74,155 -- -- 23.88
Investment Division 2009 13,115 11.17 146,455 -- -- 22.47
2008 8,686 9.12 79,193 -- -- (48.63)
2007 1,642 17.75 29,133 -- -- 39.76
2006 1,963 12.70 24,927 -- 0.40 9.03
Delaware VIP Small Cap Value 2010 20,739 18.57 385,136 0.44 -- 31.91
Investment Division 2009 16,198 14.08 228,031 1.34 -- 31.56
2008 59,279 10.70 634,305 0.47 -- (30.06)
2007 67,044 15.30 1,025,844 0.21 -- (6.82)
2006 31,911 16.42 524,104 0.02 0.48 15.86
Dreyfus VIF International Value 2010 16,502 14.03 231,464 1.53 -- 4.22
Investment Division 2009 21,676 13.46 291,742 3.77 -- 30.67
2008 33,156 10.30 341,560 2.14 -- (37.50)
2007 42,550 16.48 701,093 1.66 -- 3.97
2006 45,198 15.85 716,432 -- 0.40 - 0.48 22.35
Goldman Sachs Mid Cap Value 2010 24,643 14.90 367,089 0.70 -- 25.00
Investment Division 2009 27,552 11.92 328,341 1.09 -- 33.15
2008 102,102 8.95 913,808 1.06 -- (37.33)
2007 84,789 14.28 1,210,921 1.16 -- (0.70)
2006 18,361 14.38 263,966 1.82 0.40 - 0.48 16.17
201
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
8. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
------------------------------- -------------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
------ ------------- ---------- ------------- ---------------- ------------------
Goldman Sachs Structured 2010 4,258 12.04 51,252 0.57 -- 30.12
Small Cap Equity 2009 7,623 9.25 70,508 1.46 -- 27.67
Investment Division 2008 6,818 7.24 49,396 0.66 -- (33.96)
2007 12,264 10.97 134,527 0.51 -- (17.46)
2006 6,743 13.29 89,590 0.87 0.48 12.30
MFS VIT High Income 2010 9,020 14.65 132,109 7.00 -- 14.40
Investment Division 2009 9,209 12.80 117,897 1.48 -- 45.22
2008 354 8.82 3,111 10.38 -- (28.67)
2007 1,776 12.36 21,944 9.79 -- 1.56
2006 6,738 12.17 82,011 5.42 0.40 - 0.48 9.98
MFS VIT Global Equity 2010 14,222 15.95 226,794 0.78 -- 12.05
Investment Division 2009 5,543 14.23 78,884 2.04 -- 31.80
2008 5,386 10.80 58,159 0.76 -- (33.95)
2007 3,948 16.35 64,569 1.71 -- 8.93
2006 1,789 15.01 26,856 -- 0.40 - 0.48 24.04
MFS VIT New Discovery 2010 7,814 17.27 134,923 -- -- 35.94
Investment Division 2009 396 12.70 5,029 -- -- 62.92
(Commenced 5/3/2004 and began 2008 249 7.80 1,942 -- -- (39.52)
transactions in 2007) 2007 253 12.89 3,269 -- -- 2.25
MFS VIT Value Investment Division 2010 5,577 14.18 79,095 1.32 -- 11.22
(Commenced 5/3/2004 and began 2009 5,803 12.75 74,001 1.24 -- 22.45
transactions in 2007) 2008 6,081 10.41 63,334 6.73 -- (32.72)
2007 2,966 15.48 45,933 -- -- 7.56
Wells Fargo VT Total Return Bond 2010 75,281 14.37 1,081,415 3.35 -- 7.04
Investment Division 2009 39,845 13.42 534,737 4.42 -- 12.00
2008 15,329 11.98 183,674 4.82 -- 2.41
2007 9,697 11.70 113,479 4.64 -- 6.17
2006 5,553 11.02 61,191 4.43 0.40 3.79
Pioneer VCT Emerging Markets 2010 41,431 23.75 984,166 0.33 -- 15.61
Investment Division 2009 37,577 20.55 772,123 0.96 -- 74.02
(Commenced 4/28/2008) 2008 13,031 11.81 153,859 -- -- (55.11)
Pioneer VCT Mid Cap Value 2010 2,302 43.21 99,478 1.08 -- 18.22
Investment Division 2009 586 36.55 21,403 -- -- 25.58
(Commenced 4/28/2008 and began
transactions in 2009)
Royce Micro-Cap 2010 19,226 18.14 348,709 3.02 -- 29.96
Investment Division
(Commenced 11/10/2008 and began
transactions in 2010)
Royce Small-Cap 2010 26,235 14.99 393,142 0.14 -- 20.52
Investment Division 2009 4,703 12.43 58,471 -- -- 35.20
(Commenced 11/10/2008 and began
transactions in 2009)
202
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONCLUDED)
8. FINANCIAL HIGHLIGHTS -- (CONCLUDED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
------------------------------- ----------------------------------------------
UNIT VALUE INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3)
LOWEST TO NET INCOME LOWEST TO LOWEST TO
UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST(%)
------ ------------- ---------- ------------- ---------------- ---------------
UIF Emerging Markets Debt 2010 259 28.33 7,343 4.24 -- 9.74
Investment Division 2009 223 25.82 5,747 2.19 -- 30.21
(Commenced 11/10/2008 and began
transactions in 2009)
UIF Emerging Markets Equity 2010 13,018 15.18 197,669 0.57 -- 19.02
Investment Division 2009 442 12.76 5,643 -- -- 69.84
(Commenced 11/10/2008 and began
transactions in 2009)
PIMCO VIT Low Duration 2010 65,497 11.64 762,531 1.62 -- 5.29
Investment Division 2009 66,450 11.06 734,746 1.55 -- 10.57
(Commenced 5/4/2009)
(1) These amounts represent the dividends, excluding distributions of capital
gains, received by the Investment Division from the underlying portfolio,
series, or fund, net of management fees assessed by the fund manager,
divided by the average net assets. These ratios exclude those expenses,
such as mortality and expense risk charges, that are assessed against
policy owner accounts either through reductions in the unit values or the
redemption of units. The investment income ratio is calculated for each
period indicated or from the effective date through the end of the
reporting period. The recognition of investment income by the Investment
Division is affected by the timing of the declaration of dividends by the
underlying portfolio, series, or fund in which the Investment Division
invests. The investment income ratio is calculated as a weighted average
ratio since the Investment Division may invest in two or more share
classes, if any, within the underlying portfolio, series or fund of the
Trusts which may have unique investment income ratios.
(2) These amounts represent the annualized policy expenses of each of the
applicable Investment Divisions, consisting primarily of mortality and
expense risk charges, for each period indicated. The ratios include only
those expenses that result in a direct reduction to unit values. Charges
made directly to policy owner accounts through the redemption of units and
expenses of the underlying portfolio, series, or fund have been excluded.
(3) These amounts represent the total return for the period indicated,
including changes in the value of the underlying portfolio, series, or
fund, and expenses assessed through the reduction of unit values. These
ratios do not include any expenses assessed through the redemption of
units. The total return is calculated for each period indicated or from the
effective date through the end of the reporting period. The total return is
presented as a range of minimum to maximum returns, based on minimum and
maximum returns within each product grouping of the applicable Investment
Division.
203
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EQUITY ADVANTAGE VUL AND ULII
FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICIES
METROPOLITAN LIFE SEPARATE ACCOUNT UL
ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY
STATEMENT OF ADDITIONAL INFORMATION
(PART B)
MAY 1, 2011
This Statement of Additional Information is not a prospectus. This Statement
of Additional Information relates to (a) for Equity Advantage VUL Policies, the
prospectus dated April 28, 2008, as supplemented, and (b) for ULII Policies the
prospectus dated May 1, 2003, as supplemented, and should be read in
conjunction therewith. A copy of the prospectus for Equity Advantage VUL and
the prospectus for ULII may be obtained by writing to MetLife, P.O. Box 543,
Warwick, RI 02887-0543. YOU CAN OBTAIN PROSPECTUSES FOR THE PORTFOLIOS BY
CALLING 1-800-638-5000.
SAI-1
TABLE OF CONTENTS
The Company and the Separate Account.............. SAI-3
Distribution of the Policies...................... SAI-3
Commissions on Equity Advantage VUL Policies... SAI-3
Commissions on ULII Policies................... SAI-3
Income Plans...................................... SAI-4
Potential Conflicts of Interest................... SAI-4
Limits to MetLife's Right to Challenge the Policy. SAI-4
Misstatement of Age or Sex........................ SAI-4
Reports........................................... SAI-4
Personalized Illustrations........................ SAI-5
Independent Registered Public Accounting Firm..... SAI-6
Financial Statements.............................. SAI-6
SAI-2
THE COMPANY AND THE SEPARATE ACCOUNT
MetLife is a wholly-owned subsidiary of MetLife, Inc. a publicly traded
company. Our main office is located at 200 Park Avenue, New York, New York
10166. MetLife was formed under the laws of New York State in 1868. MetLife,
Inc., through its subsidiaries and affiliates, provides insurance and other
financial services to individual and group customers.
We established the Separate Account under New York law on December 13, 1988.
The Separate Account receives premium payments from the Policies described in
the Prospectus and other variable life insurance policies that we issue. We
have registered the Separate Account as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act").
DISTRIBUTION OF THE POLICIES
MetLife Investors Distribution Company ("MLIDC") is the principal
underwriter and distributor of the Policies. MLIDC, which is our affiliate, is
registered under the Securities Exchange Act of 1934 (the "34 Act") as a
broker-dealer and is a member of the Financial Industry Regulatory Authority
("FINRA").
The Policies were sold through licensed life insurance sales representatives
associated with MetLife Securities, Inc. ("MSI"), our affiliate, or with our
other affiliated broker-dealers, New England Securities Corporation, Walnut
Street Securities, Inc. and Tower Square Securities, Inc. MSI and our other
affiliated broker-dealers are registered with the SEC as broker-dealers under
the 34 Act and are also members of FINRA. The Policies may also have been sold
through licensed life insurance sales representatives associated with
unaffiliated broker-dealers with which MLIDC entered into a selling agreement.
The UL II Policies were no longer sold after December 31, 2000. Beginning
January 1, 2009, the Equity Advantage VUL Policies were no longer sold.
COMMISSIONS ON EQUITY ADVANTAGE VUL POLICIES
MLIDC received sales compensation with respect to the Policies in the
following amounts.
AGGREGATE AMOUNT OF
COMMISSIONS RETAINED
AGGREGATE AMOUNT OF BY DISTRIBUTOR AFTER
COMMISSIONS PAID TO PAYMENTS TO SELLING
FISCAL YEAR DISTRIBUTOR FIRMS
----------- ------------------- --------------------
2010..... $ 9,436,913 $0
2009..... $11,281,105 $0
2008..... $37,820,480 $0
The calculation of maximum commissions payable for the Equity Advantage VUL
Policies is described in the prospectus.
COMMISSIONS ON ULII POLICIES
MLIDC received sales compensation with respect to the Policies in the
following amounts.
AGGREGATE AMOUNT OF
COMMISSIONS RETAINED
AGGREGATE AMOUNT OF BY DISTRIBUTOR AFTER
COMMISSIONS PAID TO PAYMENTS TO SELLING
FISCAL YEAR DISTRIBUTOR FIRMS
----------- ------------------- --------------------
2010..... $ 869,203 $0
2009..... $ 931,039 $0
2008..... $1,289,955 $0
SAI-3
The calculation of maximum commissions payable for the ULII Policies is
described in the prospectus for ULII.
INCOME PLANS
Generally, you can receive the Policy's insurance proceeds, amounts payable
at the Final Date or amounts paid upon surrender under an income plan instead
of in a lump sum. Before you choose an income plan you should consider:
.. The tax consequences associated with the Policy proceeds, which can vary
considerably, depending on whether a plan is chosen. You or your beneficiary
should consult with a qualified tax adviser about tax consequences.
.. That your Policy will terminate at the time you commence an income plan and
you will receive a new contract, which describes the terms of the income
plan. You should carefully review the terms of the new contract, because it
contains important information about the terms and conditions of the income
plan.
.. The rates of return that we credit under these plans are not based on the
performance of any of the Portfolios.
Generally, we currently make the following income plans available:
. Interest income . Installment Income for
a Stated Period
. Installment Income for . Single Life
a Stated Amount Income-Guaranteed
Payment Period
. Joint and Survivor . Single Life
Life Income Income-Guaranteed
Return
POTENTIAL CONFLICTS OF INTEREST
The Portfolio's Boards of Trustees monitor events to identify conflicts that
may arise from the sale of Portfolio shares to variable life and variable
annuity separate accounts of affiliated and, if applicable, unaffiliated
insurance companies and qualified plans. Conflicts could result from changes in
state insurance law or Federal income tax law, changes in investment management
of a Portfolio, or differences in voting instructions given by variable life
and variable annuity contract owners and qualified plans, if applicable. If
there is a material conflict, the Board of Trustees will determine what action
should be taken, including the removal of the affected Investment Division from
the Portfolio(s), if necessary. If we believe any Portfolio action is
insufficient, we will consider taking other action to protect Policy Owners.
There could, however, be unavoidable delays or interruptions of operations of
the Separate Account that we may be unable to remedy.
LIMITS TO METLIFE'S RIGHT TO CHALLENGE THE POLICY
We will not contest your Policy after two Policy years from issue or
reinstatement (excluding riders added later). We will not contest an increase
in a death benefit after it has been in effect for two years.
MISSTATEMENT OF AGE OR SEX
We will adjust benefits to reflect the correct age and sex of the insured,
if this information is not correct in the Policy application.
REPORTS
Generally, you will promptly receive statements confirming your significant
transactions such as:
.. Change in specified face amount.
.. Change in death benefit options.
SAI-4
.. Changes in guarantees.
.. Transfers among investment divisions (including those through Automated
Investment Strategies, which are confirmed quarterly).
.. Partial withdrawals.
.. Loan amounts you request.
.. Loan repayments and premium payments.
If your premium payments are made through preauthorized checking arrangement
or another systematic payment method, we will not send you any confirmation in
addition to the one you receive from your bank or employer.
We will also send you an annual statement within 30 days after a Policy
year. The statement will summarize the year's transactions and include
information on:
.. Deductions and charges.
.. Status of the death benefit.
.. Cash and cash surrender values.
.. Amounts in the investment divisions and Fixed Account.
.. Status of Policy loans.
.. Automatic loans to pay interest.
.. Information on your modified endowment contract status (if applicable).
We will also send you a Fund's annual and semi-annual reports to
shareholders.
PERFORMANCE DATA
We may provide information concerning the historical investment experience
of the investment divisions, including average annual net rates of return for
periods of one, three, five, and ten years, as well as average annual net rates
of return and total net rates of return since inception of the Portfolios.
These net rates of return represent past performance and are not an indication
of future performance. Cost of insurance, sales, premium tax, and mortality and
expense risk charges, which can significantly reduce the return to the Policy
Owner, are not reflected in these rates. The rates of return reflect only the
fees and expenses of the underlying Portfolios. The net rates of return show
performance from the inception of the Portfolios, which in some instances, may
precede the inception date of the corresponding investment division.
PERSONALIZED ILLUSTRATIONS
We may provide personalized illustrations showing how the Policies work
based on assumptions about investment returns and the Policy Owner's and/or
insured's characteristics. The illustrations are intended to show how the death
benefit, cash surrender value, and cash value could vary over an extended
period of time assuming hypothetical gross rates of return (I.E., investment
income and capital gains and losses, realized or unrealized) for the Separate
Account equal to specified constant after-tax rates of return. One of the gross
rates of return will be 0%. Gross rates of return do not reflect the deduction
of any charges and expenses. The illustrations will be based on specified
assumptions, such as face amount, premium payments, insured, underwriting
class, and death benefit option. Illustrations will disclose the specific
assumptions upon which they are based. Values will be given based on guaranteed
mortality and expense risk and other charges and may also be based on current
mortality and expense risk and other charges.
SAI-5
The illustrated death benefit, cash surrender value, and cash value for a
hypothetical Policy would be different, either higher or lower, from the
amounts shown in the illustration if the actual gross rates of return averaged
the gross rates of return upon which the illustration is based, but varied
above and below the average during the period, or if premiums were paid in
other amounts or at other than annual intervals. For example, as a result of
variations in actual returns, additional premium payments beyond those
illustrated may be necessary to maintain the Policy in force for the periods
shown or to realize the Policy values shown in particular illustrations even if
the average rate of return is realized.
Illustrations may also show the internal rate of return on the cash
surrender value and the death benefit. The internal rate of return on the cash
surrender value is equivalent to an interest rate (after taxes) at which an
amount equal to the illustrated premiums could have been invested outside the
Policy to arrive at the cash surrender value of the Policy. The internal rate
of return on the death benefit is equivalent to an interest rate (after taxes)
at which an amount equal to the illustrated premiums could have been invested
outside the Policy to arrive at the death benefit of the Policy. Illustrations
may also show values based on the historical performance of the investment
divisions of the Separate Account.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The consolidated financial statements of Metropolitan Life Insurance Company
and subsidiaries (the "Company"), included in this Statement of Additional
Information, have been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in their report appearing herein
(which report expresses an unqualified opinion on the consolidated financial
statements and includes an explanatory paragraph referring to changes in the
Company's method of accounting for the recognition and presentation of
other-than-temporary impairment losses for certain investments as required by
accounting guidance adopted on April 1, 2009, and its method of accounting for
certain assets and liabilities to a fair value measurement approach as required
by accounting guidance adopted on January 1, 2008). Such financial statements
have been so included in reliance upon the report of such firm given upon their
authority as experts in accounting and auditing.
The principal business address of Deloitte & Touche LLP is Two World
Financial Center, New York, New York 10281-1414.
FINANCIAL STATEMENTS
The financial statements of MetLife are attached to this Statement of
Additional Information. Our financial statements should be considered only as
bearing upon our ability to meet our obligations under the Policy.
SAI-6
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholder of
Metropolitan Life Insurance Company:
We have audited the accompanying consolidated balance sheets of Metropolitan
Life Insurance Company and subsidiaries (the "Company") as of December 31, 2010
and 2009, and the related consolidated statements of operations, equity and cash
flows for each of the three years in the period ended December 31, 2010. These
consolidated financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on the consolidated
financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement. The Company
is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audits included consideration of
internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Company's internal control
over financial reporting. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the consolidated financial statements, assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all
material respects, the financial position of Metropolitan Life Insurance Company
and subsidiaries as of December 31, 2010 and 2009, and the results of their
operations and their cash flows for each of the three years in the period ended
December 31, 2010, in conformity with accounting principles generally accepted
in the United States of America.
As discussed in Note 1, the Company changed its method of accounting for the
recognition and presentation of other-than-temporary impairment losses for
certain investments as required by accounting guidance adopted on April 1, 2009,
and changed its method of accounting for certain assets and liabilities to a
fair value measurement approach as required by accounting guidance adopted on
January 1, 2008.
/s/ DELOITTE & TOUCHE LLP
DELOITTE & TOUCHE LLP
New York, New York
March 31, 2011
F-1
METROPOLITAN LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of MetLife, Inc.)
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2010 AND 2009
(IN MILLIONS, EXCEPT SHARE AND PER SHARE DATA)
2010 2009
-------- --------
ASSETS
Investments:
Fixed maturity securities available-for-sale, at estimated
fair value (amortized cost: $153,708 and $145,439,
respectively).............................................. $159,535 $144,649
Equity securities available-for-sale, at estimated fair value
(cost: $1,898 and $2,191, respectively).................... 1,821 2,116
Trading and other securities, at estimated fair value
(includes: $463 and $420 of actively traded securities,
respectively; and $201 and $0, respectively, relating to
variable interest entities)................................ 735 471
Mortgage loans (net of valuation allowances of $522 and $594,
respectively).............................................. 41,667 40,620
Policy loans.................................................. 8,270 8,099
Real estate and real estate joint ventures (includes $10 and
$18, respectively, relating to variable interest
entities).................................................. 5,755 5,711
Other limited partnership interests (includes $187 and $236,
respectively, relating to variable interest entities)...... 4,517 4,215
Short-term investments, principally at estimated fair value... 2,369 3,315
Other invested assets, principally at estimated fair value
(includes $102 and $137, respectively, relating to variable
interest entities)......................................... 7,822 6,811
-------- --------
Total investments.......................................... 232,491 216,007
Cash and cash equivalents, principally at estimated fair value
(includes $55 and $9, respectively, relating to variable
interest entities)............................................ 3,485 3,347
Accrued investment income (includes $3 and $0, respectively,
relating to variable interest entities)....................... 2,183 2,066
Premiums, reinsurance and other receivables (includes $1 and $0,
respectively, relating to variable interest entities)......... 26,802 26,375
Deferred policy acquisition costs and value of business
acquired...................................................... 8,191 9,364
Current income tax recoverable.................................. -- 121
Deferred income tax assets...................................... -- 1,094
Other assets (includes $6 and $16, respectively, relating to
variable interest entities)................................... 4,426 4,206
Separate account assets......................................... 97,829 80,377
-------- --------
Total assets............................................... $375,407 $342,957
======== ========
LIABILITIES AND EQUITY
LIABILITIES
Future policy benefits.......................................... $102,950 $ 99,960
Policyholder account balances................................... 88,922 86,590
Other policy-related balances................................... 5,649 5,627
Policyholder dividends payable.................................. 722 761
Policyholder dividend obligation................................ 876 --
Payables for collateral under securities loaned and other
transactions.................................................. 17,014 14,662
Short-term debt................................................. 102 319
Long-term debt (includes $236 and $64, respectively, at
estimated fair value, relating to variable interest
entities)..................................................... 3,610 3,502
Current income tax payable...................................... 155 --
Deferred income tax liability................................... 950 --
Other liabilities (includes $61 and $26, respectively, relating
to variable interest entities)................................ 35,113 33,690
Separate account liabilities.................................... 97,829 80,377
-------- --------
Total liabilities.......................................... 353,892 325,488
-------- --------
CONTINGENCIES, COMMITMENTS AND GUARANTEES (NOTE 13)
EQUITY
Metropolitan Life Insurance Company stockholder's equity:
Common stock, par value $0.01 per share; 1,000,000,000 shares
authorized; 494,466,664 shares issued and outstanding at
both December 31, 2010 and 2009............................ 5 5
Additional paid-in capital.................................... 14,445 14,438
Retained earnings............................................. 6,001 4,817
Accumulated other comprehensive income (loss)................. 916 (2,082)
-------- --------
Total Metropolitan Life Insurance Company stockholder's
equity................................................... 21,367 17,178
Noncontrolling interests........................................ 148 291
-------- --------
Total equity............................................... 21,515 17,469
-------- --------
Total liabilities and equity............................... $375,407 $342,957
======== ========
SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.
F-2
METROPOLITAN LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of MetLife, Inc.)
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2010, 2009 AND 2008
(IN MILLIONS)
2010 2009 2008
------- ------- -------
REVENUES
Premiums............................................... $18,519 $18,629 $18,444
Universal life and investment-type product policy
fees................................................. 2,075 2,067 2,285
Net investment income.................................. 11,605 10,189 11,114
Other revenues......................................... 1,725 1,739 1,882
Net investment gains (losses):
Other-than-temporary impairments on fixed maturity
securities........................................ (510) (1,521) (787)
Other-than-temporary impairments on fixed maturity
securities transferred to other comprehensive
income (loss)..................................... 150 623 --
Other net investment gains (losses).................. 190 (769) (742)
------- ------- -------
Total net investment gains (losses)............... (170) (1,667) (1,529)
Net derivative gains (losses)........................ (266) (4,428) 5,001
------- ------- -------
Total revenues.................................. 33,488 26,529 37,197
------- ------- -------
EXPENSES
Policyholder benefits and claims....................... 20,707 20,662 20,699
Interest credited to policyholder account balances..... 2,523 2,669 3,181
Policyholder dividends................................. 1,443 1,612 1,716
Other expenses......................................... 6,259 6,009 6,578
------- ------- -------
Total expenses.................................. 30,932 30,952 32,174
------- ------- -------
Income (loss) from continuing operations before
provision for income tax............................. 2,556 (4,423) 5,023
Provision for income tax expense (benefit)............. 782 (1,890) 1,650
------- ------- -------
Income (loss) from continuing operations, net of income
tax.................................................. 1,774 (2,533) 3,373
Income (loss) from discontinued operations, net of
income tax........................................... 18 11 (189)
------- ------- -------
Net income (loss)...................................... 1,792 (2,522) 3,184
Less: Net income (loss) attributable to noncontrolling
interests............................................ (3) (5) 97
------- ------- -------
Net income (loss) attributable to Metropolitan Life
Insurance Company.................................... $ 1,795 $(2,517) $ 3,087
======= ======= =======
SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.
F-3
METROPOLITAN LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of MetLife, Inc.)
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2010
(IN MILLIONS)
ACCUMULATED OTHER
COMPREHENSIVE INCOME (LOSS)
----------------------------------------------------
TOTAL
METROPOLITAN
NET FOREIGN DEFINED LIFE INSURANCE
ADDITIONAL UNREALIZED OTHER-THAN- CURRENCY BENEFIT COMPANY
COMMON PAID-IN RETAINED INVESTMENT TEMPORARY TRANSLATION PLANS STOCKHOLDER'S
STOCK CAPITAL EARNINGS GAINS (LOSSES) IMPAIRMENTS ADJUSTMENTS ADJUSTMENT EQUITY
------ ---------- -------- -------------- ----------- ----------- ---------- --------------
Balance at December 31,
2009................... $5 $14,438 $4,817 $ (265) $(341) $ 51 $(1,527) $17,178
Cumulative effect of
change in accounting
principle, net of
income tax (Note 1).... 30 30
-- ------- ------ ------ ----- ---- ------- -------
Balance at January 1,
2010................... 5 14,438 4,847 (265) (341) 51 (1,527) 17,208
Cumulative effect of
change in accounting
principle, net of
income tax (Note 1).... (10) 10 --
Capital contributions
from MetLife, Inc.
(Note 15).............. 3 3
Excess tax benefits
related to stock-based
compensation........... 4 4
Dividends on common
stock.................. (631) (631)
Change in equity of
noncontrolling
interests..............
Comprehensive income
(loss):
Net income (loss)...... 1,795 1,795
Other comprehensive
income (loss):
Unrealized gains
(losses) on
derivative
instruments, net
of income tax..... 118 118
Unrealized
investment gains
(losses), net of
related offsets
and income tax.... 2,701 87 2,788
Foreign currency
translation
adjustments, net
of income tax..... (16) (16)
Defined benefit
plans adjustment,
net of income
tax............... 98 98
-------
Other
comprehensive
income (loss).. 2,988
-------
Comprehensive income
(loss).............. 4,783
-- ------- ------ ------ ----- ---- ------- -------
Balance at December 31,
2010................... $5 $14,445 $6,001 $2,564 $(254) $ 35 $(1,429) $21,367
== ======= ====== ====== ===== ==== ======= =======
NONCONTROLLING TOTAL
INTERESTS EQUITY
-------------- -------
Balance at December 31,
2009................... $ 291 $17,469
Cumulative effect of
change in accounting
principle, net of
income tax (Note 1).... 30
----- -------
Balance at January 1,
2010................... 291 17,499
Cumulative effect of
change in accounting
principle, net of
income tax (Note 1).... --
Capital contributions
from MetLife, Inc.
(Note 15).............. 3
Excess tax benefits
related to stock-based
compensation........... 4
Dividends on common
stock.................. (631)
Change in equity of
noncontrolling
interests.............. (146) (146)
Comprehensive income
(loss):
Net income (loss)...... (3) 1,792
Other comprehensive
income (loss):
Unrealized gains
(losses) on
derivative
instruments, net
of income tax..... 118
Unrealized
investment gains
(losses), net of
related offsets
and income tax.... 6 2,794
Foreign currency
translation
adjustments, net
of income tax..... (16)
Defined benefit
plans adjustment,
net of income
tax............... 98
----- -------
Other
comprehensive
income (loss).. 6 2,994
----- -------
Comprehensive income
(loss).............. 3 4,786
----- -------
Balance at December 31,
2010................... $ 148 $21,515
===== =======
SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.
F-4
METROPOLITAN LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of MetLife, Inc.)
CONSOLIDATED STATEMENTS OF EQUITY (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2009
(IN MILLIONS)
ACCUMULATED OTHER
COMPREHENSIVE INCOME (LOSS)
----------------------------------------------------
NET FOREIGN DEFINED
ADDITIONAL UNREALIZED OTHER-THAN- CURRENCY BENEFIT
COMMON PAID-IN RETAINED INVESTMENT TEMPORARY TRANSLATION PLANS
STOCK CAPITAL EARNINGS GAINS (LOSSES) IMPAIRMENTS ADJUSTMENTS ADJUSTMENT
------ ---------- -------- -------------- ----------- ----------- ----------
Balance at December 31, 2008.............. $5 $14,437 $ 7,298 $(7,701) $ -- $143 $(1,437)
Cumulative effect of change in accounting
principle, net of income tax (Note 1)... 36 (36)
Capital contributions from MetLife, Inc.
(Note 15)............................ 3
Excess tax liabilities related to stock-
based compensation................... (2)
Change in equity of noncontrolling
interests............................
Comprehensive income (loss):
Net income (loss)....................... (2,517)
Other comprehensive income (loss):
Unrealized gains (losses) on
derivative instruments, net of
income tax......................... (162)
Unrealized investment gains (losses),
net of related offsets and income
tax................................ 7,598 (305)
Foreign currency translation
adjustments, net of income tax..... (92)
Defined benefit plans adjustment, net
of income tax...................... (90)
Other comprehensive income (loss)....
Comprehensive income (loss).............
-- ------- ------- ------- ----- ---- -------
Balance at December 31, 2009.............. $5 $14,438 $ 4,817 $ (265) $(341) $ 51 $(1,527)
== ======= ======= ======= ===== ==== =======
TOTAL
METROPOLITAN
LIFE INSURANCE
COMPANY
STOCKHOLDER'S NONCONTROLLING TOTAL
EQUITY INTERESTS EQUITY
-------------- -------------- -------
Balance at December 31, 2008.............. $12,745 $ 83 $12,828
Cumulative effect of change in accounting
principle, net of income tax (Note 1)... -- --
Capital contributions from MetLife, Inc.
(Note 15)............................ 3 3
Excess tax liabilities related to stock-
based compensation................... (2) (2)
Change in equity of noncontrolling
interests............................ 218 218
Comprehensive income (loss):
Net income (loss)....................... (2,517) (5) (2,522)
Other comprehensive income (loss):
Unrealized gains (losses) on
derivative instruments, net of
income tax......................... (162) (162)
Unrealized investment gains (losses),
net of related offsets and income
tax................................ 7,293 (5) 7,288
Foreign currency translation
adjustments, net of income tax..... (92) (92)
Defined benefit plans adjustment, net
of income tax...................... (90) (90)
------- ---- -------
Other comprehensive income (loss).... 6,949 (5) 6,944
------- ---- -------
Comprehensive income (loss)............. 4,432 (10) 4,422
------- ---- -------
Balance at December 31, 2009.............. $17,178 $291 $17,469
======= ==== =======
SEE ACCOMPANYING NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS.
F-5
METROPOLITAN LIFE INSURANCE COMPANY
(A Wholly-Owned Subsidiary of MetLife, Inc.)
CONSOLIDATED STATEMENTS OF EQUITY -- (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2008
(IN MILLIONS)
ACCUMULATED OTHER
COMPREHENSIVE INCOME (LOSS)
---------------------------------------
TOTAL
METROPOLITAN
NET FOREIGN DEFINED LIFE INSURANCE
ADDITIONAL UNREALIZED CURRENCY BENEFIT COMPANY
COMMON PAID-IN RETAINED INVESTMENT TRANSLATION PLANS STOCKHOLDER'S
STOCK CAPITAL EARNINGS GAINS (LOSSES) ADJUSTMENTS ADJUSTMENT EQUITY
------ ---------- -------- -------------- ----------- ---------- --------------
Balance at December 31, 2007............... $5 $14,426 $ 5,529 $ 1,342 $ 283 $ (284) $ 21,301
Treasury stock transactions, net -- by
subsidiary............................... (11) (11)
Capital contributions from MetLife, Inc.
(Note 15)................................ 13 13
Excess tax benefits related to stock-based
compensation............................. 9 9
Dividends of interest in subsidiary (Note
2)....................................... (1,318) (1,318)
Dividends on subsidiary common stock.......
Change in equity of noncontrolling
interests................................
Comprehensive income (loss):
Net income (loss)........................ 3,087 3,087
Other comprehensive income (loss):
Unrealized gains (losses) on
derivative instruments, net of
income tax.......................... 272 272
Unrealized investment gains (losses),
net of related offsets and income
tax................................. (9,315) (9,315)
Foreign currency translation
adjustments, net of income tax...... (140) (140)
Defined benefit plans adjustment, net
of income tax....................... (1,153) (1,153)
--------
Other comprehensive income (loss)..... (10,336)
--------
Comprehensive income (loss).............. (7,249)
-- ------- ------- ------- ----- ------- --------
Balance at December 31, 2008............... $5 $14,437 $ 7,298 $(7,701) $ 143 $(1,437) $ 12,745
== ======= ======= ======= ===== ======= ========
NONCONTROLLING INTERESTS
------------------------
DISCONTINUED CONTINUING TOTAL
OPERATIONS OPERATIONS EQUITY
------------ ---------- --------