497 1 d342004d497.txt METFLEX FLEXIBLE PREMIUM VARIABLE LIFE PROSPECTUS FOR METFLEX, A FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY ("POLICY") ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY ("METLIFE") APRIL 30, 2012 This prospectus provides you with important information about MetLife's MetFlex Policies. However, this prospectus is not the Policy. The Policy, rather, is a separate written agreement that MetLife issues to you. The Policy is designed to provide: . Life insurance coverage . Flexible premium payments . A choice among three death benefit options . A method of financing certain deferred compensation plans, post-retirement benefits and payroll deduction programs You may allocate premium payments to and transfer cash value among a fixed interest account ("Fixed Account") and the Metropolitan Life Separate Account UL investment divisions which invest in the following corresponding fund ("Fund") portfolios: AIM Variable Insurance Funds (Invesco Variable Insurance Funds) --------------------------------------------------------------- INVESCO V.I. GLOBAL REAL ESTATE FUND--SERIES I INVESCO V.I. GOVERNMENT SECURITIES FUND--SERIES II INVESCO V.I. INTERNATIONAL GROWTH FUND--SERIES I INVESCO VAN KAMPEN V.I. COMSTOCK FUND--SERIES II AllianceBernstein Variable Products Series Fund, Inc. ----------------------------------------------------- GLOBAL THEMATIC GROWTH PORTFOLIO--CLASS B INTERMEDIATE BOND PORTFOLIO--CLASS B INTERNATIONAL VALUE PORTFOLIO--CLASS A American Century Variable Portfolios, Inc.--Class I --------------------------------------------------- VP VISTA/SM/ FUND American Funds Insurance Series(R)--Class 2 ------------------------------------------- AMERICAN FUNDS GROWTH FUND AMERICAN FUNDS HIGH-INCOME BOND FUND AMERICAN FUNDS INTERNATIONAL FUND AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES FUND Dreyfus Variable Investment Fund--Service Shares ------------------------------------------------ INTERNATIONAL VALUE PORTFOLIO Fidelity(R) Variable Insurance Products --------------------------------------- ASSET MANAGER: GROWTH(R) PORTFOLIO--SERVICE CLASS CONTRAFUND(R) PORTFOLIO--SERVICE CLASS EQUITY-INCOME PORTFOLIO--SERVICE CLASS FREEDOM 2010 PORTFOLIO--INITIAL CLASS FREEDOM 2015 PORTFOLIO--INITIAL CLASS FREEDOM 2020 PORTFOLIO--INITIAL CLASS FREEDOM 2025 PORTFOLIO--INITIAL CLASS FREEDOM 2030 PORTFOLIO--INITIAL CLASS HIGH INCOME PORTFOLIO--INITIAL CLASS INVESTMENT GRADE BOND PORTFOLIO--SERVICE CLASS MID CAP PORTFOLIO--SERVICE CLASS 2 Franklin Templeton Variable Insurance Products Trust ---------------------------------------------------- MUTUAL GLOBAL DISCOVERY SECURITIES FUND--CLASS 2 TEMPLETON FOREIGN SECURITIES FUND--CLASS 1 TEMPLETON GLOBAL BOND SECURITIES FUND--CLASS 1 Goldman Sachs Variable Insurance Trust--Institutional Shares ------------------------------------------------------------ GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND Janus Aspen Series ------------------ BALANCED PORTFOLIO--SERVICE SHARES ENTERPRISE PORTFOLIO--SERVICE SHARES FORTY PORTFOLIO--SERVICE SHARES JANUS PORTFOLIO--INSTITUTIONAL SHARES OVERSEAS PORTFOLIO--SERVICE SHARES Legg Mason Partners Variable Equity Trust ----------------------------------------- LEGG MASON INVESTMENT COUNSEL VARIABLE SOCIAL AWARENESS PORTFOLIO Met Investors Series Trust -------------------------- BLACKROCK LARGE CAP CORE PORTFOLIO--CLASS A MFS(R) RESEARCH INTERNATIONAL PORTFOLIO--CLASS B CLARION GLOBAL REAL ESTATE PORTFOLIO--CLASS B MORGAN STANLEY MID CAP GROWTH PORTFOLIO-- DREMAN SMALL CAP VALUE PORTFOLIO--CLASS A CLASS A HARRIS OAKMARK INTERNATIONAL PORTFOLIO--CLASS A PIMCO INFLATION PROTECTED BOND PORTFOLIO-- INVESCO SMALL CAP GROWTH PORTFOLIO--CLASS B CLASS A LAZARD MID CAP PORTFOLIO--CLASS B PIMCO TOTAL RETURN PORTFOLIO--CLASS A LEGG MASON CLEARBRIDGE AGGRESSIVE GROWTH PIONEER FUND PORTFOLIO--CLASS A PORTFOLIO--CLASS A T. ROWE PRICE LARGE CAP VALUE PORTFOLIO--CLASS A LORD ABBETT BOND DEBENTURE PORTFOLIO--CLASS A THIRD AVENUE SMALL CAP VALUE PORTFOLIO--CLASS B LORD ABBETT MID CAP VALUE PORTFOLIO--CLASS A METLIFE AGGRESSIVE STRATEGY PORTFOLIO--CLASS B
2 Metropolitan Series Fund ------------------------ BAILLIE GIFFORD INTERNATIONAL STOCK PORTFOLIO-- METLIFE MID CAP STOCK INDEX PORTFOLIO--CLASS A CLASS A METLIFE MODERATE ALLOCATION PORTFOLIO--CLASS B BARCLAYS CAPITAL AGGREGATE BOND INDEX METLIFE MODERATE TO AGGRESSIVE ALLOCATION PORTFOLIO--CLASS A PORTFOLIO--CLASS B BLACKROCK AGGRESSIVE GROWTH PORTFOLIO--CLASS A METLIFE STOCK INDEX PORTFOLIO--CLASS A BLACKROCK BOND INCOME PORTFOLIO--CLASS A MFS(R) TOTAL RETURN PORTFOLIO--CLASS B BLACKROCK DIVERSIFIED PORTFOLIO--CLASS A MFS(R) VALUE PORTFOLIO--CLASS A BLACKROCK LEGACY LARGE CAP GROWTH PORTFOLIO-- MSCI EAFE(R) INDEX PORTFOLIO--CLASS A CLASS A NEUBERGER BERMAN GENESIS PORTFOLIO--CLASS A BLACKROCK MONEY MARKET PORTFOLIO--CLASS A OPPENHEIMER GLOBAL EQUITY PORTFOLIO--CLASS A DAVIS VENTURE VALUE PORTFOLIO--CLASS A RUSSELL 2000(R) INDEX PORTFOLIO--CLASS A FI VALUE LEADERS PORTFOLIO--CLASS A T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO-- JENNISON GROWTH PORTFOLIO--CLASS A CLASS A LOOMIS SAYLES SMALL CAP CORE PORTFOLIO--CLASS A T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO-- MET/ARTISAN MID CAP VALUE PORTFOLIO--CLASS B CLASS A METLIFE CONSERVATIVE ALLOCATION PORTFOLIO--CLASS B METLIFE CONSERVATIVE TO MODERATE ALLOCATION PORTFOLIO--CLASS B
MFS(R) Variable Insurance Trust--Service Class ---------------------------------------------- MFS(R) GLOBAL EQUITY SERIES MFS(R) HIGH INCOME SERIES MFS(R) NEW DISCOVERY SERIES Oppenheimer Variable Account Funds--Non-Service Shares ------------------------------------------------------ OPPENHEIMER MAIN STREET SMALL- & MID-CAP FUND(R)/VA PIMCO Variable Insurance Trust--Administrative Class ---------------------------------------------------- PIMCO ALL ASSET PORTFOLIO PIMCO LONG-TERM U.S. GOVERNMENT PORTFOLIO PIMCO LOW DURATION PORTFOLIO Pioneer Variable Contracts Trust -------------------------------- PIONEER EMERGING MARKETS VCT PORTFOLIO--CLASS II PIONEER MID CAP VALUE VCT PORTFOLIO--CLASS I Putnam Variable Trust--Class IB ------------------------------- PUTNAM VT INTERNATIONAL VALUE FUND Royce Capital Fund--Investment Class ------------------------------------ ROYCE MICRO-CAP PORTFOLIO ROYCE SMALL-CAP PORTFOLIO The Universal Institutional Funds, Inc.--Class I ------------------------------------------------ EMERGING MARKETS DEBT PORTFOLIO EMERGING MARKETS EQUITY PORTFOLIO Wells Fargo Variable Trust--Class 2 ----------------------------------- VT TOTAL RETURN BOND FUND 3 Certain Funds and/or Portfolios have been subject to a merger, substitution or other change. Please see Appendix A--"Additional Information Regarding the Funds." Separate prospectuses for the Metropolitan Series Fund, the Met Investors Series Trust, AIM Variable Insurance Funds (Invesco Variable Insurance Funds), the AllianceBernstein Variable Products Series Fund, Inc., American Century Variable Portfolios, Inc., American Funds Insurance Series(R), the Dreyfus Variable Investment Fund, Fidelity(R) Variable Insurance Products, the Franklin Templeton Variable Insurance Products Trust, the Goldman Sachs Variable Insurance Trust, the Janus Aspen Series, the Legg Mason Partners Variable Equity Trust, the MFS(R) Variable Insurance Trust, the Oppenheimer Variable Account Funds, the PIMCO Variable Insurance Trust, the Pioneer Variable Contracts Trust, the Putnam Variable Trust, the Royce Capital Fund, The Universal Institutional Funds, Inc. and the Wells Fargo Variable Trust (each a "Fund") are available from us by calling 1-908-253-1400. They describe in greater detail an investment in the portfolios listed above. Before purchasing a Policy, read the information in this prospectus and in the prospectus for each Fund. Keep these prospectuses for future reference. We do not guarantee how any of the portfolios will perform. Since the Fixed Account is not registered under the federal securities laws, this Prospectus contains only limited information about the Fixed Account. The Policy gives you more information on the operation of the Fixed Account. Policies issued in your state may provide different features and benefits from, and impose different costs than, those described in this Prospectus. Your actual Policy and any endorsements are the controlling documents. You should read the Policy carefully for any variations in your state. Neither the Securities and Exchange Commission ("SEC") nor any state securities authority has approved or disapproved of these securities, nor have they determined if this Prospectus is accurate or complete. Any representation otherwise is a criminal offense. This Prospectus does not constitute an offering in any jurisdiction where such offering may not lawfully be made. Interests in the Separate Account, the Fixed Account and the Portfolios are not deposits, obligations of, or insured or guaranteed by, the U.S. Government, any bank or other depository institution including the Federal Deposit Insurance Corporation ("FDIC"), the Federal Reserve Board or any other agency or entity or person. We do not authorize any representations about this offering other than as contained in this Prospectus or its supplements or in our authorized supplemental sales material. 4 TABLE OF CONTENTS
PAGE IN THIS SUBJECT PROSPECTUS ------- ---------- Contacting Us............................................... 6 Summary of Benefits and Risks............................... 6 Policy Benefits............................................ 6 Risks of a Policy.......................................... 7 Fee Tables.................................................. 9 Transaction Fees........................................... 9 Periodic Charges Other Than Portfolio Operating Expenses... 11 Portfolio Operating Expenses............................... 12 MetLife..................................................... 22 The Fixed Account.......................................... 22 Separate Account UL........................................ 22 The Funds.................................................. 23 The Portfolio Share Classes that We Offer................ 32 Substitution of Portfolios............................... 32 Voting Rights............................................ 32 Issuing a Policy............................................ 32 Payment and Allocation of Premiums.......................... 33 Paying Premiums............................................ 34 Maximum and Minimum Premium Payments....................... 34 Allocating Net Premiums.................................... 35 Insurance Proceeds.......................................... 35 Death Benefit Options...................................... 36 Minimum Death Benefit...................................... 37 Specified Face Amount...................................... 38 Income Plans............................................... 39 Cash Value, Transfers and Withdrawals....................... 39 Cash Value................................................. 39 Cash Value Transfers....................................... 40 Surrender and Withdrawal Privileges........................ 44 Benefit at Final Date...................................... 45 Loan Privileges............................................. 45 Optional Rider Benefits..................................... 46 Term Benefit............................................... 47 Charges and Deductions...................................... 48 Important Information Applicable to all Policy Charges and Deductions............................................... 48 Charges Deducted From Premiums............................. 49 Charges Included in the Monthly Deduction.................. 50 Charges for Certain Optional Rider Benefits................ 51 Variations in Charges...................................... 51 Portfolio Company Charges.................................. 51 Other Charges.............................................. 52 Policy Termination and Reinstatement........................ 52 Federal Tax Matters......................................... 52 Rights We Reserve........................................... 57 Other Policy Provisions..................................... 58 Sales of Policies........................................... 60 Legal Proceedings........................................... 63 Restrictions on Financial Transactions...................... 63 Independent Registered Public Accounting Firm............... 63 Financial Statements........................................ 64 Appendix A.................................................. 65
5 CONTACTING US [SIDEBAR:YOU CAN CONTACT US AT OUR DESIGNATED OFFICE.] 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 systematic investment strategies); or changing your premium allocations. Our Designated Office is MetLife--SBR, 501 Route 22, Bridgewater, NJ 08807. We may name additional or alternate Designated Offices. If we do, we will notify you in writing. SUMMARY OF BENEFITS AND RISKS This summary gives an overview of the Policy and is qualified by the more detailed information in the balance of this Prospectus and the Policy. MetLife issues the Policies. We offer the Policies to employers, employer sponsored plans, or other organizations or individuals associated with such employers, plans or organizations. We designed the Policies for financing nonqualified deferred compensation plans, other post-employment benefits, certain employer sponsored payroll deduction programs or other purposes. POLICY BENEFITS PREMIUM PAYMENT FLEXIBILITY. The Policy allows flexibility in making premium payments. The Policy will remain in force as long as the cash surrender value is large enough to cover one monthly deduction, regardless of whether or not premium payments have been made. CASH VALUE. Your cash value in the Policy reflects your premium payments, the charges we deduct, interest we credit if you have cash value in our fixed interest account, any investment experience you have in our Separate Account, as well as your loan and withdrawal activity. TRANSFERS AND SYSTEMATIC INVESTMENT STRATEGIES. You may transfer cash value among the funding options, subject to certain limits, including restrictions on "market timing" transactions (see "Cash Value, Transfers and Withdrawals"). You may also choose among four systematic investment strategies: the Equity Generator/SM/, the Equalizer/SM/, the Allocator/SM/, and the Rebalancer/SM/. SPECIFIED FACE AMOUNT OF INSURANCE. Within certain limits, you may choose your specified face amount of insurance when the Policy is issued. You may also change the amount at any time after the first Policy year, subject to our rules and procedures. DEATH BENEFIT OPTIONS. Generally, you have a choice among three options. These range from an amount equal to the specified face amount to an amount equal to the specified face amount plus the policy cash value at the date of death. INCOME PLANS. The insurance proceeds can be paid under a variety of income plans that are available under the Policy. 6 SURRENDERS, PARTIAL WITHDRAWALS AND LOANS. Within certain limits, you may take partial withdrawals and loans from the Policy. You may also surrender your Policy for its cash surrender value. TAX ADVANTAGES. In general, you will not pay income taxes on any cash value that accrues in your Policy prior to a distribution. If you meet certain requirements, favorable distribution rules will apply. The death benefit may be subject to Federal and state estate taxes, but your beneficiary will generally not be subject to income tax on the death benefit. In the case of employer-owned life insurance as defined in Section 101(j) of the Internal Revenue Code, the amount of the death benefit 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. As with any taxation matter, you should consult with and rely on the advice of your own tax advisor. TERM RIDER. This rider provides coverage on the insured to age 95. The amount of sales charge you pay will be less if coverage is obtained through this rider rather than as part of the Policy. The current charges for the cost of insurance are lower for coverage under the term rider than under the base Policy. For details, see "Optional Rider Benefits--Term Benefit." OTHER OPTIONAL RIDER BENEFITS. You may be eligible for certain other benefits provided by rider, subject to certain underwriting requirements and the payment of additional premiums. We will deduct any charges for the rider(s) (other than the charge for the interim term insurance rider) as part of the monthly deduction. RISKS OF A POLICY This Prospectus discusses the risks associated with purchasing the Policy. Prospectuses for the Funds discuss the risks associated with investment in the Fund described therein. Each of the Separate Account UL investment divisions that is available to you under the Policy invests solely in a corresponding "Portfolio" of a Fund. INVESTMENT RISK. MetLife does not guarantee the investment performance of the variable investment options and you should consider your risk tolerance before selecting any of these options. You will be subject to the risk that investment performance will be unfavorable and that your cash value will decrease. In addition, we deduct Policy fees and charges from your Policy's cash value, which can significantly reduce your Policy's cash value. During times of poor investment performance, these deductions may have an even greater impact on your Policy's cash value. It is possible to lose your full investment and your Policy could terminate without value, unless you pay additional premiums. If you allocate cash value to the Fixed Account, then we credit such cash value with a declared rate of interest. You assume the risk that the rate may decrease, although it will never be lower than the guaranteed minimum annual effective rate of 2.5% (4% for Policies issued prior to February 24, 2012). SURRENDER AND WITHDRAWAL RISKS. The Policies are designed to provide lifetime insurance protection. They are not offered primarily as an investment, and are not suitable as a short-term savings vehicle. You should purchase the Policy only if you have the financial ability to keep it in force for a substantial period of time. You should not purchase the Policy if you intend to surrender all or part of the Policy's cash value in the near future. 7 RISK OF POLICY TERMINATION. Your Policy may terminate without value if you have paid an insufficient amount of premiums or if the investment experience of the investment divisions is poor. If your cash surrender value is not enough to pay the monthly deduction, your Policy will terminate without value unless you make a premium payment sufficient to cover two monthly deductions within the 61-day grace period. If your Policy does terminate, your insurance coverage will terminate (although you will be given an opportunity to reinstate your coverage if you satisfy certain requirements). Lapse of a policy on which there is an outstanding loan may have adverse tax consequences. POLICY CHARGE AND EXPENSE INCREASE. We have the right to increase certain Policy charges. TAX LAW RISKS. We anticipate that the Policy should generally be deemed a life insurance contract under Federal tax law. The insurance proceeds payable upon death of the insured under the Policy 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 guidance, however, with respect to Policies issued on a substandard risk basis, is not entirely clear. In general, you should not be deemed to be in receipt of any portion of your Policy's cash value until there is an actual distribution from the Policy. Although the beneficiary generally should not have to pay Federal income tax on the insurance proceeds, other taxes, such as estate taxes, may apply. In the case of employer-owned life insurance as defined in Section 101(j), the amount of the death benefit 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. If you pay more than a certain amount of premiums, you may cause your Policy to become a "modified endowment contract." If it does, you will pay income taxes on loans and other amounts we pay out to you (except for payment of insurance proceeds), to the extent of any gains in your Policy (which is generally the excess of cash value over the premiums paid). In this case, an additional 10% tax penalty may also apply. If the Policy is not a modified endowment contract, distributions generally will be treated first as a return of basis or investment in the contract and then as taxable income. Moreover, loans will generally not be treated as distributions. Finally, neither distributions nor loans from a Policy that is not a modified endowment contract are subject to the 10% penalty tax. If your Policy is part of an equity split dollar arrangement under the economic benefit regime, there is a risk that some portion of the cash value may be taxed prior to any Policy distribution. Tax laws, regulations, and interpretations have often been changed in the past and such changes continue to be proposed. As with any taxation matter, you should consult with and rely on the advice of your own tax advisor. 8 FEE TABLES The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering the Policy. The charges set forth in the first two tables may vary by group, based on anticipated variations in our costs or risks associated with the group or individuals in the group that the charge was intended to cover. Our variations in the charges will be made in accordance with our established and uniformly applied administrative procedures. Any variations in charges will be reasonable and will not be unfairly discriminatory to the interests of any Policy owner. In addition to the following tables, certain charges that we don't currently impose (but which we have the right to impose on your Policy in the future) are described under "Charges and Deductions--Other Charges," further back in this Prospectus. In certain cases, we have the right to increase our charges for new Policies, as well as for Policies already outstanding. The maximum charges in such cases are shown in the far right-hand columns of each of the first three tables below. TRANSACTION FEES This table describes the fees and expenses that you will pay at the time that you buy the Policy, surrender the Policy, or transfer cash value among the variable investment options or the Fixed Account.
WHEN CHARGE CURRENT AMOUNT MAXIMUM AMOUNT CHARGE IS DEDUCTED DEDUCTED WE CAN DEDUCT --------------------------------------------------------------------------------- Sales Charge/1,2/ On payment of POLICY YEARS 1 TO 10, POLICY YEARS 1 TO 10, premium up to 6.5% of annual up to 9% of annual target premium paid target premium paid POLICY YEARS 11 AND POLICY YEARS 11 AND LATER, up to 3% of LATER, same as annual target Current Amount for premium paid those years 0% on premiums 0% on premiums paid in excess of paid in excess of annual target annual target premium in all Policy premium in all Policy years years --------------------------------------------------------------------------------- Charge for average On payment of 2.25% of each Same as Current expected state and premium premium payment Amount local taxes attributable to premiums --------------------------------------------------------------------------------- Charge for expected On payment of 1.2% of each Same as Current federal taxes premium premium payment Amount attributable to premiums ---------------------------------------------------------------------------------
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WHEN CHARGE CURRENT AMOUNT MAXIMUM AMOUNT CHARGE IS DEDUCTED DEDUCTED WE CAN DEDUCT --------------------------------------------------------------------------------------------- Administrative On payment of POLICY YEARS 1 TO 10, Up to 1.05% of Charge/1/ premium up to 0.55% of annual annual target target premium paid premium paid in all Policy years POLICY YEARS 11 AND LATER, up to 1.05% of 0.05% of premiums annual target paid in excess of premium paid annual target premium in all Policy 0.05% on premiums years paid in excess of annual target premium in all Policy years --------------------------------------------------------------------------------------------- Transfer Fee On transfer of cash Not currently $25 per transfer, and value among charged none for transfers investment divisions under Systematic or to or from the Investment Fixed Account Strategies --------------------------------------------------------------------------------------------- Interim Term On payment of first Highest: $13.93 per Highest: $24.65 per Insurance Benefit/3/ premium if rider is $1,000 of term $1,000 of term (applies only if you elected insurance amount insurance amount elected rider at issue) Lowest: $0.03 per Lowest: $0.04 per Highest and Lowest $1,000 of term $1,000 of term Charge Among All insurance amount insurance amount Possible Insureds Charge for male, $0.152 per $1,000 of $0.271 per $1,000 of issue age 47, term insurance term insurance nonsmoker, amount amount Guaranteed Issue underwriting class --------------------------------------------------------------------------------------------- Enhanced Cash On premium 0.25% of each Same as Current Surrender Value payments made premium payment Amount Rider/4/ during the first five made during the first Policy years five Policy years --------------------------------------------------------------------------------------------- Underwriting Charge On face amount Not currently Up to $3 per $1,000 (applies only if you increase charged of increase request an increase in your specified face amount)
-------- /1/ See "Charges and Deductions--Annual Target Premium" for a detailed discussion of the determination of the annual target premium. /2/ For Policies issued with the Refund of Sales Charge Rider, if you request a full cash withdrawal during the first five Policy years, we will refund any sales charges deducted within 365 days prior to the date the request is received at our Designated Office. This rider is not available in New Jersey. /3/ This charge varies based on individual characteristics of the insured or of individuals in the group that the charge was intended to cover, and may not be representative of the charge that you will pay. You can obtain more information about the charges that would apply by contacting your insurance sales representative. If you would like, we will provide you with an illustration of the impact of these and other charges under the Policy based on various assumptions. /4/ For Policies issued with the Enhanced Cash Surrender Value Rider on or after February 1, 2004, if you request a full cash withdrawal during the first ten Policy years, we will refund (a) part of the cumulative charges we have deducted from your premium payments and (b) part of the cost of term insurance we have deducted in the current Policy year, as shown in Table A below. However, we will not pay this refund if the full cash withdrawal is related to an exchange pursuant to Section 1035 of the Internal Revenue Code. This rider is subject to state approval. 10 TABLE A
PORTION OF COST OF TERM INSURANCE CHARGES DEDUCTED PORTION OF DURING POLICY YEAR OF POLICY YEAR OF CUMULATIVE PREMIUM FULL CASH WITHDRAWAL FULL CASH WITHDRAWAL CHARGES TO BE REFUNDED* TO BE REFUNDED ----------------------------------------------------------------------- 1 100% 95% ----------------------------------------------------------------------- 2 95% 85% ----------------------------------------------------------------------- 3 90% 75% ----------------------------------------------------------------------- 4 85% 65% ----------------------------------------------------------------------- 5 80% 55% ----------------------------------------------------------------------- 6 75% 45% ----------------------------------------------------------------------- 7 70% 35% ----------------------------------------------------------------------- 8 65% 25% ----------------------------------------------------------------------- 9 60% 15% ----------------------------------------------------------------------- 10 55% 5% ----------------------------------------------------------------------- 11 and later None None -----------------------------------------------------------------------
* The percent shown is applied to the cumulative sales, tax, and administrative charges deducted from your premium. PERIODIC CHARGES OTHER THAN PORTFOLIO OPERATING EXPENSES These tables describe other fees and expenses that you will pay periodically during the time that you own the Policy not including the fees and expenses of the Portfolios. PERIODIC CHARGES
WHEN CHARGE CURRENT AMOUNT MAXIMUM AMOUNT CHARGE IS DEDUCTED DEDUCTED WE CAN DEDUCT ----------------------------------------------------------------------------------------------------------- Cost of Term Insurance On each monthly Highest: $35.30 per Highest: $35.30 per for coverage under base anniversary of the Policy $1,000 of term insurance $1,000 of term insurance policy /1, 2/ amount amount Highest and Lowest Charge Among All Possible Lowest: $0.02 per $1,000 Lowest: $0.04 per $1,000 Insureds of term insurance amount of term insurance amount Charge for male, issue $0.152 per $1,000 of term $0.271 per $1,000 of term age 47, nonsmoker, insurance amount insurance amount Guaranteed Issue underwriting class ----------------------------------------------------------------------------------------------------------- Cost of Term Insurance On each monthly Highest: $26.48 per Highest: $35.30 per for coverage under the anniversary of the Policy $1,000 of term insurance $1,000 of term insurance term benefit /1, 2/ amount amount Highest and Lowest Charge Lowest: $0.02 per $1,000 Lowest: $0.04 per $1,000 Among All Possible of term insurance amount of term insurance amount Insureds Charge for male, issue $0.114 per $1,000 of term $0.271 per $1,000 of term age 47, nonsmoker, insurance amount insurance amount Guaranteed Issue underwriting class
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WHEN CHARGE CURRENT AMOUNT MAXIMUM AMOUNT CHARGE IS DEDUCTED DEDUCTED WE CAN DEDUCT ----------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- Mortality and Expense On each monthly Effective annual rate of Effective annual rate up Risk Charge /3/ anniversary of the Policy 0.40% of the cash value to 0.90% in the Separate Account. We intend to reduce this charge after Policy year 9 to 0.20% and after Policy year 20 to 0.10%. ----------------------------------------------------------------------------------------------------------- Loan Interest Spread/ 4/ Annually (or on loan Annual rate of 0.25% of Annual rate of 2% of the termination, if earlier) the loan amount loan amount
-------- /1/ The cost of term insurance charge varies based on anticipated variations in our costs or risks associated with the group or individuals in the group that the charge was intended to cover. See "Charges and Deductions--Cost of Term Insurance" for a more detailed discussion of factors affecting this charge. For Policies issued before January 1, 2009, the maximum cost of insurance charge ranges from $0.09 to $30.45 per $1,000 of term insurance amount. /2/ This charge varies based on individual characteristics of the insured or of individuals in the group that the charge was intended to cover, and may not be representative of the charge that you will pay. You can obtain more information about the charges that would apply by contacting your insurance sales representative. If you would like, we will provide you with an illustration of the impact of these and other charges under the Policy, based on various assumptions. /3/ We are waiving the following amounts of the Mortality and Expense Risk Charge: 0.08% for the investment division investing in the BlackRock Large Cap Core Portfolio; and an amount equal to the underlying portfolio expenses that are in excess of 0.91% for the investment division investing in the Pioneer Fund Portfolio (Class A), in excess of 1.34% for the investment division investing in the Met/Artisan Mid Cap Value Portfolio (Class B), and in excess of 1.15% for the investment division investing in the Third Avenue Small Cap Value Portfolio (Class B). /4/ We charge interest on Policy loans but credit you with interest on the amount of the cash value we hold as collateral for the loan. The loan interest spread is the excess of the interest rate we charge over the interest rate we credit. PORTFOLIO OPERATING EXPENSES Each of the Funds pays an investment management fee to its investment manager. Each of the Funds also incurs other direct expenses (see the applicable Fund Prospectus and the Statement of Additional Information referred to therein for each Fund). You bear indirectly your proportionate share of the fees and expenses of the Portfolios of each Fund that correspond to the Separate Account investment divisions you are using. Most of the Funds offer various classes of shares, each of which has a different level of expenses, only one of which is available under a Policy. The available class of each Portfolio is specified in the expense table below and on the front cover pages of the Prospectus. The first table below shows the lowest and highest fees and expenses charged by any of the Portfolios for the fiscal year ended December 31, 2011.
LOWEST HIGHEST ----------------------------------------------------------------- Total Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets, including management fees, distribution (Rule 12b-1) fees and other expenses) 0.27% 1.72% -----------------------------------------------------------------
12 The table below describes the annual operating expenses for each Portfolio for the year ended December 31, 2011 as a percentage of the Portfolio's average daily net assets for the year.
----------------------------------------------------------------------------------- DISTRIBU- CONTRACTUAL TION FEE WAIVER NET AND/OR ACQUIRED TOTAL AND/OR TOTAL MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES ----------------------------------------------------------------------------------- AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS) ----------------------------------------------------------------------------------- Invesco V.I. Global Real Estate Fund-- Series I 0.75% -- 0.39% -- 1.14% 0.00% 1.14% ----------------------------------------------------------------------------------- Invesco V.I. Government Securities Fund-- Series II 0.46% 0.25% 0.29% -- 1.00% 0.05% 0.95% ----------------------------------------------------------------------------------- Invesco V.I. International Growth Fund--Series I 0.71% -- 0.32% -- 1.03% -- 1.03% ----------------------------------------------------------------------------------- Invesco Van Kampen V.I. Comstock Fund-- Series II 0.56% 0.25% 0.24% -- 1.05% 0.08% 0.97% ----------------------------------------------------------------------------------- ALLIANCE BERNSTEIN VARIABLE PRODUCTS SERIES FUND, INC. ----------------------------------------------------------------------------------- Global Thematic Growth Portfolio-- Class B 0.75% 0.25% 0.19% -- 1.19% -- 1.19% ----------------------------------------------------------------------------------- Intermediate Bond Portfolio-- Class B 0.45% 0.25% 0.20% -- 0.90% -- 0.90% ----------------------------------------------------------------------------------- International Value Portfolio-- Class A 0.75% -- 0.07% -- 0.82% -- 0.82% ----------------------------------------------------------------------------------- AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.--CLASS I ----------------------------------------------------------------------------------- VP Vista/SM /Fund 1.00% -- 0.01% 0.03% 1.04% -- 1.04% -----------------------------------------------------------------------------------
13
------------------------------------------------------------------------------------ DISTRIBU- CONTRACTUAL TION FEE WAIVER NET AND/OR ACQUIRED TOTAL AND/OR TOTAL MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES ------------------------------------------------------------------------------------ AMERICAN FUNDS INSURANCE SERIES(R) -- CLASS 2 ------------------------------------------------------------------------------------ American Funds Growth Fund 0.32% 0.25% 0.02% -- 0.59% -- 0.59% ------------------------------------------------------------------------------------ American Funds High- Income Bond Fund 0.46% 0.25% 0.01% -- 0.72% -- 0.72% ------------------------------------------------------------------------------------ American Funds International Fund 0.49% 0.25% 0.04% -- 0.78% -- 0.78% ------------------------------------------------------------------------------------ American Funds U.S. Government/ AAA-Rated Securities Fund 0.33% 0.25% 0.01% -- 0.59% -- 0.59% ------------------------------------------------------------------------------------ DREYFUS VARIABLE INVESTMENT FUND-- SERVICE SHARES ------------------------------------------------------------------------------------ International Value Portfolio 1.00% 0.25% 0.25% -- 1.50% -- 1.50% ------------------------------------------------------------------------------------ FIDELITY(R) VARIABLE INSURANCE PRODUCTS ------------------------------------------------------------------------------------ Asset Manager: Growth(R) Portfolio-- Service Class 0.56% 0.10% 0.17% 0.01% 0.84% -- 0.84% ------------------------------------------------------------------------------------ Contrafund(R) Portfolio-- Service Class 0.56% 0.10% 0.09% -- 0.75% -- 0.75% ------------------------------------------------------------------------------------ Equity-Income Portfolio-- Service Class 0.46% 0.10% 0.10% -- 0.66% -- 0.66% ------------------------------------------------------------------------------------ Freedom 2010 Portfolio-- Initial Class -- -- -- 0.56% 0.56% -- 0.56% ------------------------------------------------------------------------------------ Freedom 2015 Portfolio-- Initial Class -- -- -- 0.56% 0.56% -- 0.56% ------------------------------------------------------------------------------------ Freedom 2020 Portfolio-- Initial Class -- -- -- 0.60% 0.60% -- 0.60% ------------------------------------------------------------------------------------ Freedom 2025 Portfolio-- Initial Class -- -- -- 0.64% 0.64% -- 0.64% ------------------------------------------------------------------------------------ Freedom 2030 Portfolio-- Initial Class -- -- -- 0.65% 0.65% -- 0.65% ------------------------------------------------------------------------------------
14
------------------------------------------------------------------------------------ DISTRIBU- CONTRACTUAL TION FEE WAIVER NET AND/OR ACQUIRED TOTAL AND/OR TOTAL MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES ------------------------------------------------------------------------------------ High Income Portfolio-- Initial Class 0.57% -- 0.12% -- 0.69% -- 0.69% ------------------------------------------------------------------------------------ Investment Grade Bond Portfolio-- Service Class 0.32% 0.10% 0.10% -- 0.52% -- 0.52% ------------------------------------------------------------------------------------ Mid Cap Portfolio-- Service Class 2 0.56% 0.25% 0.10% -- 0.91% -- 0.91% ------------------------------------------------------------------------------------ FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST ------------------------------------------------------------------------------------ Mutual Global Discovery Securities Fund--Class 2 0.80% 0.25% 0.17% -- 1.22% -- 1.22% ------------------------------------------------------------------------------------ Templeton Foreign Securities Fund--Class 1 0.64% -- 0.15% 0.01% 0.80% 0.00% 0.80% ------------------------------------------------------------------------------------ Templeton Global Bond Securities Fund--Class 1 0.46% -- 0.10% -- 0.56% -- 0.56% ------------------------------------------------------------------------------------ GOLDMAN SACHS VARIABLE INSURANCE TRUST-- INSTITUTIONAL SHARES ------------------------------------------------------------------------------------ Goldman Sachs Structured Small Cap Equity Fund 0.75% -- 0.24% -- 0.99% 0.13% 0.86% ------------------------------------------------------------------------------------ JANUS ASPEN SERIES ------------------------------------------------------------------------------------ Balanced Portfolio-- Service Shares 0.55% 0.25% 0.03% -- 0.83% -- 0.83% ------------------------------------------------------------------------------------ Enterprise Portfolio-- Service Shares 0.64% 0.25% 0.05% -- 0.94% -- 0.94% ------------------------------------------------------------------------------------ Forty Portfolio-- Service Shares 0.64% 0.25% 0.07% -- 0.96% -- 0.96% ------------------------------------------------------------------------------------ Janus Portfolio-- Institutional Shares 0.56% -- 0.07% -- 0.63% -- 0.63% ------------------------------------------------------------------------------------ Overseas Portfolio-- Service Shares 0.60% 0.25% 0.06% -- 0.91% -- 0.91% ------------------------------------------------------------------------------------
15
------------------------------------------------------------------------------------ DISTRIBU- CONTRACTUAL TION FEE WAIVER NET AND/OR ACQUIRED TOTAL AND/OR TOTAL MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES ------------------------------------------------------------------------------------ LEGG MASON PARTNERS VARIABLE EQUITY TRUST ------------------------------------------------------------------------------------ Legg Mason Investment Counsel Variable Social Awareness Portfolio 0.70% -- 0.25% -- 0.95% 0.00% 0.95% ------------------------------------------------------------------------------------ MET INVESTORS SERIES TRUST ------------------------------------------------------------------------------------ BlackRock Large Cap Core Portfolio-- Class A 0.59% -- 0.05% 0.01% 0.65% 0.01% 0.64% ------------------------------------------------------------------------------------ Clarion Global Real Estate Portfolio-- Class B 0.61% 0.25% 0.06% -- 0.92% -- 0.92% ------------------------------------------------------------------------------------ Dreman Small Cap Value Portfolio-- Class A 0.78% -- 0.07% 0.07% 0.92% 0.00% 0.92% ------------------------------------------------------------------------------------ Harris Oakmark International Portfolio-- Class A 0.77% -- 0.08% -- 0.85% 0.02% 0.83% ------------------------------------------------------------------------------------ Invesco Small Cap Growth Portfolio-- Class B 0.85% 0.25% 0.03% -- 1.13% 0.02% 1.11% ------------------------------------------------------------------------------------ Lazard Mid Cap Portfolio-- Class B 0.69% 0.25% 0.06% -- 1.00% -- 1.00% ------------------------------------------------------------------------------------ Legg Mason ClearBridge Aggressive Growth Portfolio-- Class A 0.62% -- 0.03% -- 0.65% -- 0.65% ------------------------------------------------------------------------------------ Lord Abbett Bond Debenture Portfolio-- Class A 0.50% -- 0.04% -- 0.54% -- 0.54% ------------------------------------------------------------------------------------ Lord Abbett Mid Cap Value Portfolio-- Class A 0.67% -- 0.06% -- 0.73% 0.02% 0.71% ------------------------------------------------------------------------------------ MetLife Aggressive Strategy Portfolio-- Class B 0.09% 0.25% 0.01% 0.75% 1.10% 0.00% 1.10% ------------------------------------------------------------------------------------
16
------------------------------------------------------------------------------------ DISTRIBU- CONTRACTUAL TION FEE WAIVER NET AND/OR ACQUIRED TOTAL AND/OR TOTAL MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES ------------------------------------------------------------------------------------ MFS(R) Research International Portfolio-- Class B 0.68% 0.25% 0.09% -- 1.02% 0.06% 0.96% ------------------------------------------------------------------------------------ Morgan Stanley Mid Cap Growth Portfolio-- Class A 0.65% -- 0.07% -- 0.72% 0.01% 0.71% ------------------------------------------------------------------------------------ PIMCO Inflation Protected Bond Portfolio-- Class A 0.47% -- 0.04% -- 0.51% -- 0.51% ------------------------------------------------------------------------------------ PIMCO Total Return Portfolio-- Class A 0.48% -- 0.03% -- 0.51% -- 0.51% ------------------------------------------------------------------------------------ Pioneer Fund Portfolio-- Class A 0.64% -- 0.05% -- 0.69% 0.01% 0.68% ------------------------------------------------------------------------------------ T. Rowe Price Large Cap Value Portfolio-- Class A 0.57% -- 0.02% -- 0.59% -- 0.59% ------------------------------------------------------------------------------------ Third Avenue Small Cap Value Portfolio-- Class B 0.74% 0.25% 0.03% -- 1.02% 0.01% 1.01% ------------------------------------------------------------------------------------ METROPOLITAN SERIES FUND ------------------------------------------------------------------------------------ Baillie Gifford International Stock Portfolio-- Class A 0.83% -- 0.12% -- 0.95% 0.10% 0.85% ------------------------------------------------------------------------------------ Barclays Capital Aggregate Bond Index Portfolio-- Class A 0.25% -- 0.03% -- 0.28% 0.01% 0.27% ------------------------------------------------------------------------------------ BlackRock Aggressive Growth Portfolio-- Class A 0.73% -- 0.04% -- 0.77% -- 0.77% ------------------------------------------------------------------------------------ BlackRock Bond Income Portfolio-- Class A 0.34% -- 0.03% -- 0.37% 0.01% 0.36% ------------------------------------------------------------------------------------
17
----------------------------------------------------------------------------------- DISTRIBU- CONTRACTUAL TION FEE WAIVER NET AND/OR ACQUIRED TOTAL AND/OR TOTAL MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES ----------------------------------------------------------------------------------- BlackRock Diversified Portfolio-- Class A 0.46% -- 0.05% -- 0.51% -- 0.51% ----------------------------------------------------------------------------------- BlackRock Legacy Large Cap Growth Portfolio-- Class A 0.71% -- 0.02% -- 0.73% 0.01% 0.72% ----------------------------------------------------------------------------------- BlackRock Money Market Portfolio-- Class A 0.33% -- 0.02% -- 0.35% 0.01% 0.34% ----------------------------------------------------------------------------------- Davis Venture Value Portfolio-- Class A 0.70% -- 0.03% -- 0.73% 0.05% 0.68% ----------------------------------------------------------------------------------- FI Value Leaders Portfolio-- Class A 0.67% -- 0.07% -- 0.74% -- 0.74% ----------------------------------------------------------------------------------- Jennison Growth Portfolio-- Class A 0.62% -- 0.02% -- 0.64% 0.07% 0.57% ----------------------------------------------------------------------------------- Loomis Sayles Small Cap Core Portfolio-- Class A 0.90% -- 0.06% 0.09% 1.05% 0.08% 0.97% ----------------------------------------------------------------------------------- Met/Artisan Mid Cap Value Portfolio-- Class B 0.81% 0.25% 0.03% -- 1.09% -- 1.09% ----------------------------------------------------------------------------------- MetLife Conservative Allocation Portfolio-- Class B 0.09% 0.25% 0.02% 0.53% 0.89% 0.01% 0.88% ----------------------------------------------------------------------------------- MetLife Conservative to Moderate Allocation Portfolio-- Class B 0.07% 0.25% 0.01% 0.58% 0.91% 0.00% 0.91% ----------------------------------------------------------------------------------- MetLife Mid Cap Stock Index Portfolio-- Class A 0.25% -- 0.05% 0.02% 0.32% 0.00% 0.32% ----------------------------------------------------------------------------------- MetLife Moderate Allocation Portfolio-- Class B 0.06% 0.25% -- 0.64% 0.95% 0.00% 0.95% -----------------------------------------------------------------------------------
18
-------------------------------------------------------------------------------------- DISTRIBU- CONTRACTUAL TION FEE WAIVER NET AND/OR ACQUIRED TOTAL AND/OR TOTAL MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES -------------------------------------------------------------------------------------- MetLife Moderate to Aggressive Allocation Portfolio-- Class B 0.06% 0.25% 0.01% 0.69% 1.01% 0.00% 1.01% -------------------------------------------------------------------------------------- MetLife Stock Index Portfolio-- Class A 0.25% -- 0.02% -- 0.27% 0.01% 0.26% -------------------------------------------------------------------------------------- MFS(R) Total Return Portfolio-- Class B 0.54% 0.25% 0.05% -- 0.84% -- 0.84% -------------------------------------------------------------------------------------- MFS(R) Value Portfolio-- Class A 0.70% -- 0.03% -- 0.73% 0.13% 0.60% -------------------------------------------------------------------------------------- MSCI EAFE(R) Index Portfolio-- Class A 0.30% -- 0.11% 0.01% 0.42% 0.00% 0.42% -------------------------------------------------------------------------------------- Neuberger Berman Genesis Portfolio-- Class A 0.82% -- 0.04% -- 0.86% 0.01% 0.85% -------------------------------------------------------------------------------------- Oppenheimer Global Equity Portfolio-- Class A 0.52% -- 0.10% -- 0.62% -- 0.62% -------------------------------------------------------------------------------------- Russell 2000(R) Index Portfolio-- Class A 0.25% -- 0.06% 0.08% 0.39% 0.00% 0.39% -------------------------------------------------------------------------------------- T. Rowe Price Large Cap Growth Portfolio-- Class A 0.60% -- 0.04% -- 0.64% 0.01% 0.63% -------------------------------------------------------------------------------------- T. Rowe Price Small Cap Growth Portfolio-- Class A 0.49% -- 0.06% -- 0.55% -- 0.55% -------------------------------------------------------------------------------------- MFS(R) VARIABLE INSURANCE TRUST--SERVICE CLASS -------------------------------------------------------------------------------------- MFS(R) Global Equity Series 1.00% 0.25% 0.40% -- 1.65% 0.25% 1.40% -------------------------------------------------------------------------------------- MFS(R) High Income Series 0.70% 0.25% 0.09% -- 1.04% -- 1.04% -------------------------------------------------------------------------------------- MFS(R) New Discovery Series 0.90% 0.25% 0.08% -- 1.23% -- 1.23% --------------------------------------------------------------------------------------
19
------------------------------------------------------------------------------------ DISTRIBU- CONTRACTUAL TION FEE WAIVER NET AND/OR ACQUIRED TOTAL AND/OR TOTAL MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES ------------------------------------------------------------------------------------ OPPENHEIMER VARIABLE ACCOUNT FUNDS-- NON-SERVICE SHARES ------------------------------------------------------------------------------------ Oppenheimer Main Street Small- & Mid-Cap Fund(R)/VA 0.69% -- 0.14% -- 0.83% 0.03% 0.80% ------------------------------------------------------------------------------------ PIMCO VARIABLE INSURANCE TRUST-- ADMINISTRATIVE CLASS ------------------------------------------------------------------------------------ PIMCO All Asset Portfolio 0.43% -- 0.15% 0.74% 1.32% 0.07% 1.25% ------------------------------------------------------------------------------------ PIMCO Long- Term U.S. Government Portfolio 0.48% -- 0.15% -- 0.63% -- 0.63% ------------------------------------------------------------------------------------ PIMCO Low Duration Portfolio 0.50% -- 0.15% -- 0.65% -- 0.65% ------------------------------------------------------------------------------------ PIONEER VARIABLE CONTRACTS TRUST ------------------------------------------------------------------------------------ Pioneer Emerging Markets VCT Portfolio-- Class II 1.15% 0.25% 0.32% -- 1.72% -- 1.72% ------------------------------------------------------------------------------------ Pioneer Mid Cap Value VCT Portfolio-- Class I 0.65% -- 0.07% -- 0.72% -- 0.72% ------------------------------------------------------------------------------------ PUTNAM VARIABLE TRUST-- CLASS IB ------------------------------------------------------------------------------------ Putnam VT International Value Fund 0.70% 0.25% 0.23% -- 1.18% -- 1.18% ------------------------------------------------------------------------------------ ROYCE CAPITAL FUND-- INVESTMENT CLASS ------------------------------------------------------------------------------------ Royce Micro-Cap Portfolio 1.25% -- 0.07% 0.02% 1.34% -- 1.34% ------------------------------------------------------------------------------------ Royce Small-Cap Portfolio 1.00% -- 0.05% -- 1.05% -- 1.05% ------------------------------------------------------------------------------------
20
---------------------------------------------------------------------------------- DISTRIBU- CONTRACTUAL TION FEE WAIVER NET AND/OR ACQUIRED TOTAL AND/OR TOTAL MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES ---------------------------------------------------------------------------------- THE UNIVERSAL INSTITUTIONAL FUNDS, INC.-- CLASS I ---------------------------------------------------------------------------------- Emerging Markets Debt Portfolio 0.75% -- 0.30% -- 1.05% 0.00% 1.05% ---------------------------------------------------------------------------------- Emerging Markets Equity Portfolio 1.22% -- 0.38% -- 1.60% 0.18% 1.42% ---------------------------------------------------------------------------------- WELLS FARGO VARIABLE TRUST-- CLASS 2 ---------------------------------------------------------------------------------- VT Total Return Bond Fund 0.40% 0.25% 0.26% 0.01% 0.92% 0.01% 0.91% ----------------------------------------------------------------------------------
The Net Total Annual Operating Expenses shown in the table reflect contractual arrangements currently in effect under which the investment advisers of certain Funds have agreed to waive fees and/or pay expenses of the Funds until at least April 30, 2013 (April 27, 2013 for the Goldman Sachs Structured Small Cap Equity Fund). In the table, "0.00%" in the Contractual Fee Waiver and/or Expense Reimbursement column indicates that there is a contractual arrangement in effect for that Fund, but the expenses of the Fund are below the level that would trigger the waiver or reimbursement. The Net Total Annual Operating Expenses shown do not reflect voluntary waiver or expense reimbursement arrangements or arrangements that terminate prior to April 30, 2013 (except as noted above). The Funds provided the information on their expenses, and we have not independently verified the information. Certain Funds that have "Acquired Fund Fees and Expenses" are "fund of funds." Each "fund of funds" invests substantially all of its assets in other funds. Because the Fund invests in other underlying funds, the Fund will bear its pro rata portion of the operating expenses of the underlying funds in which it invests, including the management fee. See the Fund's prospectus for more information. Additional information about the management fees and expenses of the Funds can be obtained in Funds' prospectuses and Statements of Additional Information. FOR INFORMATION CONCERNING COMPENSATION PAID FOR THE SALE OF THE POLICIES, SEE "SALE OF POLICIES." 21 METLIFE Metropolitan Life Insurance Company ("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 has the legal obligation to pay all benefits and other amounts to which you are entitled under the terms of your Policy. THE FIXED ACCOUNT The Fixed Account is part of our general assets that are not in any legally segregated separate accounts. Amounts in the Fixed Account are credited with interest at an effective annual rate of 2.5% (4% for Policies issued prior to February 24, 2012). We may also credit excess interest on such amounts. Different excess interest rates may apply to different amounts based upon when such amounts were allocated to the Fixed Account. Any partial amounts we remove from the Fixed Account (such as any portion of your Policy's monthly deduction that is allocable to the Fixed Account) will be taken from the most recently allocated amounts first. Any excess interest rate will be credited for at least 12 months before a new rate is credited. We can delay transfers, withdrawals, surrender and payment of Policy loans from the Fixed Account for up to 6 months. Since the Fixed Account is not registered under the federal securities laws, this Prospectus contains only limited information about the Fixed Account. The Policy gives you more information on the operation of the Fixed Account. SEPARATE ACCOUNT UL The Separate Account receives premium payments from the Policy described in this Prospectus and other variable life insurance policies that we issue. The assets in the Separate Account legally belong to us, but they are held solely for the benefit of investors in the Separate Account and no one else, including our other creditors. Income and realized and unrealized capital gains and losses of the Separate Account are credited to the Separate Account without regard to any of our other income or capital gains and losses. We will keep an amount in the Separate Account that at least equals the value of our commitments to policy owners that are based on their investments in the Separate Account. We can also keep charges that we deduct and other excess amounts in the Separate Account or we can transfer the excess out of the Separate Account. We are obligated to pay the death benefit under the Policy even if that amount exceeds the Policy's cash value in the Separate Account. The amount of the death benefit that exceeds the Policy's cash value in the Separate Account is paid from our general account. Death benefits paid from the general account are subject to the financial strength and claims-paying ability of the Company. For other life insurance policies and annuity contracts that we issue, we pay all amounts owed under the policies and contracts from the general account. MetLife is regulated as an insurance company under state law, which generally imposes restrictions on the amount and type of investments in the general account. However, there is no guarantee that we will be able to meet our claims-paying obligations. There are risks to purchasing any insurance product. 22 [SIDEBAR: EACH SEPARATE ACCOUNT INVESTMENT DIVISION INVESTS IN A CORRESPONDING PORTFOLIO OF A FUND.] The Separate Account has subdivisions, called "investment divisions." Each investment division invests its assets exclusively in shares of a corresponding Portfolio of a Fund. We can add new investment divisions to or eliminate investment divisions from the Separate Account. You can designate how you would like your net premiums and cash value to be allocated among the available investment divisions and our Fixed Account. Amounts you allocate to each investment division receive the investment experience of the investment division, and you bear this investment risk. THE FUNDS [SIDEBAR: YOU SHOULD CAREFULLY REVIEW THE INVESTMENT OBJECTIVES, STRATEGIES, AND RISKS OF EACH PORTFOLIO WHICH ARE DESCRIBED IN THE PROSPECTUS FOR EACH FUND YOU HAVE ALSO RECEIVED.] Each of the Funds is a "series" type of mutual fund, which is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"). Each Fund is divided into Portfolios, each of which represents a different class of stock in which a corresponding investment division of the Separate Account invests. PROSPECTUSES FOR THE FUNDS ARE AVAILABLE BY CALLING 1-908-253-1400 OR THROUGH YOUR REGISTERED REPRESENTATIVE. You should read each Fund prospectus carefully. They contain information about each Fund and its Portfolios, including the investment objectives, strategies, risks and investment advisers that are associated with each Portfolio. Some of the Portfolios have names and investment objectives that are very similar to certain publicly available mutual funds that are managed by the same money managers. These Portfolios are not those publicly available mutual funds and will not have the same performance. Different performance will result from such factors as different implementation of investment policies, different cash flows into and out of the Portfolios, different fees and different sizes. CERTAIN PAYMENTS WE RECEIVE WITH REGARD TO THE PORTFOLIOS. An investment adviser (other than our affiliate MetLife Advisers, LLC) or sub-adviser of a Portfolio or its affiliates, may make payments to us and/or certain of our affiliates. These payments may be used for a variety of purposes, including payment for expenses for certain administrative, marketing and support services with respect to the Policies and, in MetLife's role as intermediary, with respect to the Portfolios. We and our affiliates may profit from these payments. These payments may be derived, in whole or in part, from the advisory fee deducted from Portfolio assets. Policy owners, through their indirect investment in the Portfolios, bear the costs of these advisory fees (see the Fund prospectuses for more information). The amount of the payments we receive is based on a percentage of assets of the Portfolio attributable to the Policies and certain other variable insurance products that we and our affiliates issue. These percentages differ and some advisers or sub-advisers (or other affiliates) may pay us more than others. These percentages currently range up to .50%. Additionally, an investment adviser or sub-adviser of a Portfolio or its affiliates may provide us with wholesaling services that assist in the distribution of the Policies and may pay us and/or certain of our affiliates amounts to participate in sales meetings. These amounts may be significant and may provide the adviser or sub-adviser (or their affiliate) with increased access to persons involved in the distribution of the Policies. We, and certain of our affiliated insurance companies, have joint ownership interests in our affiliated investment adviser MetLife Advisers, LLC, which is organized as a limited liability company. Our ownership interests in MetLife Advisers, LLC entitle us to profit distributions if the adviser makes a profit 23 with respect to the advisory fees it receives from a Portfolio. We will benefit accordingly from assets allocated to the Portfolios to the extent they result in profits to the adviser. (See "Fee Tables--Portfolio Operating Expenses" for information on the management fees paid to the adviser and the Statement of Additional Information for the Funds for information on the management fees paid by the adviser to sub-advisers.) Certain Funds have adopted a Distribution Plan under Rule 12b-1 of the Investment Company Act of 1940. A Fund's 12b-1 Plan, if any, is described in more detail in each Fund's prospectus. (See also "Fee Tables--Portfolio Operating Expenses.") Any payments we receive pursuant to those 12b-1 Plans are paid to us or our distributor. Payments under a Fund's 12b-1 Plan decrease the Portfolio's investment return. SELECTION OF THE PORTFOLIOS. We select the Portfolios offered through this Policy based on a number of criteria, including asset class coverage, the strength of the adviser's or subadviser's reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. Another factor we consider during the selection process is whether the Portfolio's adviser or subadviser is one of our affiliates or whether the Portfolio, its adviser, its subadviser(s), or an affiliate will make payments to us or our affiliates. For additional information on these arrangements, see "Certain Payments We Receive with Regard to the Portfolios" above. In this regard, the profit distributions we receive from our affiliated investment advisers are a component of the total revenue that we consider in configuring the features and investment choices available in the variable insurance products that we and our affiliated insurance companies issue. Since we and our affiliated insurance companies may benefit more from the allocation of assets to Portfolios advised by our affiliates than those that are not, we may be more inclined to offer Portfolios advised by our affiliates in the variable insurance products we issue. In some cases, we may include Portfolios based on recommendations made by selling firms through which the Policy is sold. These selling firms may receive payments from the Portfolios they recommend and may benefit accordingly from the allocation of cash value to such Portfolios. We review the Portfolios periodically and may remove a Portfolio or limit its availability to new premium payments or transfers of cash value if we determine that the Portfolio no longer meets one or more of the selection criteria, and/or if the Portfolio has not attracted significant allocations from owners. We make certain payments to American Funds Distributors, Inc., principal underwriter for the American Funds Insurance Series. (See "Sales of Policies.") WE DO NOT PROVIDE INVESTMENT ADVICE AND DO NOT RECOMMEND OR ENDORSE ANY PARTICULAR PORTFOLIO. YOU BEAR THE RISK OF ANY DECLINE IN THE CASH VALUE OF YOUR POLICY RESULTING FROM THE PERFORMANCE OF THE PORTFOLIOS YOU HAVE CHOSEN. As of the end of each Valuation Period (see "Valuation Period" description below in "Other Policy Provisions--When Your Requests Become Effective"), we purchase and redeem Fund shares for the Separate Account at their net asset value without any sales or redemption charges. These purchases and redemptions reflect the amount of any of the following transactions that take effect at the end of the Valuation Period: . The allocation of net premiums to the Separate Account. 24 . Dividends and distributions on Fund shares, which are reinvested as of the dates paid (which reduces the value of each share of the Fund and increases the number of Fund shares outstanding, but has no effect on the cash value in the Separate Account). . Policy loans and loan repayments allocated to the Separate Account. . Transfers to and among investment divisions. . Withdrawals and surrenders taken from the Separate Account. The adviser, any sub-adviser and investment objective of each Portfolio are as follows: AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS) ------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER ------------------------------------------------------------------------------------------------------- Invesco V.I. Global Real Estate Seeks total return through growth of Invesco Advisers, Inc. Fund--Series I capital and current income. Subadviser: Invesco Asset Management Limited ------------------------------------------------------------------------------------------------------- Invesco V.I. Government Securities Seeks total return, comprised of Invesco Advisers, Inc. Fund--Series II current income and capital appreciation. ------------------------------------------------------------------------------------------------------- Invesco V.I. International Growth Seeks long-term growth of capital. Invesco Advisers, Inc. Fund--Series I ------------------------------------------------------------------------------------------------------- Invesco Van Kampen V.I. Comstock Seeks capital growth and income Invesco Advisers, Inc. Fund--Series II through investments in equity securities, including common stocks, preferred stocks and securities convertible into common and preferred stocks. ------------------------------------------------------------------------------------------------------- ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND, INC. ------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER ------------------------------------------------------------------------------------------------------- Global Thematic Growth Seeks long-term growth of capital. AllianceBernstein L.P. Portfolio--Class B ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Intermediate Bond Portfolio--Class B Seeks to generate income and price AllianceBernstein L.P. appreciation without assuming what the Adviser considers undue risk. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- International Value Portfolio--Class A Seeks long-term growth of capital. AllianceBernstein L.P. ------------------------------------------------------------------------------------------------------- AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.--CLASS I ------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER ------------------------------------------------------------------------------------------------------- VP Vista/SM/ Fund Seeks long-term capital growth. American Century Investment Management, Inc. ------------------------------------------------------------------------------------------------------- AMERICAN FUNDS INSURANCE SERIES(R)--CLASS 2 ------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER ------------------------------------------------------------------------------------------------------- American Funds Growth Fund Seeks growth of capital. Capital Research and Management Company ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- American Funds High-Income Bond Fund Seeks a high level of current income. Capital Research and Its secondary objective is capital Management Company appreciation. -------------------------------------------------------------------------------------------------------
25
------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER ------------------------------------------------------------------------------------------------------- American Funds International Fund Seeks long-term growth of capital. Capital Research and Management Company ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- American Funds U.S. Seeks a high level of current income Capital Research and Government/AAA-Rated Securities Fund consistent with preservation of Management Company capital. ------------------------------------------------------------------------------------------------------- DREYFUS VARIABLE INVESTMENT FUND--SERVICE SHARES ------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER ------------------------------------------------------------------------------------------------------- International Value Portfolio Seeks long-term capital growth. The Dreyfus Corporation ------------------------------------------------------------------------------------------------------- FIDELITY(R) VARIABLE INSURANCE PRODUCTS ------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER ------------------------------------------------------------------------------------------------------- Asset Manager: Growth(R) Seeks to maximize total return by Fidelity Management & Portfolio--Service Class allocating its assets among stocks, Research Company bonds, short-term instruments, and Subadviser: FMR Co., Inc. other investments. Fidelity Investments Money Management, Inc. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Contrafund(R) Portfolio-- Service Seeks long-term capital appreciation. Fidelity Management & Class Research Company Subadviser: FMR Co., Inc. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Equity-Income Portfolio--Service Class Seeks reasonable income. The fund Fidelity Management & will also consider the potential for Research Company capital appreciation. The fund's goal Subadviser: FMR Co., Inc. is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500(R) Index. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Freedom 2010 Portfolio-- Initial Class Seeks high total return with a Strategic Advisers, Inc. secondary objective of principal preservation as the fund approaches its target date and beyond. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Freedom 2015 Portfolio-- Initial Class Seeks high total return with a Strategic Advisers, Inc. secondary objective of principal preservation as the fund approaches its target date and beyond. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Freedom 2020 Portfolio-- Initial Class Seeks high total return with a Strategic Advisers, Inc. secondary objective of principal preservation as the fund approaches its target date and beyond. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Freedom 2025 Portfolio-- Initial Class Seeks high total return with a Strategic Advisers, Inc. secondary objective of principal preservation as the fund approaches its target date and beyond. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Freedom 2030 Portfolio-- Initial Class Seeks high total return with a Strategic Advisers, Inc. secondary objective of principal preservation as the fund approaches its target date and beyond. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- High Income Portfolio-- Initial Class Seeks a high level of current income, Fidelity Management & while also considering growth of Research Company capital. Subadviser: FMR Co., Inc. -------------------------------------------------------------------------------------------------------
26
--------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER --------------------------------------------------------------------------------------------------------- Investment Grade Bond Seeks as high a level of current Fidelity Management & Portfolio--Service Class income as is consistent with the Research Company preservation of capital. Subadviser: Fidelity Investments Money Management, Inc. --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Mid Cap Portfolio-- Service Class 2 Seeks long-term growth of capital. Fidelity Management & Research Company Subadviser: FMR Co., Inc. --------------------------------------------------------------------------------------------------------- FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST --------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER --------------------------------------------------------------------------------------------------------- Mutual Global Discovery Securities Seeks capital appreciation. Franklin Mutual Advisers, Fund--Class 2 LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Templeton Foreign Securities Seeks long-term capital growth. Templeton Investment Fund--Class 1 Counsel, LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Templeton Global Bond Securities Seeks high current income, consistent Franklin Advisers, Inc. Fund--Class 1 with preservation of capital, with capital appreciation as a secondary consideration. --------------------------------------------------------------------------------------------------------- GOLDMAN SACHS VARIABLE INSURANCE TRUST--INSTITUTIONAL SHARES --------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER --------------------------------------------------------------------------------------------------------- Goldman Sachs Structured Small Cap Seeks long-term growth of capital. Goldman Sachs Asset Equity Fund Management, L.P. --------------------------------------------------------------------------------------------------------- JANUS ASPEN SERIES --------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER --------------------------------------------------------------------------------------------------------- Balanced Portfolio--Service Shares Seeks long-term capital growth, Janus Capital consistent with preservation of Management LLC capital and balanced by current income. --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Enterprise Portfolio--Service Shares Seeks long-term growth of capital. Janus Capital Management LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Forty Portfolio--Service Shares Seeks long-term growth of capital. Janus Capital Management LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Janus Portfolio--Institutional Shares Seeks long-term growth of capital. Janus Capital Management LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Overseas Portfolio--Service Shares Seeks long-term growth of capital. Janus Capital Management LLC --------------------------------------------------------------------------------------------------------- LEGG MASON PARTNERS VARIABLE EQUITY TRUST --------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER --------------------------------------------------------------------------------------------------------- Legg Mason Investment Counsel Seeks capital appreciation and Legg Mason Partners Variable Social Awareness Portfolio retention of net investment income. Fund Advisor, LLC Subadviser: Legg Mason Investment Counsel, LLC ---------------------------------------------------------------------------------------------------------
27 MET INVESTORS SERIES TRUST --------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER --------------------------------------------------------------------------------------------------------- BlackRock Large Cap Core Seeks long-term capital growth. MetLife Advisers, LLC Portfolio--Class A Subadviser: BlackRock Advisors, LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Clarion Global Real Estate Seeks total return through investment MetLife Advisers, LLC Portfolio--Class B in real estate securities, Subadviser: CBRE emphasizing both capital appreciation Clarion Securities LLC and current income. --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Dreman Small Cap Value Seeks capital appreciation. MetLife Advisers, LLC Portfolio--Class A Subadviser: Dreman Value Management, LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Harris Oakmark International Seeks long-term capital appreciation. MetLife Advisers, LLC Portfolio--Class A Subadviser: Harris Associates L.P. --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Invesco Small Cap Growth Seeks long-term growth of capital. MetLife Advisers, LLC Portfolio--Class B Subadviser: Invesco Advisers, Inc. --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Lazard Mid Cap Portfolio--Class B Seeks long-term growth of capital. MetLife Advisers, LLC Subadviser: Lazard Asset Management LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Legg Mason ClearBridge Aggressive Seeks capital appreciation. MetLife Advisers, LLC Growth Portfolio--Class A Subadviser: ClearBridge Advisors, LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Lord Abbett Bond Debenture Seeks high current income and the MetLife Advisers, LLC Portfolio--Class A opportunity for capital appreciation Subadviser: Lord, Abbett to produce a high total return. & Co. LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Lord Abbett Mid Cap Value Seeks capital appreciation through MetLife Advisers, LLC Portfolio--Class A investments, primarily in equity Subadviser: Lord, Abbett securities, which are believed to be & Co. LLC undervalued in the marketplace. --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- MetLife Aggressive Strategy Seeks growth of capital. MetLife Advisers, LLC Portfolio--Class B --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- MFS(R) Research International Seeks capital appreciation. MetLife Advisers, LLC Portfolio--Class B Subadviser: Massachusetts Financial Services Company --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Morgan Stanley Mid Cap Growth Seeks capital appreciation. MetLife Advisers, LLC Portfolio--Class A Subadviser: Morgan Stanley Investment Management Inc. --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- PIMCO Inflation Protected Bond Seeks maximum real return, consistent MetLife Advisers, LLC Portfolio--Class A with preservation of capital and Subadviser: Pacific prudent investment management. Investment Management Company LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- PIMCO Total Return Portfolio--Class A Seeks maximum total return, MetLife Advisers, LLC consistent with the preservation of Subadviser: Pacific capital and prudent investment Investment Management management. Company LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Pioneer Fund Portfolio--Class A Seeks reasonable income and capital MetLife Advisers, LLC growth. Subadviser: Pioneer Investment Management, Inc. ---------------------------------------------------------------------------------------------------------
28
--------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER --------------------------------------------------------------------------------------------------------- T. Rowe Price Large Cap Value Seeks long-term capital appreciation MetLife Advisers, LLC Portfolio--Class A by investing in common stocks Subadviser: T. Rowe Price believed to be undervalued. Income is Associates, Inc. a secondary objective. --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Third Avenue Small Cap Value Seeks long-term capital appreciation. MetLife Advisers, LLC Portfolio--Class B Subadviser: Third Avenue Management LLC --------------------------------------------------------------------------------------------------------- METROPOLITAN SERIES FUND --------------------------------------------------------------------------------------------------------- Baillie Gifford International Stock Seeks long-term growth of capital. MetLife Advisers, LLC Portfolio--Class A Subadviser: Baillie Gifford Overseas Limited --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Barclays Capital Aggregate Bond Index Seeks to track the performance of the MetLife Advisers, LLC Portfolio--Class A Barclays U.S. Aggregate Bond Index. Subadviser: MetLife Investment Advisors Company, LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- BlackRock Aggressive Growth Seeks maximum capital appreciation. MetLife Advisers, LLC Portfolio--Class A Subadviser: BlackRock Advisors, LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- BlackRock Bond Income Seeks a competitive total return MetLife Advisers, LLC Portfolio--Class A primarily from investing in Subadviser: BlackRock fixed-income securities. Advisors, LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- BlackRock Diversified Seeks high total return MetLife Advisers, LLC Portfolio--Class A while attempting to limit investment Subadviser: BlackRock risk and preserve capital. Advisors, LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- BlackRock Legacy Large Cap Growth Seeks long-term growth of capital. MetLife Advisers, LLC Portfolio--Class A Subadviser: BlackRock Advisors, LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- BlackRock Money Market Seeks a high level of current income MetLife Advisers, LLC Portfolio--Class A consistent with preservation of Subadviser: BlackRock capital. Advisors, LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Davis Venture Value Portfolio--Class A Seeks growth of capital. MetLife Advisers, LLC Subadviser: Davis Selected Advisers, L.P. --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- FI Value Leaders Portfolio--Class A Seeks long-term growth of capital. MetLife Advisers, LLC Subadviser: Pyramis Global Advisors, LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Jennison Growth Portfolio--Class A Seeks long-term growth of capital. MetLife Advisers, LLC Subadviser: Jennison Associates LLC --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Loomis Sayles Small Cap Core Seeks long-term capital growth from MetLife Advisers, LLC Portfolio--Class A investments in common stocks or other Subadviser: Loomis, equity securities. Sayles & Company, L.P. --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- Met/Artisan Mid Cap Value Seeks long-term capital growth. MetLife Advisers, LLC Portfolio--Class B Subadviser: Artisan Partners Limited Partnership --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- MetLife Conservative Allocation Seeks a high level of current income, MetLife Advisers, LLC Portfolio--Class B with growth of capital as a secondary objective. --------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------- MetLife Conservative to Moderate Seeks high total return in the form MetLife Advisers, LLC Allocation Portfolio--Class B of income and growth of capital, with a greater emphasis on income. ---------------------------------------------------------------------------------------------------------
29
------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER ------------------------------------------------------------------------------------------------------- MetLife Mid Cap Stock Index Seeks to track the performance of the MetLife Advisers, LLC Portfolio--Class A Standard & Poor's MidCap 400(R) Subadviser: MetLife Composite Stock Price Index. Investment Advisors Company, LLC ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- MetLife Moderate Allocation Seeks a balance between a high level MetLife Advisers, LLC Portfolio--Class B of current income and growth of capital, with a greater emphasis on growth of capital. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- MetLife Moderate to Aggressive Seeks growth of capital. MetLife Advisers, LLC Allocation Portfolio--Class B ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- MetLife Stock Index Portfolio--Class A Seeks to track the performance of the MetLife Advisers, LLC Standard & Poor's 500(R) Composite Subadviser: MetLife Stock Price Index. Investment Advisors Company, LLC ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- MFS(R) Total Return Portfolio--Class B Seeks a favorable total return MetLife Advisers, LLC through investment in a diversified Subadviser: Massachusetts portfolio. Financial Services Company ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- MFS(R) Value Portfolio--Class A Seeks capital appreciation. MetLife Advisers, LLC Subadviser: Massachusetts Financial Services Company ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- MSCI EAFE(R) Index Portfolio--Class A Seeks to track the performance of the MetLife Advisers, LLC MSCI EAFE(R) Index. Subadviser: MetLife Investment Advisors Company, LLC ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Neuberger Berman Genesis Seeks high total return, consisting MetLife Advisers, LLC Portfolio--Class A principally of capital appreciation. Subadviser: Neuberger Berman Management LLC ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Oppenheimer Global Equity Seeks capital appreciation. MetLife Advisers, LLC Portfolio--Class A Subadviser: OppenheimerFunds, Inc. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Russell 2000(R) Index Seeks to track the performance of the MetLife Advisers, LLC Portfolio--Class A Russell 2000(R) Index. Subadviser: MetLife Investment Advisors Company, LLC ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- T. Rowe Price Large Cap Growth Seeks long-term growth of capital MetLife Advisers, LLC Portfolio--Class A and, secondarily, dividend income. Subadviser: T. Rowe Price Associates, Inc. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- T. Rowe Price Small Cap Growth Seeks long-term capital growth. MetLife Advisers, LLC Portfolio--Class A Subadviser: T. Rowe Price Associates, Inc. ------------------------------------------------------------------------------------------------------- MFS(R) VARIABLE INSURANCE TRUST--SERVICE CLASS ------------------------------------------------------------------------------------------------------- MFS(R) Global Equity Series Seeks capital appreciation. Massachusetts Financial Services Company ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- MFS(R) High Income Series Seeks total return with an emphasis Massachusetts Financial on high current income, but also Services Company considering capital appreciation. ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- MFS(R) New Discovery Series Seeks capital appreciation. Massachusetts Financial Services Company -------------------------------------------------------------------------------------------------------
30 OPPENHEIMER VARIABLE ACCOUNT FUNDS--NON-SERVICE SHARES -------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER -------------------------------------------------------------------------------------------------------- Oppenheimer Main Street Small- & Seeks capital appreciation. OppenheimerFunds, Inc. Mid-Cap Fund(R)/VA -------------------------------------------------------------------------------------------------------- PIMCO VARIABLE INSURANCE TRUST--ADMINISTRATIVE CLASS -------------------------------------------------------------------------------------------------------- PIMCO All Asset Portfolio Seeks maximum real return consistent Pacific Investment with preservation of real capital and Management Company prudent investment management. LLC Subadviser: Research Affiliates, LLC -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- PIMCO Long-Term U.S. Government Seeks maximum total return, Pacific Investment Portfolio consistent with preservation of Management Company capital and prudent investment LLC management. -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- PIMCO Low Duration Portfolio Seeks maximum total return, Pacific Investment consistent with preservation of Management Company capital and prudent investment LLC management. -------------------------------------------------------------------------------------------------------- PIONEER VARIABLE CONTRACTS TRUST -------------------------------------------------------------------------------------------------------- Pioneer Emerging Markets VCT Seeks long-term growth of capital. Pioneer Investment Portfolio--Class II Management, Inc. -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Pioneer Mid Cap Value VCT Seeks capital appreciation Pioneer Investment Portfolio--Class I by investing in a diversified Management, Inc. portfolio of securities consisting primarily of common stocks. -------------------------------------------------------------------------------------------------------- PUTNAM VARIABLE TRUST--CLASS IB -------------------------------------------------------------------------------------------------------- Putnam VT International Value Fund Seeks capital growth. Current income Putnam Investment is a secondary objective. Management, LLC Subadviser: The Putnam Advisory Company, LLC -------------------------------------------------------------------------------------------------------- ROYCE CAPITAL FUND--INVESTMENT CLASS -------------------------------------------------------------------------------------------------------- Royce Micro-Cap Portfolio Seeks long-term growth of capital. Royce & Associates, LLC -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Royce Small-Cap Portfolio Seeks long-term growth of capital. Royce & Associates, LLC -------------------------------------------------------------------------------------------------------- THE UNIVERSAL INSTITUTIONAL FUNDS, INC.--CLASS I -------------------------------------------------------------------------------------------------------- Emerging Markets Debt Portfolio Seeks high total return by investing Morgan Stanley primarily in fixed income securities Investment Management of government and government-related Inc. issuers and, to a lesser extent, of corporate issuers in emerging market countries. -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- Emerging Markets Equity Portfolio Seeks long-term capital appreciation Morgan Stanley by investing primarily in Investment Management growth-oriented equity securities of Inc. issuers in emerging market countries. Subadvisers: Morgan Stanley Investment Management Company and Morgan Stanley Investment Management Limited --------------------------------------------------------------------------------------------------------
31 WELLS FARGO VARIABLE TRUST--CLASS 2 --------------------------------------------------------------------------------------------------------- INVESTMENT ADVISER/ PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER --------------------------------------------------------------------------------------------------------- VT Total Return Bond Fund Seeks total return, consisting of Wells Fargo Funds income and capital appreciation. Management, LLC Subadviser: Wells Capital Management Incorporated ---------------------------------------------------------------------------------------------------------
THE PORTFOLIO SHARE CLASSES THAT WE OFFER The Funds offer various classes of shares, each of which has a different level of expenses. The Fund prospectuses may provide information for share classes or Portfolios that are not available through the Policy. When you consult the Fund prospectus for a Portfolio, you should be careful to refer only to the information regarding the Portfolio and class of shares that is available through the Policy. SUBSTITUTION OF PORTFOLIOS If investment in the Portfolios or a particular Portfolio is no longer possible, in our judgment becomes inappropriate for the purposes of the Policies, or for any other reason in our sole discretion, we may substitute another portfolio without your consent. The substituted Portfolio may have different fees and expenses. Substitution may be made with respect to existing investments or the investment of future premium payments, or both. However, we will not make such substitution without any necessary approval of the Securities and Exchange Commission. Furthermore, we may make available or close investment divisions to allocation of premium payments or cash value, or both, for some or all classes of Policies, at any time in our sole discretion. VOTING RIGHTS [SIDEBAR: YOU CAN GIVE US VOTING INSTRUCTIONS ON SHARES OF EACH PORTFOLIO OF A FUND THAT ARE ATTRIBUTED TO YOUR POLICY.] The Funds have shareholder meetings from time to time to, for example, elect directors and approve some changes in investment management arrangements. We will vote the shares of each Portfolio that are attributed to your Policy based on your instructions. We will vote all shares in proportion to the instructions received. If we do not receive your instructions we will vote your shares in the same proportion as represented by the votes received from other owners. The effect of this proportional voting is that a small number of owners may control the outcome of a vote. Should we determine that the 1940 Act no longer requires us to do this, we may decide to vote Fund shares in our own right, without input from you or any other owners of variable life insurance policies or variable annuity contracts that participate in a Fund. ISSUING A POLICY If you want to own a Policy, then you must complete an application, which must be received by the Designated Office. We reserve the right to reject an application for any reason permitted by law, and our acceptance of an application is subject to our insurance underwriting rules. We offer other variable life insurance policies that have different death benefits, policy features, Portfolio selections, and optional programs. 32 However, these other policies also have different charges that would affect your performance and cash values. To obtain more information about these other policies, contact our Designated Office or your sales representative. There are three types of underwriting available under the Policy. We decide which type to use based on the total number of eligible possible insureds within the eligible group for whom a Policy could be purchased and the percentage of those insureds for whom a Policy is actually purchased. The three types of underwriting are: GUARANTEED ISSUE--requires the least evidence of insurability and rating classification SIMPLIFIED UNDERWRITING--requires more evidence of insurability and rating classification FULL UNDERWRITING--requires the most evidence of insurability and rating classification An insured who is a standard risk under Simplified Underwriting or Guaranteed Issue may have a higher cost of term insurance rate than would apply to the same insured under Full Underwriting. Generally, we will issue a Policy only for insureds that are age 70 or less (although we may decide to permit an insured that is older) that have provided evidence of insurability that we find acceptable. An "insured" is the person upon whose life we issue the Policy. For the purpose of computing the insured's age under the Policy, we start with the insured's age on the Date of Policy which is set forth in the Policy. Age under the Policy at any other time is then computed using that issue age and adding the number of full Policy years completed. The Date of Policy is usually the date the Policy application is approved and premiums are accepted. We use the Date of Policy to calculate the Policy years (and Policy months and monthly anniversaries). To preserve a younger age for the insured, we may permit a Date of Policy that is earlier than the date the application is approved if there have been no material misrepresentations in the application. You may request that your Date of Policy be the same date the planned periodic premium is received. In these cases, you would incur a charge for insurance protection before insurance coverage starts. Insurance coverage under the Policy will generally begin at the time the application is approved. For coverage to be effective, the insured's health on the date of such approval must be the same as stated in the application and, in most states, we can require that the insured not have sought medical advice or treatment between the date of the application and the date of approval. PAYMENT AND ALLOCATION OF PREMIUMS [SIDEBAR: YOU CAN MAKE VOLUNTARY PLANNED PERIODIC PREMIUM PAYMENTS AND UNSCHEDULED PREMIUM PAYMENTS.] The payment of a given premium won't necessarily guarantee that your Policy will remain in force. Rather, this depends on your Policy's cash surrender value. 33 PAYING PREMIUMS We accept premium payments made by check or cashier's check. We do not accept cash, money orders or traveler's checks. You can make premium payments, subject to certain limitations discussed below, through the: VOLUNTARY PLANNED PERIODIC PREMIUM SCHEDULE: You choose the schedule on your application. The schedule sets forth the amount of premiums, fixed payment intervals and the period of time that you intend to pay premiums. The schedule can be: (a) annual; (b) semi-annual; or (c) through another method to which we agree. After payment of the first planned periodic premium, you do not have to pay premiums in accordance with your voluntary planned period premium schedule. UNSCHEDULED PREMIUM PAYMENT OPTION: You also can make other premium payments at any time. Premium payments sent by regular U.S. mail should be addressed to: MetLife LB 7369, P.O. Box 8500-7369, Philadelphia, PA 19101-7369. Premium payments sent by express mail or courier service should be addressed to: Wells Fargo Bank, 101 N. Independence Mall East, MetLife Lock Box# 7369, Philadelphia, PA 19106. If you send premium payments or transaction requests to an address other than the one we have designated for receipt of such payments or requests, we may return the premium payment to you, or there may be a delay in applying the payment or transaction to your Policy. MAXIMUM AND MINIMUM PREMIUM PAYMENTS . The first premium may not be less than the planned premium unless agreed to by us. . After the first Policy year, your voluntary planned periodic payments must be at least $100, whether on an annual or semi-annual basis. . Unscheduled premium payments must be at least $100 each. We may change this minimum amount on 90 days notice to you. . You may not pay premiums that exceed tax law premium limitations for life insurance policies. We will return any amounts that exceed these limits, except that we will keep any amounts that are required to keep the Policy from terminating. We will let you make premium payments that would turn your Policy into a modified endowment contract, but we will tell you of this status in your annual statement, and if possible, we will tell you how to reverse the status. ("See Tax Matters--Modified Endowment Contracts.") . We reserve the right not to sell a Policy to any group or individual associated with such group if the total amount of annual premium that is expected to be paid in connection with all Policies sold to the group or individuals associated with such group is less than $250,000. . We may require evidence of insurability for premium payments that cause the minimum death benefit to exceed the death benefit then in effect under the death benefit option chosen. 34 ALLOCATING NET PREMIUMS [SIDEBAR: NET PREMIUMS ARE YOUR PREMIUMS MINUS THE CHARGES DEDUCTED FROM YOUR PREMIUMS.] Your allocations of net premiums to the Fixed Account are effective as of the Investment Start Date. See "Investment Start Date" description below in "Other Policy Provisions--When Your Requests Become Effective." Your allocations of net premiums to the investment divisions of the Separate Account are effective as of the end of the free look period. See "Other Policy Provisions--Free Look Period." During the free look period, we allocate the net premium payments you allocated to the investment divisions to the BlackRock Money Market investment division. At the end of the free look period, we will allocate your cash value in that investment division among all the Separate Account investment divisions according to your net premium allocation instructions. For policies issued in California, we allocate net premiums to the investment divisions of the Separate Account as of the Investment Start Date. If you are age 60 or older, and you allocate 100% of your initial net premium to the BlackRock Money Market investment division in order to receive a refund of premiums should you cancel the Policy during the free look period, we will not automatically transfer your cash value or reallocate your future premiums once the free look period has ended. You must contact us to request a transfer or reallocation. You can instruct us to allocate your net premiums among the Fixed Account and the investment divisions. You can change your allocations (effective after the end of the free look period) at any time by giving us written notification at our Designated Office or in any other manner that we permit. If you have cash value of at least $60,000,000 in the Fixed Account for all Policies you own, we will have to give prior approval to any allocation of net premium or transfer of cash value to the Fixed Account. INSURANCE PROCEEDS If the Policy is in force, we will pay your beneficiary the insurance proceeds as of the end of the Valuation Period that includes the insured's date of death. We will pay this amount after we receive documents that we request as due proof of the insured's death. We will pay the proceeds in one sum, including either by check, by placing the amount in an account that earns interest, or by any other method of payment that provides the beneficiary with immediate and full access to the proceeds, or under other settlement options that we may make available. None of these options vary with the investment performance of the Separate Account. More detailed information concerning settlement options is provided under "Income Plans" and on request from our Designated Office. We will pay interest on the proceeds as required by applicable state law. Unless otherwise requested and subject to state law, the Policy's death proceeds will generally be paid to the beneficiary through a settlement option called the Total Control Account. The Total Control Account is an interest-bearing account through which the beneficiary has immediate and full access to the proceeds, with unlimited draft writing privileges. We credit interest to the account at a rate that will not be less than a guaranteed minimum annual effective rate. You may also elect to have any Policy surrender proceeds paid into a Total Control Account established for you. 35 The beneficiary has one year from the date the insurance proceeds are paid to change the selection from a single sum payment to an income plan, as long as we have made no payments from the interest-bearing account. If the terms of the income plan permit the beneficiary to withdraw the entire amount from the plan, the beneficiary can also name contingent beneficiaries. The insurance proceeds equal: . The death benefit under the death benefit option or minimum death benefit that is in effect on the date of death; plus . Any additional insurance proceeds provided by rider; minus . Any unpaid Policy loans and accrued interest thereon, and any due and unpaid charges accruing during a grace period. DEATH BENEFIT OPTIONS [SIDEBAR: THE POLICY GENERALLY OFFERS A CHOICE OF THREE DEATH BENEFIT OPTIONS.] You can choose among three options. You select which option you want in the Policy application. The three options are: . Option A: The death benefit is a level amount and equals the specified face amount of the Policy. . Option B: The death benefit varies and equals the specified face amount of the Policy plus the cash value on the date of death. . Option C: The death benefit varies and equals the specified face amount of the Policy plus the amount by which the Policy premiums paid exceed withdrawals made. There are issues that you should consider in choosing your death benefit option. For example, under Options B and C, the cash value or other amounts are added to the specified face amount. Therefore, the death benefit will generally be greater under these options than under Option A, for Policies with the same specified face amount and premium payments. By the same token, the cost of insurance will generally be greater under Options B and C than under Option A. [SIDEBAR: YOU CAN GENERALLY CHANGE YOUR DEATH BENEFIT OPTION.] You can change your death benefit option after the first Policy year, provided that: . Your cash surrender value after the change would be enough to pay at least two monthly deductions. . The specified face amount continues to be no less than the minimum we allow after a decrease. . The total premiums you have paid do not exceed the then current maximum premium limitations permitted under Internal Revenue Service rules. . You provide evidence satisfactory to us of the insured's insurability, as we may require. Any change will be effective on the monthly anniversary on or immediately following the Date of Receipt of the request (or following the date we approve it if we require evidence of insurability). A change in death benefit option will cause us to automatically increase or decrease your specified face amount so that the amount of the death benefit is not changed on the effective date of the new death benefit option. Before you change your death benefit option you should consider the following: . If the term insurance portion of your death benefit changes, as it may with a change from Option A to B or C and vice versa, the term insurance charge will also change. This will affect your cash value and, in some cases, the death benefit levels. 36 . If your specified face amount changes because of the change in death benefit option, consider also the issues presented by changing your specified face amount that are described under "Specified Face Amount," below. These issues include the possibility that your Policy would become a modified endowment contract; that you would receive a taxable distribution; and that the maximum premium amounts that you can pay would change. MINIMUM DEATH BENEFIT In no event will the Policy death benefit (plus the proceeds under any term rider on the insured's life) be lower than the minimum amount required to maintain the Policy as life insurance under the federal income tax laws as in effect on the date your Policy is issued. We determine this minimum by applying either the: I. Cash Value Accumulation Test or II. Guideline Premium/Cash Value Corridor Test. You choose the Cash Value Accumulation Test or the Guideline Premium/Cash Value Corridor Test before we issue your Policy, and the election cannot later be changed. Under the Cash Value Accumulation Test, your death benefit is never less than the amount of your Policy's cash value at the insured's date of death, multiplied by a factor set forth in your Policy. This factor varies depending upon the insured's age at the date of death, and it declines as the insured grows older. Under the Guideline Premium/Cash Value Corridor Test, there is a very similar minimum death benefit based on your Policy's cash value at the date of death. However, the factors set forth in your Policy are higher for the Guideline Premium/Cash Value Corridor Test (which results in a higher minimum death benefit, assuming the same cash value). Also, there are firm limits on the amount of premiums you can pay for the amount of coverage you have in force under the Guideline Premium/Cash Value Corridor Test, while the tax law imposes no such firm limits under the Cash Value Accumulation Test. Before choosing between these two Tests you should consider the following: . The Cash Value Accumulation Test may allow you to pay a greater amount in premiums for the same amount of death benefit under federal income tax laws and still qualify as life insurance. This is the case because the Policy will qualify as life insurance even though the Policy owner is paying a higher level of premium than allowed under the Guideline Premium/Cash Value Accumulation Test. However, the death benefit under the Cash Value Accumulation Test (and thus the monthly cost of term insurance) could be higher. You should ask for an illustration comparing results under both tests. We reserve the right to return any premium to the extent it would cause the death benefit to increase above certain limits. . Increases in death benefits by operation of the Cash Value Accumulation Test will result in a higher monthly cost of term insurance. Such increases can also occur under the Guideline Premium/Cash Value Corridor Test, although this is less likely. . Any advantage of the Cash Value Accumulation Test may be eliminated if premium payments exceed the 7-pay test limit. The 7-pay test sets a limit on the amount of premiums which may be paid under a policy during the 7-pay testing period (usually the first 7 Policy years after issue or after a material modification 37 of the Policy) without incurring possible adverse tax consequences. If premiums paid exceed such limit during any 7-pay testing period, any partial withdrawals, Policy loan and other distributions may be subject to adverse federal income tax consequences. (See "Federal Tax Matters--Modified Endowment Contracts" below.) SPECIFIED FACE AMOUNT CHOOSING YOUR INITIAL SPECIFIED FACE AMOUNT The specified face amount is the basic amount of insurance specified in your Policy. The Minimum Initial Specified Face amount is the smallest amount of specified face amount for which a Policy may be issued. Currently this amount is $100,000. If the term insurance rider is purchased, the specified face amount and term rider amount are combined to determine the Minimum Initial Specified Face Amount. You should consider whether to take all of your coverage as specified face amount or whether to take some coverage, if available, under our term insurance benefit. The term insurance benefit provides coverage on the insured to age 95. You may purchase this rider, if available, only at the time of Policy issue. By electing to take part of your coverage under the term insurance rider, you can reduce the amount of sales charges and current cost of insurance charges that you otherwise would pay. For details, see "Optional Rider Benefits--Term Benefit." [SIDEBAR: YOU CAN GENERALLY INCREASE OR DECREASE YOUR POLICY'S SPECIFIED FACE AMOUNT.] CHANGING YOUR SPECIFIED FACE AMOUNT Generally, you may change your specified face amount at any time after the first Policy year subject to certain criteria specified below. Any change will be effective on: the monthly anniversary on or next following the (a) Date of Receipt of your request; or (b) if we require evidence of insurability, the date we approve your request. The Specified Face Amount of insurance may not be reduced to less than $100,000 during the first five Policy years or to less than $50,000 after the fifth Policy year. These minimums also apply to decreases that result from partial withdrawals or changes in death benefit options. If there have been previous specified face amount increases, any decreases in specified face amount will be made in the following order: (i) the specified face amount provided by the most recent increase; (ii) the next most recent increases successively; and (iii) the initial specified face amount. You may increase the specified face amount only if the cash surrender value after the change is large enough to cover at least two monthly deductions based on your most recent cost of term insurance charge. Any increase may require that we receive additional evidence of insurability that is satisfactory to us. We may also impose a one-time underwriting charge. Before you change your specified face amount you should consider the following: . The term insurance portion of your death benefit will change and so will the term insurance charge. This will affect the insurance charges, cash value and, in some cases, death benefit levels. . Reducing your specified face amount may result in our returning an amount to you which, if it occurs during the first 15 Policy years, could then be taxed on an income first basis. . The amount of additional premiums that the tax laws permit you to pay into your Policy may increase or decrease. The additional amount you can pay without causing your Policy to be a modified endowment contract for tax purposes may also increase or decrease. (See "Tax Matters--Modified Endowment Contracts.") 38 . In some circumstances, the Policy could become a modified endowment contract. . For Policies issued on or after May 1, 1996 in connection with other than certain employer sponsored plans that became effective prior to August 1, 2000, the sales charge and the administration charge may change. This is because an increase or decrease in the specified face amount will result in an increase or decrease in the annual target premium on which these charges are based. INCOME PLANS [SIDEBAR: 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.] The insurance proceeds can be paid under a variety of income plans that are available under the Policy. Generally, we currently make the following income plans available: . Interest income . Installment Income for a Stated Period . Installment Income of a Stated Amount . Single Life Income--Guaranteed Payment Period . Single Life Income--Guaranteed Return . Joint and Survivor Life Income 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. . That the rates of return we credit under these plans are not based on the investment performance of any of the Portfolios. CASH VALUE, TRANSFERS AND WITHDRAWALS CASH VALUE [SIDEBAR: YOUR POLICY IS DESIGNED TO ALLOW YOU TO ACCUMULATE CASH VALUE.] Your Policy's cash value equals: . The Fixed Account cash value, plus . The Policy Loan Account cash value, plus . The Separate Account cash value. Your Policy's cash surrender value equals your cash value minus any outstanding Policy loans (plus any accrued and unpaid loan interest). On your Investment Start Date, the Policy's cash value in an investment division will equal the portion of any net premium allocated to the investment division, reduced by the portion of any monthly deductions allocated to the Policy's cash value in that investment division. Thereafter, at the end of each Valuation Period the cash value in an investment division will equal: . The cash value in the investment division at the beginning of the Valuation Period; plus . All net premiums, loan repayments and cash value transfers into the investment division during the Valuation Period; minus . All partial cash withdrawals, loans and cash value transfers out of the investment division during the Valuation Period; minus 39 . The portion of any charges and deductions allocated to the cash value in the investment division during the Valuation Period; plus . The net investment return for the Valuation Period on the amount of cash value in the investment division at the beginning of the Valuation Period. The net investment return currently equals the rate of increase or decrease in the net asset value per share of the underlying Fund Portfolio over the Valuation Period, adjusted upward to take appropriate account of any dividends and other distributions paid by the Portfolio during the period. CASH VALUE TRANSFERS [SIDEBAR: YOU CAN TRANSFER YOUR CASH VALUE AMONG THE INVESTMENT DIVISIONS AND THE FIXED ACCOUNT AT ANY TIME BEGINNING AFTER THE END OF THE FREE LOOK PERIOD.] The minimum amount you may transfer is $50 or, if less, the total amount in an investment option. You may make transfers at any time. The maximum amount that you may transfer or withdraw from the Fixed Account in any Policy year is the greater of $50 and 25% of the largest amount in the Fixed Account over the last four Policy years. Due to this limit, it could take a number of years to fully transfer or withdraw a current balance from the Fixed Account. You should keep this in mind when considering whether an allocation of cash value to the Fixed Account is consistent with your risk tolerance and time horizon. This limit does not apply to a full surrender, any loans taken, or any transfers under a systematic investment strategy. We may also limit the number of investment options to which you may transfer cash value, and, under certain conditions, we may have to approve transfers to the Fixed Account. (See "Payment and Allocation of Premiums--Allocating Net Premiums.") MARKET TIMING: Frequent requests from Policy owners to transfer cash value may dilute the value of a Portfolio's shares if the frequent trading involves an attempt to take advantage of pricing inefficiencies created by a lag between a change in the value of the securities held by the Portfolio and the reflection of that change in the Portfolio's share price ("arbitrage trading"). Regardless of the existence of pricing inefficiencies, frequent transfers may also increase brokerage and administrative costs of the underlying Portfolios and may disrupt portfolio management strategy, requiring a Portfolio to maintain a high cash position and possibly resulting in lost investment opportunities and forced liquidations ("disruptive trading"). Accordingly, arbitrage trading and disruptive trading activities (referred to collectively as "market timing") may adversely affect the long-term performance of the Portfolios, which may in turn adversely affect Policy owners and other persons who may have an interest in the Policies (E.G., beneficiaries). We have policies and procedures that attempt to detect and deter frequent transfers in situations where we determine there is a potential for arbitrage trading. Currently, we believe that such situations may be presented in the international, small-cap, and high-yield Portfolios (I.E., Baillie Gifford International Stock Portfolio, Loomis Sayles Small Cap Core Portfolio, MSCI EAFE(R) Index Portfolio, Neuberger Berman Genesis Portfolio, Oppenheimer Global Equity Portfolio, Russell 2000(R) Index Portfolio, T. Rowe Price Small Cap Growth Portfolio, Lord Abbett Bond Debenture Portfolio, Harris Oakmark International Portfolio, Invesco Small Cap Growth Portfolio, MFS(R) Research International Portfolio, Third Avenue Small Cap Value Portfolio, Invesco V.I. Global Real Estate Fund, Invesco V.I. International Growth Fund, AllianceBernstein Global Thematic Growth Portfolio, AllianceBernstein International Value Portfolio, American Funds High-Income Bond Fund, American Funds International Fund, Dreyfus VIF International Value 40 Portfolio, Fidelity(R) VIP High Income Portfolio, Franklin Templeton Mutual Global Discovery Securities Fund, Templeton Foreign Securities Fund, Templeton Global Bond Securities Fund, Janus Aspen Overseas Portfolio, MFS(R) Global Equity Series, MFS(R) High Income Series, MFS(R) New Discovery Series, Goldman Sachs Structured Small Cap Equity Fund, Clarion Global Real Estate Portfolio, Dreman Small Cap Value Portfolio, Oppenheimer Main Street Small- & Mid-Cap Fund(R)/VA, Pioneer Emerging Markets VCT Portfolio, Putnam VT International Value Fund, Royce Micro-Cap Portfolio, Royce Small-Cap Portfolio, UIF Emerging Markets Debt Portfolio and UIF Emerging Markets Equity Portfolio) and we monitor transfer activity in those Funds (the "Monitored Portfolios"). In addition, as described below, we intend to treat all American Funds Insurance Series(R) portfolios ("American Funds portfolios") as Monitored Portfolios. We employ various means to monitor transfer activity, such as examining the frequency and size of transfers into and out of the Monitored Portfolios within given periods of time. For example, we currently monitor transfer activity to determine if, for each category of international, small-cap, and high-yield Portfolios, in a 12-month period there were, (1) six or more transfers involving the given category; (2) cumulative gross transfers involving the given category that exceed the current cash value; and (3) two or more "round-trips" involving any Monitored Portfolio in the given category. A round-trip generally is defined as a transfer in followed by a transfer out within the next seven calendar days or a transfer out followed by a transfer in within the next seven calendar days, in either case subject to certain other criteria. We do not believe that other Portfolios present a significant opportunity to engage in arbitrage trading and therefore do not monitor transfer activity in those Portfolios. We may change the Monitored Portfolios at any time without notice in our sole discretion. In addition to monitoring transfer activity in certain Portfolios, we rely on the underlying Funds to bring any potential disruptive trading activity they identify to our attention for investigation on a case-by-case basis. We will also investigate any other harmful transfer activity that we identify from time to time. We may revise these policies and procedures in our sole discretion at any time without prior notice. As a condition to making their portfolios available in our products, American Funds requires us to treat all American Funds portfolios as Monitored Portfolios under our current market timing and excessive trading policies and procedures. Further, American Funds requires us to impose additional specified monitoring criteria for all American Funds portfolios available under the Policy, regardless of the potential for arbitrage trading. We are required to monitor transfer activity in American Funds portfolios to determine if there were two or more transfers in followed by transfers out, in each case of a certain dollar amount or greater, in any 30-day period. A first violation of the American Funds monitoring policy will result in a written notice of violation; each additional violation will result in the imposition of a six-month restriction, during which period we will require all transfer requests to or from an American Funds portfolio to be submitted with an original signature. Further, as Monitored Portfolios, all American Funds portfolios also will be subject to our current market timing and excessive trading policies, procedures and restrictions (described below), and transfer restrictions may be imposed upon a violation of either monitoring policy. Our policies and procedures may result in transfer restrictions being applied to deter market timing. Currently, when we detect transfer activity in the Monitored Portfolios that exceeds our current transfer limits, or other 41 transfer activity that we believe may be harmful to other Policy owners or other persons who have an interest in the Policies, we require all future transfer requests to or from any Monitored Portfolios or other identified portfolios under that Policy to be submitted with an original signature. Transfers made under one of the systematic investment strategies described below are not treated as transfers when we evaluate trading patterns for market timing. The detection and deterrence of harmful transfer activity involves judgments that are inherently subjective, such as the decision to monitor only those Portfolios that we believe are susceptible to arbitrage trading, or the determination of the transfer limits. Our ability to detect and/or restrict such transfer activity may be limited by operational and technological systems, as well as our ability to predict strategies employed by Policy owners to avoid such detection. Our ability to restrict such transfer activity may also be limited by provisions of the Policy. Accordingly, there is no assurance that we will prevent all transfer activity that may adversely affect Policy owners and other persons with interests in the Policies. We do not accommodate market timing in any Portfolios and there are no arrangements in place to permit any Policy owner to engage in market timing; we apply our policies and procedures without exception, waiver, or special arrangement. The Portfolios may have adopted their own policies and procedures with respect to market timing transactions in their respective shares, and we reserve the right to enforce these policies and procedures. For example, Portfolios may assess a redemption fee (which we reserve the right to collect) on shares held for a relatively short period. The prospectuses for the Portfolios describe any such policies and procedures, which may be more or less restrictive than the policies and procedures we have adopted. Although we may not have the contractual authority or the operational capacity to apply the market timing policies and procedures of the Portfolios, we have entered into a written agreement, as required by SEC regulation, with each Portfolio or its principal underwriter that obligates us to provide to the Portfolio promptly upon request certain information about the trading activity of individual Policy owners, and to execute instructions from the Portfolio to restrict or prohibit further purchases or transfers by specific Policy owners who violate the frequent trading policies established by the Portfolio. In addition, Policy owners and other persons with interests in the Policies should be aware that the purchase and redemption orders received by the Portfolios generally are "omnibus" orders from intermediaries such as retirement plans or separate accounts funding variable insurance contracts. The omnibus orders reflect the aggregation and netting of multiple orders from individual owners of variable insurance policies and/or individual retirement plan participants. The omnibus nature of these orders may limit the Portfolios in their ability to apply their market timing policies and procedures. In addition, the other insurance companies and/or retirement plans may have different policies and procedures or may not have any such policies and procedures because of contractual limitations. For these reasons, we cannot guarantee that the Portfolios (and thus Policy owners) will not be harmed by transfer activity relating to the other insurance companies and/or retirement plans that may invest in the Portfolios. If a Portfolio believes that an omnibus order reflects one or more transfer requests from Policy owners engaged in disruptive trading activity, the Portfolio may reject the entire omnibus order. 42 In accordance with applicable law, we reserve the right to modify or terminate the transfer privilege at any time. We also reserve the right to defer or restrict the transfer privilege at any time that we are unable to purchase or redeem shares of any of the Portfolios, including any refusal or restriction on purchases or redemptions of their shares as a result of their own policies and procedures on market timing and disruptive trading activities (even if an entire omnibus order is rejected due to the market timing or disruptive trading activity of a single Policy owner). You should read the Fund prospectuses for more details. SYSTEMATIC INVESTMENT STRATEGIES: You can choose one of four currently available strategies described below. You can also change or cancel your choice at any time. . EQUITY GENERATOR(R). Allows you to transfer the interest earned on amounts in the Fixed Account in any Policy month equal to at least $20 to the MetLife Stock Index investment division or the BlackRock Aggressive Growth investment division. The transfer will be made at the beginning of the Policy month following the Policy month in which the interest was earned. . EQUALIZER/ SM/. Allows you to periodically equalize amounts in your Fixed Account and either the MetLife Stock Index investment division or the BlackRock Aggressive Growth investment division. We currently make equalization each quarter. We will terminate this strategy if you make a transfer out of either of the investment divisions or the Fixed Account. You may then reelect the Equalizer on your next Policy anniversary. . REBALANCER(R). Allows you to periodically redistribute amounts in the Fixed Account and investment divisions in the same proportion that the net premiums are then being allocated. We currently make the redistribution at the beginning of each quarter. . ALLOCATOR/ SM/. Allows you to systematically transfer money from the BlackRock Money Market investment division to the Fixed Account and/or any investment division(s). When you elect the Allocator, you must have enough cash value in the BlackRock Money Market investment division to enable the election to be in effect for three months. The election can be to transfer each month: . A specific amount, until the cash value in the BlackRock Money Market investment division is exhausted. . A specific amount for a specific number of months. . Amounts in equal installments until the total amount you have requested has been transferred. These transfer privileges allow you to take advantage of investment fluctuations, but none assures a profit nor protects against a loss in declining markets. Because the Allocator involves continuous investment in securities regardless of the price levels of such securities, you should consider your financial ability to continue purchases through periods of fluctuating price levels. TRANSFERS BY TELEPHONE: Subject to our market timing procedures, we may, if permitted by state law, decide in the future to allow you to make transfer requests, changes to Systematic Investment Strategies and changes to allocations of future net premium by phone. We may also allow you to authorize your sales representative to make such requests. The following procedures would apply: . We must have received your authorization in writing satisfactory to us, to act on instructions from any person that claims to be you or your sales representative, as applicable, as long as that person follows our procedures. . We will institute reasonable procedures to confirm that instructions we receive are genuine. Our procedures will include receiving from the caller your 43 personalized data. Any telephone instructions that we reasonably believe to be genuine are your responsibility, including losses arising from such instructions. Because telephone transactions may be available to anyone who provides certain information about you and your Policy, you should protect that information. We may not be able to verify that you are the person providing telephone instructions, or that you have authorized any such person to act for you. . All telephone calls will be recorded. . You will receive a written confirmation of any transaction. . Neither the Separate Account nor we will be liable for any loss, expense or cost arising out of a telephone request if we reasonably believed the request to be genuine. Telephone, facsimile, and computer systems may not always be available. Any telephone, facsimile, or computer system, whether it is yours, your service provider's, your sales representative's, or ours, can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may delay or prevent our processing of your request. Although we have taken precautions to help our systems handle heavy use, we cannot promise complete reliability under all circumstances. If you are experiencing problems, you should make your request by writing to our Designated Office. SURRENDER AND WITHDRAWAL PRIVILEGES [SIDEBAR: YOU CAN SURRENDER YOUR POLICY FOR ITS CASH SURRENDER VALUE.] We may ask you to return the Policy before we honor your request to surrender your Policy. You can choose to have the proceeds paid in a single sum, or under an income plan. If the insured dies after you surrender the Policy but before the end of the Policy month in which you surrendered the Policy, we will pay your beneficiary an amount equal to the difference between the Policy's death benefit and its cash value, computed as of the surrender date. You can make partial withdrawals if: . the withdrawal would not result in the cash surrender value being less than sufficient to pay 2 monthly deductions; . the withdrawal is at least $250; . the withdrawal would not result in total premiums paid exceeding any then current maximum premium limitation determined by Internal Revenue Code rules; and . the withdrawal would not result in your specified face amount falling below the minimum allowable amount after a decrease, as described under "Insurance Proceeds--Specified Amount--Changing Your Specified Face Amount," above. If you make a request for a partial withdrawal that is not permitted, we will tell you and you may then ask for a smaller withdrawal or surrender the Policy. We will deduct your withdrawal from the Fixed Account and the investment divisions in the same proportion that the Policy's cash value in each such option bears to the total cash value of the Policy in the Fixed Account and the investment divisions. We may withhold payment of surrender, withdrawal or loan proceeds if any portion of those proceeds would be derived from a check that has not yet cleared (I.E., that could still be dishonored by your banking institution). We may use telephone, fax, Internet or other means of communications to verify that payment from the check has been or will be collected. We will not delay payment longer than necessary for us to verify that payment has been or will be collected. You may avoid the possibility of delay in the disbursement of proceeds coming from a check that has not yet cleared by providing us with a certified check. 44 Before surrendering your Policy or requesting a partial withdrawal, you should consider the following: . Amounts received may be taxable as income and, if your Policy is a modified endowment contract, subject to certain tax penalties. (See "Tax Matters--Modified Endowment Contracts.") . Your Policy could become a modified endowment contract. . For partial withdrawals, your death benefit will decrease, generally by the amount of the withdrawal. . For partial withdrawals, your specified face amount may also decrease. For Option A Policies, your specified face amount will decrease by the amount of the withdrawal. For Option B Policies, a withdrawal will not decrease the specified face amount. For Option C Policies, your specified face amount will decrease by the amount, if any, by which cumulative withdrawals exceed cumulative premiums paid. In some cases you may be better off taking a Policy loan, rather than a partial withdrawal. BENEFIT AT FINAL DATE The Final Date is the Policy anniversary on which the insured is Age 95. Subject to certain conditions, we will allow you to extend that date where permitted by state law. If the insured is living on the Final Date, we will pay you the cash surrender value of the Policy. You can receive the cash surrender value in a single sum, in an account that earns interest, or under an available income plan. LOAN PRIVILEGES [SIDEBAR: YOU CAN BORROW FROM US AND USE YOUR POLICY AS SECURITY FOR THE LOAN.] The amount of each loan must be: . At least $250. . No more than the greater of the cash surrender value less two monthly deductions and 75% of the cash surrender value (unless state law requires a different percentage to be applied, as set forth in your Policy) when added to all other outstanding Policy loans. As of your loan request's Date of Receipt, we will: . Remove an amount equal to the loan from your cash value in the Fixed Account and each investment division of the Separate Account in the same proportion as the Policy's cash value in each such option bears to the total cash value of the Policy in the Fixed Account and the investment divisions. . Transfer such cash value to the Policy loan account, where it will be credited with interest at a rate equal to the loan rate charged less a percentage charge, based on expenses associated with Policy loans, determined by us. This percentage charge will not exceed 2%, and the minimum rate we will credit to the Policy Loan Account will be 2.5% per year (4% for Policies issued prior to February 24, 2012). At least once a year, we will transfer any interest earned in your Policy loan account to the Fixed Account and the investment divisions, according to the way that we then allocate your net premiums. . Charge you interest, which will accrue daily. We will tell you the initial interest rate that applies to your loan and mail you advance notices of any increases applicable to existing loans. The interest rate charged for a Policy year will never be more than the maximum allowed by law and will generally be the greater of: . The published monthly average for the calendar month ending two months before the start of such year; and . The guaranteed rate used to credit interest to the cash value allocated to the Fixed Account for the Policy, plus no more than 1%. 45 The published monthly average means (a) Moody's Corporate Bond Yield Average Monthly Average Corporates, as published by Moody's Investors Service, Inc. or any successor service; or (b) If the Moody's average is not published, a substantially similar average established by regulation issued by the insurance supervisory official of the state in which your Policy is delivered. Your interest payments are due at the end of each Policy year and if you don't pay the amount within 31 days after it is due, we will treat it as a new Policy loan, which will be taken from the Fixed Account and the investment divisions by the same method as other loans. Repaying your loans (plus accrued interest) is done by sending in payments at least equal to $25. You should designate whether a payment is intended as a loan repayment or a premium payment, since we will treat any payment for which no designation is made as a premium payment. We will allocate your repayment to the Fixed Account and the investment divisions, in the same proportion that net premiums are then allocated, except that amounts borrowed from the Fixed Account will be repaid to the Fixed Account first. Before taking a Policy loan you should consider the following: . Interest payments on loans are generally not deductible for tax purposes. . Under certain situations, Policy loans could be considered taxable distributions. . Amounts held in your Policy loan account do not participate in the investment experience of the investment divisions or receive the interest rate credited to the Fixed Account, either of which may be higher than the interest rate credited on the amount you borrow. . If you surrender your Policy or if we terminate your Policy, or at the Final Date, any outstanding loan amounts (plus accrued interest) will be taxed as a distribution. (See "Federal Tax Matters--Loans" below.) . A Policy loan increases the chances of our terminating your Policy due to insufficient cash value. We will terminate your Policy with no value if: (a) on a monthly anniversary your loans (plus accrued interest) exceed your cash value minus the monthly deduction; and (b) we tell you of the insufficiency and you do not make a sufficient payment within 61 days of the monthly anniversary. . Your Policy's death proceeds will be reduced by any unpaid loan (plus any accrued and unpaid loan interest). OPTIONAL RIDER BENEFITS You may be eligible for certain benefits provided by rider, subject to certain underwriting requirements and the payment of additional premiums. We will deduct any charges for the rider(s) (other than the charge for the interim term insurance rider) as part of the monthly deduction. Generally, we currently make the following benefits available by rider: . Accelerated Death . Term Insurance Benefit/1/ Benefit/2/ ----------------------------------------------------- . Interim Term Insurance . Enhanced Cash Benefit Surrender Value Rider/3/ ----------------------------------------------------- -------- /1/ Payment under this rider may affect eligibility for benefits under state or federal law. This rider is currently not available in New Jersey. /2/ This rider is discussed in more detail under "Term Benefit" below. /3/ This rider may be attached at issue if you request it, but not thereafter. 46 Each rider contains important information, including limits and conditions that apply to the benefits. If you decide to purchase any of the riders, you should carefully review their provisions to be sure the benefit is something that you want. These riders may not be available in all states. You should also consider: . That the addition of certain riders can restrict your ability to exercise certain rights under the Policy. . That the amount of benefits provided under the rider is not based on investment performance of a separate account; but, if the Policy terminates because of poor investment performance or any other reason, the riders generally will also terminate. . That there are tax consequences. You should also consult with your tax advisor before purchasing one of the riders. TERM BENEFIT You have the flexibility to include, at Policy issue, a rider that provides a term benefit ("Term Rider"). The availability of the Term Rider is also subject to governmental approval in your state. The Term Rider is a rider to the Policy that, like the base Policy, provides coverage on the insured to age 95. You may purchase this rider, if available, only at Policy issue. Nevertheless, if you purchase the Term Rider, the amount of coverage under the rider will automatically increase and decrease with any changes to your specified face amount under the Policy, so that the ratio between the Policy's specified face amount and the amount of Term Rider coverage will always remain the same as you originally selected. In almost all respects, coverage taken under the Term Rider has exactly the same effect as coverage taken as specified face amount under the Policy. An important difference, however, is that the sales charge depends on the amount of the coverage provided under the base policy. The amount of Term Rider will impact the sales charge. Thus, in comparing two Policies with identical total insurance amounts, the one with the greater portion provided by the Term Rider will have a lower sales charge. Conversely, the Policy with the higher amount provided under the base policy will have a higher sales charge. Additionally, the cost of term insurance rates currently applicable to coverage provided under the Term Rider are lower than those currently charged for coverage under the base policy. Therefore, the larger the portion of coverage provided under the Term Rider, the lower the overall cost of insurance. Again comparing two Policies with identical total insurance amounts, the cost of insurance will be lower under the Policy with the higher portion of coverage provided under the Term Rider. To summarize, the lower sales charge and lower anticipated current cost of term insurance rates resulting from a greater portion of total coverage provided by the Term Rider will result in better overall performance under the Policy. You may elect to have up to 95% of your total coverage provided by the Term Rider. We are able to make these favorable terms available under the Term Rider largely because our costs of selling it (principally the commissions we pay) are lower than under the base policy. See "Sales of Policies". 47 CHARGES AND DEDUCTIONS IMPORTANT INFORMATION APPLICABLE TO ALL POLICY CHARGES AND DEDUCTIONS [SIDEBAR: CAREFULLY REVIEW THE FEE TABLES IN THIS PROSPECTUS WHICH SET FORTH THE CHARGES THAT YOU PAY UNDER YOUR POLICY.] The charges discussed in the paragraphs that follow are all included in the Fee Tables on pages 9 to 21 of this Prospectus. You should refer to these Fee Tables for information about the rates and amounts of such charges, as well as other information that is not covered below. The Policy charges compensate us for the services and benefits we provide, the costs and expenses we incur, and the risks we assume. Services and benefits we . the death benefit, cash, and loan benefits under provide: the Policy . investment options, including premium allocations . administration of elective options . the distribution of reports to Policy owners Costs and expenses we incur:. costs associated with processing and underwriting applications, and with issuing and administering the Policy (including any riders) . overhead and other expenses for providing services and benefits . sales and marketing expenses . other costs of doing business, such as collecting premiums, maintaining records, processing claims, effecting transactions, and paying federal, state, and local premium and other taxes and fees Risks we assume: . that the cost of term insurance charges we may deduct are insufficient to meet our actual claims because the insureds die sooner than we estimate . that the charges of providing the services and benefits under the Policies exceed the charges we deduct We may profit from the charges, including the cost of term insurance charge and the mortality and expense risk charge. Any distinctions we make about the specific purposes of the different charges are imprecise, and we are free to keep and use our revenues or profits for any other purpose, including paying any of our costs and expenses in connection with the Policies. Our revenues from any particular charge may be more or less than any costs or expenses that charge may be intended primarily to cover. The following sets forth additional information about Policy charges. 48 CHARGES DEDUCTED FROM PREMIUMS ANNUAL TARGET PREMIUM: We use the concept of annual target premium to determine certain limits on sales and administrative charges (discussed immediately below). We define the annual target premium to be: For Policies issued prior to May 1, 1996 or issued in connection with certain employer sponsored plans that became effective prior to August 1, 2000, 50% of the estimated annual amount which satisfied the 7-Pay test under federal tax law based on the issue age of the insured and the initial specified face amount. (See "Federal Tax Matters--Modified Endowment Contracts".) For all other Policies, 100% of the estimated annual amount that satisfied the 7-Pay test based on the issue age of the insured, the specified face amount of insurance of the base Policy only (excluding the Term Rider) and standard underwriting class. For such Policies, the annual target premium amount is increased and decreased proportionately for increases and decreases in the specified face amount of the Policy. This could, in turn, increase or decrease sales and administrative charges. SALES CHARGE: We deduct this charge primarily to help pay the cost of compensating sales representatives and other direct and indirect expenses of distributing the Policies. The charge is assessed directly against each premium. For premiums received in Policy years 1 through 10, the current rate is up to 6.5% of the premium paid until the total payments in each such year equal the annual target premium, and for Policy years 11 and later the rate we charge is up to 3% of each premium until the total payments in the year equal the annual target premium. No sales charge is or will be assessed against any premiums paid in any Policy year in excess of a total equal to the annual target premium. The maximum rate we can charge for premiums received up to a total equal to the annual target premium during Policy years 1 through 10 is 9%, and the maximum for Policy years 11 and later is the same as currently charged in those years. ADMINISTRATIVE CHARGE: We incur expenses in the administration of the Policy, including our underwriting and start-up expenses. We deduct up to 1.05% (currently, this deduction is .55% in Policy years 1-10) of each premium payment primarily to cover this expense up to a total of payments in any Policy year equal to the annual target premium, and .05% on any excess payments in any Policy year exceeding that total amount. Our charge will never exceed this rate. CHARGE FOR AVERAGE EXPECTED STATE AND LOCAL TAXES ATTRIBUTABLE TO PREMIUMS: We make this charge to reimburse us for the state premium taxes that we must pay on premiums we receive. Premium taxes vary from state to state and currently range from 0 to 3.5%. Our charge of 2.25% approximates the average tax rate we expect to pay on premiums we receive from all states. CHARGE FOR EXPECTED FEDERAL TAXES ATTRIBUTABLE TO PREMIUMS: Federal income tax law requires us to pay certain amounts of taxes that are related to the amount of premiums we receive. We deduct 1.2% of each premium payment to offset the cost to us of those additional taxes, which may be more or less than the amount we pay in respect of your premiums. 49 CHARGE FOR INTERIM TERM INSURANCE BENEFIT: This charge is deducted only from your initial premium payment, and only if you elect the interim term insurance benefit. The interim term insurance benefit provides temporary initial life insurance coverage on the insured prior to the time that coverage under the Policy takes effect. This coverage is provided by adding a "rider" and is subject to several conditions and limitations. The charge for this benefit is described in the rider form. This charge is primarily to compensate us for the risk that the insured will die while coverage under this rider is in force. LOAN INTEREST SPREAD: We charge interest on Policy loans but credit you with interest on the amount of the cash value we hold as collateral for the loan. The loan interest spread is the excess of the interest rate we charge over the interest rate we credit. This charge is primarily to cover our expense in providing the loan. The charge is guaranteed to never exceed 2%. CHARGES INCLUDED IN THE MONTHLY DEDUCTION We allocate the monthly deduction (except for the monthly mortality and expense risk charge) among the Fixed Account and each investment division of the Separate Account in the same proportion as the Policy's cash value in each such option bears to the total cash value of the Policy in the Fixed Account and the investment divisions. We deduct the monthly deductions as of each monthly anniversary, commencing with the Date of Policy. . COST OF TERM INSURANCE. This charge varies monthly based on many factors. Each month, we determine the charge by multiplying your cost of insurance rates by the term insurance amount. This is the amount that we are at risk if the insured dies. The term insurance amount is the death benefit at the beginning of the Policy month divided by a discount factor to account for an assumed return during the month; minus the cash value at the beginning of the Policy month after deduction of all other applicable charges. Factors that affect the term insurance amount include the specified face amount, the cash value and the death benefit option you choose (generally, the term insurance amount will be higher for Options B and C). The term insurance rate is based on our expectations as to future experience, taking into account the insured's sex (if permitted by law and applicable under your Policy), age, underwriting class and rate class. The rates will never exceed the guaranteed rates. The guaranteed rates are based on certain 2001 Commissioners Standard Ordinary Mortality Tables. For Policies issued prior to January 1, 2009, the guaranteed rates are based on the corresponding 1980 Commissioners Standard Ordinary Mortality Tables. Our current rates are lower than the maximums in most cases. We review our rates periodically and may adjust them, but we will apply the same rates to everyone who has had their Policy for the same amount of time and who is the same age, sex and rate class. As a general rule, the cost of insurance rate increases each year you own your Policy, as the insured's age increases. Rate class relates to the level of mortality risk we assume with respect to an insured. It can be the standard rate class, or one that is higher (and may be divided by smoking status). The insured's rate class will affect your cost of term insurance. You can also have more than one rate class in effect, if the insured's rate class has changed and you change your specified face amount. A better rate 50 class will lower the cost of term insurance on your entire Policy and a worse rate class will affect the portion of your cost of term insurance charge attributable to the specified face amount increase. . MORTALITY AND EXPENSE RISK CHARGE. We make this monthly charge primarily to compensate us for mortality risks that insureds may live for a shorter period than we expect; and expense risks that our issuing and administrative expenses may be higher than we expect. This monthly charge is allocated proportionately to the cash value in each investment division of the Separate Account. The maximum rate we may charge is equivalent to an effective annual rate of .90% of the cash value in the Separate Account. CHARGES FOR CERTAIN OPTIONAL RIDER BENEFITS The charge for an optional benefit that you add by rider to your Policy will generally be deducted as part of the monthly deduction. This includes the charge for the following rider: . Term Benefit The purpose of the charge for each rider is primarily to compensate us for our direct and indirect costs and risks in providing that rider. The charge we deduct for any such additional benefits you can add by rider is described in the rider form. VARIATIONS IN CHARGES We may vary a charge by group, based on anticipated variations in our costs or risks associated with the group or individuals in the group that the charge was intended to cover. Our variations in the charges will be made in accordance with our established and uniformly applied administrative procedures. We consider a variety of factors in determining charges, including but not limited to: . The nature of the group and its organizational framework . The method by which sales will be made to the individuals associated with the group . The facility by which premiums will be paid . The group's capabilities with respect to administrative tasks . Our anticipated persistency of the Policies . The size of the group and the number or years it has been in existence . The aggregate amount of premiums we expect to be paid on the Policies owned by the group or by individuals associated with the group Any variations in charges will be reasonable and will not be unfairly discriminatory to the interests of any Policy owner. PORTFOLIO COMPANY CHARGES Each of the Portfolios pays an investment management fee to its investment manager. Each Portfolio also incurs other direct expenses. See the fuller description contained in the Fee Table section of this Prospectus (also see the Fund Prospectus and Statement of Additional Information referred to therein for each Fund). You bear indirectly your proportionate share of the fees and expenses of the Portfolios of each Fund that correspond to the Separate Account investment divisions you are using. 51 OTHER CHARGES ADDITIONAL TAXES. In general, we don't expect to incur federal, state or local taxes upon the earnings or realized capital gains attributable to the assets in the Separate Account relating to the cash surrender value of the Policies. If we do incur such taxes, we reserve the right to charge cash value allocated to the Separate Account for these taxes. CASH VALUE TRANSFERS. We do not currently charge for any transfer amounts. Except for transfers under Systematic Investment Strategies, we reserve the right to assess up to a $25 charge in the future against all transfers. Currently, transfers are not taxable transactions. POLICY TERMINATION AND REINSTATEMENT TERMINATION: We will terminate your Policy without any cash surrender value if: . The cash surrender value is less than the monthly deduction; and . We do not receive a sufficient premium payment within the 61-day grace period to cover the monthly deduction. We will mail you notice if any grace period starts. REINSTATEMENT: Upon your request, we will reinstate your Policy (without reinstating any amounts in a Policy loan account), subject to certain terms and conditions that the Policy provides. We must receive your request within 3 years (or any longer period required by state law) after the end of the grace period and before the Final Date. You also must provide us: . A written application for reinstatement (the date we approve the application will be the effective date of the reinstatement). . Evidence of insurability that we find satisfactory. . An additional premium amount that the Policy prescribes for this purpose. FEDERAL TAX MATTERS [SIDEBAR: YOU SHOULD CONSULT WITH YOUR OWN TAX ADVISOR TO FIND OUT HOW TAXES CAN AFFECT YOUR BENEFITS AND RIGHTS UNDER YOUR POLICY.] The following is a brief summary of some tax rules that may apply to your Policy. Such discussion does not purport to be complete or to cover every situation. You must consult with and rely on the advice of your own tax or ERISA counsel, especially where the Policy is being purchased in connection with an employee benefit plan, such as a death benefit or deferred compensation plan, or is being purchased for estate, tax planning or similar purposes. You should also consult with your own tax advisor to find out how taxes can affect your benefits and rights under your Policy. Such consultation is especially important 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 policies 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 herein 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 Policy owner should seek tax advice based on the Policy owner's particular circumstances from an independent tax adviser. 52 INSURANCE PROCEEDS . Insurance proceeds are generally excludable from your beneficiary's gross income to the extent provided in Section 101 of the Internal Revenue Code. . In the case of employer-owned life insurance as defined in Section 101(j), the amount of the death benefit 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. The death benefit will also be taxable in the case of a transfer-for-value unless certain exceptions apply. . The death 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. Please consult your tax adviser for the applicable estate tax rates. . The insurance proceeds payable upon death of the insured will never be less than the minimum amount required for the Policy issued on a standard risk basis 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 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 or 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 may apply if there is a death benefit reduction in the first 15 Policy years, when a distribution may be subject to tax on an income-out-first basis if there is a gain in your Policy (which is generally when your cash value exceeds the cumulative premiums you paid). Finally, if your Policy is part of an equity split dollar arrangement taxed under the economic benefit regime, you should consult a tax adviser to see whether any portion of the cash value will be taxed prior to any Policy distribution. 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, exchanges) while any Policy loan is outstanding, the amount of the loan plus accrued interest thereon will be deemed to be a "distribution" to you. 53 Any such distribution will have the same tax consequences as any other Policy distribution. Thus, there will generally be federal income tax payable on the amount by which withdrawals and loans exceed your remaining basis in the Policy. In the case of an exchange, any outstanding Policy loan will generally be taxed to the extent of any Policy gain. Please be advised that amounts borrowed and withdrawn reduce the Policy's cash value and any remaining Policy cash value may be insufficient to pay the income tax on your gains. MODIFIED ENDOWMENT CONTRACTS These contracts are life insurance contracts where the premiums paid during the first 7 years after the Policy is issued, or after a material change in the Policy, exceed tax law limits referred to as the "7-pay 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 also 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 following applies: . The death benefit will still generally be income tax free to your beneficiary, to the extent discussed above. . Amounts withdrawn or distributed before the insured's death, including (without limitation) loans, assignments and pledges, are treated as income first and subject to income tax (to the extent of any gain in your Policy). 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. . An additional 10% income tax generally applies to the taxable portion of the amounts received before age 591/2 except generally if you are disabled or if the distribution is part of a series of substantially equal periodic payments made over life expectancy. The foregoing exceptions to the 10% MEC additional tax generally does not apply to a corporate owned Policy. . 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. 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. 54 INVESTOR CONTROL In some circumstances, owners of variable policies 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 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 transfer 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 the generation-skipping 55 transfer taxes or otherwise modify the estate tax or generation-skipping transfer tax rules for years after 2012. Absent Congressional action, the law governing estate, gift and generation-skipping transfer taxes will revert on January 1, 2013 to the law that was in place on June 7, 2001. 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 NONRESIDENT ALIENS AND FOREIGN CORPORATIONS Policy Owners 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, Policy Owners may be subject to state and/or municipal taxes and taxes that may be imposed by the Policy Owner's country of citizenship or residence. Prospective purchasers are advised to consult with a qualified tax adviser regarding taxation with respect to a Policy purchase. BUSINESS USES OF POLICY Businesses can use the Policies in various arrangements, including nonqualified deferred compensation or salary continuation plans, split dollar insurance plans, executive bonus plans, tax exempt and 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. 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. 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. The IRS has issued guidance on split dollar insurance plans. A tax adviser 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. 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 exchanges in the United States, 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 as applying to split-dollar life insurance policies 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. 56 Split dollar insurance plans that provide deferred compensation may be subject to rules governing deferred compensation arrangements. Failure to adhere to these rules will result in adverse tax consequences. A tax adviser should be consulted with respect to such plans. 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. CHANGES TO TAX RULES AND INTERPRETATIONS Changes in applicable tax 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 between investment funds. . 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. To the extent permitted under the federal tax law, we may claim the benefit of certain foreign tax credits attributable to taxes paid by certain Funds to foreign jurisdictions. 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. We 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 dividends received deductions, are not passed back to the Separate Account or to Policy owners since we are the owner of the assets from which the tax benefits are derived. RIGHTS WE RESERVE We reserve the right to make certain changes if we believe the changes are in the best interest of our Policy owners or would help carry out the purposes of the Policy. We will make these changes in the manner permitted by applicable law and only after getting any necessary owner and regulatory approval. We will notify you of any changes that result in a material change in the underlying investments in the investment divisions, and you will have a chance to transfer out of the affected division (without charge). Some of the changes we may make include: . Operating the Separate Account in any other form that is permitted by applicable law. . Changes to obtain or continue exemptions from the 1940 Act. 57 . Transferring assets among investment divisions or to other separate accounts, or our general account or combining or removing investment divisions from the Separate Account. . Substituting Fund shares in an investment division for shares of another portfolio of a Fund or another fund or investment permitted by law. . Changing the way we assess charges without exceeding the aggregate amount of the Policy's guaranteed maximum charges. . Making any necessary technical changes to the Policy to conform it to the changes we have made. Some such changes might require us to obtain regulatory or Policy owner approval. Whether regulatory or Policy owner approval is required would depend on the nature of the change and, in many cases, the manner in which the change is implemented. You should not assume, therefore, that you necessarily will have an opportunity to approve or disapprove any such changes. Circumstances that could influence our determination to make any change might include changes in law or interpretations thereof; changes in financial or investment market conditions; changes in accepted methods of conducting operations in the relevant market; or a desire to achieve material operating economies or efficiencies. OTHER POLICY PROVISIONS [SIDEBAR: CAREFULLY REVIEW YOUR POLICY, WHICH CONTAINS A FULL DISCUSSION OF ALL ITS PROVISIONS.] FREE LOOK PERIOD You can return the Policy during this period. The period ends on the later of: . 10 days after you receive the Policy (unless state law requires a longer period); and . the date we receive a receipt signed by you. If you return your Policy, we will send you a complete refund of any premiums paid (or cash value plus any charges deducted if state law requires) within seven days. FOR POLICIES ISSUED IN CALIFORNIA: If you are age 60 or older, you may cancel the Policy within 30 days after you receive it. If you elected on the Policy application to allocate 100% of your initial net premium to the BlackRock Money Market investment division, we will refund the premiums you paid; if you elected to allocate your initial net premium to the other investment divisions and/or the Fixed Account, we will refund the Policy's cash value. SUICIDE If the insured commits suicide within the first two Policy years (or any other period required by state law), your beneficiary will receive all premiums paid (without interest), less any outstanding loans (plus accrued interest) and withdrawals taken. Similarly, we will pay the beneficiary only the cost of any increase in specified face amount if the insured commits suicide within two years of such increase. ASSIGNMENT AND CHANGE IN OWNERSHIP You can assign your Policy as collateral if you notify us in writing. The assignment or release of the assignment is effective when it is recorded at the Designated Office. We are not responsible for determining the validity of the assignment or its release. Also, there could be serious adverse tax consequences to you or your beneficiary, so you should consult with your tax adviser before making any change of ownership or other assignment. 58 REPORTS Generally, you will promptly receive statements confirming your significant transactions such as: . Change in specified face amount. . Change in death benefit option. . Transfers among investment divisions (including those through Systematic Investment Strategies, which are confirmed quarterly). . Partial withdrawals. . Loan amounts you request. . Loan repayments and premium payments. If your premium payments are made through a systematic payment method, we will not send you any confirmation in addition to the one you receive from your employer. We will also send you an annual statement within 30 days after a Policy year. That 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. WHEN YOUR REQUESTS BECOME EFFECTIVE Generally, requests, premium payments and other instructions and notifications are effective on the Date of Receipt. In those cases, the effective time is at the end of the Valuation Period during which we receive them at our Designated Office. (Some exceptions to this general rule are noted below and elsewhere in this Prospectus.) A Valuation Period is the period between two successive Valuation Dates. It begins at the close of regular trading on the New York Stock Exchange on a Valuation Date and ends at the close of regular trading on the New York Stock Exchange on the next succeeding Valuation Date. The close of regular trading is 4:00 p.m., Eastern Time on most days. Valuation Date is each day on which the New York Stock Exchange is open for trading. Accordingly, if we receive your request, premium, or instructions after the close of regular trading on the New York Stock Exchange, or if the New York Stock Exchange is not open that day, then we will treat it as received on the next day when the New York Stock Exchange is open. These rules apply regardless of the reason we did not receive your request, premium, or instructions by the close of regular trading on the New York Stock Exchange, even if due to our delay (such as a delay in answering your telephone call). The end of the free look period is the effective time of the premium allocation instructions you make in your Policy application (and any changes in allocation or transfer requests you make on or before the end of the free look period). 59 Your Investment Start Date is the date the first net premium is applied to the Fixed Account and/or the Separate Account and is the later of (1) the Date of Policy and (2) the Date of Receipt of your first premium payment. The effective date of your Systematic Investment Strategies will be that set forth in the strategy chosen. THIRD PARTY REQUESTS Generally, we accept requests for transactions or information only from you. Therefore, we reserve the right not to process transactions requested on your behalf by your agent with a power of attorney or any other authorization. This includes processing transactions by an agent you designate, through a power of attorney or other authorization, who has the ability to control the amount and timing of transfers for a number of other Policy owners, and who simultaneously makes the same request or series of requests on behalf of other Policy owners. EXCHANGE PRIVILEGE If you decide that you no longer want to take advantage of the investment divisions in the Separate Account, you may transfer all of your money into the Fixed Account. No charge will be imposed on a transfer of your entire cash value (or the cash value attributable to a specified face amount increase) to the Fixed Account within the first 24 Policy months (or within 24 Policy months after a specified face amount increase you have requested, as applicable). In some states, in order to exercise your exchange privilege, you must transfer, without charge, the Policy cash value (or the portion attributable to a specified face amount increase) to a flexible premium fixed benefit life insurance policy that we make available. SALES OF 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"). 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. The Policies are sold through licensed life insurance sales representatives who are 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 be sold through licensed life insurance sales representatives associated with unaffiliated broker-dealers with which MLIDC enters into a selling agreement. We reimburse MLIDC for expenses MLIDC incurs in distributing the Policies, e.g., commissions payable to broker-dealers who sell the Policies, including our affiliated broker-dealers. The payments described below do not 60 result in a charge against the Policy in addition to the charges already described elsewhere in this prospectus. We may require all or part of the compensation to be returned to us if you do not continue the Policy for at least five years. MetLife sales representatives are sales representatives registered through MSI. MetLife sales representatives may be career sales representatives who are employees of MetLife or brokers who are not employees of MetLife. A MetLife sales representative, or a sales representative of our affiliate New England Securities Corporation ("NES"), receives cash payments for the products the representative sells and services based on a "gross dealer concession" model. The gross dealer concession for the Policies varies based on the Policy year and on whether the amount of premiums paid in a Policy year is greater or less than the Policy's Target Premium. The Target Premium is shown in your Policy. In the first Policy year, the gross dealer concession is 28% of premiums paid up to the amount of the Target Premium, and 2.5% of premiums paid in excess of the Target Premium; in Policy years 2 through 4, the gross dealer concession is 8.25% of premiums paid up to the amount of the Target Premium and 2.5% of any excess; in Policy year 5 and later, the gross dealer concession is 2.5% of all premiums paid; and in Policy year 8 and thereafter a gross dealer concession of 0.1% is paid on the Policy's cash value. A sales representative may be entitled to all or a portion of the gross dealer concession for selling and servicing the Policy based on a formula that takes into consideration the amount of proprietary products that the sales representative sells and services. Proprietary products are products issued by us and our affiliates. Because sales of proprietary products are a factor in determining the percentage of gross dealer concession to which a sales representative is entitled, sales representatives have an incentive to favor the sale of the Policies over other similar products issued by non-affiliates. For Policies sold by representatives of other affiliated and unaffiliated broker dealers, MLIDC pays commissions to the broker-dealer with which the representative is registered. The commissions paid to the broker-dealer are generally not expected to exceed, on a present value basis, the aggregate amount of compensation that is paid with respect to sales made through our sales representatives. (Total compensation includes payments that we make to our business unit or the business unit of our affiliate that is responsible for the operation of the distribution systems though which the Policy is sold.) Broker-dealers pay their sales representatives all or a portion of the commissions received for their sales of the Policies. The portion of the commissions that the broker-dealer passes through to its sales representatives is determined in accordance with the broker-dealer's internal compensation program. MetLife sales representatives and their managers (and the sales representatives and managers of our affiliates) may also be eligible for cash compensation such as bonuses, equity awards (for example, stock options), training allowances, supplemental salary, financing arrangements, marketing support, medical and other insurance benefits, retirement benefits, non-qualified deferred compensation plans and other benefits. The amount of this additional cash compensation is based primarily on the amount of proprietary products sold. Sales representatives must meet a minimum level of sales of proprietary products in order to maintain their employment status with us and in order to be eligible for most of the cash compensation listed above. Managers may be eligible for additional cash compensation based on the performance (with emphasis on the sale of proprietary products) of the sales representatives that the manager supervises. Receipt of this additional cash 61 compensation may provide sales representatives and their managers with an incentive to favor the sale of proprietary products over similar products issued by non-affiliates. MetLife sales representatives and their managers (and the sales representatives and managers of our affiliates) are also eligible for various non-cash compensation programs that we offer such as conferences, trips, prizes, and awards. Other payments may be made for other services that do not directly involve the sale of products. These services may include the recruitment and training of personnel, production of promotional literature, and similar services. MLIDC also enters into selling agreements with other unaffiliated broker-dealers for the sale of the Policies and other variable insurance products, i.e., annuity contracts and life insurance policies, that we and our affiliates issue. MLIDC may pay additional compensation to certain of these broker-dealers, including marketing allowances, introduction fees, persistency payments, preferred status fees and industry conference fees. Marketing allowances are periodic payments to certain broker-dealers based on cumulative periodic (usually quarterly) sales or account and cash values of these variable insurance products. They may also include payments we make to cover the cost of marketing or other support services provided for or by registered representatives who may sell our products. Introduction fees are payments to broker-dealers in connection with the addition of these variable products to the broker-dealer's line of investment products, including expenses relating to establishing the data communications systems necessary for the broker-dealer to offer, sell and administer these products. Persistency payments are periodic payments based on account and/or cash values of these variable insurance products. Preferred status fees are paid to obtain preferred treatment of these products in broker-dealers' marketing programs, which may include marketing services, participation in marketing meetings, listings in data resources and increased access to their sales representatives. Industry conference fees are amounts paid to cover in part the costs associated with sales conferences and educational seminars for broker-dealers' sales representatives. The additional types of compensation discussed above are not offered to all broker-dealers. The terms of any particular agreement governing compensation may vary among broker-dealers and the amounts may be significant. We and MLIDC may enter into similar arrangements with our affiliates MSI, New England Securities Corporation, Walnut Street Securities, Inc. and Tower Square Securities, Inc. The prospect of receiving, or the receipt of, additional compensation as described above may provide broker-dealers or their representatives with an incentive to favor sales of the Policies over other variable insurance policies (or other investments) with respect to which the broker-dealer does not receive additional compensation, or lower levels of additional compensation. You may wish to take such payment arrangements into account when considering and evaluating any recommendation relating to the Policies. For more information about any such arrangements, ask your sales representative for further information about what your sales representative and the broker-dealer for which he or she works may receive in connection with your purchase of a Policy. We retain consultants who provide technical training and sales support to MetLife and our other affiliated sales representatives with respect to certain business planning strategies that may involve the sale of life insurance. We pay these consultants fees that are not conditioned on the sale of any 62 insurance products. These consultants may also provide services directly to our clients for a fee. We pay American Funds Distributors, Inc., the principal underwriter for the American Funds Insurance Series, a percentage of all premiums allocated to the American Funds Growth Fund, the American Funds International Fund, the American Funds High-Income Bond Fund and the American Funds U.S. Government/AAA Rated Securities Fund for the services it provides in marketing the Portfolios' shares in connection with the Policies. LEGAL PROCEEDINGS In the ordinary course of business, MetLife, similar to other life insurance companies, is involved in lawsuits (including class action lawsuits), arbitrations and other legal proceedings. Also, from time to time, state and federal regulators or other officials conduct formal and informal examinations or undertake other actions dealing with various aspects of the financial services and insurance industries. In some legal proceedings involving insurers, substantial damages have been sought and/or material settlement payments have been made. It is not possible to predict with certainty the ultimate outcome of any pending legal proceeding or regulatory action. However, MetLife does not believe any such action or proceeding will have a material adverse effect upon the Separate Account or upon the ability of MetLife Investors Distribution Company to perform its contract with the Separate Account or of MetLife to meet its obligations under the Policies. RESTRICTIONS ON FINANCIAL TRANSACTIONS Applicable laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require us to reject a premium payment and/ or block or "freeze" your Policy. If these laws apply in a particular situation, we would not be allowed to process any request for withdrawals, surrenders, or death benefits, make transfers, or continue making payments under your death benefit option until instructions are received from the appropriate regulator. We also may be required to provide additional information about you or your Policy to government regulators. 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, 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. 63 FINANCIAL STATEMENTS The financial statements comprising each of the Investment Divisions of the Separate Account are attached to this Prospectus. You can find the financial statements of MetLife in the Statement of Additional Information. Our financial statements should be considered only as bearing upon our ability to meet our obligations under the Policy. 64 APPENDIX A ADDITIONAL INFORMATION REGARDING THE FUNDS Certain Portfolios and Funds were subject to a merger or other change. The chart below identifies the former name and new name of these Portfolios, and where applicable, the former name and new name of the Fund of which the Portfolio is a part. PORTFOLIO NAME CHANGES
FORMER NAME NEW NAME -------------------------------------------- ------------------------------------------------- METROPOLITAN SERIES FUND, INC. METROPOLITAN SERIES FUND Artio International Stock Portfolio Baillie Gifford International Stock Portfolio Morgan Stanley EAFE(R) Index Portfolio MSCI EAFE(R) Index Portfolio Neuberger Berman Mid Cap Value Portfolio Lord Abbett Mid Cap Value Portfolio
PORTFOLIO MERGER
FORMER PORTFOLIO NEW PORTFOLIO -------------------------------------- -------------------------------------- METROPOLITAN SERIES FUND, INC. MET INVESTORS SERIES TRUST Lord Abbett Mid Cap Value Portfolio Lord Abbett Mid Cap Value Portfolio
SHARE CLASS EXCHANGE
FORMER PORTFOLIO - SHARE CLASS NEW PORTFOLIO - SHARE CLASS ------------------------------------- ------------------------------------- MET INVESTORS SERIES TRUST MET INVESTORS SERIES TRUST Lord Abbett Mid Cap Value Lord Abbett Mid Cap Portfolio--Class B Value Portfolio--Class A
65 In order to help you understand how the Policy's values would vary over time under different sets of assumptions, we will provide you with personalized illustrations of death benefits, cash surrender values and cash values upon request. These will be based on the age and insurance risk characteristics of the person insured under the Policy and such factors as the specified face amount, premium payment amounts and rates of return (within limits) that you request. You can request such illustrations at any time without charge. We have filed an example of such an illustration as an exhibit to the registration statement referred to below. Additional information about the Policy and the Separate Account can be found in the Statement of Additional Information. This Prospectus incorporates by reference all of the information contained in the Statement of Additional Information, which is legally part of this Prospectus. You may obtain, without charge, a copy of the Statement of Additional Information or a personalized illustration of death benefits, cash surrender values and cash values, by calling us at 1-908-253-1400 or contacting us through our website at www.metlife.com/sbr. Information about the Policy and the Separate Account, including the Statement of Additional Information, is available for viewing and copying at the SEC's Public Reference Room in Washington, D.C. Information about the operation of the public reference room may be obtained by calling the SEC at 202-942-8090. The Statement of Additional Information, reports and other information about the Separate Account are available on the SEC Internet site as www.sec.gov. Copies of this information may be obtained upon payment of a duplicating fee, by writing to the SEC's Public Reference Section at 100 F Street, NE, Washington, DC 20549. 811-06025 66 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, 2011, 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, 2011, 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, 2011, 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 29, 2012 This page is intentionally left blank. METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 2011 ALLIANCEBERNSTEIN GLOBAL ALLIANCEBERNSTEIN ALLIANCEBERNSTEIN AMERICAN THEMATIC GROWTH INTERMEDIATE BOND INTERNATIONAL VALUE CENTURY VP VISTA INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ASSETS: Investments at fair value $ 4,293,725 $ 47,397 $ 143 $ 8,658 Due from Metropolitan Life Insurance Company -- -- -- -- ------------------- ------------------- ------------------- ------------------- Total Assets 4,293,725 47,397 143 8,658 ------------------- ------------------- ------------------- ------------------- LIABILITIES: Due to Metropolitan Life Insurance Company 30 111 2 4 ------------------- ------------------- ------------------- ------------------- Total Liabilities 30 111 2 4 ------------------- ------------------- ------------------- ------------------- NET ASSETS $ 4,293,695 $ 47,286 $ 141 $ 8,654 =================== =================== =================== ===================
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, 2011 AMERICAN FUNDS AMERICAN FUNDS GLOBAL SMALL AMERICAN FUNDS AMERICAN FUNDS BOND CAPITALIZATION GROWTH GROWTH-INCOME INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ASSETS: Investments at fair value $ 4,735,498 $ 52,474,884 $ 118,199,497 $ 71,255,359 Due from Metropolitan Life Insurance Company -- 105 13 1,458 ------------------- ------------------- ------------------- ------------------- Total Assets 4,735,498 52,474,989 118,199,510 71,256,817 ------------------- ------------------- ------------------- ------------------- LIABILITIES: Due to Metropolitan Life Insurance Company 39 -- -- -- ------------------- ------------------- ------------------- ------------------- Total Liabilities 39 -- -- -- ------------------- ------------------- ------------------- ------------------- NET ASSETS $ 4,735,459 $ 52,474,989 $ 118,199,510 $ 71,256,817 =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements. 2 AMERICAN FUNDS U.S. AMERICAN FUNDS GOVERNMENT/AAA- DREYFUS VIF FIDELITY VIP ASSET FIDELITY VIP FIDELITY VIP INTERNATIONAL RATED SECURITIES INTERNATIONAL VALUE MANAGER: GROWTH CONTRAFUND EQUITY-INCOME INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 524,711 $ 45,545 $ 184,091 $ 1,430,520 $ 2,151,831 $ 18,605 -- -- -- -- -- -- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 524,711 45,545 184,091 1,430,520 2,151,831 18,605 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -- 6 30 4 182 16 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -- 6 30 4 182 16 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 524,711 $ 45,539 $ 184,061 $ 1,430,516 $ 2,151,649 $ 18,589 =================== =================== =================== =================== =================== ===================
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, 2011 FIDELITY VIP FIDELITY VIP FIDELITY VIP FIDELITY VIP FREEDOM 2010 FREEDOM 2020 FREEDOM 2030 FREEDOM 2050 INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ASSETS: Investments at fair value $ 34,148 $ 699,723 $ 56,980 $ 15,438 Due from Metropolitan Life Insurance Company -- -- -- -- ------------------- ------------------- ------------------- ------------------- Total Assets 34,148 699,723 56,980 15,438 ------------------- ------------------- ------------------- ------------------- LIABILITIES: Due to Metropolitan Life Insurance Company 4 9 10 -- ------------------- ------------------- ------------------- ------------------- Total Liabilities 4 9 10 -- ------------------- ------------------- ------------------- ------------------- NET ASSETS $ 34,144 $ 699,714 $ 56,970 $ 15,438 =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements. 4 FIDELITY VIP FTVIPT FTVIPT FIDELITY VIP INVESTMENT MUTUAL GLOBAL FTVIPT TEMPLETON TEMPLETON GLOBAL HIGH INCOME GRADE BOND FIDELITY VIP MID CAP DISCOVERY SECURITIES FOREIGN SECURITIES BOND SECURITIES INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- -------------------- -------------------- ------------------- ------------------- $ 43,227 $ 1,747,859 $ 613,963 $ 783,963 $ 3,022,199 $ 289,348 -- -- -- -- -- -- ------------------- ------------------- -------------------- -------------------- ------------------- ------------------- 43,227 1,747,859 613,963 783,963 3,022,199 289,348 ------------------- ------------------- -------------------- -------------------- ------------------- ------------------- 4 7 5 128 414 3 ------------------- ------------------- -------------------- -------------------- ------------------- ------------------- 4 7 5 128 414 3 ------------------- ------------------- -------------------- -------------------- ------------------- ------------------- $ 43,223 $ 1,747,852 $ 613,958 $ 783,835 $ 3,021,785 $ 289,345 =================== =================== ==================== ==================== =================== ===================
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, 2011 GOLDMAN SACHS INVESCO V.I. GOLDMAN SACHS STRUCTURED INVESCO V.I. GOVERNMENT MID-CAP VALUE SMALL CAP EQUITY GLOBAL REAL ESTATE SECURITIES INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ASSETS: Investments at fair value $ 268,281 $ 50,289 $ 1,491,271 $ 21,492 Due from Metropolitan Life Insurance Company -- -- -- -- ------------------- ------------------- ------------------- ------------------- Total Assets 268,281 50,289 1,491,271 21,492 ------------------- ------------------- ------------------- ------------------- LIABILITIES: Due to Metropolitan Life Insurance Company 33 30 627 1 ------------------- ------------------- ------------------- ------------------- Total Liabilities 33 30 627 1 ------------------- ------------------- ------------------- ------------------- NET ASSETS $ 268,248 $ 50,259 $ 1,490,644 $ 21,491 =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements. 6 INVESCO V.I. INVESCO V.I. VAN KAMPEN JANUS ASPEN INTERNATIONAL GROWTH COMSTOCK BALANCED JANUS ASPEN FORTY JANUS ASPEN JANUS JANUS ASPEN OVERSEAS INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION -------------------- ------------------- ------------------- ------------------- ------------------- -------------------- $ 23,414 $ 190,057 $ 1,339,815 $ 702,889 $ 858,101 $ 344,177 -- 5 -- 247 -- -- -------------------- ------------------- ------------------- ------------------- ------------------- -------------------- 23,414 190,062 1,339,815 703,136 858,101 344,177 -------------------- ------------------- ------------------- ------------------- ------------------- -------------------- 7 -- 27 -- 7 42 -------------------- ------------------- ------------------- ------------------- ------------------- -------------------- 7 -- 27 -- 7 42 -------------------- ------------------- ------------------- ------------------- ------------------- -------------------- $ 23,407 $ 190,062 $ 1,339,788 $ 703,136 $ 858,094 $ 344,135 ==================== =================== =================== =================== =================== ====================
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, 2011 MFS VIT MFS VIT MFS VIT MFS VIT GLOBAL EQUITY HIGH INCOME NEW DISCOVERY VALUE INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ASSETS: Investments at fair value $ 5,454 $ 135,792 $ 122,401 $ 44,305 Due from Metropolitan Life Insurance Company -- -- -- -- ------------------- ------------------- ------------------- ------------------- Total Assets 5,454 135,792 122,401 44,305 ------------------- ------------------- ------------------- ------------------- LIABILITIES: Due to Metropolitan Life Insurance Company 40 481 6 6 ------------------- ------------------- ------------------- ------------------- Total Liabilities 40 481 6 6 ------------------- ------------------- ------------------- ------------------- NET ASSETS $ 5,414 $ 135,311 $ 122,395 $ 44,299 =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements. 8 MIST MIST MIST AMERICAN FUNDS AMERICAN FUNDS AMERICAN FUNDS MIST BLACKROCK MIST CLARION MIST DREMAN BALANCED ALLOCATION GROWTH ALLOCATION MODERATE ALLOCATION LARGE CAP CORE GLOBAL REAL ESTATE SMALL CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 515,999 $ 781,249 $ 401,609 $ 291,613,210 $ 19,560,392 $ 35,944 -- -- -- 2,529 -- -- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 515,999 781,249 401,609 291,615,739 19,560,392 35,944 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 4 4 3 -- 5 6 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 4 4 3 -- 5 6 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 515,995 $ 781,245 $ 401,606 $ 291,615,739 $ 19,560,387 $ 35,938 =================== =================== =================== =================== =================== ===================
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, 2011 MIST HARRIS OAKMARK MIST INVESCO MIST LAZARD INTERNATIONAL SMALL CAP GROWTH MIST JANUS FORTY MID CAP INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ASSETS: Investments at fair value $ 27,216,807 $ 4,412,943 $ 12,484,254 $ 5,277,741 Due from Metropolitan Life Insurance Company -- 24 23 -- ------------------- ------------------- ------------------- ------------------- Total Assets 27,216,807 4,412,967 12,484,277 5,277,741 ------------------- ------------------- ------------------- ------------------- LIABILITIES: Due to Metropolitan Life Insurance Company 65 -- -- 63 ------------------- ------------------- ------------------- ------------------- Total Liabilities 65 -- -- 63 ------------------- ------------------- ------------------- ------------------- NET ASSETS $ 27,216,742 $ 4,412,967 $ 12,484,277 $ 5,277,678 =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements. 10 MIST LEGG MIST MET/FRANKLIN MASON CLEARBRIDGE MIST LORD ABBETT MIST LORD ABBETT MIST MET/FRANKLIN MIST MET/FRANKLIN TEMPLETON FOUNDING AGGRESSIVE GROWTH BOND DEBENTURE MID CAP VALUE INCOME MUTUAL SHARES STRATEGY INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 12,365,968 $ 25,730,610 $ 120,865 $ 237,486 $ 79,916 $ 275,815 -- 383 -- -- -- -- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 12,365,968 25,730,993 120,865 237,486 79,916 275,815 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 174 -- 7 3 3 3 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 174 -- 7 3 3 3 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 12,365,794 $ 25,730,993 $ 120,858 $ 237,483 $ 79,913 $ 275,812 =================== =================== =================== =================== =================== ===================
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, 2011 MIST MET/TEMPLETON MIST METLIFE MIST MFS EMERGING MIST MFS RESEARCH GROWTH AGGRESSIVE STRATEGY MARKETS EQUITY INTERNATIONAL INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ASSETS: Investments at fair value $ 53,529 $ 12,471,146 $ 22,950 $ 12,176,273 Due from Metropolitan Life Insurance Company -- 1,515 -- 626 ------------------- ------------------- ------------------- ------------------- Total Assets 53,529 12,472,661 22,950 12,176,899 ------------------- ------------------- ------------------- ------------------- LIABILITIES: Due to Metropolitan Life Insurance Company 3 -- -- -- ------------------- ------------------- ------------------- ------------------- Total Liabilities 3 -- -- -- ------------------- ------------------- ------------------- ------------------- NET ASSETS $ 53,526 $ 12,472,661 $ 22,950 $ 12,176,899 =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements. 12 MIST MIST MORGAN STANLEY MIST OPPENHEIMER PIMCO INFLATION MIST PIMCO MIST RCM MID CAP GROWTH CAPITAL APPRECIATION PROTECTED BOND TOTAL RETURN MIST PIONEER FUND TECHNOLOGY INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- -------------------- ------------------- ------------------- ------------------- ------------------- $ 178,347,753 $ 1,734,844 $ 10,519,522 $ 47,130,249 $ 175,808 $ 13,216,492 2,664 -- -- 1,630 546 43 ------------------- -------------------- ------------------- ------------------- ------------------- ------------------- 178,350,417 1,734,844 10,519,522 47,131,879 176,354 13,216,535 ------------------- -------------------- ------------------- ------------------- ------------------- ------------------- -- 9 21 -- -- -- ------------------- -------------------- ------------------- ------------------- ------------------- ------------------- -- 9 21 -- -- -- ------------------- -------------------- ------------------- ------------------- ------------------- ------------------- $ 178,350,417 $ 1,734,835 $ 10,519,501 $ 47,131,879 $ 176,354 $ 13,216,535 =================== ==================== =================== =================== =================== ===================
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, 2011 MIST SSGA GROWTH MIST SSGA MIST T. ROWE PRICE MIST T. ROWE PRICE AND INCOME ETF GROWTH ETF LARGE CAP VALUE MID CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ASSETS: Investments at fair value $ 4,611,150 $ 3,309,512 $ 1,081,559 $ 25,204,642 Due from Metropolitan Life Insurance Company -- 6 -- -- ------------------- ------------------- ------------------- ------------------- Total Assets 4,611,150 3,309,518 1,081,559 25,204,642 ------------------- ------------------- ------------------- ------------------- LIABILITIES: Due to Metropolitan Life Insurance Company 23 -- 5 15 ------------------- ------------------- ------------------- ------------------- Total Liabilities 23 -- 5 15 ------------------- ------------------- ------------------- ------------------- NET ASSETS $ 4,611,127 $ 3,309,518 $ 1,081,554 $ 25,204,627 =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements. 14 MIST THIRD AVENUE MSF ARTIO MSF BARCLAYS CAPITAL MSF BLACKROCK MSF BLACKROCK MSF BLACKROCK SMALL CAP VALUE INTERNATIONAL STOCK AGGREGATE BOND INDEX AGGRESSIVE GROWTH BOND INCOME DIVERSIFIED INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- -------------------- ------------------- ------------------- ------------------- $ 806,062 $ 35,919,208 $ 108,763,369 $ 184,990,648 $ 84,064,739 $ 255,554,738 -- 353 218 147 466 -- ------------------- ------------------- -------------------- ------------------- ------------------- ------------------- 806,062 35,919,561 108,763,587 184,990,795 84,065,205 255,554,738 ------------------- ------------------- -------------------- ------------------- ------------------- ------------------- 11 -- -- -- -- 546 ------------------- ------------------- -------------------- ------------------- ------------------- ------------------- 11 -- -- -- -- 546 ------------------- ------------------- -------------------- ------------------- ------------------- ------------------- $ 806,051 $ 35,919,561 $ 108,763,587 $ 184,990,795 $ 84,065,205 $ 255,554,192 =================== =================== ==================== =================== =================== ===================
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, 2011 MSF BLACKROCK MSF BLACKROCK LEGACY LARGE CAP MSF BLACKROCK MSF DAVIS LARGE CAP VALUE GROWTH MONEY MARKET VENTURE VALUE INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ASSETS: Investments at fair value $ 13,313,106 $ 7,367,845 $ 20,793,802 $ 53,650,820 Due from Metropolitan Life Insurance Company -- -- -- -- ------------------- ------------------- ------------------- ------------------- Total Assets 13,313,106 7,367,845 20,793,802 53,650,820 ------------------- ------------------- ------------------- ------------------- LIABILITIES: Due to Metropolitan Life Insurance Company 54 35 10,594 28 ------------------- ------------------- ------------------- ------------------- Total Liabilities 54 35 10,594 28 ------------------- ------------------- ------------------- ------------------- NET ASSETS $ 13,313,052 $ 7,367,810 $ 20,783,208 $ 53,650,792 =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements. 16 MSF METLIFE MSF FI MSF JENNISON MSF LOOMIS SAYLES MSF LOOMIS SAYLES MSF MET/ARTISAN CONSERVATIVE VALUE LEADERS GROWTH SMALL CAP CORE SMALL CAP GROWTH MID CAP VALUE ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 6,065,876 $ 14,166,471 $ 17,444,054 $ 8,179,811 $ 47,189,069 $ 4,371,282 -- 15 -- -- -- -- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 6,065,876 14,166,486 17,444,054 8,179,811 47,189,069 4,371,282 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 47 -- 70 32 80 27 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 47 -- 70 32 80 27 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 6,065,829 $ 14,166,486 $ 17,443,984 $ 8,179,779 $ 47,188,989 $ 4,371,255 =================== =================== =================== =================== =================== ===================
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, 2011 MSF METLIFE MSF METLIFE CONSERVATIVE TO MSF METLIFE MSF METLIFE MODERATE TO MODERATE ALLOCATION MID CAP STOCK INDEX MODERATE ALLOCATION AGGRESSIVE ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- --------------------- ASSETS: Investments at fair value $ 6,564,572 $ 62,847,551 $ 39,588,334 $ 66,170,231 Due from Metropolitan Life Insurance Company -- 64 -- 16 ------------------- ------------------- ------------------- --------------------- Total Assets 6,564,572 62,847,615 39,588,334 66,170,247 ------------------- ------------------- ------------------- --------------------- LIABILITIES: Due to Metropolitan Life Insurance Company 10 -- 25 -- ------------------- ------------------- ------------------- --------------------- Total Liabilities 10 -- 25 -- ------------------- ------------------- ------------------- --------------------- NET ASSETS $ 6,564,562 $ 62,847,615 $ 39,588,309 $ 66,170,247 =================== =================== =================== =====================
The accompanying notes are an integral part of these financial statements. 18 MSF MSF MSF METLIFE MSF MFS MSF MORGAN STANLEY NEUBERGER BERMAN NEUBERGER BERMAN STOCK INDEX TOTAL RETURN MSF MFS VALUE EAFE INDEX GENESIS MID CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 668,623,116 $ 7,362,347 $ 52,361,935 $ 59,759,357 $ 79,278,540 $ 69,819,693 3,051 -- 1,434 193 526 1 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 668,626,167 7,362,347 52,363,369 59,759,550 79,279,066 69,819,694 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -- 9 -- -- -- -- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -- 9 -- -- -- -- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 668,626,167 $ 7,362,338 $ 52,363,369 $ 59,759,550 $ 79,279,066 $ 69,819,694 =================== =================== =================== =================== =================== ===================
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, 2011 MSF OPPENHEIMER MSF RUSSELL 2000 MSF T. ROWE PRICE MSF T. ROWE PRICE GLOBAL EQUITY INDEX LARGE CAP GROWTH SMALL CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ASSETS: Investments at fair value $ 37,497,157 $ 51,171,752 $ 42,316,422 $ 86,825,938 Due from Metropolitan Life Insurance Company 62 32 914 -- ------------------- ------------------- ------------------- ------------------- Total Assets 37,497,219 51,171,784 42,317,336 86,825,938 ------------------- ------------------- ------------------- ------------------- LIABILITIES: Due to Metropolitan Life Insurance Company -- -- -- 167 ------------------- ------------------- ------------------- ------------------- Total Liabilities -- -- -- 167 ------------------- ------------------- ------------------- ------------------- NET ASSETS $ 37,497,219 $ 51,171,784 $ 42,317,336 $ 86,825,771 =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements. 20 MSF WESTERN MSF VAN ECK ASSET MANAGEMENT MSF WESTERN GLOBAL NATURAL STRATEGIC BOND ASSET MANAGEMENT PIMCO VIT PIMCO VIT PIONEER VCT RESOURCES OPPORTUNITIES U.S. GOVERNMENT ALL ASSET LOW DURATION EMERGING MARKETS INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 13,179 $ 23,536,045 $ 16,435,856 $ 96,184 $ 945,780 $ 402,026 -- 843 -- -- 228 -- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- 13,179 23,536,888 16,435,856 96,184 946,008 402,026 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -- -- 58 46 -- 728 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -- -- 58 46 -- 728 ------------------- ------------------- ------------------- ------------------- ------------------- ------------------- $ 13,179 $ 23,536,888 $ 16,435,798 $ 96,138 $ 946,008 $ 401,298 =================== =================== =================== =================== =================== ===================
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, 2011 PIONEER VCT UIF EMERGING MID CAP VALUE ROYCE MICRO-CAP ROYCE SMALL-CAP MARKETS DEBT INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- ------------------- ------------------- ASSETS: Investments at fair value $ 134,791 $ 310,458 $ 754,750 $ 420,989 Due from Metropolitan Life Insurance Company -- 5 -- 9 ------------------- ------------------- ------------------- ------------------- Total Assets 134,791 310,463 754,750 420,998 ------------------- ------------------- ------------------- ------------------- LIABILITIES: Due to Metropolitan Life Insurance Company 11 -- 8 -- ------------------- ------------------- ------------------- ------------------- Total Liabilities 11 -- 8 -- ------------------- ------------------- ------------------- ------------------- NET ASSETS $ 134,780 $ 310,463 $ 754,742 $ 420,998 =================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements. 22 UIF EMERGING WELLS FARGO VT MARKETS EQUITY TOTAL RETURN BOND INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- $ 539,545 $ 134,979 -- 235 ------------------- ------------------- 539,545 135,214 ------------------- ------------------- 157 -- ------------------- ------------------- 157 -- ------------------- ------------------- $ 539,388 $ 135,214 =================== ===================
The accompanying notes are an integral part of these financial statements. 23 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF OPERATIONS FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009 ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH INVESTMENT DIVISION ----------------------------------- 2011 2010 2009 --------------- -------- ----------- INVESTMENT INCOME: Dividends $ 18,192 $ 1,486 $ -- --------------- -------- ----------- EXPENSES: Mortality and expense risk charges 162,987 310 370 --------------- -------- ----------- Total expenses 162,987 310 370 --------------- -------- ----------- Net investment income (loss) (144,795) 1,176 (370) --------------- -------- ----------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments (40,514) 8,379 (2,773) --------------- -------- ----------- Net realized gains (losses) (40,514) 8,379 (2,773) --------------- -------- ----------- Change in unrealized gains (losses) on investments (1,444,286) 1,480 45,397 --------------- -------- ----------- Net realized and changes in unrealized gains (losses) on investments (1,484,800) 9,859 42,624 --------------- -------- ----------- Net increase (decrease) in net assets resulting from operations $ (1,629,595) $ 11,035 $ 42,254 =============== ======== ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 24 ALLIANCEBERNSTEIN INTERMEDIATE BOND ALLIANCEBERNSTEIN INTERNATIONAL VALUE INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------- ------------------------------------- 2011 2010 2009 (a) 2011 2010 (b) ---------- -------------- -------------- ----------------- ------------------- $ 2,097 $ 2,177 $ 763 $ 7 $ 31 ---------- -------------- -------------- ----------------- ------------------- 183 139 71 56 2 ---------- -------------- -------------- ----------------- ------------------- 183 139 71 56 2 ---------- -------------- -------------- ----------------- ------------------- 1,914 2,038 692 (49) 29 ---------- -------------- -------------- ----------------- ------------------- 170 -- -- -- -- 14 2,172 716 175 1 ---------- -------------- -------------- ----------------- ------------------- 184 2,172 716 175 1 ---------- -------------- -------------- ----------------- ------------------- 563 (1,393) 2,187 (129) 88 ---------- -------------- -------------- ----------------- ------------------- 747 779 2,903 46 89 ---------- -------------- -------------- ----------------- ------------------- $ 2,661 $ 2,817 $ 3,595 $ (3) $ 118 ========== ============== ============== ================= ===================
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, 2011, 2010 AND 2009 AMERICAN CENTURY VP VISTA INVESTMENT DIVISION ---------------------------------- 2011 2010 2009 ----------- ---------- ----------- INVESTMENT INCOME: Dividends $ -- $ -- $ -- ----------- ---------- ----------- EXPENSES: Mortality and expense risk charges 305 519 472 ----------- ---------- ----------- Total expenses 305 519 472 ----------- ---------- ----------- Net investment income (loss) (305) (519) (472) ----------- ---------- ----------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 5,995 12,351 (47,927) ----------- ---------- ----------- Net realized gains (losses) 5,995 12,351 (47,927) ----------- ---------- ----------- Change in unrealized gains (losses) on investments (8,184) (1,947) 67,433 ----------- ---------- ----------- Net realized and changes in unrealized gains (losses) on investments (2,189) 10,404 19,506 ----------- ---------- ----------- Net increase (decrease) in net assets resulting from operations $ (2,494) $ 9,885 $ 19,034 =========== ========== ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 26 AMERICAN FUNDS BOND AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------- --------------------------------------------------------- 2011 2010 2009 2011 2010 2009 --------- ---------------------- ------------ ---------------- ---------------------- ----------------- $ 140,691 $ 126,810 $ 116,930 $ 817,781 $ 1,031,490 $ 125,985 --------- ---------------------- ------------ ---------------- ---------------------- ----------------- 35,142 32,377 28,070 493,303 493,443 372,082 --------- ---------------------- ------------ ---------------- ---------------------- ----------------- 35,142 32,377 28,070 493,303 493,443 372,082 --------- ---------------------- ------------ ---------------- ---------------------- ----------------- 105,549 94,433 88,860 324,478 538,047 (246,097) --------- ---------------------- ------------ ---------------- ---------------------- ----------------- -- -- -- -- -- -- 10,695 (8,911) (91,981) (68,423) (386,466) (2,366,209) --------- ---------------------- ------------ ---------------- ---------------------- ----------------- 10,695 (8,911) (91,981) (68,423) (386,466) (2,366,209) --------- ---------------------- ------------ ---------------- ---------------------- ----------------- 121,054 122,161 381,938 (13,188,181) 11,810,164 23,159,810 --------- ---------------------- ------------ ---------------- ---------------------- ----------------- 131,749 113,250 289,957 (13,256,604) 11,423,698 20,793,601 --------- ---------------------- ------------ ---------------- ---------------------- ----------------- $ 237,298 $ 207,683 $ 378,817 $ (12,932,126) $ 11,961,745 $ 20,547,504 ========= ====================== ============ ================ ====================== =================
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, 2011, 2010 AND 2009 AMERICAN FUNDS GROWTH INVESTMENT DIVISION -------------------------------------------------------- 2011 2010 2009 --------------- ------------------------ --------------- INVESTMENT INCOME: Dividends $ 771,098 $ 832,401 $ 607,594 --------------- ------------------------ --------------- EXPENSES: Mortality and expense risk charges 1,028,922 953,940 768,579 --------------- ------------------------ --------------- Total expenses 1,028,922 953,940 768,579 --------------- ------------------------ --------------- Net investment income (loss) (257,824) (121,539) (160,985) --------------- ------------------------ --------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 658,869 (328,082) (1,821,468) --------------- ------------------------ --------------- Net realized gains (losses) 658,869 (328,082) (1,821,468) --------------- ------------------------ --------------- Change in unrealized gains (losses) on investments (6,628,058) 19,817,938 31,985,158 --------------- ------------------------ --------------- Net realized and changes in unrealized gains (losses) on investments (5,969,189) 19,489,856 30,163,690 --------------- ------------------------ --------------- Net increase (decrease) in net assets resulting from operations $ (6,227,013) $ 19,368,317 $ 30,002,705 =============== ======================== ===============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 28 AMERICAN FUNDS GROWTH-INCOME AMERICAN FUNDS INTERNATIONAL INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------------- --------------------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- ---------------------- ----------------- ------------ ---------------------- --------------- $ 1,148,376 $ 1,018,183 $ 922,229 $ 10,736 $ 13,328 $ 1,021 --------------- ---------------------- ----------------- ------------ ---------------------- --------------- 594,603 564,494 475,319 9,756 9,546 222 --------------- ---------------------- ----------------- ------------ ---------------------- --------------- 594,603 564,494 475,319 9,756 9,546 222 --------------- ---------------------- ----------------- ------------ ---------------------- --------------- 553,773 453,689 446,910 980 3,782 799 --------------- ---------------------- ----------------- ------------ ---------------------- --------------- -- -- -- -- -- 255 (58,726) (336,443) (956,152) (605) (608) 1,282 --------------- ---------------------- ----------------- ------------ ---------------------- --------------- (58,726) (336,443) (956,152) (605) (608) 1,537 --------------- ---------------------- ----------------- ------------ ---------------------- --------------- (2,428,568) 6,948,053 15,943,649 (108,507) 46,566 19,842 --------------- ---------------------- ----------------- ------------ ---------------------- --------------- (2,487,294) 6,611,610 14,987,497 (109,112) 45,958 21,379 --------------- ---------------------- ----------------- ------------ ---------------------- --------------- $ (1,933,521) $ 7,065,299 $ 15,434,407 $(108,132) $ 49,740 $ 22,178 =============== ====================== ================= ============ ====================== ===============
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, 2011, 2010 AND 2009 AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES INVESTMENT DIVISION --------------------------------------------------- 2011 2010 2009 ------- ------------------- ----------------------- INVESTMENT INCOME: Dividends $ 773 $ 683 $ 2,005 ------- ------------------- ----------------------- EXPENSES: Mortality and expense risk charges 601 596 265 ------- ------------------- ----------------------- Total expenses 601 596 265 ------- ------------------- ----------------------- Net investment income (loss) 172 87 1,740 ------- ------------------- ----------------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions 1,111 193 505 Realized gains (losses) on sale of investments 509 450 619 ------- ------------------- ----------------------- Net realized gains (losses) 1,620 643 1,124 ------- ------------------- ----------------------- Change in unrealized gains (losses) on investments 885 1,804 (1,799) ------- ------------------- ----------------------- Net realized and changes in unrealized gains (losses) on investments 2,505 2,447 (675) ------- ------------------- ----------------------- Net increase (decrease) in net assets resulting from operations $ 2,677 $ 2,534 $ 1,065 ======= =================== =======================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 30 DREYFUS VIF INTERNATIONAL VALUE FIDELITY VIP ASSET MANAGER: GROWTH INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------------- ------------------------------------------------ 2011 2010 2009 2011 2010 2009 ------------ ---------------------- --------------- ------------- ------------------- -------------- $ 4,085 $ 3,367 $ 10,533 $ 23,605 $ 19,264 $ 22,283 ------------ ---------------------- --------------- ------------- ------------------- -------------- 798 876 1,264 11,005 11,265 6,417 ------------ ---------------------- --------------- ------------- ------------------- -------------- 798 876 1,264 11,005 11,265 6,417 ------------ ---------------------- --------------- ------------- ------------------- -------------- 3,287 2,491 9,269 12,600 7,999 15,866 ------------ ---------------------- --------------- ------------- ------------------- -------------- -- -- -- 3,056 5,857 3,095 (960) (14,086) (185,176) 71,204 31,417 (19,280) ------------ ---------------------- --------------- ------------- ------------------- -------------- (960) (14,086) (185,176) 74,260 37,274 (16,185) ------------ ---------------------- --------------- ------------- ------------------- -------------- (45,726) 19,382 238,024 (205,700) 201,872 427,179 ------------ ---------------------- --------------- ------------- ------------------- -------------- (46,686) 5,296 52,848 (131,440) 239,146 410,994 ------------ ---------------------- --------------- ------------- ------------------- -------------- $ (43,399) $ 7,787 $ 62,117 $ (118,840) $ 247,145 $ 426,860 ============ ====================== =============== ============= =================== ==============
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, 2011, 2010 AND 2009 FIDELITY VIP CONTRAFUND INVESTMENT DIVISION -------------------------------------- 2011 2010 2009 ------------ ------------ ------------ INVESTMENT INCOME: Dividends $ 20,916 $ 27,427 $ 43,475 ------------ ------------ ------------ EXPENSES: Mortality and expense risk charges 10,858 17,497 12,639 ------------ ------------ ------------ Total expenses 10,858 17,497 12,639 ------------ ------------ ------------ Net investment income (loss) 10,058 9,930 30,836 ------------ ------------ ------------ NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- 1,114 957 Realized gains (losses) on sale of investments 12,745 (218,742) (199,492) ------------ ------------ ------------ Net realized gains (losses) 12,745 (217,628) (198,535) ------------ ------------ ------------ Change in unrealized gains (losses) on investments (98,141) 648,547 1,136,586 ------------ ------------ ------------ Net realized and changes in unrealized gains (losses) on investments (85,396) 430,919 938,051 ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations $ (75,338) $ 440,849 $ 968,887 ============ ============ ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 32 FIDELITY VIP EQUITY-INCOME FIDELITY VIP FREEDOM 2010 INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------- ----------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- -------------- ----------- -------------- ----------- -------------- $ 637 $ 3,327 $ 4,739 $ 726 $ 654 $ 529 -------------- -------------- ----------- -------------- ----------- -------------- 749 838 1,051 150 109 72 -------------- -------------- ----------- -------------- ----------- -------------- 749 838 1,051 150 109 72 -------------- -------------- ----------- -------------- ----------- -------------- (112) 2,489 3,688 576 545 457 -------------- -------------- ----------- -------------- ----------- -------------- -- -- -- 176 470 190 2,625 (5,418) (392,905) 1,305 67 (1,846) -------------- -------------- ----------- -------------- ----------- -------------- 2,625 (5,418) (392,905) 1,481 537 (1,656) -------------- -------------- ----------- -------------- ----------- -------------- (8,921) 31,745 405,695 (2,344) 2,036 3,793 -------------- -------------- ----------- -------------- ----------- -------------- (6,296) 26,327 12,790 (863) 2,573 2,137 -------------- -------------- ----------- -------------- ----------- -------------- $ (6,408) $ 28,816 $ 16,478 $ (287) $ 3,118 $ 2,594 ============== ============== =========== ============== =========== ==============
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, 2011, 2010 AND 2009 FIDELITY VIP FREEDOM 2020 INVESTMENT DIVISION ---------------------------------- 2011 2010 2009 ----------- --------- ------------ INVESTMENT INCOME: Dividends $ 15,422 $ 15,231 $ 19,275 ----------- --------- ------------ EXPENSES: Mortality and expense risk charges 2,741 2,551 2,094 ----------- --------- ------------ Total expenses 2,741 2,551 2,094 ----------- --------- ------------ Net investment income (loss) 12,681 12,680 17,181 ----------- --------- ------------ NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions 2,671 5,440 10,109 Realized gains (losses) on sale of investments 10,134 2,838 (11,027) ----------- --------- ------------ Net realized gains (losses) 12,805 8,278 (918) ----------- --------- ------------ Change in unrealized gains (losses) on investments (33,543) 70,032 149,817 ----------- --------- ------------ Net realized and changes in unrealized gains (losses) on investments (20,738) 78,310 148,899 ----------- --------- ------------ Net increase (decrease) in net assets resulting from operations $ (8,057) $ 90,990 $ 166,080 =========== ========= ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 34 FIDELITY VIP FIDELITY VIP FREEDOM 2030 FREEDOM 2050 INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------- ------------------- 2011 2010 2009 2011 (c) ---------- --------- ---------- ------------------- $ 1,232 $ 2,018 $ 624 $ 288 ---------- --------- ---------- ------------------- 300 364 112 60 ---------- --------- ---------- ------------------- 300 364 112 60 ---------- --------- ---------- ------------------- 932 1,654 512 228 ---------- --------- ---------- ------------------- 172 680 329 1,383 11,751 710 38 (5,037) ---------- --------- ---------- ------------------- 11,923 1,390 367 (3,654) ---------- --------- ---------- ------------------- (12,843) 11,839 6,395 1,450 ---------- --------- ---------- ------------------- (920) 13,229 6,762 (2,204) ---------- --------- ---------- ------------------- $ 12 $ 14,883 $ 7,274 $ (1,976) ========== ========= ========== ===================
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, 2011, 2010 AND 2009 FIDELITY VIP HIGH INCOME INVESTMENT DIVISION ------------------------------------- 2011 2010 2009 (d) -------------- ---------- ----------- INVESTMENT INCOME: Dividends $ 2,953 $ 340 $ 2,882 -------------- ---------- ----------- EXPENSES: Mortality and expense risk charges 27 30 33 -------------- ---------- ----------- Total expenses 27 30 33 -------------- ---------- ----------- Net investment income (loss) 2,926 310 2,849 -------------- ---------- ----------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 13 (227) 11 -------------- ---------- ----------- Net realized gains (losses) 13 (227) 11 -------------- ---------- ----------- Change in unrealized gains (losses) on investments (1,768) 801 (647) -------------- ---------- ----------- Net realized and changes in unrealized gains (losses) on investments (1,755) 574 (636) -------------- ---------- ----------- Net increase (decrease) in net assets resulting from operations $ 1,171 $ 884 $ 2,213 ============== ========== ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 36 FIDELITY VIP INVESTMENT GRADE BOND FIDELITY VIP MID CAP INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------- ----------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- -------------- -------------- ------------ ------------- -------------- $ 54,637 $ 18,206 $ 10,680 $ 150 $ 502 $ 119 -------------- -------------- -------------- ------------ ------------- -------------- 6,449 4,314 369 5,725 5,209 142 -------------- -------------- -------------- ------------ ------------- -------------- 6,449 4,314 369 5,725 5,209 142 -------------- -------------- -------------- ------------ ------------- -------------- 48,188 13,892 10,311 (5,575) (4,707) (23) -------------- -------------- -------------- ------------ ------------- -------------- 24,253 5,814 654 1,181 1,027 129 (3,064) 17,651 3,233 10,846 2,077 613 -------------- -------------- -------------- ------------ ------------- -------------- 21,189 23,465 3,887 12,027 3,104 742 -------------- -------------- -------------- ------------ ------------- -------------- 1,742 (13,312) (1,678) (60,535) 83,723 13,131 -------------- -------------- -------------- ------------ ------------- -------------- 22,931 10,153 2,209 (48,508) 86,827 13,873 -------------- -------------- -------------- ------------ ------------- -------------- $ 71,119 $ 24,045 $ 12,520 $ (54,083) $ 82,120 $ 13,850 ============== ============== ============== ============ ============= ==============
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, 2011, 2010 AND 2009 FTVIPT MUTUAL GLOBAL DISCOVERY SECURITIES INVESTMENT DIVISION ----------------------------------------- 2011 2010 2009 ------------ ------------- -------------- INVESTMENT INCOME: Dividends $ 22,691 $ 10,103 $ 7,899 ------------ ------------- -------------- EXPENSES: Mortality and expense risk charges 3,892 2,866 4,787 ------------ ------------- -------------- Total expenses 3,892 2,866 4,787 ------------ ------------- -------------- Net investment income (loss) 18,799 7,237 3,112 ------------ ------------- -------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions 22,139 -- 18,638 Realized gains (losses) on sale of investments (20,210) (4,189) (456,806) ------------ ------------- -------------- Net realized gains (losses) 1,929 (4,189) (438,168) ------------ ------------- -------------- Change in unrealized gains (losses) on investments (59,670) 81,592 609,659 ------------ ------------- -------------- Net realized and changes in unrealized gains (losses) on investments (57,741) 77,403 171,491 ------------ ------------- -------------- Net increase (decrease) in net assets resulting from operations $ (38,942) $ 84,640 $ 174,603 ============ ============= ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 38 FTVIPT TEMPLETON FOREIGN SECURITIES FTVIPT TEMPLETON GLOBAL BOND SECURITIES INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------------- --------------------------------------- 2011 2010 2009 2011 2010 2009 (e) ------------- --------------------- ---------------- ------------ -------------- ----------- $ 89,150 $ 164,170 $ 239,754 $ 10,824 $ 60 $ -- ------------- --------------------- ---------------- ------------ -------------- ----------- 111,353 239,041 28,000 1,067 89 4 ------------- --------------------- ---------------- ------------ -------------- ----------- 111,353 239,041 28,000 1,067 89 4 ------------- --------------------- ---------------- ------------ -------------- ----------- (22,203) (74,871) 211,754 9,757 (29) (4) ------------- --------------------- ---------------- ------------ -------------- ----------- -- -- 268,234 1,216 10 -- 253,750 (50,450) (421,623) (12,515) 4,591 5 ------------- --------------------- ---------------- ------------ -------------- ----------- 253,750 (50,450) (153,389) (11,299) 4,601 5 ------------- --------------------- ---------------- ------------ -------------- ----------- (552,735) 614,425 2,059,948 (11,949) (171) 239 ------------- --------------------- ---------------- ------------ -------------- ----------- (298,985) 563,975 1,906,559 (23,248) 4,430 244 ------------- --------------------- ---------------- ------------ -------------- ----------- $ (321,188) $ 489,104 $ 2,118,313 $ (13,491) $ 4,401 $ 240 ============= ===================== ================ ============ ============== ===========
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, 2011, 2010 AND 2009 GOLDMAN SACHS MID-CAP VALUE INVESTMENT DIVISION -------------------------------------- 2011 2010 2009 ------------ ------------ ----------- INVESTMENT INCOME: Dividends $ 2,221 $ 2,264 $ 5,173 ------------ ------------ ------------ EXPENSES: Mortality and expense risk charges 1,289 1,356 2,426 ------------ ------------ ----------- Total expenses 1,289 1,356 2,426 ------------ ------------ ----------- Net investment income (loss) 932 908 2,747 ------------ ------------ ----------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments (27,627) (13,608) (540,331) ------------ ------------ ----------- Net realized gains (losses) (27,627) (13,608) (540,331) ------------ ------------ ----------- Change in unrealized gains (losses) on investments 1,030 84,633 633,578 ------------ ------------ ----------- Net realized and changes in unrealized gains (losses) on investments (26,597) 71,025 93,247 ------------ ------------ ----------- Net increase (decrease) in net assets resulting from operations $ (25,665) $ 71,933 $ 95,994 ============ ============ ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 40 INVESCO V.I. GOVERNMENT GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY INVESCO V.I. GLOBAL REAL ESTATE SECURITIES INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------- ----------------------------------------------- ------------------- 2011 2010 2009 2011 2010 2009 2011 (f) -------------------------------------------- ----------------------------------------------- ------------------- $ 424 $ 254 $ 724 $ 72,431 $ 71,976 $ -- $ -- -------------------------------------------- ----------------------------------------------- ------------------- 173 154 173 49,508 39,431 5,813 120 -------------------------------------------- ----------------------------------------------- ------------------- 173 154 173 49,508 39,431 5,813 120 -------------------------------------------- ----------------------------------------------- ------------------- 251 100 551 22,923 32,545 (5,813) (120) -------------------------------------------- ----------------------------------------------- ------------------- -- -- -- -- -- -- -- 175 (7,335) (17,708) (158,339) (130,047) (698,156) 1,389 -------------------------------------------- ----------------------------------------------- ------------------- 175 (7,335) (17,708) (158,339) (130,047) (698,156) 1,389 -------------------------------------------- ----------------------------------------------- ------------------- (255) 18,632 28,044 (44,519) 289,353 1,038,943 1,336 -------------------------------------------- ----------------------------------------------- ------------------- (80) 11,297 10,336 (202,858) 159,306 340,787 2,725 -------------------------------------------- ----------------------------------------------- ------------------- $ 171 $ 11,397 $ 10,887 $ (179,935) $ 191,851 $ 334,974 $ 2,605 ============ =================== =========== ============= ================== ============== ===================
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, 2011, 2010 AND 2009 INVESCO V.I. INTERNATIONAL GROWTH INVESTMENT DIVISION ------------------------------------ 2011 2010 2009 (d) ------------ ---------- ------------ INVESTMENT INCOME: Dividends $ 3,660 $ 4,364 $ 242 ------------ ---------- ------------ EXPENSES: Mortality and expense risk charges 1,400 783 29 ------------ ---------- ------------ Total expenses 1,400 783 29 ------------ ---------- ------------ Net investment income (loss) 2,260 3,581 213 ------------ ---------- ------------ NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 3,888 1,465 34 ------------ ---------- ------------ Net realized gains (losses) 3,888 1,465 34 ------------ ---------- ------------ Change in unrealized gains (losses) on investments (28,330) 26,537 2,258 ------------ ---------- ------------ Net realized and changes in unrealized gains (losses) on investments (24,442) 28,002 2,292 ------------ ---------- ------------ Net increase (decrease) in net assets resulting from operations $ (22,182) $ 31,583 $ 2,505 ============ ========== ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 42 INVESCO V.I. VAN KAMPEN COMSTOCK JANUS ASPEN BALANCED INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------- ---------------------------- 2011 2010 (g) 2011 2010 2009 -------------- ----------------- --------- -------- --------- $ 489 $ -- $ 44,376 $ 54,166 $ 14,836 -------------- ----------------- --------- -------- --------- 423 -- 25,576 23,474 1,929 -------------- ----------------- --------- -------- --------- 423 -- 25,576 23,474 1,929 -------------- ----------------- --------- -------- --------- 66 -- 18,800 30,692 12,907 -------------- ----------------- --------- -------- --------- -- -- 108,835 -- 18,519 (127) 53 29,077 26,581 655 -------------- ----------------- --------- -------- --------- (127) 53 137,912 26,581 19,174 -------------- ----------------- --------- -------- --------- (6,181) 45 (161,867) 90,252 93,262 -------------- ----------------- --------- -------- --------- (6,308) 98 (23,955) 116,833 112,436 -------------- ----------------- --------- -------- --------- $ (6,242) $ 98 $ (5,155) $147,525 $ 125,343 ============== ================= ========= ======== =========
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, 2011, 2010 AND 2009 JANUS ASPEN FORTY INVESTMENT DIVISION ------------------------------------- 2011 2010 2009 ------------ ----------- ------------ INVESTMENT INCOME: Dividends $ 2,325 $ 2,433 $ 81 ------------ ----------- ------------ EXPENSES: Mortality and expense risk charges 15,960 16,448 2,129 ------------ ----------- ------------ Total expenses 15,960 16,448 2,129 ------------ ----------- ------------ Net investment income (loss) (13,635) (14,015) (2,048) ------------ ----------- ------------ NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 43,353 14,051 (78,622) ------------ ----------- ------------ Net realized gains (losses) 43,353 14,051 (78,622) ------------ ----------- ------------ Change in unrealized gains (losses) on investments (117,114) 47,707 310,554 ------------ ----------- ------------ Net realized and changes in unrealized gains (losses) on investments (73,761) 61,758 231,932 ------------ ----------- ------------ Net increase (decrease) in net assets resulting from operations $ (87,396) $ 47,743 $ 229,884 ============ =========== ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 44 JANUS ASPEN JANUS JANUS ASPEN OVERSEAS INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------- ------------------------------- 2011 2010 2009 2011 2010 2009 ------------- ------------ -------------- ------------- -------- -------- $ 5,397 $ 73,809 $ 28,575 $ 1,291 $ 1,609 $ 413 ------------- ------------ -------------- ------------- -------- -------- 36,978 226,951 22,889 29,472 817 355 ------------- ------------ -------------- ------------- -------- -------- 36,978 226,951 22,889 29,472 817 355 ------------- ------------ -------------- ------------- -------- -------- (31,581) (153,142) 5,686 (28,181) 792 58 ------------- ------------ -------------- ------------- -------- -------- -- -- -- 3,396 -- 3,372 1,561,413 52,158 (31,201) (93,767) 4,218 23,192 ------------- ------------ -------------- ------------- -------- -------- 1,561,413 52,158 (31,201) (90,371) 4,218 26,564 ------------- ------------ -------------- ------------- -------- -------- (1,416,036) 848,330 1,662,317 (214,175) 62,994 37,885 ------------- ------------ -------------- ------------- -------- -------- 145,377 900,488 1,631,116 (304,546) 67,212 64,449 ------------- ------------ -------------- ------------- -------- -------- $ 113,796 $ 747,346 $ 1,636,802 $ (332,727) $ 68,004 $ 64,507 ============= ============ ============== ============= ======== ========
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, 2011, 2010 AND 2009 MFS VIT GLOBAL EQUITY INVESTMENT DIVISION ------------------------------- 2011 2010 2009 ----------- ------- ----------- INVESTMENT INCOME: Dividends $ 575 $ 1,232 $ 1,242 ----------- ------- ----------- EXPENSES: Mortality and expense risk charges 361 598 238 ----------- ------- ----------- Total expenses 361 598 238 ----------- ------- ----------- Net investment income (loss) 214 634 1,004 ----------- ------- ----------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 12,787 183 (11,944) ----------- ------- ----------- Net realized gains (losses) 12,787 183 (11,944) ----------- ------- ----------- Change in unrealized gains (losses) on investments (16,173) 19,523 27,307 ----------- ------- ----------- Net realized and changes in unrealized gains (losses) on investments (3,386) 19,706 15,313 ----------- ------- ----------- Net increase (decrease) in net assets resulting from operations $ (3,172) 20,340 $ 16,317 =========== ======= ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 46 MFS VIT HIGH INCOME MFS VIT NEW DISCOVERY INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------- ----------------------------------- 2011 2010 2009 2011 2010 2009 -------------- -------- -------- ------------ ----------- ---------- $ 12,069 $ 8,657 $ 933 $ -- $ -- $ -- -------------- -------- -------- ------------ ----------- ---------- 491 457 273 555 340 27 -------------- -------- -------- ------------ ----------- ---------- 491 457 273 555 340 27 -------------- -------- -------- ------------ ----------- ---------- 11,578 8,200 660 (555) (340) (27) -------------- -------- -------- ------------ ----------- ---------- -- -- -- 17,326 -- -- 361 680 326 772 544 1,560 -------------- -------- -------- ------------ ----------- ---------- 361 680 326 18,098 544 1,560 -------------- -------- -------- ------------ ----------- ---------- (7,343) 7,331 21,466 (32,906) 28,843 3,314 -------------- -------- -------- ------------ ----------- ---------- (6,982) 8,011 21,792 (14,808) 29,387 4,874 -------------- -------- -------- ------------ ----------- ---------- $ 4,596 $ 16,211 $ 22,452 $ (15,363) $ 29,047 $ 4,847 ============== ======== ======== ============ =========== ==========
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, 2011, 2010 AND 2009 MFS VIT VALUE INVESTMENT DIVISION ------------------------------------- 2011 2010 2009 ----------- ---------- -------------- INVESTMENT INCOME: Dividends $ 999 $ 969 $ 803 ----------- ---------- -------------- EXPENSES: Mortality and expense risk charges 285 293 257 ----------- ---------- -------------- Total expenses 285 293 257 ----------- ---------- -------------- Net investment income (loss) 714 676 546 ----------- ---------- -------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions 318 -- -- Realized gains (losses) on sale of investments (10,004) (552) (1,224) ----------- ---------- -------------- Net realized gains (losses) (9,686) (552) (1,224) ----------- ---------- -------------- Change in unrealized gains (losses) on investments 6,173 7,585 14,082 ----------- ---------- -------------- Net realized and changes in unrealized gains (losses) on investments (3,513) 7,033 12,858 ----------- ---------- -------------- Net increase (decrease) in net assets resulting from operations $ (2,799) $ 7,709 $ 13,404 =========== ========== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 48 MIST AMERICAN FUNDS BALANCED ALLOCATION MIST AMERICAN FUNDS GROWTH ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------- ------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ------------ --------------- ------------ ----------- ----------- $ 6,635 $ 3,146 $ -- $ 10,815 $ 2,434 $ -- ------------ ------------ --------------- ------------ ----------- ----------- -- -- -- -- -- -- ------------ ------------ --------------- ------------ ----------- ----------- -- -- -- -- -- -- ------------ ------------ --------------- ------------ ----------- ----------- 6,635 3,146 -- 10,815 2,434 -- ------------ ------------ --------------- ------------ ----------- ----------- 248 117 -- -- -- -- 6,046 1,705 (28) 9,254 5,990 1,298 ------------ ------------ --------------- ------------ ----------- ----------- 6,294 1,822 (28) 9,254 5,990 1,298 ------------ ------------ --------------- ------------ ----------- ----------- (23,258) 26,193 14,667 (58,738) 79,550 20,909 ------------ ------------ --------------- ------------ ----------- ----------- (16,964) 28,015 14,639 (49,484) 85,540 22,207 ------------ ------------ --------------- ------------ ----------- ----------- $ (10,329) $ 31,161 $ 14,639 $ (38,669) $ 87,974 $ 22,207 ============ ============ =============== ============ =========== ===========
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, 2011, 2010 AND 2009 MIST AMERICAN FUNDS MODERATE ALLOCATION INVESTMENT DIVISION --------------------------------------- 2011 2010 2009 -------------- ------------ ----------- INVESTMENT INCOME: Dividends $ 5,453 $ 2,501 $ -- -------------- ------------ ----------- EXPENSES: Mortality and expense risk charges -- -- -- -------------- ------------ ----------- Total expenses -- -- -- -------------- ------------ ----------- Net investment income (loss) 5,453 2,501 -- -------------- ------------ ----------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions 1,467 -- -- Realized gains (losses) on sale of investments 1,917 646 370 -------------- ------------ ----------- Net realized gains (losses) 3,384 646 370 -------------- ------------ ----------- Change in unrealized gains (losses) on investments (7,233) 16,902 11,101 -------------- ------------ ----------- Net realized and changes in unrealized gains (losses) on investments (3,849) 17,548 11,471 -------------- ------------ ----------- Net increase (decrease) in net assets resulting from operations $ 1,604 $ 20,049 $ 11,471 ============== ============ ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 50 MIST BLACKROCK LARGE CAP CORE MIST CLARION GLOBAL REAL ESTATE INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------- --------------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- --------------- --------------- --------------- -------------- -------------- $ 3,462,386 $ 3,848,840 $ 4,180,146 $ 847,944 $ 1,558,222 $ 496,210 -------------- --------------- --------------- --------------- -------------- -------------- 2,301,027 2,233,231 2,047,270 179,211 166,255 119,529 -------------- --------------- --------------- --------------- -------------- -------------- 2,301,027 2,233,231 2,047,270 179,211 166,255 119,529 -------------- --------------- --------------- --------------- -------------- -------------- 1,161,359 1,615,609 2,132,876 668,733 1,391,967 376,681 -------------- --------------- --------------- --------------- -------------- -------------- -- -- -- -- -- -- (4,542,808) (7,248,214) (10,716,690) (421,589) (571,095) (1,092,248) -------------- --------------- --------------- --------------- -------------- -------------- (4,542,808) (7,248,214) (10,716,690) (421,589) (571,095) (1,092,248) -------------- --------------- --------------- --------------- -------------- -------------- 3,050,880 38,497,976 54,384,062 (1,500,208) 1,969,823 5,493,585 -------------- --------------- --------------- --------------- -------------- -------------- (1,491,928) 31,249,762 43,667,372 (1,921,797) 1,398,728 4,401,337 -------------- --------------- --------------- --------------- -------------- -------------- $(330,569) $32,865,371 $45,800,248 $(1,253,064) $ 2,790,695 $ 4,778,018 ============== =============== =============== =============== ============== ==============
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, 2011, 2010 AND 2009 MIST DREMAN SMALL CAP VALUE INVESTMENT DIVISION ---------------------------------- 2011 2010 2009 ----------- ---------- ----------- INVESTMENT INCOME: Dividends $ 472 $ 172 $ 1 ----------- ---------- ----------- EXPENSES: Mortality and expense risk charges 255 220 428 ----------- ---------- ----------- Total expenses 255 220 428 ----------- ---------- ----------- Net investment income (loss) 217 (48) (427) ----------- ---------- ----------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 1,124 403 58,177 ----------- ---------- ----------- Net realized gains (losses) 1,124 403 58,177 ----------- ---------- ----------- Change in unrealized gains (losses) on investments (4,058) 3,392 2,844 ----------- ---------- ----------- Net realized and changes in unrealized gains (losses) on investments (2,934) 3,795 61,021 ----------- ---------- ----------- Net increase (decrease) in net assets resulting from operations $ (2,717) $ 3,747 $ 60,594 =========== ========== ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 52 MIST HARRIS OAKMARK INTERNATIONAL MIST INVESCO SMALL CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------- -------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- -------------- -------------- ------------ ------------ ------------ $ 8,423 $ 576,287 $ 1,589,352 $ -- $ -- $ -- --------------- -------------- -------------- ------------ ------------ ------------ 243,105 232,976 170,663 36,533 30,507 22,254 --------------- -------------- -------------- ------------ ------------ ------------ 243,105 232,976 170,663 36,533 30,507 22,254 --------------- -------------- -------------- ------------ ------------ ------------ (234,682) 343,311 1,418,689 (36,533) (30,507) (22,254) --------------- -------------- -------------- ------------ ------------ ------------ -- -- -- -- -- -- (114,036) (312,283) (1,294,657) 169,309 (15,371) (84,509) --------------- -------------- -------------- ------------ ------------ ------------ (114,036) (312,283) (1,294,657) 169,309 (15,371) (84,509) --------------- -------------- -------------- ------------ ------------ ------------ (4,256,535) 4,235,035 8,897,628 (192,641) 887,599 919,328 --------------- -------------- -------------- ------------ ------------ ------------ (4,370,571) 3,922,752 7,602,971 (23,332) 872,228 834,819 --------------- -------------- -------------- ------------ ------------ ------------ $ (4,605,253) $ 4,266,063 $ 9,021,660 $ (59,865) $ 841,721 $ 812,565 =============== ============== ============== ============ ============ ============
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, 2011, 2010 AND 2009 MIST JANUS FORTY INVESTMENT DIVISION --------------------------------------------- 2011 2010 2009 --------------- -------------- -------------- INVESTMENT INCOME: Dividends $ 249,768 $ 219,796 $ -- --------------- -------------- -------------- EXPENSES: Mortality and expense risk charges 100,112 99,823 75,162 --------------- -------------- -------------- Total expenses 100,112 99,823 75,162 --------------- -------------- -------------- Net investment income (loss) 149,656 119,973 (75,162) --------------- -------------- -------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 2,199 (41,591) (540,105) --------------- -------------- -------------- Net realized gains (losses) 2,199 (41,591) (540,105) --------------- -------------- -------------- Change in unrealized gains (losses) on investments (1,278,619) 1,120,682 3,887,171 --------------- -------------- -------------- Net realized and changes in unrealized gains (losses) on investments (1,276,420) 1,079,091 3,347,066 --------------- -------------- -------------- Net increase (decrease) in net assets resulting from operations $ (1,126,764) $ 1,199,064 $ 3,271,904 =============== ============== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 54 MIST LAZARD MID CAP MIST LEGG MASON CLEARBRIDGE AGGRESSIVE GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------- --------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------- -------------- -------------- ------------- ---------------- -------------- $ 51,406 $ 51,856 $ 51,729 $ 8,681 $ 4,315 $ 6,856 ------------- -------------- -------------- ------------- ---------------- -------------- 44,360 40,421 32,462 88,982 57,953 47,276 ------------- -------------- -------------- ------------- ---------------- -------------- 44,360 40,421 32,462 88,982 57,953 47,276 ------------- -------------- -------------- ------------- ---------------- -------------- 7,046 11,435 19,267 (80,301) (53,638) (40,420) ------------- -------------- -------------- ------------- ---------------- -------------- -- -- -- -- -- -- (15,584) (93,933) (283,748) 93,448 (57,251) (166,346) ------------- -------------- -------------- ------------- ---------------- -------------- (15,584) (93,933) (283,748) 93,448 (57,251) (166,346) ------------- -------------- -------------- ------------- ---------------- -------------- (320,660) 1,108,654 1,519,608 (217,464) 1,583,027 1,815,976 ------------- -------------- -------------- ------------- ---------------- -------------- (336,244) 1,014,721 1,235,860 (124,016) 1,525,776 1,649,630 ------------- -------------- -------------- ------------- ---------------- -------------- $ (329,198) $ 1,026,156 $ 1,255,127 $ (204,317) $ 1,472,138 $ 1,609,210 ============= ============== ============== ============= ================ ==============
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, 2011, 2010 AND 2009 MIST LORD ABBETT BOND DEBENTURE INVESTMENT DIVISION ----------------------------------------- 2011 2010 2009 -------------- ----------- -------------- INVESTMENT INCOME: Dividends $ 1,568,618 $ 1,718,530 $ 1,572,315 -------------- ----------- -------------- EXPENSES: Mortality and expense risk charges 212,395 316,284 180,909 -------------- ----------- -------------- Total expenses 212,395 316,284 180,909 -------------- ----------- -------------- Net investment income (loss) 1,356,223 1,402,246 1,391,406 -------------- ----------- -------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 583,376 240,525 (126,749) -------------- ----------- -------------- Net realized gains (losses) 583,376 240,525 (126,749) -------------- ----------- -------------- Change in unrealized gains (losses) on investments (863,576) 1,315,427 5,411,601 -------------- ----------- -------------- Net realized and changes in unrealized gains (losses) on investments (280,200) 1,555,952 5,284,852 -------------- ----------- -------------- Net increase (decrease) in net assets resulting from operations $ 1,076,023 $ 2,958,198 $ 6,676,258 ============== =========== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 56 MIST LORD ABBETT MID CAP VALUE MIST MET/FRANKLIN INCOME INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------- --------------------------- 2011 2010 2009 2011 2010 2009 -------------- -------- ----------- ---------- -------- ------- $ 603 $ 568 $ 1,893 $ 8,323 $ 3,216 $ -- -------------- -------- ----------- ---------- -------- ------- 437 369 335 -- -- -- -------------- -------- ----------- ---------- -------- ------- 437 369 335 -- -- -- -------------- -------- ----------- ---------- -------- ------- 166 199 1,558 8,323 3,216 -- -------------- -------- ----------- ---------- -------- ------- -- -- -- 5,005 433 -- 818 3,236 (38,897) 700 390 54 -------------- -------- ----------- ---------- -------- ------- 818 3,236 (38,897) 5,705 823 54 -------------- -------- ----------- ---------- -------- ------- (5,510) 19,769 57,059 (8,507) 10,272 9,507 -------------- -------- ----------- ---------- -------- ------- (4,692) 23,005 18,162 (2,802) 11,095 9,561 -------------- -------- ----------- ---------- -------- ------- $ (4,526) $ 23,204 $ 19,720 $ 5,521 $ 14,311 $ 9,561 ============== ======== =========== ========== ======== =======
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, 2011, 2010 AND 2009 MIST MET/FRANKLIN MUTUAL SHARES INVESTMENT DIVISION ---------------------------------- 2011 2010 2009 --------- --------- ------------- INVESTMENT INCOME: Dividends $ 1,982 $ -- $ -- --------- --------- ------------- EXPENSES: Mortality and expense risk charges -- -- -- --------- --------- ------------- Total expenses -- -- -- --------- --------- ------------- Net investment income (loss) 1,982 -- -- --------- --------- ------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions 3,716 577 -- Realized gains (losses) on sale of investments 386 106 (91) --------- --------- ------------- Net realized gains (losses) 4,102 683 (91) --------- --------- ------------- Change in unrealized gains (losses) on investments (6,478) 4,077 4,710 --------- --------- ------------- Net realized and changes in unrealized gains (losses) on investments (2,376) 4,760 4,619 --------- --------- ------------- Net increase (decrease) in net assets resulting from operations $ (394) $ 4,760 $ 4,619 ========= ========= =============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 58 MIST MET/FRANKLIN TEMPLETON FOUNDING STRATEGY MIST MET/TEMPLETON GROWTH INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------- -------------------------------- 2011 2010 2009 2011 2010 2009 ----------- -------------- ------------------ ----------- --------- ---------- $ 5,031 $ -- $ -- $ 792 $ 305 $ 2 ----------- -------------- ------------------ ----------- --------- ---------- -- -- -- -- -- -- ----------- -------------- ------------------ ----------- --------- ---------- -- -- -- -- -- -- ----------- -------------- ------------------ ----------- --------- ---------- 5,031 -- -- 792 305 2 ----------- -------------- ------------------ ----------- --------- ---------- 255 1 -- -- -- -- 2,035 1,545 565 371 125 (60) ----------- -------------- ------------------ ----------- --------- ---------- 2,290 1,546 565 371 125 (60) ----------- -------------- ------------------ ----------- --------- ---------- (10,599) 23,230 14,572 (5,463) 3,904 3,117 ----------- -------------- ------------------ ----------- --------- ---------- (8,309) 24,776 15,137 (5,092) 4,029 3,057 ----------- -------------- ------------------ ----------- --------- ---------- $ (3,278) $ 24,776 $ 15,137 $ (4,300) $ 4,334 $ 3,059 =========== ============== ================== =========== ========= ==========
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, 2011, 2010 AND 2009 MIST MFS MIST METLIFE EMERGING AGGRESSIVE STRATEGY MARKETS EQUITY INVESTMENT DIVISION INVESTMENT DIVISION ---------------------- ---------------------- 2011 (f) 2011 (f) ---------------------- ---------------------- INVESTMENT INCOME: Dividends $ -- $ -- ---------------------- ---------------------- EXPENSES: Mortality and expense risk charges 77,007 788 ---------------------- ---------------------- Total expenses 77,007 788 ---------------------- ---------------------- Net investment income (loss) (77,007) (788) ---------------------- ---------------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- Realized gains (losses) on sale of investments (117,896) (70) ---------------------- ---------------------- Net realized gains (losses) (117,896) (70) ---------------------- ---------------------- Change in unrealized gains (losses) on investments (1,834,063) (3,209) ---------------------- ---------------------- Net realized and changes in unrealized gains (losses) on investments (1,951,959) (3,279) ---------------------- ---------------------- Net increase (decrease) in net assets resulting from operations $ (2,028,966) $ (4,067) ====================== ======================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 60 MIST MFS RESEARCH INTERNATIONAL MIST MORGAN STANLEY MID CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------- -------------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- -------------- -------------- ---------------- --------------- ----------- $ 285,362 $ 240,942 $ 369,327 $ 1,490,199 $ 28 $ -- --------------- -------------- -------------- ---------------- --------------- ----------- 108,556 106,709 89,063 1,473,993 957,621 870 --------------- -------------- -------------- ---------------- --------------- ----------- 108,556 106,709 89,063 1,473,993 957,621 870 --------------- -------------- -------------- ---------------- --------------- ----------- 176,806 134,233 280,264 16,206 (957,593) (870) --------------- -------------- -------------- ---------------- --------------- ----------- -- -- -- 5,251,936 -- -- (233,782) (545,005) (1,024,253) 2,604,216 336,382 1,780 --------------- -------------- -------------- ---------------- --------------- ----------- (233,782) (545,005) (1,024,253) 7,856,152 336,382 1,780 --------------- -------------- -------------- ---------------- --------------- ----------- (1,480,693) 1,743,808 3,897,065 (21,552,444) 31,775,159 75,648 --------------- -------------- -------------- ---------------- --------------- ----------- (1,714,475) 1,198,803 2,872,812 (13,696,292) 32,111,541 77,428 --------------- -------------- -------------- ---------------- --------------- ----------- $ (1,537,669) $ 1,333,036 $ 3,153,076 $ (13,680,086) $ 31,153,948 $ 76,558 =============== ============== ============== ================ =============== ===========
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, 2011, 2010 AND 2009 MIST OPPENHEIMER CAPITAL APPRECIATION INVESTMENT DIVISION ------------------------------------- 2011 2010 2009 ------------ ----------- ------------ INVESTMENT INCOME: Dividends $ 6,135 $ 10,876 $ -- ------------ ----------- ------------ EXPENSES: Mortality and expense risk charges 14,133 13,539 10,277 ------------ ----------- ------------ Total expenses 14,133 13,539 10,277 ------------ ----------- ------------ Net investment income (loss) (7,998) (2,663) (10,277) ------------ ----------- ------------ NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments (25,379) (39,996) (109,001) ------------ ----------- ------------ Net realized gains (losses) (25,379) (39,996) (109,001) ------------ ----------- ------------ Change in unrealized gains (losses) on investments 5,975 190,578 558,202 ------------ ----------- ------------ Net realized and changes in unrealized gains (losses) on investments (19,404) 150,582 449,201 ------------ ----------- ------------ Net increase (decrease) in net assets resulting from operations $ (27,402) $ 147,919 $ 438,924 ============ =========== ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 62 MIST PIMCO INFLATION PROTECTED BOND MIST PIMCO TOTAL RETURN INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------ -------------------------------------- 2011 2010 2009 2011 2010 2009 ----------- --------- -------------- -------------- ----------- ----------- $ 165,169 $ 210,729 $ 247,574 $ 1,344,247 $ 1,634,551 $ 2,762,595 ----------- --------- -------------- -------------- ----------- ----------- 69,974 64,055 52,710 368,735 360,915 310,295 ----------- --------- -------------- -------------- ----------- ----------- 69,974 64,055 52,710 368,735 360,915 310,295 ----------- --------- -------------- -------------- ----------- ----------- 95,195 146,674 194,864 975,512 1,273,636 2,452,300 ----------- --------- -------------- -------------- ----------- ----------- 424,271 220,376 -- 1,446,133 236,060 1,566,277 100,776 60,903 (46,474) 187,988 238,435 10,564 ----------- --------- -------------- -------------- ----------- ----------- 525,047 281,279 (46,474) 1,634,121 474,495 1,576,841 ----------- --------- -------------- -------------- ----------- ----------- 331,187 130,473 877,182 (1,410,547) 1,426,113 1,911,046 ----------- --------- -------------- -------------- ----------- ----------- 856,234 411,752 830,708 223,574 1,900,608 3,487,887 ----------- --------- -------------- -------------- ----------- ----------- $ 951,429 $ 558,426 $ 1,025,572 $ 1,199,086 $ 3,174,244 $ 5,940,187 =========== ========= ============== ============== =========== ===========
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, 2011, 2010 AND 2009 MIST PIONEER FUND INVESTMENT DIVISION -------------------------------- 2011 2010 2009 (e) ----------- -------- ----------- INVESTMENT INCOME: Dividends $ 2,289 $ 1,987 $ -- ----------- -------- ----------- EXPENSES: Mortality and expense risk charges 770 982 580 ----------- -------- ----------- Total expenses 770 982 580 ----------- -------- ----------- Net investment income (loss) 1,519 1,005 (580) ----------- -------- ----------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 21,102 6,067 1,986 ----------- -------- ----------- Net realized gains (losses) 21,102 6,067 1,986 ----------- -------- ----------- Change in unrealized gains (losses) on investments (30,602) 25,716 48,304 ----------- -------- ----------- Net realized and changes in unrealized gains (losses) on investments (9,500) 31,783 50,290 ----------- -------- ----------- Net increase (decrease) in net assets resulting from operations $ (7,981) $ 32,788 $ 49,710 =========== ======== ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 64 MIST RCM TECHNOLOGY MIST SSGA GROWTH AND INCOME ETF INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------- ------------------------------- 2011 2010 2009 2011 2010 2009 --------------- -------------- -------------- ----------- --------- --------- $ -- $ -- $ -- $ 74,234 $ 35,130 $ 13,156 --------------- -------------- -------------- ----------- --------- --------- 125,028 111,175 82,504 32,826 22,837 6,883 --------------- -------------- -------------- ----------- --------- --------- 125,028 111,175 82,504 32,826 22,837 6,883 --------------- -------------- -------------- ----------- --------- --------- (125,028) (111,175) (82,504) 41,408 12,293 6,273 --------------- -------------- -------------- ----------- --------- --------- -- -- -- 74,142 115 -- 512,571 (54,192) (600,648) 49,491 16,043 3,801 --------------- -------------- -------------- ----------- --------- --------- 512,571 (54,192) (600,648) 123,633 16,158 3,801 --------------- -------------- -------------- ----------- --------- --------- (1,944,446) 3,551,862 5,182,655 (151,325) 322,318 204,020 --------------- -------------- -------------- ----------- --------- --------- (1,431,875) 3,497,670 4,582,007 (27,692) 338,476 207,821 --------------- -------------- -------------- ----------- --------- --------- $ (1,556,903) $ 3,386,495 $ 4,499,503 $ 13,716 $ 350,769 $ 214,094 =============== ============== ============== =========== ========= =========
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, 2011, 2010 AND 2009 MIST SSGA GROWTH ETF INVESTMENT DIVISION ----------------------------------- 2011 2010 2009 ------------ --------- ------------ INVESTMENT INCOME: Dividends $ 57,479 $ 34,185 $ 15,419 ------------ --------- ------------ EXPENSES: Mortality and expense risk charges 26,324 17,903 8,413 ------------ --------- ------------ Total expenses 26,324 17,903 8,413 ------------ --------- ------------ Net investment income (loss) 31,155 16,282 7,006 ------------ --------- ------------ NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 63,035 12,378 (20,730) ------------ --------- ------------ Net realized gains (losses) 63,035 12,378 (20,730) ------------ --------- ------------ Change in unrealized gains (losses) on investments (183,850) 271,601 309,775 ------------ --------- ------------ Net realized and changes in unrealized gains (losses) on investments (120,815) 283,979 289,045 ------------ --------- ------------ Net increase (decrease) in net assets resulting from operations $ (89,660) $ 300,261 $ 296,051 ============ ========= ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 66 MIST T. ROWE PRICE LARGE CAP VALUE MIST T. ROWE PRICE MID CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------- ---------------------------------------- 2011 2010 2009 2011 2010 2009 ---------- ----------- ----------- ------------- ------------ ------------- $ 9,481 $ 65,246 $ 104,472 $ -- $ -- $ -- ---------- ----------- ----------- ------------- ------------ ------------- 24,068 134,790 18,231 314,304 150,122 115,483 ---------- ----------- ----------- ------------- ------------ ------------- 24,068 134,790 18,231 314,304 150,122 115,483 ---------- ----------- ----------- ------------- ------------ ------------- (14,587) (69,544) 86,241 (314,304) (150,122) (115,483) ---------- ----------- ----------- ------------- ------------ ------------- -- -- -- 560,152 -- -- (435,260) (79,021) (261,167) 312,619 131,367 (381,122) ---------- ----------- ----------- ------------- ------------ ------------- (435,260) (79,021) (261,167) 872,771 131,367 (381,122) ---------- ----------- ----------- ------------- ------------ ------------- 577,510 921,874 894,542 (1,837,318) 4,580,355 5,596,487 ---------- ----------- ----------- ------------- ------------ ------------- 142,250 842,853 633,375 (964,547) 4,711,722 5,215,365 ---------- ----------- ----------- ------------- ------------ ------------- $ 127,663 $ 773,309 $ 719,616 $(1,278,851) $ 4,561,600 $ 5,099,882 ========== =========== =========== ============= ============ =============
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, 2011, 2010 AND 2009 MIST THIRD AVENUE SMALL CAP VALUE INVESTMENT DIVISION ---------------------------------- 2011 2010 2009 ------------- --------- ---------- INVESTMENT INCOME: Dividends $ 9,414 $ 12,822 $ 3,058 ------------- --------- ---------- EXPENSES: Mortality and expense risk charges 10,152 11,741 2,219 ------------- --------- ---------- Total expenses 10,152 11,741 2,219 ------------- --------- ---------- Net investment income (loss) (738) 1,081 839 ------------- --------- ---------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- 2,838 Realized gains (losses) on sale of investments 86,881 42,370 (17,013) ------------- --------- ---------- Net realized gains (losses) 86,881 42,370 (14,175) ------------- --------- ---------- Change in unrealized gains (losses) on investments (240,493) 198,929 152,916 ------------- --------- ---------- Net realized and changes in unrealized gains (losses) on investments (153,612) 241,299 138,741 ------------- --------- ---------- Net increase (decrease) in net assets resulting from operations $ (154,350) $ 242,380 $ 139,580 ============= ========= ==========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 68 MSF ARTIO INTERNATIONAL STOCK MSF BARCLAYS CAPITAL AGGREGATE BOND INDEX INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------- ----------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- -------------- -------------- ----------- ------------- --------------- $ 753,948 $ 672,423 $ 284,863 $ 3,919,750 $ 4,039,520 $ 5,910,030 --------------- -------------- -------------- ----------- ------------- --------------- 342,874 360,189 333,983 911,279 904,600 732,517 --------------- -------------- -------------- ----------- ------------- --------------- 342,874 360,189 333,983 911,279 904,600 732,517 --------------- -------------- -------------- ----------- ------------- --------------- 411,074 312,234 (49,120) 3,008,471 3,134,920 5,177,513 --------------- -------------- -------------- ----------- ------------- --------------- -- -- -- -- -- -- (808,593) (1,030,425) (2,053,375) 843,640 613,564 195,723 --------------- -------------- -------------- ----------- ------------- --------------- (808,593) (1,030,425) (2,053,375) 843,640 613,564 195,723 --------------- -------------- -------------- ----------- ------------- --------------- (8,900,342) 3,370,719 10,298,349 3,276,276 1,607,603 (1,139,158) --------------- -------------- -------------- ----------- ------------- --------------- (9,708,935) 2,340,294 8,244,974 4,119,916 2,221,167 (943,435) --------------- -------------- -------------- ----------- ------------- --------------- $ (9,297,861) $ 2,652,528 $ 8,195,854 $ 7,128,387 $ 5,356,087 $ 4,234,078 =============== ============== ============== =========== ============= ===============
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, 2011, 2010 AND 2009 MSF BLACKROCK AGGRESSIVE GROWTH INVESTMENT DIVISION ----------------------------------------------- 2011 2010 2009 --------------- --------------- --------------- INVESTMENT INCOME: Dividends $ 597,164 $ 125,813 $ 309,682 --------------- --------------- --------------- EXPENSES: Mortality and expense risk charges 1,828,016 1,617,041 1,367,142 --------------- --------------- --------------- Total expenses 1,828,016 1,617,041 1,367,142 --------------- --------------- --------------- Net investment income (loss) (1,230,852) (1,491,228) (1,057,460) --------------- --------------- --------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 2,544,325 451,106 (3,328,441) --------------- --------------- --------------- Net realized gains (losses) 2,544,325 451,106 (3,328,441) --------------- --------------- --------------- Change in unrealized gains (losses) on investments (8,863,059) 26,312,677 66,805,065 --------------- --------------- --------------- Net realized and changes in unrealized gains (losses) on investments (6,318,734) 26,763,783 63,476,624 --------------- --------------- --------------- Net increase (decrease) in net assets resulting from operations $ (7,549,586) $ 25,272,555 $ 62,419,164 =============== =============== ===============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 70 MSF BLACKROCK BOND INCOME MSF BLACKROCK DIVERSIFIED INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------- ------------------------------------------ 2011 2010 2009 2011 2010 2009 ----------- ----------- -------------- -------------- ------------- ------------- $ 3,304,583 $ 3,345,493 $ 5,731,533 $ 6,407,012 $ 4,856,230 $ 12,214,068 ----------- ----------- -------------- -------------- ------------- ------------- 652,314 675,543 651,039 2,319,083 2,202,890 2,044,120 ----------- ----------- -------------- -------------- ------------- ------------- 652,314 675,543 651,039 2,319,083 2,202,890 2,044,120 ----------- ----------- -------------- -------------- ------------- ------------- 2,652,269 2,669,950 5,080,494 4,087,929 2,653,340 10,169,948 ----------- ----------- -------------- -------------- ------------- ------------- -- -- -- -- -- -- 132,024 24,746 (553,787) (191,522) (1,951,136) (4,609,576) ----------- ----------- -------------- -------------- ------------- ------------- 132,024 24,746 (553,787) (191,522) (1,951,136) (4,609,576) ----------- ----------- -------------- -------------- ------------- ------------- 1,930,533 3,372,816 2,142,811 3,658,514 20,635,275 31,028,944 ----------- ----------- -------------- -------------- ------------- ------------- 2,062,557 3,397,562 1,589,024 3,466,992 18,684,139 26,419,368 ----------- ----------- -------------- -------------- ------------- ------------- $ 4,714,826 $ 6,067,512 $ 6,669,518 $ 7,554,921 $ 21,337,479 $ 36,589,316 =========== =========== ============== ============== ============= =============
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, 2011, 2010 AND 2009 MSF BLACKROCK LARGE CAP VALUE INVESTMENT DIVISION ------------------------------------------ 2011 2010 2009 ------------ -------------- -------------- INVESTMENT INCOME: Dividends $ 149,056 $ 122,314 $ 155,310 ------------ -------------- -------------- EXPENSES: Mortality and expense risk charges 105,410 95,279 81,859 ------------ -------------- -------------- Total expenses 105,410 95,279 81,859 ------------ -------------- -------------- Net investment income (loss) 43,646 27,035 73,451 ------------ -------------- -------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments (80,782) (263,466) (513,587) ------------ -------------- -------------- Net realized gains (losses) (80,782) (263,466) (513,587) ------------ -------------- -------------- Change in unrealized gains (losses) on investments 254,349 1,265,453 1,615,283 ------------ -------------- -------------- Net realized and changes in unrealized gains (losses) on investments 173,567 1,001,987 1,101,696 ------------ -------------- -------------- Net increase (decrease) in net assets resulting from operations $ 217,213 $ 1,029,022 $ 1,175,147 ============ ============== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 72 MSF BLACKROCK LEGACY LARGE CAP GROWTH MSF BLACKROCK MONEY MARKET INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------- --------------------------------------- 2011 2010 2009 2011 2010 2009 ------------- -------------- -------------- ------------ ------------- ------------ $ 14,560 $ 14,175 $ 29,634 $ -- $ 3,600 $ 269,650 ------------- -------------- -------------- ------------ ------------- ------------ 61,180 52,945 35,213 161,149 304,506 280,999 ------------- -------------- -------------- ------------ ------------- ------------ 61,180 52,945 35,213 161,149 304,506 280,999 ------------- -------------- -------------- ------------ ------------- ------------ (46,620) (38,770) (5,579) (161,149) (300,906) (11,349) ------------- -------------- -------------- ------------ ------------- ------------ -- -- -- -- -- -- 137,813 75,641 (146,284) -- -- -- ------------- -------------- -------------- ------------ ------------- ------------ 137,813 75,641 (146,284) -- -- -- ------------- -------------- -------------- ------------ ------------- ------------ (879,158) 1,107,022 1,684,656 -- -- -- ------------- -------------- -------------- ------------ ------------- ------------ (741,345) 1,182,663 1,538,372 -- -- -- ------------- -------------- -------------- ------------ ------------- ------------ $ (787,965) $ 1,143,893 $ 1,532,793 $(161,149) $ (300,906) $ (11,349) ============= ============== ============== ============ ============= ============
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, 2011, 2010 AND 2009 MSF DAVIS VENTURE VALUE INVESTMENT DIVISION ------------------------------------------- 2011 2010 2009 --------------- ----------- --------------- INVESTMENT INCOME: Dividends $ 648,127 $ 534,093 $ 679,120 --------------- ----------- --------------- EXPENSES: Mortality and expense risk charges 437,275 444,758 366,383 --------------- ----------- --------------- Total expenses 437,275 444,758 366,383 --------------- ----------- --------------- Net investment income (loss) 210,852 89,335 312,737 --------------- ----------- --------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 492,146 191,969 (723,952) --------------- ----------- --------------- Net realized gains (losses) 492,146 191,969 (723,952) --------------- ----------- --------------- Change in unrealized gains (losses) on investments (3,392,027) 5,562,556 12,907,686 --------------- ----------- --------------- Net realized and changes in unrealized gains (losses) on investments (2,899,881) 5,754,525 12,183,734 --------------- ----------- --------------- Net increase (decrease) in net assets resulting from operations $ (2,689,029) $ 5,843,860 $ 12,496,471 =============== =========== ===============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 74 MSF FI VALUE LEADERS MSF JENNISON GROWTH INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------- ----------------------------------------- 2011 2010 2009 2011 2010 2009 ------------- ------------ ------------ ----------- -------------- -------------- $ 70,725 $ 90,469 $ 128,519 $ 42,021 $ 82,750 $ 21,249 ------------- ------------ ------------ ----------- -------------- -------------- 51,616 48,155 38,405 109,004 116,354 96,459 ------------- ------------ ------------ ----------- -------------- -------------- 51,616 48,155 38,405 109,004 116,354 96,459 ----------- ------------ ------------ ----------- -------------- -------------- 19,109 42,314 90,114 (66,983) (33,604) (75,210) ----------- ------------ ------------ ----------- -------------- -------------- -- -- -- -- -- -- (99,840) (145,291) (259,906) 251,119 17,747 (140,559) ------------- ------------ ------------ ----------- -------------- -------------- (99,840) (145,291) (259,906) 251,119 17,747 (140,559) ------------- ------------ ------------ ----------- -------------- -------------- (347,209) 885,079 1,128,894 (215,551) 1,535,759 4,015,386 ------------- ------------ ------------ ----------- -------------- -------------- (447,049) 739,788 868,988 35,568 1,553,506 3,874,827 ------------- ------------ ------------ ----------- -------------- -------------- $ (427,940) $ 782,102 $ 959,102 $(31,415) $ 1,519,902 $ 3,799,617 ============= ============ ============ =========== ============== ==============
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, 2011, 2010 AND 2009 MSF LOOMIS SAYLES SMALL CAP CORE INVESTMENT DIVISION ----------------------------------------- 2011 2010 2009 ----------- -------------- -------------- INVESTMENT INCOME: Dividends $ 20,207 $ 14,765 $ 34,048 ----------- -------------- -------------- EXPENSES: Mortality and expense risk charges 137,144 127,370 100,553 ----------- -------------- -------------- Total expenses 137,144 127,370 100,553 ----------- -------------- -------------- Net investment income (loss) (116,937) (112,605) (66,505) ----------- -------------- -------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 258,722 (55,224) (439,969) ----------- -------------- -------------- Net realized gains (losses) 258,722 (55,224) (439,969) ----------- -------------- -------------- Change in unrealized gains (losses) on investments (166,265) 4,065,140 3,809,050 ----------- -------------- -------------- Net realized and changes in unrealized gains (losses) on investments 92,457 4,009,916 3,369,081 ----------- -------------- -------------- Net increase (decrease) in net assets resulting from operations $ (24,480) $ 3,897,311 $ 3,302,576 =========== ============== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 76 MSF LOOMIS SAYLES SMALL CAP GROWTH MSF MET/ARTISAN MID CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------- -------------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- -------------- -------------- -------------- -------------- --------------- $ -- $ -- $ -- $ 455,060 $ 314,548 $ 390,395 -------------- -------------- -------------- -------------- -------------- --------------- 65,916 51,755 39,304 394,641 362,293 295,816 -------------- -------------- -------------- -------------- -------------- --------------- 65,916 51,755 39,304 394,641 362,293 295,816 -------------- -------------- -------------- -------------- -------------- --------------- (65,916) (51,755) (39,304) 60,419 (47,745) 94,579 -------------- -------------- -------------- -------------- -------------- --------------- -- -- -- -- -- -- 104,198 (47,680) (219,528) (412,007) (887,093) (2,074,439) -------------- -------------- -------------- -------------- -------------- --------------- 104,198 (47,680) (219,528) (412,007) (887,093) (2,074,439) -------------- -------------- -------------- -------------- -------------- --------------- 121,090 1,843,398 1,519,136 3,096,938 6,661,231 14,134,862 -------------- -------------- -------------- -------------- -------------- --------------- 225,288 1,795,718 1,299,608 2,684,931 5,774,138 12,060,423 -------------- -------------- -------------- -------------- -------------- --------------- $ 159,372 $ 1,743,963 $ 1,260,304 $ 2,745,350 $ 5,726,393 $ 12,155,002 ============== ============== ============== ============== ============== ===============
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, 2011, 2010 AND 2009 MSF METLIFE CONSERVATIVE ALLOCATION INVESTMENT DIVISION ----------------------------------- 2011 2010 2009 ------------ --------- ------------ INVESTMENT INCOME: Dividends $ 98,787 $ 102,209 $ 56,682 ------------ --------- ------------ EXPENSES: Mortality and expense risk charges 30,203 21,942 14,419 ------------ --------- ------------ Total expenses 30,203 21,942 14,419 ------------ --------- ------------ Net investment income (loss) 68,584 80,267 42,263 ------------ --------- ------------ NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- 10,668 Realized gains (losses) on sale of investments 77,218 46,459 (4,941) ------------ --------- ------------ Net realized gains (losses) 77,218 46,459 5,727 ------------ --------- ------------ Change in unrealized gains (losses) on investments (37,275) 119,161 276,504 ------------ --------- ------------ Net realized and changes in unrealized gains (losses) on investments 39,943 165,620 282,231 ------------ --------- ------------ Net increase (decrease) in net assets resulting from operations $ 108,527 $ 245,887 $ 324,494 ============ ========= ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 78 MSF METLIFE CONSERVATIVE TO MODERATE ALLOCATION MSF METLIFE MID CAP STOCK INDEX INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------------- ------------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------- ----------------- --------------- -------------- ----------------- $ 156,398 $ 193,442 $ 133,159 $ 593,088 $ 562,548 $ 810,735 ------------ ---------------- ----------------- --------------- -------------- ----------------- 53,513 46,556 35,274 500,504 473,626 374,527 ------------ ---------------- ----------------- --------------- -------------- ----------------- 53,513 46,556 35,274 500,504 473,626 374,527 ------------ ---------------- ----------------- --------------- -------------- ----------------- 102,885 146,886 97,885 92,584 88,922 436,208 ------------ ---------------- ----------------- --------------- -------------- ----------------- -- -- 27,807 2,722,599 70,909 1,783,617 135,436 32,319 (95,953) 678,616 177,461 (1,475,288) ------------ ---------------- ----------------- --------------- -------------- ----------------- 135,436 32,319 (68,146) 3,401,215 248,370 308,329 ------------ ---------------- ----------------- --------------- -------------- ----------------- (210,123) 421,073 828,280 (4,954,472) 12,893,844 13,600,526 ------------ ---------------- ----------------- --------------- -------------- ----------------- (74,687) 453,392 760,134 (1,553,257) 13,142,214 13,908,855 ------------ ---------------- ----------------- --------------- -------------- ----------------- $ 28,198 $ 600,278 $ 858,019 $ (1,460,673) $ 13,231,136 $ 14,345,063 ============ ================ ================= =============== ============== =================
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, 2011, 2010 AND 2009 MSF METLIFE MODERATE ALLOCATION INVESTMENT DIVISION --------------------------------------- 2011 2010 2009 ------------- ----------- ------------- INVESTMENT INCOME: Dividends $ 669,982 $ 877,469 $ 699,782 ------------- ----------- ------------- EXPENSES: Mortality and expense risk charges 304,573 264,549 193,170 ------------- ----------- ------------- Total expenses 304,573 264,549 193,170 ------------- ----------- ------------- Net investment income (loss) 365,409 612,920 506,612 ------------- ----------- ------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- 337,203 Realized gains (losses) on sale of investments 234,474 17,779 (340,090) ------------- ----------- ------------- Net realized gains (losses) 234,474 17,779 (2,887) ------------- ----------- ------------- Change in unrealized gains (losses) on investments (1,362,402) 3,378,733 5,007,760 ------------- ----------- ------------- Net realized and changes in unrealized gains (losses) on investments (1,127,928) 3,396,512 5,004,873 ------------- ----------- ------------- Net increase (decrease) in net assets resulting from operations $ (762,519) $ 4,009,432 $ 5,511,485 ============= =========== =============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 80 MSF METLIFE MODERATE TO AGGRESSIVE ALLOCATION MSF METLIFE STOCK INDEX INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------ 2011 2010 2009 2011 2010 2009 --------------- ----------------- --------------- --------------- --------------- ---------------- $ 1,073,341 $ 1,283,219 $ 1,144,971 $ 11,182,368 $ 10,671,016 $ 13,698,992 --------------- ----------------- --------------- --------------- --------------- ---------------- 567,221 486,295 365,479 4,861,432 4,862,670 4,016,527 --------------- ----------------- --------------- --------------- --------------- ---------------- 567,221 486,295 365,479 4,861,432 4,862,670 4,016,527 --------------- ----------------- --------------- --------------- --------------- ---------------- 506,120 796,924 779,492 6,320,936 5,808,346 9,682,465 --------------- ----------------- --------------- --------------- --------------- ---------------- -- -- 560,846 4,115,111 -- 10,241,628 112,005 (102,509) (694,062) (324,668) (5,405,568) (11,218,400) --------------- ----------------- --------------- --------------- --------------- ---------------- 112,005 (102,509) (133,216) 3,790,443 (5,405,568) (976,772) --------------- ----------------- --------------- --------------- --------------- ---------------- (3,772,324) 7,116,457 10,602,923 (2,093,968) 82,259,608 112,925,652 --------------- ----------------- --------------- --------------- --------------- ---------------- (3,660,319) 7,013,948 10,469,707 1,696,475 76,854,040 111,948,880 --------------- ----------------- --------------- --------------- --------------- ---------------- $ (3,154,199) $ 7,810,872 $ 11,249,199 $ 8,017,411 $ 82,662,386 $ 121,631,345 =============== ================= =============== =============== =============== ================
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, 2011, 2010 AND 2009 MSF MFS TOTAL RETURN INVESTMENT DIVISION -------------------------------------- 2011 2010 2009 ------------ ------------ ------------ INVESTMENT INCOME: Dividends $ 208,852 $ 217,114 $ 230,711 ------------ ------------ ------------ EXPENSES: Mortality and expense risk charges 112,685 86,631 51,498 ------------ ------------ ------------ Total expenses 112,685 86,631 51,498 ------------ ------------ ------------ Net investment income (loss) 96,167 130,483 179,213 ------------ ------------ ------------ NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments (29,847) (99,947) (173,243) ------------ ------------ ------------ Net realized gains (losses) (29,847) (99,947) (173,243) ------------ ------------ ------------ Change in unrealized gains (losses) on investments (11,189) 568,242 937,515 ------------ ------------ ------------ Net realized and changes in unrealized gains (losses) on investments (41,036) 468,295 764,272 ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations $ 55,131 $ 598,778 $ 943,485 ============ ============ ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 82 MSF MFS VALUE MSF MORGAN STANLEY EAFE INDEX INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------ ---------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ -------------- -------------- --------------- -------------- --------------- $ 836,589 $ 713,180 $ -- $ 1,549,893 $ 1,568,147 $ 2,127,820 ------------ -------------- -------------- --------------- -------------- --------------- 469,226 457,584 360,654 552,900 524,541 418,461 ------------ -------------- -------------- --------------- -------------- --------------- 469,226 457,584 360,654 552,900 524,541 418,461 ------------ -------------- -------------- --------------- -------------- --------------- 367,363 255,596 (360,654) 996,993 1,043,606 1,709,359 ------------ -------------- -------------- --------------- -------------- --------------- -- -- -- -- -- 345,458 (44,982) (425,864) (877,734) 137,025 (236,046) (800,654) ------------ -------------- -------------- --------------- -------------- --------------- (44,982) (425,864) (877,734) 137,025 (236,046) (455,196) ------------ -------------- -------------- --------------- -------------- --------------- (346,891) 5,358,513 9,493,542 (9,604,700) 3,674,685 11,844,795 ------------ -------------- -------------- --------------- -------------- --------------- (391,873) 4,932,649 8,615,808 (9,467,675) 3,438,639 11,389,599 ------------ -------------- -------------- --------------- -------------- --------------- $ (24,510) $ 5,188,245 $ 8,255,154 $ (8,470,682) $ 4,482,245 $ 13,098,958 ============ ============== ============== =============== ============== ===============
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, 2011, 2010 AND 2009 MSF NEUBERGER BERMAN GENESIS INVESTMENT DIVISION ------------------------------------------- 2011 2010 2009 -------------- ------------- -------------- INVESTMENT INCOME: Dividends $ 596,562 $ 353,007 $ 663,127 -------------- ------------- -------------- EXPENSES: Mortality and expense risk charges 663,840 628,387 512,489 -------------- ------------- -------------- Total expenses 663,840 628,387 512,489 -------------- ------------- -------------- Net investment income (loss) (67,278) (275,380) 150,638 -------------- ------------- -------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments (976,828) (2,085,738) (2,703,187) -------------- ------------- -------------- Net realized gains (losses) (976,828) (2,085,738) (2,703,187) -------------- ------------- -------------- Change in unrealized gains (losses) on investments 4,961,322 15,927,942 10,045,644 -------------- ------------- -------------- Net realized and changes in unrealized gains (losses) on investments 3,984,494 13,842,204 7,342,457 -------------- ------------- -------------- Net increase (decrease) in net assets resulting from operations $ 3,917,216 $ 13,566,824 $ 7,493,095 ============== ============= ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 84 MSF NEUBERGER BERMAN MID CAP VALUE MSF OPPENHEIMER GLOBAL EQUITY INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------------- ----------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- --------------- --------------- --------------- ----------- ------------- $ 587,608 $ 569,862 $ 813,259 $ 845,569 $ 612,821 $ 852,361 --------------- --------------- --------------- --------------- ----------- ------------- 575,836 570,197 440,022 304,815 297,201 258,416 --------------- --------------- --------------- --------------- ----------- ------------- 575,836 570,197 440,022 304,815 297,201 258,416 --------------- --------------- --------------- --------------- ----------- ------------- 11,772 (335) 373,237 540,754 315,620 593,945 --------------- --------------- --------------- --------------- ----------- ------------- -- -- 16,184 -- -- -- 682,184 12,235 (1,401,599) 892,248 362,727 (362,452) --------------- --------------- --------------- --------------- ----------- ------------- 682,184 12,235 (1,385,415) 892,248 362,727 (362,452) --------------- --------------- --------------- --------------- ----------- ------------- (5,912,606) 15,949,723 21,838,137 (5,213,727) 5,192,068 11,124,292 --------------- --------------- --------------- --------------- ----------- ------------- (5,230,422) 15,961,958 20,452,722 (4,321,479) 5,554,795 10,761,840 --------------- --------------- --------------- --------------- ----------- ------------- $ (5,218,650) $ 15,961,623 $ 20,825,959 $ (3,780,725) $ 5,870,415 $ 11,355,785 =============== =============== =============== =============== =========== =============
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, 2011, 2010 AND 2009 MSF RUSSELL 2000 INDEX INVESTMENT DIVISION ---------------------------------------------- 2011 2010 2009 --------------- --------------- -------------- INVESTMENT INCOME: Dividends $ 561,526 $ 547,888 $ 812,284 --------------- --------------- -------------- EXPENSES: Mortality and expense risk charges 389,979 378,183 318,144 --------------- --------------- -------------- Total expenses 389,979 378,183 318,144 --------------- --------------- -------------- Net investment income (loss) 171,547 169,705 494,140 --------------- --------------- -------------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- 1,106,089 Realized gains (losses) on sale of investments 734,988 (66,857) (1,035,970) --------------- --------------- -------------- Net realized gains (losses) 734,988 (66,857) 70,119 --------------- --------------- -------------- Change in unrealized gains (losses) on investments (3,300,203) 11,828,973 9,093,620 --------------- --------------- -------------- Net realized and changes in unrealized gains (losses) on investments (2,565,215) 11,762,116 9,163,739 --------------- --------------- -------------- Net increase (decrease) in net assets resulting from operations $ (2,393,668) $ 11,931,821 $ 9,657,879 =============== =============== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 86 MSF T. ROWE PRICE LARGE CAP GROWTH MSF T. ROWE PRICE SMALL CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------- ---------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------- -------------- --------------- -------------- --------------- --------------- $ 38,643 $ 113,187 $ 224,945 $ -- $ -- $ 200,547 ------------- -------------- --------------- -------------- --------------- --------------- 354,938 373,672 295,919 968,014 769,902 477,748 ------------- -------------- --------------- -------------- --------------- --------------- 354,938 373,672 295,919 968,014 769,902 477,748 ------------- -------------- --------------- -------------- --------------- --------------- (316,295) (260,485) (70,974) (968,014) (769,902) (277,201) ------------- -------------- --------------- -------------- --------------- --------------- -- -- -- -- -- 1,576,442 908,859 253,453 (485,740) 2,332,511 562,971 (1,108,337) ------------- -------------- --------------- -------------- --------------- --------------- 908,859 253,453 (485,740) 2,332,511 562,971 468,105 ------------- -------------- --------------- -------------- --------------- --------------- (1,383,140) 6,370,252 13,392,122 (846,789) 22,601,563 19,138,611 ------------- -------------- --------------- -------------- --------------- --------------- (474,281) 6,623,705 12,906,382 1,485,722 23,164,534 19,606,716 ------------- -------------- --------------- -------------- --------------- --------------- $ (790,576) $ 6,363,220 $ 12,835,408 $ 517,708 $ 22,394,632 $ 19,329,515 ============= ============== =============== ============== =============== ===============
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, 2011, 2010 AND 2009 MSF VAN ECK GLOBAL NATURAL MSF WESTERN ASSET MANAGEMENT RESOURCES STRATEGIC BOND OPPORTUNITIES INVESTMENT DIVISION INVESTMENT DIVISION ------------------- -------------------------------------- 2011 (f) 2011 2010 2009 ------------------- ----------- ------------- ------------ INVESTMENT INCOME: Dividends $ -- $ 1,209,466 $ 1,333,421 $ 1,175,403 ------------------- ----------- ------------- ------------ EXPENSES: Mortality and expense risk charges 609 192,580 182,131 148,016 ------------------- ----------- ------------- ------------ Total expenses 609 192,580 182,131 148,016 ------------------- ----------- ------------- ------------ Net investment income (loss) (609) 1,016,886 1,151,290 1,027,387 ------------------- ----------- ------------- ------------ NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- 518,778 Realized gains (losses) on sale of investments (45) 144,847 71,403 (136,510) ------------------- ----------- ------------- ------------ Net realized gains (losses) (45) 144,847 71,403 382,268 ------------------- ----------- ------------- ------------ Change in unrealized gains (losses) on investments (2,198) 64,600 1,196,007 3,433,572 ------------------- ----------- ------------- ------------ Net realized and changes in unrealized gains (losses) on investments (2,243) 209,447 1,267,410 3,815,840 ------------------- ----------- ------------- ------------ Net increase (decrease) in net assets resulting from operations $ (2,852) $ 1,226,333 $ 2,418,700 $ 4,843,227 =================== =========== ============= ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 88 PIMCO VIT ALL ASSET MSF WESTERN ASSET MANAGEMENT U.S. GOVERNMENT INVESTMENT PIMCO VIT LOW DURATION INVESTMENT DIVISION DIVISION INVESTMENT DIVISION -------------------------------------------- ------------ -------------------------------------- 2011 2010 2009 2011 (f) 2011 2010 2009 (e) ------------ ---------------- -------------- ------------ ----------- ----------- -------------- $ 248,608 $ 448,826 $ 714,343 $ 2,796 $ 13,732 $ 12,187 $ 11,216 ------------ ---------------- -------------- ------------ ----------- ----------- -------------- 131,962 134,214 131,035 22 2,905 2,779 1,731 ------------ ---------------- -------------- ------------ ----------- ----------- -------------- 131,962 134,214 131,035 22 2,905 2,779 1,731 ------------ ---------------- -------------- ------------ ----------- ----------- -------------- 116,646 314,612 583,308 2,774 10,827 9,408 9,485 ------------ ---------------- -------------- ------------ ----------- ----------- -------------- 570,575 47,316 -- -- -- 2,469 32,906 (5,603) 1,727 (89,029) -- 618 260 180 ------------ ---------------- -------------- ------------ ----------- ----------- -------------- 564,972 49,043 (89,029) -- 618 2,729 33,086 ------------ ---------------- -------------- ------------ ----------- ----------- -------------- 82,587 435,726 44,105 (1,176) (6,243) 23,685 1,601 ------------ ---------------- -------------- ------------ ----------- ----------- -------------- 647,559 484,769 (44,924) (1,176) (5,625) 26,414 34,687 ------------ ---------------- -------------- ------------ ----------- ----------- -------------- $ 764,205 $ 799,381 $ 538,384 $ 1,598 $ 5,202 $ 35,822 $ 44,172 ============ ================ ============== ============ =========== =========== ==============
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, 2011, 2010 AND 2009 PIONEER VCT EMERGING MARKETS INVESTMENT DIVISION ------------------------------------ 2011 2010 2009 ------------- ------------ --------- INVESTMENT INCOME: Dividends $ -- $ 3,039 $ 5,200 ------------- ------------ --------- EXPENSES: Mortality and expense risk charges 12,310 13,622 1,999 ------------- ------------ --------- Total expenses 12,310 13,622 1,999 ------------- ------------ --------- Net investment income (loss) (12,310) (10,583) 3,201 ------------- ------------ --------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 121,447 75,682 8,989 ------------- ------------ --------- Net realized gains (losses) 121,447 75,682 8,989 ------------- ------------ --------- Change in unrealized gains (losses) on investments (327,299) 68,690 311,181 ------------- ------------ --------- Net realized and changes in unrealized gains (losses) on investments (205,852) 144,372 320,170 ------------- ------------ --------- Net increase (decrease) in net assets resulting from operations $ (218,162) $ 133,789 $ 323,371 ============= ============ =========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) 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 INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------- ------------------------ 2011 2010 2009 (d) 2011 2010 (b) ----------- -------- ---------- ------------ ----------- $ 1,190 $ 801 $ -- $ 8,331 $ 5,659 ----------- -------- ---------- ------------ ----------- 550 297 34 1,375 619 ----------- -------- ---------- ------------ ----------- 550 297 34 1,375 619 ----------- -------- ---------- ------------ ----------- 640 504 (34) 6,956 5,040 ----------- -------- ---------- ------------ ----------- -- -- -- -- -- 580 313 32 1,545 197 ----------- -------- ---------- ------------ ----------- 580 313 32 1,545 197 ----------- -------- ---------- ------------ ----------- (11,556) 14,039 2,439 (52,132) 61,964 ----------- -------- ---------- ------------ ----------- (10,976) 14,352 2,471 (50,587) 62,161 ----------- -------- ---------- ------------ ----------- $(10,336) $ 14,856 $ 2,437 $ (43,631) $ 67,201 =========== ======== ========== ============ ===========
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 -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009 ROYCE SMALL-CAP INVESTMENT DIVISION ----------------------------------- 2011 2010 2009 (h) ------------ ----------- ---------- INVESTMENT INCOME: Dividends $ 3,804 $ 425 $ -- ------------ ----------- ---------- EXPENSES: Mortality and expense risk charges 6,407 1,285 57 ------------ ----------- ---------- Total expenses 6,407 1,285 57 ------------ ----------- ---------- Net investment income (loss) (2,603) (860) (57) ------------ ----------- ---------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions -- -- -- Realized gains (losses) on sale of investments 18,080 2,111 16 ------------ ----------- ---------- Net realized gains (losses) 18,080 2,111 16 ------------ ----------- ---------- Change in unrealized gains (losses) on investments (64,398) 63,066 2,984 ------------ ----------- ---------- Net realized and changes in unrealized gains (losses) on investments (46,318) 65,177 3,000 ------------ ----------- ---------- Net increase (decrease) in net assets resulting from operations $ (48,921) $ 64,317 $ 2,943 ============ =========== ==========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) 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 DEBT UIF EMERGING MARKETS EQUITY INVESTMENT DIVISION INVESTMENT DIVISION -------------------------- --------------------------------------- 2011 2010 2009 (h) 2011 2010 2009 (h) ---------- ------ -------- ---------- ------------- -------------- $ 7,775 $ 318 $ 74 $ 1,515 $ 758 $ -- ---------- ------ -------- ---------- ------------- -------------- 1,372 31 6 2,182 520 17 ---------- ------ -------- ---------- ------------- -------------- 1,372 31 6 2,182 520 17 ---------- ------ -------- ---------- ------------- -------------- 6,403 287 68 (667) 238 (17) ---------- ------ -------- ---------- ------------- -------------- 2,422 -- -- -- -- -- 392 87 32 4,478 899 480 ---------- ------ -------- ---------- ------------- -------------- 2,814 87 32 4,478 899 480 ---------- ------ -------- ---------- ------------- -------------- 79 318 95 (99,779) 38,992 1,146 ---------- ------ -------- ---------- ------------- -------------- 2,893 405 127 (95,301) 39,891 1,626 ---------- ------ -------- ---------- ------------- -------------- $ 9,296 $ 692 $ 195 $ (95,968) $ 40,129 $ 1,609 ========== ====== ======== ========== ============= ==============
The accompanying notes are an integral part of these financial statements. 93 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF OPERATIONS -- (CONCLUDED) FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009 WELLS FARGO VT TOTAL RETURN BOND INVESTMENT DIVISION -------------------------------- 2011 2010 2009 ----------- ----------- -------- INVESTMENT INCOME: Dividends $ 18,903 $ 29,774 $ 18,789 ----------- ----------- -------- EXPENSES: Mortality and expense risk charges 6,364 6,709 1,892 ----------- ----------- -------- Total expenses 6,364 6,709 1,892 ----------- ----------- -------- Net investment income (loss) 12,539 23,065 16,897 ----------- ----------- -------- NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS: Realized gain distributions 30,313 23,602 2,046 Realized gains (losses) on sale of investments 15,483 10,857 3,173 ----------- ----------- -------- Net realized gains (losses) 45,796 34,459 5,219 ----------- ----------- -------- Change in unrealized gains (losses) on investments (7,169) (12,496) 23,526 ----------- ----------- -------- Net realized and changes in unrealized gains (losses) on investments 38,627 21,963 28,745 ----------- ----------- -------- Net increase (decrease) in net assets resulting from operations $ 51,166 $ 45,028 $ 45,642 =========== =========== ========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 94 This page is intentionally left blank. METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009 ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH INVESTMENT DIVISION ------------------------------------------ 2011 2010 2009 -------------- -------------- ------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ (144,795) $ 1,176 $ (370) Net realized gains (losses) (40,514) 8,379 (2,773) Change in unrealized gains (losses) on investments (1,444,286) 1,480 45,397 -------------- -------------- ------------ Net increase (decrease) in net assets resulting from operations (1,629,595) 11,035 42,254 -------------- -------------- ------------ POLICY TRANSACTIONS: Premium payments received from policy owners 6,425 1,269 21,200 Net transfers (including fixed account) 5,890,970 (20,468) 29,509 Policy charges (66,201) (1,852) (2,499) Transfers for policy benefits and terminations (27,392) -- (10,407) -------------- -------------- ------------ Net increase (decrease) in net assets resulting from policy transactions 5,803,802 (21,051) 37,803 -------------- -------------- ------------ Net increase (decrease) in net assets 4,174,207 (10,016) 80,057 NET ASSETS: Beginning of year 119,488 129,504 49,447 -------------- -------------- ------------ End of year $ 4,293,695 $ 119,488 $ 129,504 ============== ============== ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 96 ALLIANCEBERNSTEIN INTERMEDIATE BOND ALLIANCEBERNSTEIN INTERNATIONAL VALUE INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------- --------------------------------------- 2011 2010 2009 (a) 2011 2010 (b) -------------- -------------- -------------- ----------------- --------------------- $ 1,914 $ 2,038 $ 692 $ (49) $ 29 184 2,172 716 175 1 563 (1,393) 2,187 (129) 88 -------------- -------------- -------------- ----------------- --------------------- 2,661 2,817 3,595 (3) 118 -------------- -------------- -------------- ----------------- --------------------- 2,678 3,570 13,019 268 -- -- 9,880 23,126 (1,225) 1,252 (1,310) (1,055) (590) (135) (13) (8) (255) (10,842) (121) -- -------------- -------------- -------------- ----------------- --------------------- 1,360 12,140 24,713 (1,213) 1,239 -------------- -------------- -------------- ----------------- --------------------- 4,021 14,957 28,308 (1,216) 1,357 43,265 28,308 -- 1,357 -- -------------- -------------- -------------- ----------------- --------------------- $ 47,286 $ 43,265 $ 28,308 $ 141 $ 1,357 ============== ============== ============== ================= =====================
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, 2011, 2010 AND 2009 AMERICAN CENTURY VP VISTA INVESTMENT DIVISION -------------------------------------- 2011 2010 2009 ------------- ----------- ------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ (305) $ (519) $ (472) Net realized gains (losses) 5,995 12,351 (47,927) Change in unrealized gains (losses) on investments (8,184) (1,947) 67,433 ------------- ----------- ------------ Net increase (decrease) in net assets resulting from operations (2,494) 9,885 19,034 ------------- ----------- ------------ POLICY TRANSACTIONS: Premium payments received from policy owners 11,044 13,202 110,074 Net transfers (including fixed account) (72,025) (83,499) (53,969) Policy charges (2,026) (2,550) (4,572) Transfers for policy benefits and terminations -- (9,338) (3,305) ------------- ----------- ------------ Net increase (decrease) in net assets resulting from policy transactions (63,007) (82,185) 48,228 ------------- ----------- ------------ Net increase (decrease) in net assets (65,501) (72,300) 67,262 NET ASSETS: Beginning of year 74,155 146,455 79,193 ------------- ----------- ------------ End of year $ 8,654 $ 74,155 $ 146,455 ============= =========== ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 98 AMERICAN FUNDS BOND AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------------- ------------------------------------------------------ 2011 2010 2009 2011 2010 2009 -------------- ---------------------- -------------- --------------- ---------------------- --------------- $ 105,549 $ 94,433 $ 88,860 $ 324,478 $ 538,047 $ (246,097) 10,695 (8,911) (91,981) (68,423) (386,466) (2,366,209) 121,054 122,161 381,938 (13,188,181) 11,810,164 23,159,810 -------------- ---------------------- -------------- --------------- ---------------------- --------------- 237,298 207,683 378,817 (12,932,126) 11,961,745 20,547,504 -------------- ---------------------- -------------- --------------- ---------------------- --------------- 678,665 724,857 777,097 7,605,640 8,529,505 9,330,898 53,187 320,665 (59,617) (1,805,503) (976,366) (1,354,960) (333,117) (330,299) (371,335) (3,739,239) (4,049,658) (3,968,778) (265,605) (318,517) (107,448) (4,059,136) (4,114,157) (2,381,130) -------------- ---------------------- -------------- --------------- ---------------------- --------------- 133,130 396,706 238,697 (1,998,238) (610,676) 1,626,030 -------------- ---------------------- -------------- --------------- ---------------------- --------------- 370,428 604,389 617,514 (14,930,364) 11,351,069 22,173,534 4,365,031 3,760,642 3,143,128 67,405,353 56,054,284 33,880,750 -------------- ---------------------- -------------- --------------- ---------------------- --------------- $ 4,735,459 $ 4,365,031 $ 3,760,642 $ 52,474,989 $ 67,405,353 $ 56,054,284 ============== ====================== ============== =============== ====================== ===============
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, 2011, 2010 AND 2009 AMERICAN FUNDS GROWTH INVESTMENT DIVISION ---------------------------------------------------------- 2011 2010 2009 ---------------- ------------------------ ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $(257,824) $ (121,539) $ (160,985) Net realized gains (losses) 658,869 (328,082) (1,821,468) Change in unrealized gains (losses) on investments (6,628,058) 19,817,938 31,985,158 ---------------- ------------------------ ---------------- Net increase (decrease) in net assets resulting from operations (6,227,013) 19,368,317 30,002,705 ---------------- ------------------------ ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners 15,130,932 16,677,167 18,769,815 Net transfers (including fixed account) (1,178,160) (1,005,842) (2,195,305) Policy charges (8,119,220) (8,182,015) (8,384,980) Transfers for policy benefits and terminations (8,844,884) (8,617,264) (5,510,035) ---------------- ------------------------ ---------------- Net increase (decrease) in net assets resulting from policy transactions (3,011,332) (1,127,954) 2,679,495 ---------------- ------------------------ ---------------- Net increase (decrease) in net assets (9,238,345) 18,240,363 32,682,200 NET ASSETS: Beginning of year 127,437,855 109,197,492 76,515,292 ---------------- ------------------------ ---------------- End of year $ 118,199,510 $ 127,437,855 $ 109,197,492 ================ ======================== ================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 100 AMERICAN FUNDS GROWTH-INCOME AMERICAN FUNDS INTERNATIONAL INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------------- ---------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- --------------- --------------- ------------ ------------ -------------- $ 553,773 $ 453,689 $ 446,910 $ 980 $ 3,782 $ 799 (58,726) (336,443) (956,152) (605) (608) 1,537 (2,428,568) 6,948,053 15,943,649 (108,507) 46,566 19,842 --------------- --------------- --------------- ------------ ------------ -------------- (1,933,521) 7,065,299 15,434,407 (108,132) 49,740 22,178 --------------- --------------- --------------- ------------ ------------ -------------- 9,556,841 10,334,758 11,825,982 4,120 196,875 22,210 (457,407) (240,405) (1,377,002) (89,752) 113,293 416,930 (5,030,683) (5,117,228) (5,387,634) (8,379) (7,689) (1,457) (4,739,607) (4,718,644) (3,569,007) (82,771) (7,938) (38,651) --------------- --------------- --------------- ------------ ------------ -------------- (670,856) 258,481 1,492,339 (176,782) 294,541 399,032 --------------- --------------- --------------- ------------ ------------ -------------- (2,604,377) 7,323,780 16,926,746 (284,914) 344,281 421,210 73,861,194 66,537,414 49,610,668 809,625 465,344 44,134 --------------- --------------- --------------- ------------ ------------ -------------- $ 71,256,817 $ 73,861,194 $ 66,537,414 $ 524,711 $ 809,625 $ 465,344 =============== =============== =============== ============ ============ ==============
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, 2011, 2010 AND 2009 AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES INVESTMENT DIVISION ------------------------------------------------------ 2011 2010 2009 -------------- ---------------------- ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 172 $ 87 $ 1,740 Net realized gains (losses) 1,620 643 1,124 Change in unrealized gains (losses) on investments 885 1,804 (1,799) -------------- ---------------------- ---------------- Net increase (decrease) in net assets resulting from operations 2,677 2,534 1,065 -------------- ---------------------- ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners 18,071 7,825 43,406 Net transfers (including fixed account) (2,592) (50,106) 40,706 Policy charges (8,463) (10,089) (8,355) Transfers for policy benefits and terminations (1,984) (2,565) (21,474) -------------- ---------------------- ---------------- Net increase (decrease) in net assets resulting from policy transactions 5,032 (54,935) 54,283 -------------- ---------------------- ---------------- Net increase (decrease) in net assets 7,709 (52,401) 55,348 NET ASSETS: Beginning of year 37,830 90,231 34,883 -------------- ---------------------- ---------------- End of year $ 45,539 $ 37,830 $ 90,231 ============== ====================== ================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 102 DREYFUS VIF INTERNATIONAL VALUE FIDELITY VIP ASSET MANAGER: GROWTH INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------- -------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ------------ ------------ -------------- -------------- -------------- $ 3,287 $ 2,491 $ 9,269 $ 12,600 $ 7,999 $ 15,866 (960) (14,086) (185,176) 74,260 37,274 (16,185) (45,726) 19,382 238,024 (205,700) 201,872 427,179 ------------ ------------ ------------ -------------- -------------- -------------- (43,399) 7,787 62,117 (118,840) 247,145 426,860 ------------ ------------ ------------ -------------- -------------- -------------- 1,458 955 28,115 182,388 168,558 240,196 (1,532) (65,938) (85,562) (79,369) (53,668) 256,106 (3,164) (3,082) (8,707) (67,026) (58,088) (64,669) (766) -- (45,781) (392,245) (120,774) (44,925) ------------ ------------ ------------ -------------- -------------- -------------- (4,004) (68,065) (111,935) (356,252) (63,972) 386,708 ------------ ------------ ------------ -------------- -------------- -------------- (47,403) (60,278) (49,818) (475,092) 183,173 813,568 231,464 291,742 341,560 1,905,608 1,722,435 908,867 ------------ ------------ ------------ -------------- -------------- -------------- $ 184,061 $ 231,464 $ 291,742 $ 1,430,516 $ 1,905,608 $ 1,722,435 ============ ============ ============ ============== ============== ==============
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, 2011, 2010 AND 2009 FIDELITY VIP CONTRAFUND INVESTMENT DIVISION -------------------------------------------- 2011 2010 2009 -------------- -------------- -------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 10,058 $ 9,930 $ 30,836 Net realized gains (losses) 12,745 (217,628) (198,535) Change in unrealized gains (losses) on investments (98,141) 648,547 1,136,586 -------------- -------------- -------------- Net increase (decrease) in net assets resulting from operations (75,338) 440,849 968,887 -------------- -------------- -------------- POLICY TRANSACTIONS: Premium payments received from policy owners 206,289 166,923 431,847 Net transfers (including fixed account) (243,464) (1,821,221) 898,388 Policy charges (93,976) (86,557) (99,153) Transfers for policy benefits and terminations (319,235) (10,806) (139,114) -------------- -------------- -------------- Net increase (decrease) in net assets resulting from policy transactions (450,386) (1,751,661) 1,091,968 -------------- -------------- -------------- Net increase (decrease) in net assets (525,724) (1,310,812) 2,060,855 NET ASSETS: Beginning of year 2,677,373 3,988,185 1,927,330 -------------- -------------- -------------- End of year $ 2,151,649 $ 2,677,373 $ 3,988,185 ============== ============== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 104 FIDELITY VIP EQUITY-INCOME FIDELITY VIP FREEDOM 2010 INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------- ----------------------------------- 2011 2010 2009 2011 2010 2009 ----------- ------------ ------------ ----------- ----------- ----------- $(112) $ 2,489 $ 3,688 $ 576 $ 545 $ 457 2,625 (5,418) (392,905) 1,481 537 (1,656) (8,921) 31,745 405,695 (2,344) 2,036 3,793 ----------- ------------ ------------ ----------- ----------- ----------- (6,408) 28,816 16,478 (287) 3,118 2,594 ----------- ------------ ------------ ----------- ----------- ----------- 26,285 37,251 60,293 2,823 2,793 1,353 (55,376) (103,500) (169,930) 884 12,520 (12,215) (4,119) (5,643) (10,922) -- -- -- (144,483) -- (227,954) (1,136) (1,119) (753) ----------- ------------ ------------ ----------- ----------- ----------- (177,693) (71,892) (348,513) 2,571 14,194 (11,615) ----------- ------------ ------------ ----------- ----------- ----------- (184,101) (43,076) (332,035) 2,284 17,312 (9,021) 202,690 245,766 577,801 31,860 14,548 23,569 ----------- ------------ ------------ ----------- ----------- ----------- $ 18,589 $ 202,690 $ 245,766 $ 34,144 $ 31,860 $ 14,548 =========== ============ ============ =========== =========== ===========
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, 2011, 2010 AND 2009 FIDELITY VIP FREEDOM 2020 INVESTMENT DIVISION -------------------------------------- 2011 2010 2009 ------------ ------------ ------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 12,681 $ 12,680 $ 17,181 Net realized gains (losses) 12,805 8,278 (918) Change in unrealized gains (losses) on investments (33,543) 70,032 149,817 ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations (8,057) 90,990 166,080 ------------ ------------ ------------ POLICY TRANSACTIONS: Premium payments received from policy owners 12,681 10,953 2,536 Net transfers (including fixed account) 33,211 1,108 449,027 Policy charges (7,830) (7,298) (5,925) Transfers for policy benefits and terminations (68,993) (5,562) (928) ------------ ------------ ------------ Net increase (decrease) in net assets resulting from policy transactions (30,931) (799) 444,710 ------------ ------------ ------------ Net increase (decrease) in net assets (38,988) 90,191 610,790 NET ASSETS: Beginning of year 738,702 648,511 37,721 ------------ ------------ ------------ End of year $ 699,714 $ 738,702 $ 648,511 ============ ============ ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 106 FIDELITY VIP FIDELITY VIP FREEDOM 2030 FREEDOM 2050 INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------ -------------------- 2011 2010 2009 2011 (c) ----------- ------------ ----------- ------------------- $ 932 $ 1,654 $ 512 $ 228 11,923 1,390 367 (3,654) (12,843) 11,839 6,395 1,450 ----------- ------------ ----------- ------------------- 12 14,883 7,274 (1,976) ----------- ------------ ----------- ------------------- 2,634 3,169 1,286 -- (51,129) 62,506 2,573 17,414 (369) (1,042) (28) -- (2,369) (3,063) (754) -- ----------- ------------ ----------- ------------------- (51,233) 61,570 3,077 17,414 ----------- ------------ ----------- ------------------- (51,221) 76,453 10,351 15,438 108,191 31,738 21,387 -- ----------- ------------ ----------- ------------------- $ 56,970 $ 108,191 $ 31,738 $ 15,438 =========== ============ =========== ===================
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, 2011, 2010 AND 2009 FIDELITY VIP HIGH INCOME INVESTMENT DIVISION ---------------------------------- 2011 2010 2009 (d) ----------- ---------- ----------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 2,926 $ 310 $ 2,849 Net realized gains (losses) 13 (227) 11 Change in unrealized gains (losses) on investments (1,768) 801 (647) ----------- ---------- ----------- Net increase (decrease) in net assets resulting from operations 1,171 884 2,213 ----------- ---------- ----------- POLICY TRANSACTIONS: Premium payments received from policy owners 3,335 -- 16,782 Net transfers (including fixed account) 34,562 (36,834) 22,156 Policy charges (330) (252) (236) Transfers for policy benefits and terminations (80) (148) -- ----------- ---------- ----------- Net increase (decrease) in net assets resulting from policy transactions 37,487 (37,234) 38,702 ----------- ---------- ----------- Net increase (decrease) in net assets 38,658 (36,350) 40,915 NET ASSETS: Beginning of year 4,565 40,915 -- ----------- ---------- ----------- End of year $ 43,223 $ 4,565 $ 40,915 =========== ========== ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 108 FIDELITY VIP INVESTMENT GRADE BOND FIDELITY VIP MID CAP INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------- ---------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- -------------- -------------- ------------ -------------- ------------ $ 48,188 $ 13,892 $ 10,311 $ (5,575) $ (4,707) $ (23) 21,189 23,465 3,887 12,027 3,104 742 1,742 (13,312) (1,678) (60,535) 83,723 13,131 -------------- -------------- -------------- ------------ -------------- ------------ 71,119 24,045 12,520 (54,083) 82,120 13,850 -------------- -------------- -------------- ------------ -------------- ------------ 1,122 829 4,336 5,952 95,232 3,949 1,150,764 281,430 183,821 253,173 77,140 192,734 (10,497) (4,910) (4,482) (5,498) (3,824) (835) -- -- (5,946) (47,617) (4,506) (25,654) -------------- -------------- -------------- ------------ -------------- ------------ 1,141,389 277,349 177,729 206,010 164,042 170,194 -------------- -------------- -------------- ------------ -------------- ------------ 1,212,508 301,394 190,249 151,927 246,162 184,044 535,344 233,950 43,701 462,031 215,869 31,825 -------------- -------------- -------------- ------------ -------------- ------------ $ 1,747,852 $ 535,344 $ 233,950 $ 613,958 $ 462,031 $ 215,869 ============== ============== ============== ============ ============== ============
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, 2011, 2010 AND 2009 FTVIPT MUTUAL GLOBAL DISCOVERY SECURITIES INVESTMENT DIVISION ------------------------------------------- 2011 2010 2009 ------------ --------------- -------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 18,799 $ 7,237 $ 3,112 Net realized gains (losses) 1,929 (4,189) (438,168) Change in unrealized gains (losses) on investments (59,670) 81,592 609,659 ------------ --------------- -------------- Net increase (decrease) in net assets resulting from operations (38,942) 84,640 174,603 ------------ --------------- -------------- POLICY TRANSACTIONS: Premium payments received from policy owners 53,641 97,464 291,315 Net transfers (including fixed account) 113,146 (79,267) (1,354,085) Policy charges (20,333) (17,879) (31,930) Transfers for policy benefits and terminations (291,009) (141) (32,906) ------------ --------------- -------------- Net increase (decrease) in net assets resulting from policy transactions (144,555) 177 (1,127,606) ------------ --------------- -------------- Net increase (decrease) in net assets (183,497) 84,817 (953,003) NET ASSETS: Beginning of year 967,332 882,515 1,835,518 ------------ --------------- -------------- End of year $ 783,835 $ 967,332 $ 882,515 ============ =============== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 110 FTVIPT TEMPLETON FOREIGN SECURITIES FTVIPT TEMPLETON GLOBAL BOND SECURITIES INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------- --------------------------------------- 2011 2010 2009 2011 2010 2009 (e) -------------- -------------- -------------- ------------ ------------- ------------ $(22,203) $ (74,871) $ 211,754 $ 9,757 $ (29) $ (4) 253,750 (50,450) (153,389) (11,299) 4,601 5 (552,735) 614,425 2,059,948 (11,949) (171) 239 -------------- -------------- -------------- ------------ ------------- ------------ (321,188) 489,104 2,118,313 (13,491) 4,401 240 -------------- -------------- -------------- ------------ ------------- ------------ 379,032 834,212 807,327 38,191 9,303 -- (5,636,582) 220,184 (284,673) 482,861 (9,428) 3,614 (132,125) (165,900) (372,860) (6,561) (736) (140) (512,046) (68,047) (189,134) (215,383) (3,516) (10) -------------- -------------- -------------- ------------ ------------- ------------ (5,901,721) 820,449 (39,340) 299,108 (4,377) 3,464 -------------- -------------- -------------- ------------ ------------- ------------ (6,222,909) 1,309,553 2,078,973 285,617 24 3,704 9,244,694 7,935,141 5,856,168 3,728 3,704 -- -------------- -------------- -------------- ------------ ------------- ------------ $ 3,021,785 $ 9,244,694 $ 7,935,141 $ 289,345 $ 3,728 $ 3,704 ============== ============== ============== ============ ============= ============
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, 2011, 2010 AND 2009 GOLDMAN SACHS MID-CAP VALUE INVESTMENT DIVISION ------------------------------------------ 2011 2010 2009 ------------ ------------- --------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 932 $ 908 $ 2,747 Net realized gains (losses) (27,627) (13,608) (540,331) Change in unrealized gains (losses) on investments 1,030 84,633 633,578 ------------ ------------- --------------- Net increase (decrease) in net assets resulting from operations (25,665) 71,933 95,994 ------------ ------------- --------------- POLICY TRANSACTIONS: Premium payments received from policy owners -- -- -- Net transfers (including fixed account) -- (23,223) (667,539) Policy charges (7,841) (7,848) (13,708) Transfers for policy benefits and terminations (65,335) (2,114) (214) ------------ ------------- --------------- Net increase (decrease) in net assets resulting from policy transactions (73,176) (33,185) (681,461) ------------ ------------- --------------- Net increase (decrease) in net assets (98,841) 38,748 (585,467) NET ASSETS: Beginning of year 367,089 328,341 913,808 ------------ ------------- --------------- End of year $ 268,248 $ 367,089 $ 328,341 ============ ============= ===============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 112 INVESCO V.I. GOVERNMENT GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY INVESCO V.I. GLOBAL REAL ESTATE SECURITIES INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------ ------------------------------------------------ ------------------- 2011 2010 2009 2011 2010 2009 2011 (f) --------------- -------------- ----------- -------------- ---------------- ---------------- ------------------- $ 251 $ 100 $ 551 $ 22,923 $ 32,545 $ (5,813) $ (120) 175 (7,335) (17,708) (158,339) (130,047) (698,156) 1,389 (255) 18,632 28,044 (44,519) 289,353 1,038,943 1,336 --------------- -------------- ----------- -------------- ---------------- ---------------- ------------------- 171 11,397 10,887 (179,935) 191,851 334,974 2,605 --------------- -------------- ----------- -------------- ---------------- ---------------- ------------------- 468 4,077 12,573 18,821 3,708 143,426 -- -- (33,283) 4,125 131,727 (63,773) (367,827) 19,885 (1,631) (1,447) (1,545) (16,626) (14,537) (55,212) (999) (1) -- (4,928) (60,454) (26,660) (3,924) -- --------------- -------------- ----------- -------------- ---------------- ---------------- ------------------- (1,164) (30,653) 10,225 73,468 (101,262) (283,537) 18,886 --------------- -------------- ----------- -------------- ---------------- ---------------- ------------------- (993) (19,256) 21,112 (106,467) 90,589 51,437 21,491 51,252 70,508 49,396 1,597,111 1,506,522 1,455,085 -- --------------- -------------- ----------- -------------- ---------------- ---------------- ------------------- $ 50,259 $ 51,252 $ 70,508 $ 1,490,644 $ 1,597,111 $ 1,506,522 $ 21,491 =============== ============== =========== ============== ================ ================ ===================
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, 2011, 2010 AND 2009 INVESCO V.I. INTERNATIONAL GROWTH INVESTMENT DIVISION ------------------------------------------ 2011 2010 2009 (d) ----------- --------------- -------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 2,260 $ 3,581 $ 213 Net realized gains (losses) 3,888 1,465 34 Change in unrealized gains (losses) on investments (28,330) 26,537 2,258 ----------- --------------- -------------- Net increase (decrease) in net assets resulting from operations (22,182) 31,583 2,505 ----------- --------------- -------------- POLICY TRANSACTIONS: Premium payments received from policy owners 3,175 43,890 -- Net transfers (including fixed account) (26,489) 184,805 16,392 Policy charges (5,587) (4,422) (495) Transfers for policy benefits and terminations (197,921) (1,805) (42) ----------- --------------- -------------- Net increase (decrease) in net assets resulting from policy transactions (226,822) 222,468 15,855 ----------- --------------- -------------- Net increase (decrease) in net assets (249,004) 254,051 18,360 NET ASSETS: Beginning of year 272,411 18,360 -- ----------- --------------- -------------- End of year $ 23,407 $ 272,411 $ 18,360 =========== =============== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 114 INVESCO V.I. VAN KAMPEN COMSTOCK JANUS ASPEN BALANCED INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------- -------------------------------------------- 2011 2010 (g) 2011 2010 2009 ------------ ------------------- -------------- -------------- -------------- $ 66 $ -- $ 18,800 $ 30,692 $ 12,907 (127) 53 137,912 26,581 19,174 (6,181) 45 (161,867) 90,252 93,262 ------------ ------------------- -------------- -------------- -------------- (6,242) 98 (5,155) 147,525 125,343 ------------ ------------------- -------------- -------------- -------------- 18,211 -- 105,004 500,783 116,443 148,276 31,986 (679,101) 426,734 1,020,529 (2,267) -- (31,952) (30,577) (15,717) -- -- (575,867) (8,070) (2,543) ------------ ------------------- -------------- -------------- -------------- 164,220 31,986 (1,181,916) 888,870 1,118,712 ------------ ------------------- -------------- -------------- -------------- 157,978 32,084 (1,187,071) 1,036,395 1,244,055 32,084 -- 2,526,859 1,490,464 246,409 ------------ ------------------- -------------- -------------- -------------- $ 190,062 $ 32,084 $ 1,339,788 $ 2,526,859 $ 1,490,464 ============ =================== ============== ============== ==============
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, 2011, 2010 AND 2009 JANUS ASPEN FORTY INVESTMENT DIVISION ------------------------------------------ 2011 2010 2009 ------------ ---------------- ------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $(13,635) $ (14,015) $ (2,048) Net realized gains (losses) 43,353 14,051 (78,622) Change in unrealized gains (losses) on investments (117,114) 47,707 310,554 ------------ ---------------- ------------ Net increase (decrease) in net assets resulting from operations (87,396) 47,743 229,884 ------------ ---------------- ------------ POLICY TRANSACTIONS: Premium payments received from policy owners 58,591 190,160 165,769 Net transfers (including fixed account) (237,596) 46,953 209,535 Policy charges (14,197) (16,395) (23,392) Transfers for policy benefits and terminations (229,034) (6,634) (106,150) ------------ ---------------- ------------ Net increase (decrease) in net assets resulting from policy transactions (422,236) 214,084 245,762 ------------ ---------------- ------------ Net increase (decrease) in net assets (509,632) 261,827 475,646 NET ASSETS: Beginning of year 1,212,768 950,941 475,295 ------------ ---------------- ------------ End of year $ 703,136 $ 1,212,768 $ 950,941 ============ ================ ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 116 JANUS ASPEN JANUS JANUS ASPEN OVERSEAS INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------------- --------------------------------------- 2011 2010 2009 2011 2010 2009 ------------- ------------------ -------------- ------------ -------------- ----------- $ (31,581) $(153,142) $ 5,686 $ (28,181) $ 792 $ 58 1,561,413 52,158 (31,201) (90,371) 4,218 26,564 (1,416,036) 848,330 1,662,317 (214,175) 62,994 37,885 ------------- ------------------ -------------- ------------ -------------- ----------- 113,796 747,346 1,636,802 (332,727) 68,004 64,507 ------------- ------------------ -------------- ------------ -------------- ----------- 6,403 635,005 658,401 17,337 61,601 9,283 (6,850,158) (58,773) 8,858 362,799 175,192 11,467 (52,198) (122,027) (310,790) (27,743) (7,034) (3,624) (191,751) -- (1,693) (51,382) (4,005) (25,524) ------------- ------------------ -------------- ------------ -------------- ----------- (7,087,704) 454,205 354,776 301,011 225,754 (8,398) ------------- ------------------ -------------- ------------ -------------- ----------- (6,973,908) 1,201,551 1,991,578 (31,716) 293,758 56,109 7,832,002 6,630,451 4,638,873 375,851 82,093 25,984 ------------- ------------------ -------------- ------------ -------------- ----------- $ 858,094 $ 7,832,002 $ 6,630,451 $ 344,135 $ 375,851 $ 82,093 ============= ================== ============== ============ ============== ===========
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, 2011, 2010 AND 2009 MFS VIT GLOBAL EQUITY INVESTMENT DIVISION -------------------------------------- 2011 2010 2009 ----------- -------------- ----------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 214 $ 634 $ 1,004 Net realized gains (losses) 12,787 183 (11,994) Change in unrealized gains (losses) on investments (16,173) 19,523 27,307 ----------- -------------- ----------- Net increase (decrease) in net assets resulting from operations (3,172) 20,340 16,317 ----------- -------------- ----------- POLICY TRANSACTIONS: Premium payments received from policy owners 10,718 28,453 20,456 Net transfers (including fixed account) (180,476) 103,015 (9,035) Policy charges (1,193) (2,360) (1,544) Transfers for policy benefits and terminations (47,257) (1,538) (5,469) ----------- -------------- ----------- Net increase (decrease) in net assets resulting from policy transactions (218,208) 127,570 4,408 ----------- -------------- ----------- Net increase (decrease) in net assets (221,380) 147,910 20,725 NET ASSETS: Beginning of year 226,794 78,884 58,159 ----------- -------------- ----------- End of year $ 5,414 $ 226,794 $ 78,884 =========== ============== ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 118 MFS VIT HIGH INCOME MFS VIT NEW DISCOVERY INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------- ------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ --------------- ------------ ------------ --------------- -------------- $ 11,578 $ 8,200 $ 660 $ (555) $ (340) $ (27) 361 680 326 18,098 544 1,560 (7,343) 7,331 21,466 (32,906) 28,843 3,314 ------------ --------------- ------------ ------------ --------------- -------------- 4,596 16,211 22,452 (15,363) 29,047 4,847 ------------ --------------- ------------ ------------ --------------- -------------- -- -- 3,777 6,694 8,926 564 -- (706) 90,405 5 94,362 (83) (1,372) (1,293) (684) (3,864) (2,441) (178) (22) -- (1,164) -- -- (2,063) ------------ --------------- ------------ ------------ --------------- -------------- (1,394) (1,999) 92,334 2,835 100,847 (1,760) ------------ --------------- ------------ ------------ --------------- -------------- 3,202 14,212 114,786 (12,528) 129,894 3,087 132,109 117,897 3,111 134,923 5,029 1,942 ------------ --------------- ------------ ------------ --------------- -------------- $ 135,311 $ 132,109 $ 117,897 $ 122,395 $ 134,923 $ 5,029 ============ =============== ============ ============ =============== ==============
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, 2011, 2010 AND 2009 MFS VIT VALUE INVESTMENT DIVISION ------------------------------------------ 2011 2010 2009 ----------- --------------- -------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 714 $ 676 $ 546 Net realized gains (losses) (9,686) (552) (1,224) Change in unrealized gains (losses) on investments 6,173 7,585 14,082 ----------- --------------- -------------- Net increase (decrease) in net assets resulting from operations (2,799) 7,709 13,404 ----------- --------------- -------------- POLICY TRANSACTIONS: Premium payments received from policy owners -- -- -- Net transfers (including fixed account) -- -- -- Policy charges (2,437) (2,613) (2,736) Transfers for policy benefits and terminations (29,560) (2) (1) ----------- --------------- -------------- Net increase (decrease) in net assets resulting from policy transactions (31,997) (2,615) (2,737) ----------- --------------- -------------- Net increase (decrease) in net assets (34,796) 5,094 10,667 NET ASSETS: Beginning of year 79,095 74,001 63,334 ----------- --------------- -------------- End of year $ 44,299 $ 79,095 $ 74,001 =========== =============== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 120 MIST AMERICAN FUNDS BALANCED ALLOCATION MIST AMERICAN FUNDS GROWTH ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------- ------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------- -------------- ------------ --------------- -------------- $ 6,635 $ 3,146 $ -- $ 10,815 $ 2,434 $ -- 6,294 1,822 (28) 9,254 5,990 1,298 (23,258) 26,193 14,667 (58,738) 79,550 20,909 ------------ ---------------- -------------- ------------ --------------- -------------- (10,329) 31,161 14,639 (38,669) 87,974 22,207 ------------ ---------------- -------------- ------------ --------------- -------------- 100,111 105,391 30,361 267,061 355,048 87,422 36,239 89,836 167,911 31,086 223,657 36,431 (32,003) (11,710) (9,727) (124,905) (93,195) (24,118) (5,429) -- (563) (59,628) (2,170) (2,703) ------------ ---------------- -------------- ------------ --------------- -------------- 98,918 183,517 187,982 113,614 483,340 97,032 ------------ ---------------- -------------- ------------ --------------- -------------- 88,589 214,678 202,621 74,945 571,314 119,239 427,406 212,728 10,107 706,300 134,986 15,747 ------------ ---------------- -------------- ------------ --------------- -------------- $ 515,995 $ 427,406 $ 212,728 $ 781,245 $ 706,300 $ 134,986 ============ ================ ============== ============ =============== ==============
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, 2011, 2010 AND 2009 MIST AMERICAN FUNDS MODERATE ALLOCATION INVESTMENT DIVISION ------------------------------------------- 2011 2010 2009 ------------ --------------- -------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 5,453 $ 2,501 $ -- Net realized gains (losses) 3,384 646 370 Change in unrealized gains (losses) on investments (7,233) 16,902 11,101 ------------ --------------- -------------- Net increase (decrease) in net assets resulting from operations 1,604 20,049 11,471 ------------ --------------- -------------- POLICY TRANSACTIONS: Premium payments received from policy owners 153,402 103,657 36,169 Net transfers (including fixed account) 57,534 70,020 57,483 Policy charges (55,936) (37,265) (13,816) Transfers for policy benefits and terminations (5,092) (2,260) (21) ------------ --------------- -------------- Net increase (decrease) in net assets resulting from policy transactions 149,908 134,152 79,815 ------------ --------------- -------------- Net increase (decrease) in net assets 151,512 154,201 91,286 NET ASSETS: Beginning of year 250,094 95,893 4,607 ------------ --------------- -------------- End of year $ 401,606 $ 250,094 $ 95,893 ============ =============== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 122 MIST BLACKROCK LARGE CAP CORE MIST CLARION GLOBAL REAL ESTATE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------------ --------------------------------------------------- 2011 2010 2009 2011 2010 2009 ---------------- ------------------ ------------------ --------------- ----------------- ----------------- $ 1,161,359 $ 1,615,609 $ 2,132,876 $ 668,733 $ 1,391,967 $ 376,681 (4,542,808) (7,248,214) (10,716,690) (421,589) (571,095) (1,092,248) 3,050,880 38,497,976 54,384,062 (1,500,208) 1,969,823 5,493,585 ---------------- ------------------ ------------------ --------------- ----------------- ----------------- (330,569) 32,865,371 45,800,248 (1,253,064) 2,790,695 4,778,018 ---------------- ------------------ ------------------ --------------- ----------------- ----------------- 32,085,988 34,809,861 38,206,877 2,829,699 3,115,895 3,655,037 (2,768,320) (2,767,361) (5,847,879) (266,335) (6,843) (802,883) (25,373,589) (25,759,862) (26,968,042) (1,318,752) (1,331,035) (1,374,865) (21,487,307) (21,236,249) (18,412,707) (1,591,725) (1,474,613) (714,297) ---------------- ------------------ ------------------ --------------- ----------------- ----------------- (17,543,228) (14,953,611) (13,021,751) (347,113) 303,404 762,992 ---------------- ------------------ ------------------ --------------- ----------------- ----------------- (17,873,797) 17,911,760 32,778,497 (1,600,177) 3,094,099 5,541,010 309,489,536 291,577,776 258,799,279 21,160,564 18,066,465 12,525,455 ---------------- ------------------ ------------------ --------------- ----------------- ----------------- $ 291,615,739 $ 309,489,536 $ 291,577,776 $ 19,560,387 $ 21,160,564 $ 18,066,465 ================ ================== ================== =============== ================= =================
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, 2011, 2010 AND 2009 MIST DREMAN SMALL CAP VALUE INVESTMENT DIVISION ------------------------------------------------ 2011 2010 2009 -------------- ----------------- --------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 217 $ (48) $ (427) Net realized gains (losses) 1,124 403 58,177 Change in unrealized gains (losses) on investments (4,058) 3,392 2,844 -------------- ----------------- --------------- Net increase (decrease) in net assets resulting from operations (2,717) 3,747 60,594 -------------- ----------------- --------------- POLICY TRANSACTIONS: Premium payments received from policy owners 8,977 2,082 412 Net transfers (including fixed account) 6,064 6,849 240,274 Policy charges (3,875) (2,325) (5,500) Transfers for policy benefits and terminations -- -- (278,764) -------------- ----------------- --------------- Net increase (decrease) in net assets resulting from policy transactions 11,166 6,606 (43,578) -------------- ----------------- --------------- Net increase (decrease) in net assets 8,449 10,353 17,016 NET ASSETS: Beginning of year 27,489 17,136 120 -------------- ----------------- --------------- End of year $ 35,938 $ 27,489 $ 17,136 ============== ================= ===============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 124 MIST HARRIS OAKMARK INTERNATIONAL MIST INVESCO SMALL CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------------- -------------------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- ------------------ ----------------- -------------- ------------------ ---------------- $(234,682) $ 343,311 $ 1,418,689 $(36,533) $ (30,507) $ (22,254) (114,036) (312,283) (1,294,657) 169,309 (15,371) (84,509) (4,256,535) 4,235,035 8,897,628 (192,641) 887,599 919,328 --------------- ------------------ ----------------- -------------- ------------------ ---------------- (4,605,253) 4,266,063 9,021,660 (59,865) 841,721 812,565 --------------- ------------------ ----------------- -------------- ------------------ ---------------- 3,837,373 4,074,673 4,204,850 453,004 471,774 525,764 133,438 669,473 154,538 42,346 164,724 214,625 (1,743,944) (1,796,257) (1,715,379) (231,126) (216,436) (223,502) (1,949,570) (2,128,605) (1,050,988) (261,290) (184,521) (124,073) --------------- ------------------ ----------------- -------------- ------------------ ---------------- 277,297 819,284 1,593,021 (2,934) 235,541 392,814 --------------- ------------------ ----------------- -------------- ------------------ ---------------- (4,327,956) 5,085,347 10,614,681 (56,931) 1,077,262 1,205,379 31,544,698 26,459,351 15,844,670 4,469,898 3,392,636 2,187,257 --------------- ------------------ ----------------- -------------- ------------------ ---------------- $ 27,216,742 $ 31,544,698 $ 26,459,351 $ 4,412,967 $ 4,469,898 $ 3,392,636 =============== ================== ================= ============== ================== ================
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, 2011, 2010 AND 2009 MIST JANUS FORTY INVESTMENT DIVISION -------------------------------------------------- 2011 2010 2009 --------------- ------------------ --------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 149,656 $ 119,973 $ (75,162) Net realized gains (losses) 2,199 (41,591) (540,105) Change in unrealized gains (losses) on investments (1,278,619) 1,120,682 3,887,171 --------------- ------------------ --------------- Net increase (decrease) in net assets resulting from operations (1,126,764) 1,199,064 3,271,904 --------------- ------------------ --------------- POLICY TRANSACTIONS: Premium payments received from policy owners 2,050,382 2,241,409 2,031,808 Net transfers (including fixed account) (1,014,538) 410,883 1,027,089 Policy charges (884,372) (908,738) (846,828) Transfers for policy benefits and terminations (795,086) (788,374) (298,955) --------------- ------------------ --------------- Net increase (decrease) in net assets resulting from policy transactions (643,614) 955,180 1,913,114 --------------- ------------------ --------------- Net increase (decrease) in net assets (1,770,378) 2,154,244 5,185,018 NET ASSETS: Beginning of year 14,254,655 12,100,411 6,915,393 --------------- ------------------ --------------- End of year $ 12,484,277 $ 14,254,655 $ 12,100,411 =============== ================== ===============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 126 MIST LAZARD MID CAP MIST LEGG MASON CLEARBRIDGE AGGRESSIVE GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------------- ------------------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- ----------------- -------------- --------------- ----------------- -------------- $ 7,046 $ 11,435 $ 19,267 $ (80,301) $ (53,638) $ (40,420) (15,584) (93,933) (283,748) 93,448 (57,251) (166,346) (320,660) 1,108,654 1,519,608 (217,464) 1,583,027 1,815,976 -------------- ----------------- -------------- --------------- ----------------- -------------- (329,198) 1,026,156 1,255,127 (204,317) 1,472,138 1,609,210 -------------- ----------------- -------------- --------------- ----------------- -------------- 665,125 700,574 796,272 1,318,130 897,883 1,020,767 304,589 24,219 (267,754) 5,034,717 (116,646) (178,569) (345,623) (347,953) (346,321) (725,056) (490,095) (500,322) (602,339) (387,630) (290,206) (890,256) (464,163) (374,454) -------------- ----------------- -------------- --------------- ----------------- -------------- 21,752 (10,790) (108,009) 4,737,535 (173,021) (32,578) -------------- ----------------- -------------- --------------- ----------------- -------------- (307,446) 1,015,366 1,147,118 4,533,218 1,299,117 1,576,632 5,585,124 4,569,758 3,422,640 7,832,576 6,533,459 4,956,827 -------------- ----------------- -------------- --------------- ----------------- -------------- $ 5,277,678 $ 5,585,124 $ 4,569,758 $ 12,365,794 $ 7,832,576 $ 6,533,459 ============== ================= ============== =============== ================= ==============
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, 2011, 2010 AND 2009 MIST LORD ABBETT BOND DEBENTURE INVESTMENT DIVISION ---------------------------------------------------- 2011 2010 2009 --------------- ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 1,356,223 $ 1,402,246 $ 1,391,406 Net realized gains (losses) 583,376 240,525 (126,749) Change in unrealized gains (losses) on investments (863,576) 1,315,427 5,411,601 --------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from operations 1,076,023 2,958,198 6,676,258 --------------- ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners 2,158,065 2,523,009 2,703,439 Net transfers (including fixed account) (2,168,860) (548,415) 2,036,045 Policy charges (1,487,874) (1,509,898) (1,703,902) Transfers for policy benefits and terminations (1,520,091) (1,782,906) (1,226,776) --------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions (3,018,760) (1,318,210) 1,808,806 --------------- ------------------ ----------------- Net increase (decrease) in net assets (1,942,737) 1,639,988 8,485,064 NET ASSETS: Beginning of year 27,673,730 26,033,742 17,548,678 --------------- ------------------ ----------------- End of year $ 25,730,993 $ 27,673,730 $ 26,033,742 =============== ================== =================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 128 MIST LORD ABBETT MID CAP VALUE MIST MET/FRANKLIN INCOME INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------------- --------------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- ----------------- -------------- ------------ ----------------- -------------- $ 166 $ 199 $ 1,558 $ 8,323 $ 3,216 $ -- 818 3,236 (38,897) 5,705 823 54 (5,510) 19,769 57,059 (8,507) 10,272 9,507 -------------- ----------------- -------------- ------------ ----------------- -------------- (4,526) 23,204 19,720 5,521 14,311 9,561 -------------- ----------------- -------------- ------------ ----------------- -------------- 5,506 6,334 75,266 44,198 28,894 13,515 11,792 (18,047) (77,923) 67,493 66,675 19,688 (3,104) (3,822) (4,803) (23,591) (12,613) (6,238) -- -- (590) (7,430) (1,480) (482) -------------- ----------------- -------------- ------------ ----------------- -------------- 14,194 (15,535) (8,050) 80,670 81,476 26,483 -------------- ----------------- -------------- ------------ ----------------- -------------- 9,668 7,669 11,670 86,191 95,787 36,044 111,190 103,521 91,851 151,292 55,505 19,461 -------------- ----------------- -------------- ------------ ----------------- -------------- $ 120,858 $ 111,190 $ 103,521 $ 237,483 $ 151,292 $ 55,505 ============== ================= ============== ============ ================= ==============
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, 2011, 2010 AND 2009 MIST MET/FRANKLIN MUTUAL SHARES INVESTMENT DIVISION -------------------------------------------- 2011 2010 2009 -------------- -------------- -------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 1,982 $ -- $ -- Net realized gains (losses) 4,102 683 (91) Change in unrealized gains (losses) on investments (6,478) 4,077 4,710 -------------- -------------- -------------- Net increase (decrease) in net assets resulting from operations (394) 4,760 4,619 -------------- -------------- -------------- POLICY TRANSACTIONS: Premium payments received from policy owners 18,290 13,024 8,704 Net transfers (including fixed account) 18,465 22,360 6,499 Policy charges (9,290) (6,571) (3,313) Transfers for policy benefits and terminations (4,200) (811) (293) -------------- -------------- -------------- Net increase (decrease) in net assets resulting from policy transactions 23,265 28,002 11,597 -------------- -------------- -------------- Net increase (decrease) in net assets 22,871 32,762 16,216 NET ASSETS: Beginning of year 57,042 24,280 8,064 -------------- -------------- -------------- End of year $ 79,913 $ 57,042 $ 24,280 ============== ============== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 130 MIST MET/FRANKLIN TEMPLETON FOUNDING STRATEGY MIST MET/TEMPLETON GROWTH INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------- ------------------------------------------------ 2011 2010 2009 2011 2010 2009 ------------ ------------------ ------------- -------------- ---------------- ---------------- $ 5,031 $ -- $ -- $ 792 $ 305 $ 2 2,290 1,546 565 371 125 (60) (10,599) 23,230 14,572 (5,463) 3,904 3,117 ------------ ------------------ ------------- -------------- ---------------- ---------------- (3,278) 24,776 15,137 (4,300) 4,334 3,059 ------------ ------------------ ------------- -------------- ---------------- ---------------- 25,042 25,504 18,400 18,937 18,420 14,327 2,199 21,917 159,413 2,912 12,049 2,568 (8,412) (6,972) (7,871) (6,419) (5,335) (3,419) (19) -- (705) (6,096) (173) (526) ------------ ------------------ ------------- -------------- ---------------- ---------------- 18,810 40,449 169,237 9,334 24,961 12,950 ------------ ------------------ ------------- -------------- ---------------- ---------------- 15,532 65,225 184,374 5,034 29,295 16,009 260,280 195,055 10,681 48,492 19,197 3,188 ------------ ------------------ ------------- -------------- ---------------- ---------------- $ 275,812 $ 260,280 $ 195,055 $ 53,526 $ 48,492 $ 19,197 ============ ================== ============= ============== ================ ================
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, 2011, 2010 AND 2009 MIST MFS MIST METLIFE EMERGING AGGRESSIVE STRATEGY MARKETS EQUITY INVESTMENT DIVISION INVESTMENT DIVISION ---------------------- ---------------------- 2011 (f) 2011 (f) ---------------------- ---------------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $(77,007) $ (788) Net realized gains (losses) (117,896) (70) Change in unrealized gains (losses) on investments (1,834,063) (3,209) ---------------------- ---------------------- Net increase (decrease) in net assets resulting from operations (2,028,966) (4,067) ---------------------- ---------------------- POLICY TRANSACTIONS: Premium payments received from policy owners 1,640,701 3,938 Net transfers (including fixed account) 14,330,838 23,265 Policy charges (611,481) (123) Transfers for policy benefits and terminations (858,431) (63) ---------------------- ---------------------- Net increase (decrease) in net assets resulting from policy transactions 14,501,627 27,017 ---------------------- ---------------------- Net increase (decrease) in net assets 12,472,661 22,950 NET ASSETS: Beginning of year -- -- ---------------------- ---------------------- End of year $ 12,472,661 $ 22,950 ====================== ======================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 132 MIST MFS RESEARCH INTERNATIONAL MIST MORGAN STANLEY MID CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------------- ------------------------------------------------------ 2011 2010 2009 2011 2010 2009 --------------- ---------------------- ----------------- ---------------- ---------------------- -------------- $ 176,806 $ 134,233 $ 280,264 $ 16,206 $ (957,593) $ (870) (233,782) (545,005) (1,024,253) 7,856,152 336,382 1,780 (1,480,693) 1,743,808 3,897,065 (21,552,444) 31,775,159 75,648 --------------- ---------------------- ----------------- ---------------- ---------------------- -------------- (1,537,669) 1,333,036 3,153,076 (13,680,086) 31,153,948 76,558 --------------- ---------------------- ----------------- ---------------- ---------------------- -------------- 1,640,050 1,870,809 2,210,375 22,486,193 16,409,129 13,014 51,977 (766,625) (550,815) (4,111,245) 174,856,480 208,259 (767,791) (802,613) (902,498) (14,405,421) (9,530,730) (2,906) (1,130,486) (892,543) (545,950) (15,693,955) (9,440,323) (5,098) --------------- ---------------------- ----------------- ---------------- ---------------------- -------------- (206,250) (590,972) 211,112 (11,724,428) 172,294,556 213,269 --------------- ---------------------- ----------------- ---------------- ---------------------- -------------- (1,743,919) 742,064 3,364,188 (25,404,514) 203,448,504 289,827 13,920,818 13,178,754 9,814,566 203,754,931 306,427 16,600 --------------- ---------------------- ----------------- ---------------- ---------------------- -------------- $ 12,176,899 $ 13,920,818 $ 13,178,754 $ 178,350,417 $ 203,754,931 $ 306,427 =============== ====================== ================= ================ ====================== ==============
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, 2011, 2010 AND 2009 MIST OPPENHEIMER CAPITAL APPRECIATION INVESTMENT DIVISION ----------------------------------------------------- 2011 2010 2009 -------------- ---------------------- --------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ (7,998) $ (2,663) $ (10,277) Net realized gains (losses) (25,379) (39,996) (109,001) Change in unrealized gains (losses) on investments 5,975 190,578 558,202 -------------- ---------------------- --------------- Net increase (decrease) in net assets resulting from operations (27,402) 147,919 438,924 -------------- ---------------------- --------------- POLICY TRANSACTIONS: Premium payments received from policy owners 291,580 304,670 338,372 Net transfers (including fixed account) (65,330) (75,809) 205,296 Policy charges (118,108) (119,410) (126,102) Transfers for policy benefits and terminations (125,516) (109,397) (66,149) -------------- ---------------------- --------------- Net increase (decrease) in net assets resulting from policy transactions (17,374) 54 351,417 -------------- ---------------------- --------------- Net increase (decrease) in net assets (44,776) 147,973 790,341 NET ASSETS: Beginning of year 1,779,611 1,631,638 841,297 -------------- ---------------------- --------------- End of year $ 1,734,835 $ 1,779,611 $ 1,631,638 ============== ====================== ===============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 134 MIST PIMCO INFLATION PROTECTED BOND MIST PIMCO TOTAL RETURN INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- --------------------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- ----------------- ---------------- --------------- ------------------- --------------- $ 95,195 $ 146,674 $ 194,864 $ 975,512 $ 1,273,636 $ 2,452,300 525,047 281,279 (46,474) 1,634,121 474,495 1,576,841 331,187 130,473 877,182 (1,410,547) 1,426,113 1,911,046 --------------- ----------------- ---------------- --------------- ------------------- --------------- 951,429 558,426 1,025,572 1,199,086 3,174,244 5,940,187 --------------- ----------------- ---------------- --------------- ------------------- --------------- 1,244,015 1,208,996 1,284,337 5,110,970 5,334,220 5,672,803 671,186 587,680 842,827 1,024,517 3,101,158 2,447,477 (631,840) (577,592) (561,645) (3,110,778) (3,135,341) (3,246,181) (527,827) (699,416) (379,813) (3,694,178) (3,692,336) (3,035,028) --------------- ----------------- ---------------- --------------- ------------------- --------------- 755,534 519,668 1,185,706 (669,469) 1,607,701 1,839,071 --------------- ----------------- ---------------- --------------- ------------------- --------------- 1,706,963 1,078,094 2,211,278 529,617 4,781,945 7,779,258 8,812,538 7,734,444 5,523,166 46,602,262 41,820,317 34,041,059 --------------- ----------------- ---------------- --------------- ------------------- --------------- $ 10,519,501 $ 8,812,538 $ 7,734,444 $ 47,131,879 $ 46,602,262 $ 41,820,317 =============== ================= ================ =============== =================== ===============
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, 2011, 2010 AND 2009 MIST PIONEER FUND INVESTMENT DIVISION ----------------------------------------- 2011 2010 2009 (e) ------------ --------------- ------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 1,519 $ 1,005 $ (580) Net realized gains (losses) 21,102 6,067 1,986 Change in unrealized gains (losses) on investments (30,602) 25,716 48,304 ------------ --------------- ------------ Net increase (decrease) in net assets resulting from operations (7,981) 32,788 49,710 ------------ --------------- ------------ POLICY TRANSACTIONS: Premium payments received from policy owners 5,551 4,871 9,778 Net transfers (including fixed account) (1,284) (26,206) 197,145 Policy charges (3,877) (4,729) (2,535) Transfers for policy benefits and terminations (61,915) -- (14,962) ------------ --------------- ------------ Net increase (decrease) in net assets resulting from policy transactions (61,525) (26,064) 189,426 ------------ --------------- ------------ Net increase (decrease) in net assets (69,506) 6,724 239,136 NET ASSETS: Beginning of year 245,860 239,136 -- ------------ --------------- ------------ End of year $ 176,354 $ 245,860 $ 239,136 ============ =============== ============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 136 MIST RCM TECHNOLOGY MIST SSGA GROWTH AND INCOME ETF INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------------- ------------------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- ---------------- --------------- -------------- ----------------- ---------------- $(125,028) $ (111,175) $ (82,504) $ 41,408 $ 12,293 $ 6,273 512,571 (54,192) (600,648) 123,633 16,158 3,801 (1,944,446) 3,551,862 5,182,655 (151,325) 322,318 204,020 -------------- ---------------- --------------- -------------- ----------------- ---------------- (1,556,903) 3,386,495 4,499,503 13,716 350,769 214,094 -------------- ---------------- --------------- -------------- ----------------- ---------------- 1,591,820 1,602,041 1,674,647 610,076 471,109 200,034 (740,109) 7,146 1,430,181 653,921 1,821,735 921,708 (964,790) (958,684) (886,510) (249,515) (188,226) (67,668) (1,227,369) (1,144,160) (618,269) (235,978) (217,589) (23,508) -------------- ---------------- --------------- -------------- ----------------- ---------------- (1,340,448) (493,657) 1,600,049 778,504 1,887,029 1,030,566 -------------- ---------------- --------------- -------------- ----------------- ---------------- (2,897,351) 2,892,838 6,099,552 792,220 2,237,798 1,244,660 16,113,886 13,221,048 7,121,496 3,818,907 1,581,109 336,449 -------------- ---------------- --------------- -------------- ----------------- ---------------- $ 13,216,535 $ 16,113,886 $ 13,221,048 $ 4,611,127 $ 3,818,907 $ 1,581,109 ============== ================ =============== ============== ================= ================
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, 2011, 2010 AND 2009 MIST SSGA GROWTH ETF INVESTMENT DIVISION ------------------------------------------------ 2011 2010 2009 -------------- ------------------ -------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 31,155 $ 16,282 $ 7,006 Net realized gains (losses) 63,035 12,378 (20,730) Change in unrealized gains (losses) on investments (183,850) 271,601 309,775 -------------- ------------------ -------------- Net increase (decrease) in net assets resulting from operations (89,660) 300,261 296,051 -------------- ------------------ -------------- POLICY TRANSACTIONS: Premium payments received from policy owners 473,918 426,740 229,022 Net transfers (including fixed account) 671,574 479,704 921,197 Policy charges (187,333) (144,844) (75,749) Transfers for policy benefits and terminations (238,362) (171,487) (38,845) -------------- ------------------ -------------- Net increase (decrease) in net assets resulting from policy transactions 719,797 590,113 1,035,625 -------------- ------------------ -------------- Net increase (decrease) in net assets 630,137 890,374 1,331,676 NET ASSETS: Beginning of year 2,679,381 1,789,007 457,331 -------------- ------------------ -------------- End of year $ 3,309,518 $ 2,679,381 $ 1,789,007 ============== ================== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 138 MIST T. ROWE PRICE LARGE CAP VALUE MIST T. ROWE PRICE MID CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ----------------------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- ----------------- ---------------- --------------- ------------------- ----------------- $ (14,587) $ (69,544) $ 86,241 $ (314,304) $ (150,122) $ (115,483) (435,260) (79,021) (261,167) 872,771 131,367 (381,122) 577,510 921,874 894,542 (1,837,318) 4,580,355 5,596,487 -------------- ----------------- ---------------- --------------- ------------------- ----------------- 127,663 773,309 719,616 (1,278,581) 4,561,600 5,099,882 -------------- ----------------- ---------------- --------------- ------------------- ----------------- 4,938 427,886 455,197 2,194,867 2,269,288 2,540,664 (4,150,820) (66,707) (56,090) 5,978,566 264,028 (25,606) (22,272) (66,379) (175,840) (1,281,123) (1,184,611) (1,208,476) (1,102,016) (7,059) (15,683) (1,643,740) (1,448,078) (796,500) -------------- ----------------- ---------------- --------------- ------------------- ----------------- (5,270,170) 287,741 207,584 5,248,570 (99,373) 510,082 -------------- ----------------- ---------------- --------------- ------------------- ----------------- (5,142,507) 1,061,050 927,200 3,969,719 4,462,227 5,609,964 6,224,061 5,163,011 4,235,811 21,234,908 16,772,681 11,162,717 -------------- ----------------- ---------------- --------------- ------------------- ----------------- $ 1,081,554 $ 6,224,061 $ 5,163,011 $ 25,204,627 $ 21,234,908 $ 16,772,681 ============== ================= ================ =============== =================== =================
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, 2011, 2010 AND 2009 MIST THIRD AVENUE SMALL CAP VALUE INVESTMENT DIVISION -------------------------------------------- 2011 2010 2009 ------------ ---------------- -------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ (738) $ 1,081 $ 839 Net realized gains (losses) 86,881 42,370 (14,175) Change in unrealized gains (losses) on investments (240,493) 198,929 152,916 ------------ ---------------- -------------- Net increase (decrease) in net assets resulting from operations (154,350) 242,380 139,580 ------------ ---------------- -------------- POLICY TRANSACTIONS: Premium payments received from policy owners 28,968 152,265 57,631 Net transfers (including fixed account) (400,494) 298,003 486,247 Policy charges (18,468) (17,684) (12,877) Transfers for policy benefits and terminations (225,194) (369) (13,418) ------------ ---------------- -------------- Net increase (decrease) in net assets resulting from policy transactions (615,188) 432,215 517,583 ------------ ---------------- -------------- Net increase (decrease) in net assets (769,538) 674,595 657,163 NET ASSETS: Beginning of year 1,575,589 900,994 243,831 ------------ ---------------- -------------- End of year $ 806,051 $ 1,575,589 $ 900,994 ============ ================ ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 140 MSF ARTIO INTERNATIONAL STOCK MSF BARCLAYS CAPITAL AGGREGATE BOND INDEX INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------------------- ----------------------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- ------------------- ----------------- ---------------- ------------------- ---------------- $ 411,074 $ 312,234 $ (49,120) $ 3,008,471 $ 3,134,920 $ 5,177,513 (808,593) (1,030,425) (2,053,375) 843,640 613,564 195,723 (8,900,342) 3,370,719 10,298,349 3,276,276 1,607,603 (1,139,158) --------------- ------------------- ----------------- ---------------- ------------------- ---------------- (9,297,861) 2,652,528 8,195,854 7,128,387 5,356,087 4,234,078 --------------- ------------------- ----------------- ---------------- ------------------- ---------------- 4,892,915 5,258,777 5,947,335 12,546,475 13,651,933 15,575,764 100,755 (592,663) (1,694,751) (5,035,008) 4,296,224 5,185,787 (3,012,276) (3,227,781) (3,532,211) (7,661,064) (7,836,195) (8,703,722) (2,530,848) (3,487,847) (2,746,693) (12,699,958) (7,334,933) (6,465,006) --------------- ------------------- ----------------- ---------------- ------------------- ---------------- (549,454) (2,049,514) (2,026,320) (12,849,555) 2,777,029 5,592,823 --------------- ------------------- ----------------- ---------------- ------------------- ---------------- (9,847,315) 603,014 6,169,534 (5,721,168) 8,133,116 9,826,901 45,766,876 45,163,862 38,994,328 114,484,755 106,351,639 96,524,738 --------------- ------------------- ----------------- ---------------- ------------------- ---------------- $ 35,919,561 $ 45,766,876 $ 45,163,862 $ 108,763,587 $ 114,484,755 $ 106,351,639 =============== =================== ================= ================ =================== ================
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, 2011, 2010 AND 2009 MSF BLACKROCK AGGRESSIVE GROWTH INVESTMENT DIVISION ------------------------------------------------------- 2011 2010 2009 ---------------- ------------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ (1,230,852) $ (1,491,228) $ (1,057,460) Net realized gains (losses) 2,544,325 451,106 (3,328,441) Change in unrealized gains (losses) on investments (8,863,059) 26,312,677 66,805,065 ---------------- ------------------- ------------------ Net increase (decrease) in net assets resulting from operations (7,549,586) 25,272,555 62,419,164 ---------------- ------------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners 17,102,384 18,632,365 20,361,017 Net transfers (including fixed account) 3,214,026 (3,158,688) (3,469,034) Policy charges (13,648,373) (13,928,346) (14,222,944) Transfers for policy benefits and terminations (14,269,181) (14,208,996) (11,832,605) ---------------- ------------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions (7,601,144) (12,663,665) (9,163,566) ---------------- ------------------- ------------------ Net increase (decrease) in net assets (15,150,730) 12,608,890 53,255,598 NET ASSETS: Beginning of year 200,141,525 187,532,635 134,277,037 ---------------- ------------------- ------------------ End of year $ 184,990,795 $ 200,141,525 $ 187,532,635 ================ =================== ==================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 142 MSF BLACKROCK BOND INCOME MSF BLACKROCK DIVERSIFIED INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------------- ------------------------------------------------------ 2011 2010 2009 2011 2010 2009 --------------- ------------------ ----------------- ---------------- -------------------- ---------------- $ 2,652,269 $ 2,669,950 $ 5,080,494 $ 4,087,929 $ 2,653,340 $ 10,169,948 132,024 24,746 (553,787) (191,522) (1,951,136) (4,609,576) 1,930,533 3,372,816 2,142,811 3,658,514 20,635,275 31,028,944 --------------- ------------------ ----------------- ---------------- -------------------- ---------------- 4,714,826 6,067,512 6,669,518 7,554,921 21,337,479 36,589,316 --------------- ------------------ ----------------- ---------------- -------------------- ---------------- 7,828,777 8,520,413 9,587,028 27,879,758 29,469,771 32,386,040 (1,265,327) 406,620 (2,591,044) (878,239) (2,059,076) (4,711,176) (6,239,953) (6,604,181) (7,385,796) (23,064,453) (23,701,241) (25,234,205) (5,835,954) (5,946,761) (5,845,823) (19,040,111) (19,336,433) (17,354,140) --------------- ------------------ ----------------- ---------------- -------------------- ---------------- (5,512,457) (3,623,909) (6,235,635) (15,103,045) (15,626,979) (14,913,481) --------------- ------------------ ----------------- ---------------- -------------------- ---------------- (797,631) 2,443,603 433,883 (7,548,124) 5,710,500 21,675,835 84,862,836 82,419,233 81,985,350 263,102,316 257,391,816 235,715,981 --------------- ------------------ ----------------- ---------------- -------------------- ---------------- $ 84,065,205 $ 84,862,836 $ 82,419,233 $ 255,554,192 $ 263,102,316 $ 257,391,816 =============== ================== ================= ================ ==================== ================
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, 2011, 2010 AND 2009 MSF BLACKROCK LARGE CAP VALUE INVESTMENT DIVISION ---------------------------------------------------- 2011 2010 2009 --------------- ------------------ ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 43,646 $ 27,035 $ 73,451 Net realized gains (losses) (80,782) (263,466) (513,587) Change in unrealized gains (losses) on investments 254,349 1,265,453 1,615,283 --------------- ------------------ ---------------- Net increase (decrease) in net assets resulting from operations 217,213 1,029,022 1,175,147 --------------- ------------------ ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners 1,997,147 2,157,901 2,432,547 Net transfers (including fixed account) 22,211 (183,197) 29,524 Policy charges (867,088) (871,019) (969,741) Transfers for policy benefits and terminations (955,568) (957,459) (514,960) --------------- ------------------ ---------------- Net increase (decrease) in net assets resulting from policy transactions 196,702 146,226 977,370 --------------- ------------------ ---------------- Net increase (decrease) in net assets 413,915 1,175,248 2,152,517 NET ASSETS: Beginning of year 12,899,137 11,723,889 9,571,372 --------------- ------------------ ---------------- End of year $ 13,313,052 $ 12,899,137 $ 11,723,889 =============== ================== ================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 144 MSF BLACKROCK LEGACY LARGE CAP GROWTH MSF BLACKROCK MONEY MARKET INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------------ 2011 2010 2009 2011 2010 2009 -------------- ----------------- ---------------- --------------- ------------------- ------------------ $ (46,620) $ (38,770) $ (5,579) $ (161,149) $ (300,906) $ (11,349) 137,813 75,641 (146,284) -- -- -- (879,158) 1,107,022 1,684,656 -- -- -- -------------- ----------------- ---------------- --------------- ------------------- ------------------ (787,965) 1,143,893 1,532,793 (161,149) (300,906) (11,349) -------------- ----------------- ---------------- --------------- ------------------- ------------------ 1,133,989 1,127,304 1,097,152 6,905,158 14,816,043 8,264,492 1,403,176 39,075 217,819 (10,656,392) (13,160,154) (31,859,828) (514,429) (499,832) (460,694) (1,109,422) (1,340,285) (1,914,002) (1,189,484) (438,412) (223,463) (4,013,323) (5,424,880) (2,515,809) -------------- ----------------- ---------------- --------------- ------------------- ------------------ 833,252 228,135 630,814 (8,873,979) (5,109,276) (28,025,147) -------------- ----------------- ---------------- --------------- ------------------- ------------------ 45,287 1,372,028 2,163,607 (9,035,128) (5,410,182) (28,036,496) 7,322,523 5,950,495 3,786,888 29,818,336 35,228,518 63,265,014 -------------- ----------------- ---------------- --------------- ------------------- ------------------ $ 7,367,810 $ 7,322,523 $ 5,950,495 $ 20,783,208 $ 29,818,336 $ 35,228,518 ============== ================= ================ =============== =================== ==================
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, 2011, 2010 AND 2009 MSF DAVIS VENTURE VALUE INVESTMENT DIVISION ------------------------------------------------- 2011 2010 2009 --------------- ----------------- --------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 210,852 $ 89,335 $ 312,737 Net realized gains (losses) 492,146 191,969 (723,952) Change in unrealized gains (losses) on investments (3,392,027) 5,562,556 12,907,686 --------------- ----------------- --------------- Net increase (decrease) in net assets resulting from operations (2,689,029) 5,843,860 12,496,471 --------------- ----------------- --------------- POLICY TRANSACTIONS: Premium payments received from policy owners 7,273,891 8,027,444 9,217,297 Net transfers (including fixed account) 33,336 (908,212) (601,386) Policy charges (3,741,905) (3,883,974) (4,013,443) Transfers for policy benefits and terminations (5,136,119) (3,941,742) (2,327,459) --------------- ----------------- --------------- Net increase (decrease) in net assets resulting from policy transactions (1,570,797) (706,484) 2,275,009 --------------- ----------------- --------------- Net increase (decrease) in net assets (4,259,826) 5,137,376 14,771,480 NET ASSETS: Beginning of year 57,910,618 52,773,242 38,001,762 --------------- ----------------- --------------- End of year $ 53,650,792 $ 57,910,618 $ 52,773,242 =============== ================= ===============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 146 MSF FI VALUE LEADERS MSF JENNISON GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ----------------------------------------------- -------------------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- ----------------- -------------- --------------- ------------------ --------------- $ 19,109 $ 42,314 $ 90,114 $ (66,983) $ (33,604) $ (75,210) (99,840) (145,291) (259,906) 251,119 17,747 (140,559) (347,209) 885,079 1,128,894 (215,551) 1,535,759 4,015,386 -------------- ----------------- -------------- --------------- ------------------ --------------- (427,940) 782,102 959,102 (31,415) 1,519,902 3,799,617 -------------- ----------------- -------------- --------------- ------------------ --------------- 906,978 997,133 1,137,076 1,444,160 1,601,194 1,719,206 107,098 41,388 (112,167) (43,841) 598,866 (143,027) (436,787) (451,311) (473,372) (938,887) (946,786) (963,364) (572,452) (361,541) (254,916) (1,671,932) (838,122) (752,854) -------------- ----------------- -------------- --------------- ------------------ --------------- 4,837 225,669 296,621 (1,210,500) 415,152 (140,039) -------------- ----------------- -------------- --------------- ------------------ --------------- (423,103) 1,007,771 1,255,723 (1,241,915) 1,935,054 3,659,578 6,488,932 5,481,161 4,225,438 15,408,401 13,473,347 9,813,769 -------------- ----------------- -------------- --------------- ------------------ --------------- $ 6,065,829 $ 6,488,932 $ 5,481,161 $ 14,166,486 $ 15,408,401 $ 13,473,347 ============== ================= ============== =============== ================== ===============
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, 2011, 2010 AND 2009 MSF LOOMIS SAYLES SMALL CAP CORE INVESTMENT DIVISION ---------------------------------------------------- 2011 2010 2009 --------------- ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ (116,937) $ (112,605) $ (66,505) Net realized gains (losses) 258,722 (55,224) (439,969) Change in unrealized gains (losses) on investments (166,265) 4,065,140 3,809,050 --------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from operations (24,480) 3,897,311 3,302,576 --------------- ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners 1,937,235 2,076,395 2,435,828 Net transfers (including fixed account) (342,656) (491,792) (114,204) Policy charges (1,066,229) (1,025,327) (1,044,037) Transfers for policy benefits and terminations (1,342,670) (999,217) (789,008) --------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions (814,320) (439,941) 488,579 --------------- ------------------ ----------------- Net increase (decrease) in net assets (838,800) 3,457,370 3,791,155 NET ASSETS: Beginning of year 18,282,784 14,825,414 11,034,259 --------------- ------------------ ----------------- End of year $ 17,443,984 $ 18,282,784 $ 14,825,414 =============== ================== =================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 148 MSF LOOMIS SAYLES SMALL CAP GROWTH MSF MET/ARTISAN MID CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- ----------------------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- ------------------ ---------------- --------------- ------------------- ----------------- $(65,916) $ (51,755) $ (39,304) $ 60,419 $ (47,745) $ 94,579 104,198 (47,680) (219,528) (412,007) (887,093) (2,074,439) 121,090 1,843,398 1,519,136 3,096,938 6,661,231 14,134,862 -------------- ------------------ ---------------- --------------- ------------------- ----------------- 159,372 1,743,963 1,260,304 2,745,350 5,726,393 12,155,002 -------------- ------------------ ---------------- --------------- ------------------- ----------------- 919,698 919,140 988,520 5,738,107 6,389,633 7,222,155 627,796 81,273 (173,065) (545,207) (144,561) (2,763,216) (484,566) (421,055) (408,126) (3,144,705) (3,135,232) (3,172,696) (472,962) (486,248) (281,193) (4,205,697) (3,307,007) (2,344,946) -------------- ------------------ ---------------- --------------- ------------------- ----------------- 589,966 93,110 126,136 (2,157,502) (197,167) (1,058,703) -------------- ------------------ ---------------- --------------- ------------------- ----------------- 749,338 1,837,073 1,386,440 587,848 5,529,226 11,096,299 7,430,441 5,593,368 4,206,928 46,601,141 41,071,915 29,975,616 -------------- ------------------ ---------------- --------------- ------------------- ----------------- $ 8,179,779 $ 7,430,441 $ 5,593,368 $ 47,188,989 $ 46,601,141 $ 41,071,915 ============== ================== ================ =============== =================== =================
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, 2011, 2010 AND 2009 MSF METLIFE CONSERVATIVE ALLOCATION INVESTMENT DIVISION -------------------------------------------------- 2011 2010 2009 -------------- ------------------ ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 68,584 $ 80,267 $ 42,263 Net realized gains (losses) 77,218 46,459 5,727 Change in unrealized gains (losses) on investments (37,275) 119,161 276,504 -------------- ------------------ ---------------- Net increase (decrease) in net assets resulting from operations 108,527 245,887 324,494 -------------- ------------------ ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners 485,812 467,696 374,777 Net transfers (including fixed account) 943,856 1,892,409 493,401 Policy charges (360,205) (296,178) (222,010) Transfers for policy benefits and terminations (843,231) (461,555) (132,555) -------------- ------------------ ---------------- Net increase (decrease) in net assets resulting from policy transactions 226,232 1,602,372 513,613 -------------- ------------------ ---------------- Net increase (decrease) in net assets 334,759 1,848,259 838,107 NET ASSETS: Beginning of year 4,036,496 2,188,237 1,350,130 -------------- ------------------ ---------------- End of year $ 4,371,255 $ 4,036,496 $ 2,188,237 ============== ================== ================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 150 MSF METLIFE CONSERVATIVE TO MODERATE ALLOCATION MSF METLIFE MID CAP STOCK INDEX INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------ ----------------------------------------------------- 2011 2010 2009 2011 2010 2009 -------------- ------------------ -------------- --------------- ------------------- ----------------- $ 102,885 $ 146,886 $ 97,885 $ 92,584 $ 88,922 $ 436,208 135,436 32,319 (68,146) 3,401,215 248,370 308,329 (210,123) 421,073 828,280 (4,954,472) 12,893,844 13,600,526 -------------- ------------------ -------------- --------------- ------------------- ----------------- 28,198 600,278 858,019 (1,460,673) 13,231,136 14,345,063 -------------- ------------------ -------------- --------------- ------------------- ----------------- 968,450 1,013,491 1,081,983 6,663,417 7,250,885 8,322,995 (142,377) 1,079,782 990,434 550,217 173,240 (1,733,152) (614,893) (573,007) (588,201) (3,942,548) (3,916,122) (3,929,463) (600,517) (457,386) (298,169) (4,758,860) (4,634,928) (4,046,727) -------------- ------------------ -------------- --------------- ------------------- ----------------- (389,337) 1,062,880 1,186,047 (1,487,774) (1,126,925) (1,386,347) -------------- ------------------ -------------- --------------- ------------------- ----------------- (361,139) 1,663,158 2,044,066 (2,948,447) 12,104,211 12,958,716 6,925,701 5,262,543 3,218,477 65,796,062 53,691,851 40,733,135 -------------- ------------------ -------------- --------------- ------------------- ----------------- $ 6,564,562 $ 6,925,701 $ 5,262,543 $ 62,847,615 $ 65,796,062 $ 53,691,851 ============== ================== ============== =============== =================== =================
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, 2011, 2010 AND 2009 MSF METLIFE MODERATE ALLOCATION INVESTMENT DIVISION ----------------------------------------------------- 2011 2010 2009 --------------- ------------------- ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 365,409 $ 612,920 $ 506,612 Net realized gains (losses) 234,474 17,779 (2,887) Change in unrealized gains (losses) on investments (1,362,402) 3,378,733 5,007,760 --------------- ------------------- ----------------- Net increase (decrease) in net assets resulting from operations (762,519) 4,009,432 5,511,485 --------------- ------------------- ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners 5,784,576 5,949,225 6,448,156 Net transfers (including fixed account) 3,395,270 3,305,318 2,562,902 Policy charges (2,904,925) (2,798,394) (2,812,947) Transfers for policy benefits and terminations (3,138,424) (2,041,425) (1,454,530) --------------- ------------------- ----------------- Net increase (decrease) in net assets resulting from policy transactions 3,136,497 4,414,724 4,743,581 --------------- ------------------- ----------------- Net increase (decrease) in net assets 2,373,978 8,424,156 10,255,066 NET ASSETS: Beginning of year 37,214,331 28,790,175 18,535,109 --------------- ------------------- ----------------- End of year $ 39,588,309 $ 37,214,331 $ 28,790,175 =============== =================== =================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 152 MSF METLIFE MODERATE TO AGGRESSIVE ALLOCATION MSF METLIFE STOCK INDEX INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------------- ------------------------------------------------------ 2011 2010 2009 2011 2010 2009 --------------- -------------------- --------------- ---------------- -------------------- ---------------- $ 506,120 $ 796,924 $ 779,492 $ 6,320,936 $ 5,808,346 $ 9,682,465 112,005 (102,509) (133,216) 3,790,443 (5,405,568) (976,772) (3,772,324) 7,116,457 10,602,923 (2,093,968) 82,259,608 112,925,652 --------------- -------------------- --------------- ---------------- -------------------- ---------------- (3,154,199) 7,810,872 11,249,199 8,017,411 82,662,386 121,631,345 --------------- -------------------- --------------- ---------------- -------------------- ---------------- 12,078,791 13,837,630 16,058,041 80,842,256 86,739,358 95,757,402 1,724,329 655,595 (778,406) (3,601,844) (12,182,904) (18,281,346) (4,865,736) (5,100,587) (5,739,610) (41,264,087) (41,866,793) (43,260,398) (4,677,007) (4,588,662) (2,211,947) (47,119,534) (41,307,628) (30,750,386) --------------- -------------------- --------------- ---------------- -------------------- ---------------- 4,260,377 4,803,976 7,328,078 (11,143,209) (8,617,967) 3,465,272 --------------- -------------------- --------------- ---------------- -------------------- ---------------- 1,106,178 12,614,848 18,577,277 (3,125,798) 74,044,419 125,096,617 65,064,069 52,449,221 33,871,944 671,751,965 597,707,546 472,610,929 --------------- -------------------- --------------- ---------------- -------------------- ---------------- $ 66,170,247 $ 65,064,069 $ 52,449,221 $ 668,626,167 $ 671,751,965 $ 597,707,546 =============== ==================== =============== ================ ==================== ================
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, 2011, 2010 AND 2009 MSF MFS TOTAL RETURN INVESTMENT DIVISION ------------------------------------------------ 2011 2010 2009 -------------- ------------------ -------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 96,167 $ 130,483 $ 179,213 Net realized gains (losses) (29,847) (99,947) (173,243) Change in unrealized gains (losses) on investments (11,189) 568,242 937,515 -------------- ------------------ -------------- Net increase (decrease) in net assets resulting from operations 55,131 598,778 943,485 -------------- ------------------ -------------- POLICY TRANSACTIONS: Premium payments received from policy owners 1,027,479 952,924 1,270,198 Net transfers (including fixed account) (126,958) (93,026) 999,337 Policy charges (500,485) (506,572) (577,409) Transfers for policy benefits and terminations (801,101) (377,989) (362,991) -------------- ------------------ -------------- Net increase (decrease) in net assets resulting from policy transactions (401,065) (24,663) 1,329,135 -------------- ------------------ -------------- Net increase (decrease) in net assets (345,934) 574,115 2,272,620 NET ASSETS: Beginning of year 7,708,272 7,134,157 4,861,537 -------------- ------------------ -------------- End of year $ 7,362,338 $ 7,708,272 $ 7,134,157 ============== ================== ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 154 MSF MFS VALUE MSF MORGAN STANLEY EAFE INDEX INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- ----------------------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- ------------------ --------------- --------------- ------------------- ----------------- $ 367,363 $ 255,596 $ (360,654) $ 996,993 $ 1,043,606 $ 1,709,359 (44,982) (425,864) (877,734) 137,025 (236,046) (455,196) (346,891) 5,358,513 9,493,542 (9,604,700) 3,674,685 11,844,795 --------------- ------------------ --------------- --------------- ------------------- ----------------- (24,510) 5,188,245 8,255,154 (8,470,682) 4,482,245 13,098,958 --------------- ------------------ --------------- --------------- ------------------- ----------------- 6,217,602 6,966,530 7,793,992 7,277,374 7,898,110 9,558,645 423,365 37,691 (1,188,905) 3,903,398 2,327,295 (1,404,247) (3,452,473) (3,542,869) (3,789,583) (3,801,271) (3,885,302) (4,356,028) (4,853,465) (3,962,238) (2,718,079) (4,517,098) (4,368,376) (2,974,891) --------------- ------------------ --------------- --------------- ------------------- ----------------- (1,664,971) (500,886) 97,425 2,862,403 1,971,727 823,479 --------------- ------------------ --------------- --------------- ------------------- ----------------- (1,689,481) 4,687,359 8,352,579 (5,608,279) 6,453,972 13,922,437 54,052,850 49,365,491 41,012,912 65,367,829 58,913,857 44,991,420 --------------- ------------------ --------------- --------------- ------------------- ----------------- $ 52,363,369 $ 54,052,850 $ 49,365,491 $ 59,759,550 $ 65,367,829 $ 58,913,857 =============== ================== =============== =============== =================== =================
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, 2011, 2010 AND 2009 MSF NEUBERGER BERMAN GENESIS INVESTMENT DIVISION ----------------------------------------------------- 2011 2010 2009 --------------- ------------------- ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ (67,278) $ (275,380) $ 150,638 Net realized gains (losses) (976,828) (2,085,738) (2,703,187) Change in unrealized gains (losses) on investments 4,961,322 15,927,942 10,045,644 --------------- ------------------- ----------------- Net increase (decrease) in net assets resulting from operations 3,917,216 13,566,824 7,493,095 --------------- ------------------- ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners 8,942,665 9,951,447 11,539,415 Net transfers (including fixed account) (1,072,904) (1,640,139) (1,847,368) Policy charges (5,313,072) (5,140,082) (5,408,103) Transfers for policy benefits and terminations (5,912,935) (5,453,013) (4,050,199) --------------- ------------------- ----------------- Net increase (decrease) in net assets resulting from policy transactions (3,356,246) (2,281,787) 233,745 --------------- ------------------- ----------------- Net increase (decrease) in net assets 560,970 11,285,037 7,726,840 NET ASSETS: Beginning of year 78,718,096 67,433,059 59,706,219 --------------- ------------------- ----------------- End of year $ 79,279,066 $ 78,718,096 $ 67,433,059 =============== =================== =================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 156 MSF NEUBERGER BERMAN MID CAP VALUE MSF OPPENHEIMER GLOBAL EQUITY INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------------- ----------------------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- ------------------ ----------------- --------------- ------------------- ----------------- $ 11,772 $ (335) $ 373,237 $ 540,754 $ 315,620 $ 593,945 682,184 12,235 (1,385,415) 892,248 362,727 (362,452) (5,912,606) 15,949,723 21,838,137 (5,213,727) 5,192,068 11,124,292 --------------- ------------------ ----------------- --------------- ------------------- ----------------- (5,218,650) 15,961,623 20,825,959 (3,780,725) 5,870,415 11,355,785 --------------- ------------------ ----------------- --------------- ------------------- ----------------- 8,114,422 8,746,908 9,917,985 3,587,418 3,921,178 4,170,777 (368,606) (311,273) (2,538,823) (166,778) 130,181 (1,832,917) (4,863,238) (4,935,922) (4,785,680) (2,342,147) (2,449,571) (2,484,658) (5,832,043) (5,431,326) (3,527,386) (3,507,119) (2,648,050) (1,971,254) --------------- ------------------ ----------------- --------------- ------------------- ----------------- (2,949,465) (1,931,613) (933,904) (2,428,626) (1,046,262) (2,118,052) --------------- ------------------ ----------------- --------------- ------------------- ----------------- (8,168,115) 14,030,010 19,892,055 (6,209,351) 4,824,153 9,237,733 77,987,809 63,957,799 44,065,744 43,706,570 38,882,417 29,644,684 --------------- ------------------ ----------------- --------------- ------------------- ----------------- $ 69,819,694 $ 77,987,809 $ 63,957,799 $ 37,497,219 $ 43,706,570 $ 38,882,417 =============== ================== ================= =============== =================== =================
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, 2011, 2010 AND 2009 MSF RUSSELL 2000 INDEX INVESTMENT DIVISION --------------------------------------------------- 2011 2010 2009 --------------- ------------------- --------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 171,547 $ 169,705 $ 494,140 Net realized gains (losses) 734,988 (66,857) 70,119 Change in unrealized gains (losses) on investments (3,300,203) 11,828,973 9,093,620 --------------- ------------------- --------------- Net increase (decrease) in net assets resulting from operations (2,393,668) 11,931,821 9,657,879 --------------- ------------------- --------------- POLICY TRANSACTIONS: Premium payments received from policy owners 5,547,834 6,030,913 6,872,994 Net transfers (including fixed account) 238,532 (1,459,730) (966,184) Policy charges (3,170,368) (3,188,654) (3,197,900) Transfers for policy benefits and terminations (5,646,773) (3,961,411) (2,569,871) --------------- ------------------- --------------- Net increase (decrease) in net assets resulting from policy transactions (3,030,775) (2,578,882) 139,039 --------------- ------------------- --------------- Net increase (decrease) in net assets (5,424,443) 9,352,939 9,796,918 NET ASSETS: Beginning of year 56,596,227 47,243,288 37,446,370 --------------- ------------------- --------------- End of year $ 51,171,784 $ 56,596,227 $ 47,243,288 =============== =================== ===============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 158 MSF T. ROWE PRICE LARGE CAP GROWTH MSF T. ROWE PRICE SMALL CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------------- --------------------------------------------------- 2011 2010 2009 2011 2010 2009 --------------- ------------------ ---------------- --------------- ----------------- ----------------- $ (316,295) $ (260,485) $ (70,974) $ (968,014) $ (769,902) $ (277,201) 908,859 253,453 (485,740) 2,332,511 562,971 468,105 (1,383,140) 6,370,252 13,392,122 (846,789) 22,601,563 19,138,611 --------------- ------------------ ---------------- --------------- ----------------- ----------------- (790,576) 6,363,220 12,835,408 517,708 22,394,632 19,329,515 --------------- ------------------ ---------------- --------------- ----------------- ----------------- 4,270,409 4,102,715 5,247,409 6,244,277 6,679,778 7,344,778 162,723 (1,629,305) (479,252) 3,733,237 (365,817) (1,819,482) (2,791,074) (2,739,632) (3,146,728) (4,773,192) (4,469,032) (4,555,731) (4,309,233) (2,842,508) (2,638,815) (6,901,125) (5,044,716) (3,780,276) --------------- ------------------ ---------------- --------------- ----------------- ----------------- (2,667,175) (3,108,730) (1,017,386) (1,696,803) (3,199,787) (2,810,711) --------------- ------------------ ---------------- --------------- ----------------- ----------------- (3,457,751) 3,254,490 11,818,022 (1,179,095) 19,194,845 16,518,804 45,775,087 42,520,597 30,702,575 88,004,866 68,810,021 52,291,217 --------------- ------------------ ---------------- --------------- ----------------- ----------------- $ 42,317,336 $ 45,775,087 $ 42,520,597 $ 86,825,771 $ 88,004,866 $ 68,810,021 =============== ================== ================ =============== ================= =================
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, 2011, 2010 AND 2009 MSF VAN ECK GLOBAL NATURAL MSF WESTERN ASSET MANAGEMENT RESOURCES STRATEGIC BOND OPPORTUNITIES INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------------------------------------------ 2011 (f) 2011 2010 2009 ------------------- ------------- ---------------------- ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ (609) $ 1,016,886 $ 1,151,290 $ 1,027,387 Net realized gains (losses) (45) 144,847 71,403 382,268 Change in unrealized gains (losses) on investments (2,198) 64,600 1,196,007 3,433,572 ------------------- ------------- ---------------------- ----------------- Net increase (decrease) in net assets resulting from operations (2,852) 1,226,333 2,418,700 4,843,227 ------------------- ------------- ---------------------- ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners 3,321 2,593,403 2,832,832 3,046,053 Net transfers (including fixed account) 12,824 (646,114) 1,156,919 35,565 Policy charges (101) (1,546,833) (1,584,202) (1,611,112) Transfers for policy benefits and terminations (13) (1,876,403) (1,617,829) (1,198,113) ------------------- ------------- ---------------------- ----------------- Net increase (decrease) in net assets resulting from policy transactions 16,031 (1,475,947) 787,720 272,393 ------------------- ------------- ---------------------- ----------------- Net increase (decrease) in net assets 13,179 (249,614) 3,206,420 5,115,620 NET ASSETS: Beginning of year -- 23,786,502 20,580,082 15,464,462 ------------------- ------------- ---------------------- ----------------- End of year $ 13,179 $ 23,536,888 $ 23,786,502 $ 20,580,082 =================== ============= ====================== =================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 160 PIMCO VIT ALL ASSET MSF WESTERN ASSET MANAGEMENT U.S. GOVERNMENT INVESTMENT PIMCO VIT LOW DURATION INVESTMENT DIVISION DIVISION INVESTMENT DIVISION --------------------------------------------------- -------------- ------------------------------------------ 2011 2010 2009 2011 (f) 2011 2010 2009 (e) --------------- ------------------- --------------- -------------- ------------ -------------- -------------- $ 116,646 $ 314,612 $ 583,308 $ 2,774 $ 10,827 $ 9,408 $ 9,485 564,972 49,043 (89,029) -- 618 2,729 33,086 82,587 435,726 44,105 (1,176) (6,243) 23,685 1,601 --------------- ------------------- --------------- -------------- ------------ -------------- -------------- 764,205 799,381 538,384 1,598 5,202 35,822 44,172 --------------- ------------------- --------------- -------------- ------------ -------------- -------------- 2,130,621 2,331,803 2,652,804 8,337 43,028 -- -- (428,475) (168,918) 3,368,164 86,523 153,678 32 696,037 (1,254,276) (1,312,750) (1,485,448) (320) (18,431) (8,069) (3,966) (1,409,928) (1,375,135) (4,351,515) -- -- -- (1,497) --------------- ------------------- --------------- -------------- ------------ -------------- -------------- (962,058) (525,000) 184,005 94,540 178,275 (8,037) 690,574 --------------- ------------------- --------------- -------------- ------------ -------------- -------------- (197,853) 274,381 722,389 96,138 183,477 27,785 734,746 16,633,651 16,359,270 15,636,881 -- 762,531 734,746 -- --------------- ------------------- --------------- -------------- ------------ -------------- -------------- $ 16,435,798 $ 16,633,651 $ 16,359,270 $ 96,138 $ 946,008 $ 762,531 $ 734,746 =============== =================== =============== ============== ============ ============== ==============
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 -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009 PIONEER VCT EMERGING MARKETS INVESTMENT DIVISION -------------------------------------------- 2011 2010 2009 ------------ ---------------- -------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $(12,310) $ (10,583) $ 3,201 Net realized gains (losses) 121,447 75,682 8,989 Change in unrealized gains (losses) on investments (327,299) 68,690 311,181 ------------ ---------------- -------------- Net increase (decrease) in net assets resulting from operations (218,162) 133,789 323,371 ------------ ---------------- -------------- POLICY TRANSACTIONS: Premium payments received from policy owners 104,589 102,565 70,484 Net transfers (including fixed account) 193,458 72,459 258,993 Policy charges (13,621) (14,156) (19,519) Transfers for policy benefits and terminations (649,132) (82,614) (15,065) ------------ ---------------- -------------- Net increase (decrease) in net assets resulting from policy transactions (364,706) 78,254 294,893 ------------ ---------------- -------------- Net increase (decrease) in net assets (582,868) 212,043 618,264 NET ASSETS: Beginning of year 984,166 772,123 153,859 ------------ ---------------- -------------- End of year $ 401,298 $ 984,166 $ 772,123 ============ ================ ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 162 PIONEER VCT MID CAP VALUE ROYCE MICRO-CAP INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------- ------------------------- 2011 2010 2009 (d) 2011 2010 (b) ------------ --------------- ----------- ------------ ------------ $ 640 $ 504 $ (34) $ 6,956 $ 5,040 580 313 32 1,545 197 (11,556) 14,039 2,439 (52,132) 61,964 ------------ --------------- ----------- ------------ ------------ (10,336) 14,856 2,437 (43,631) 67,201 ------------ --------------- ----------- ------------ ------------ -- 7,217 -- 4,792 53,592 51,112 59,471 19,671 7,703 236,555 (5,471) (3,451) (582) (7,099) (4,223) (3) (18) (123) (11) (4,416) ------------ --------------- ----------- ------------ ------------ 45,638 63,219 18,966 5,385 281,508 ------------ --------------- ----------- ------------ ------------ 35,302 78,075 21,403 (38,246) 348,709 99,478 21,403 -- 348,709 -- ------------ --------------- ----------- ------------ ------------ $ 134,780 $ 99,478 $ 21,403 $ 310,463 $ 348,709 ============ =============== =========== ============ ============
The accompanying notes are an integral part of these financial statements. 163 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009 ROYCE SMALL-CAP INVESTMENT DIVISION ----------------------------------------- 2011 2010 2009 (h) ------------ ---------------- ----------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $(2,603) $ (860) $ (57) Net realized gains (losses) 18,080 2,111 16 Change in unrealized gains (losses) on investments (64,398) 63,066 2,984 ------------ ---------------- ----------- Net increase (decrease) in net assets resulting from operations (48,921) 64,317 2,943 ------------ ---------------- ----------- POLICY TRANSACTIONS: Premium payments received from policy owners 4,584 22,886 13,726 Net transfers (including fixed account) 740,973 257,401 42,530 Policy charges (13,407) (6,872) (728) Transfers for policy benefits and terminations (321,629) (3,061) -- ------------ ---------------- ----------- Net increase (decrease) in net assets resulting from policy transactions (410,521) 270,354 55,528 ------------ ---------------- ----------- Net increase (decrease) in net assets 361,600 334,671 58,471 NET ASSETS: Beginning of year 393,142 58,471 -- ------------ ---------------- ----------- End of year $ 754,742 $ 393,142 $ 58,471 ============ ================ ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 164 UIF EMERGING MARKETS DEBT UIF EMERGING MARKETS EQUITY INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------- -------------------------------------------- 2011 2010 2009 (h) 2011 2010 2009 (h) ------------ ------------- ---------- ------------ ---------------- -------------- $ 6,403 $ 287 $ 68 $ (667) $ 238 $ (17) 2,814 87 32 4,478 899 480 79 318 95 (99,779) 38,992 1,146 ------------ ------------- ---------- ------------ ---------------- -------------- 9,296 692 195 (95,968) 40,129 1,609 ------------ ------------- ---------- ------------ ---------------- -------------- 2,057 2,057 803 2,923 2,451 803 408,567 -- 6,688 444,567 157,781 6,231 (2,897) (1,064) (131) (9,803) (6,947) (1,164) (3,368) (89) (1,808) -- (1,388) (1,836) ------------ ------------- ---------- ------------ ---------------- -------------- 404,359 904 5,552 437,687 151,897 4,034 ------------ ------------- ---------- ------------ ---------------- -------------- 413,655 1,596 5,747 341,719 192,026 5,643 7,343 5,747 -- 197,669 5,643 -- ------------ ------------- ---------- ------------ ---------------- -------------- $ 420,998 $ 7,343 $ 5,747 $ 539,388 $ 197,669 $ 5,643 ============ ============= ========== ============ ================ ==============
The accompanying notes are an integral part of these financial statements. 165 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONCLUDED) FOR THE YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009 WELLS FARGO VT TOTAL RETURN BOND INVESTMENT DIVISION ---------------------------------------------- 2011 2010 2009 ------------- ----------------- -------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) $ 12,539 $ 23,065 $ 16,897 Net realized gains (losses) 45,796 34,459 5,219 Change in unrealized gains (losses) on investments (7,169) (12,496) 23,526 ------------- ----------------- -------------- Net increase (decrease) in net assets resulting from operations 51,166 45,028 45,642 ------------- ----------------- -------------- POLICY TRANSACTIONS: Premium payments received from policy owners 66,775 158,432 124,039 Net transfers (including fixed account) (413,486) 386,034 234,843 Policy charges (13,372) (15,907) (14,024) Transfers for policy benefits and terminations (637,284) (26,909) (39,437) ------------- ----------------- -------------- Net increase (decrease) in net assets resulting from policy transactions (997,367) 501,650 305,421 ------------- ----------------- -------------- Net increase (decrease) in net assets (946,201) 546,678 351,063 NET ASSETS: Beginning of year 1,081,415 534,737 183,674 ------------- ----------------- -------------- End of year $ 135,214 $ 1,081,415 $ 534,737 ============= ================= ==============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. The accompanying notes are an integral part of these financial statements. 166 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 State Department of Financial Services. 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: AIM Variable Insurance Funds (Invesco Variable Insurance Funds) ("Invesco V.I.") AllianceBernstein Variable Products Series Fund, Inc. ("AllianceBernstein") American Century Variable Portfolios, Inc. ("American Century VP") American Funds Insurance Series ("American Funds") Dreyfus Variable Investment Fund ("Dreyfus VIF") Fidelity Variable Insurance Products ("Fidelity VIP") Franklin Templeton Variable Insurance Products Trust ("FTVIPT") Goldman Sachs Variable Insurance Trust ("Goldman Sachs") Janus Aspen Series ("Janus Aspen") Legg Mason Partners Variable Equity Trust ("LMPVET") Met Investors Series Trust ("MIST")* Metropolitan Series Fund, Inc. ("MSF")* MFS Variable Insurance Trust ("MFS VIT") Oppenheimer Variable Account Funds ("Oppenheimer VA") PIMCO Variable Insurance Trust ("PIMCO VIT") Pioneer Variable Contracts Trust ("Pioneer VCT") Putnam Variable Trust ("Putnam VT") Royce Capital Fund ("Royce") The Universal Institutional Funds, Inc. ("UIF") Wells Fargo Variable Trust ("Wells Fargo VT") * See Note 5 for a discussion of additional information on related party transactions. 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, 2011: AllianceBernstein Global Thematic Growth Investment Division AllianceBernstein Intermediate Bond Investment Division AllianceBernstein International Value Investment Division American Century VP Vista Investment Division American Funds Bond Investment Division American Funds Global Small Capitalization Investment Division American Funds Growth Investment Division American Funds Growth-Income Investment Division American Funds International Investment Division American Funds U.S. Government/AAA-Rated Securities Investment Division Dreyfus VIF International Value Investment Division Fidelity VIP Asset Manager: Growth Investment Division Fidelity VIP Contrafund Investment Division Fidelity VIP Equity-Income Investment Division Fidelity VIP Freedom 2010 Investment Division Fidelity VIP Freedom 2020 Investment Division Fidelity VIP Freedom 2030 Investment Division Fidelity VIP Freedom 2050 Investment Division Fidelity VIP High Income Investment Division Fidelity VIP Investment Grade Bond Investment Division Fidelity VIP Mid Cap Investment Division FTVIPT Mutual Global Discovery Securities Investment Division 167 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 2. LIST OF INVESTMENT DIVISIONS -- (CONTINUED) FTVIPT Templeton Foreign Securities Investment Division FTVIPT Templeton Global Bond Securities Investment Division Goldman Sachs Mid-Cap Value Investment Division Goldman Sachs Structured Small Cap Equity Investment Division Invesco V.I. Global Real Estate Investment Division Invesco V.I. Government Securities Investment Division (a) Invesco V.I. International Growth Investment Division Invesco V.I. Van Kampen Comstock Investment Division Janus Aspen Balanced Investment Division Janus Aspen Forty Investment Division Janus Aspen Janus Investment Division Janus Aspen Overseas Investment Division MFS VIT Global Equity Investment Division MFS VIT High Income Investment Division MFS VIT New Discovery Investment Division MFS VIT 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 BlackRock Large Cap Core Investment Division MIST Clarion Global Real Estate Investment Division* MIST Dreman Small Cap Value Investment Division MIST Harris Oakmark International Investment Division MIST Invesco Small Cap Growth Investment Division* MIST Janus Forty Investment Division MIST Lazard Mid Cap Investment Division* MIST Legg Mason ClearBridge Aggressive Growth Investment Division MIST Lord Abbett Bond Debenture Investment Division MIST Lord Abbett Mid Cap Value 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 MetLife Aggressive Strategy Investment Division* (a) MIST MFS Emerging Markets Equity Investment Division (a) MIST MFS Research International Investment Division* MIST Morgan Stanley Mid Cap Growth Investment Division MIST Oppenheimer Capital Appreciation Investment Division MIST PIMCO Inflation Protected Bond Investment Division MIST PIMCO Total Return Investment Division MIST Pioneer Fund Investment Division MIST RCM Technology Investment Division MIST SSgA Growth and Income ETF Investment Division MIST SSgA Growth ETF Investment Division MIST T. Rowe Price Large Cap Value Investment Division MIST T. Rowe Price Mid Cap Growth Investment Division* MIST Third Avenue Small Cap Value Investment Division MSF Artio International Stock Investment Division MSF Barclays Capital Aggregate Bond Index Investment Division MSF BlackRock Aggressive Growth Investment Division MSF BlackRock Bond Income Investment Division MSF BlackRock Diversified Investment Division MSF BlackRock Large Cap Value Investment Division MSF BlackRock Legacy Large Cap Growth Investment Division MSF BlackRock Money Market Investment Division MSF Davis Venture Value Investment Division MSF FI Value Leaders Investment Division MSF Jennison Growth Investment Division MSF Loomis Sayles Small Cap Core Investment Division MSF Loomis Sayles Small Cap Growth Investment Division MSF Met/Artisan Mid Cap Value Investment Division* MSF MetLife Conservative Allocation Investment Division* MSF MetLife Conservative to Moderate Allocation Investment Division* MSF MetLife Mid Cap Stock Index Investment Division MSF MetLife Moderate Allocation Investment Division* MSF MetLife Moderate to Aggressive Allocation Investment Division* 168 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 2. LIST OF INVESTMENT DIVISIONS -- (CONCLUDED) MSF MetLife Stock Index Investment Division MSF MFS Total Return Investment Division* MSF MFS Value Investment Division MSF Morgan Stanley EAFE Index Investment Division MSF Neuberger Berman Genesis Investment Division MSF Neuberger Berman Mid Cap Value Investment Division MSF Oppenheimer Global Equity Investment Division MSF Russell 2000 Index Investment Division MSF T. Rowe Price Large Cap Growth Investment Division MSF T. Rowe Price Small Cap Growth Investment Division MSF Van Eck Global Natural Resources Investment Division (a) MSF Western Asset Management Strategic Bond Opportunities Investment Division MSF Western Asset Management U.S. Government Investment Division PIMCO VIT All Asset Investment Division (a) PIMCO VIT Low Duration 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 Wells Fargo VT Total Return Bond Investment Division * This Investment Division invests in two or more share classes within the underlying portfolio, series, or fund of the Trusts. (a) This Investment Division began operations during the year ended December 31, 2011. B. The following Investment Divisions had no net assets as of December 31, 2011: American Funds High-Income Bond Investment Division Fidelity VIP Freedom 2015 Investment Division Fidelity VIP Freedom 2025 Investment Division Fidelity VIP Freedom 2040 Investment Division Janus Aspen Enterprise Investment Division LMPVET Investment Counsel Variable Social Awareness Investment Division Oppenheimer VA Main Street Small- & Mid-Cap Investment Division PIMCO VIT Long-Term U.S. Government Investment Division Putnam VT International Value Investment Division 3. PORTFOLIO CHANGES The following Investment Divisions ceased operations during the year ended December 31, 2011: Delaware VIP Small Cap Value Investment Division Invesco V.I. Van Kampen Government Investment Division MIST Legg Mason Value Equity Investment Division MSF MetLife Aggressive Allocation Investment Division The operations of the Investment Divisions were affected by the following changes that occurred during the year ended December 31, 2011: NAME CHANGES:
FORMER NAME NEW NAME (MIST) Lord Abbett Growth and Income Portfolio (MIST) T. Rowe Price Large Cap Value Portfolio Oppenheimer Main Street Small Cap Fund/VA Oppenheimer Main Street Small- & Mid-Cap Fund/VA
169 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 3. PORTFOLIO CHANGES -- (CONTINUED) MERGERS:
FORMER PORTFOLIO NEW PORTFOLIO Invesco V.I. Van Kampen Government Fund Invesco V.I. Government Securities Fund (MIST) Legg Mason Value Equity Portfolio (MIST) Legg Mason ClearBridge Aggressive Growth Portfolio (MSF) MetLIfe Aggressive Allocation Portfolio (MIST) MetLife Aggressive Strategy Portfolio
SUBSTITUTION:
FORMER PORTFOLIO NEW PORTFOLIO Delaware VIP Small Cap Value Series (MIST) Third Avenue Small Cap Value Portfolio
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. 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 that the Separate Account has the ability to access. Level 2 Observable inputs other than quoted prices in Level 1 that are observable either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market or prices for similar instruments. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets, representing the Separate Account's own assumptions about the assumptions a market participant would use in valuing the asset, and based on the best information available. 170 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 4. SIGNIFICANT ACCOUNTING POLICIES -- (CONTINUED) Each Investment Division invests in shares of open-end mutual funds which calculate a daily NAV based on the fair 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. There were no transfers between Level 1 and Level 2, and no activity in Level 3 during the year. 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 currently 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. 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. 171 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 4. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED) FUTURE ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS In May 2011, the Financial Accounting Standards Board ("FASB") issued new guidance regarding fair value measurements (Accounting Standards Update ("ASU") 2011-04, FAIR VALUE MEASUREMENT (TOPIC 820): AMENDMENTS TO ACHIEVE COMMON FAIR VALUE MEASUREMENT AND DISCLOSURE REQUIREMENTS IN U.S. GAAP AND IFRSS), effective for the first interim or annual period beginning after December 15, 2011. The guidance should be applied prospectively. The amendments in this ASU are intended to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and International Financial Reporting Standards ("IFRS"). Some of the amendments clarify the FASB's intent on the application of existing fair value measurement requirements. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The Separate Account does not expect the adoption of this new guidance to have a material impact on its financial statements. 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, 2011: 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. The charges outlined in the following section 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. Other 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 $3 to $35 and are assessed monthly. For some Policies, a surrender 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. 172 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 5. EXPENSES AND RELATED PARTY TRANSACTIONS -- (CONTINUED) Most policies offer optional benefits that can be added to the policy by rider. The charge for riders that provide life insurance benefits can range from $0.01 to $30.34 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 $100 of the benefit provided. Certain investments in the various portfolios of the MIST and MSF Trusts hold shares that are managed by MetLife Advisers, LLC, which acts in the capacity of investment advisor and is an affiliate of the Company. On May 1, 2009, Met Investors Advisory, LLC, an affiliate of the Company and previous manager of the MIST Trust, merged into MetLife Advisers, LLC. 173 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 6. STATEMENTS OF INVESTMENTS FOR THE YEAR ENDED AS OF DECEMBER 31, 2011 DECEMBER 31, 2011 ----------------------- ---------------------------- COST OF PROCEEDS SHARES COST ($) PURCHASES ($) FROM SALES ($) ---------- ------------ ------------- -------------- AllianceBernstein Global Thematic Growth Investment Division 296,119 5,722,542 5,924,276 265,271 AllianceBernstein Intermediate Bond Investment Division 3,819 46,555 4,944 1,493 AllianceBernstein International Value Investment Division 12 183 1,511 2,772 American Century VP Vista Investment Division 575 9,279 16,251 74,661 American Funds Bond Investment Division 435,647 4,686,761 969,816 731,112 American Funds Global Small Capitalization Investment Division 3,079,512 62,409,491 3,778,860 5,452,768 American Funds Growth Investment Division 2,287,142 116,580,904 5,600,915 8,870,119 American Funds Growth-Income Investment Division 2,154,683 73,971,889 3,518,169 3,636,760 American Funds International Investment Division 34,611 580,778 16,165 191,972 American Funds U.S. Government/AAA-Rated Securities Investment Division 3,533 43,793 24,616 18,298 Dreyfus VIF International Value Investment Division 20,568 262,362 5,544 6,265 Fidelity VIP Asset Manager: Growth Investment Division 107,882 1,331,954 201,611 542,259 Fidelity VIP Contrafund Investment Division 93,762 2,177,801 386,193 826,551 Fidelity VIP Equity-Income Investment Division 998 18,281 65,604 243,406 Fidelity VIP Freedom 2010 Investment Division 3,312 33,619 16,905 13,581 Fidelity VIP Freedom 2020 Investment Division 68,532 524,552 64,043 79,620 Fidelity VIP Freedom 2030 Investment Division 5,873 54,640 33,098 83,225 Fidelity VIP Freedom 2050 Investment Division (a) 1,157 13,988 44,388 25,362 Fidelity VIP High Income Investment Division 8,019 44,841 40,651 236 Fidelity VIP Investment Grade Bond Investment Division 135,914 1,762,691 1,807,611 593,778 Fidelity VIP Mid Cap Investment Division 21,482 588,358 287,684 86,070 FTVIPT Mutual Global Discovery Securities Investment Division 40,641 804,523 279,594 383,211 FTVIPT Templeton Foreign Securities Investment Division 236,478 3,362,268 539,313 6,463,366 FTVIPT Templeton Global Bond Securities Investment Division 15,548 301,229 626,974 316,892 Goldman Sachs Mid-Cap Value Investment Division 20,495 310,207 58,548 130,799 Goldman Sachs Structured Small Cap Equity Investment Division 4,411 46,124 893 1,806 Invesco V.I. Global Real Estate Investment Division 122,840 1,838,520 1,144,072 1,047,754 Invesco V.I. Government Securities Investment Division (b) 1,735 20,156 105,415 86,648 Invesco V.I. International Growth Investment Division 888 22,949 11,463 236,029 Invesco V.I. Van Kampen Comstock Investment Division 16,849 196,193 166,971 2,690 Janus Aspen Balanced Investment Division 48,299 1,337,704 476,479 1,530,768 Janus Aspen Forty Investment Division 21,488 666,136 60,009 495,862 Janus Aspen Janus Investment Division 37,570 734,386 11,493 7,130,795 Janus Aspen Overseas Investment Division 9,198 475,978 5,940,358 5,664,163 MFS VIT Global Equity Investment Division 430 5,384 14,292 232,286 MFS VIT High Income Investment Division 16,459 115,867 12,069 1,866 MFS VIT New Discovery Investment Division 8,908 125,314 24,020 4,419 MFS VIT Value Investment Division 3,533 44,675 36,464 67,428 MIST American Funds Balanced Allocation Investment Division 54,201 500,178 225,636 119,833 MIST American Funds Growth Allocation Investment Division 88,778 739,576 237,080 112,650 MIST American Funds Moderate Allocation Investment Division 40,689 380,969 184,789 27,959 MIST BlackRock Large Cap Core Investment Division 33,712,507 360,691,469 6,851,461 23,235,479 MIST Clarion Global Real Estate Investment Division 2,099,114 25,357,383 2,264,531 1,937,838 MIST Dreman Small Cap Value Investment Division 2,735 33,760 16,769 5,385 MIST Harris Oakmark International Investment Division 2,296,776 32,074,482 2,500,638 2,457,952 MIST Invesco Small Cap Growth Investment Division 314,943 4,044,669 950,748 984,337 MIST Janus Forty Investment Division 196,139 13,090,670 1,510,556 2,004,491 MIST Lazard Mid Cap Investment Division 491,504 5,837,241 1,280,594 1,251,786
(a) Commenced on May 4, 2009 and began transactions in 2011. (b) For the period May 2, 2011 to December 31, 2011. 174 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, 2011 DECEMBER 31, 2011 ----------------------- ---------------------------- COST OF PROCEEDS SHARES COST ($) PURCHASES ($) FROM SALES ($) ---------- ------------ ------------- -------------- MIST Legg Mason ClearBridge Aggressive Growth Investment Division 1,583,348 11,900,844 5,893,574 1,236,188 MIST Lord Abbett Bond Debenture Investment Division 2,010,202 23,705,523 4,202,645 5,865,230 MIST Lord Abbett Mid Cap Value Investment Division 7,962 97,587 17,623 3,264 MIST Met/Franklin Income Investment Division 23,305 228,675 104,557 10,557 MIST Met/Franklin Mutual Shares Investment Division 9,793 80,192 34,651 5,687 MIST Met/Franklin Templeton Founding Strategy Investment Division 28,790 248,758 36,620 12,523 MIST Met/Templeton Growth Investment Division 6,209 52,293 19,150 9,023 MIST MetLife Aggressive Strategy Investment Division (b) 1,381,243 14,305,212 15,450,469 1,027,360 MIST MFS Emerging Markets Equity Investment Division (b) 2,452 26,160 26,770 540 MIST MFS Research International Investment Division 1,349,426 15,039,387 2,576,414 2,605,812 MIST Morgan Stanley Mid Cap Growth Investment Division 16,544,317 168,067,211 9,829,634 16,285,234 MIST Oppenheimer Capital Appreciation Investment Division 284,866 1,806,309 403,309 428,646 MIST PIMCO Inflation Protected Bond Investment Division 883,250 9,810,259 3,303,438 2,028,482 MIST PIMCO Total Return Investment Division 3,882,227 45,377,062 7,403,802 5,653,299 MIST Pioneer Fund Investment Division 13,169 132,390 7,780 67,759 MIST RCM Technology Investment Division 2,990,153 12,776,901 2,111,961 3,577,458 MIST SSgA Growth and Income ETF Investment Division 411,341 4,330,488 1,498,489 604,376 MIST SSgA Growth ETF Investment Division 308,722 3,120,509 1,923,928 1,172,938 MIST T. Rowe Price Large Cap Value Investment Division 51,503 1,269,288 25,689 5,307,279 MIST T. Rowe Price Mid Cap Growth Investment Division 2,661,246 22,825,590 8,275,848 2,781,426 MIST Third Avenue Small Cap Value Investment Division 59,664 831,943 595,096 1,211,039 MSF Artio International Stock Investment Division 4,564,064 51,718,192 3,235,087 3,373,752 MSF Barclays Capital Aggregate Bond Index Investment Division 9,392,344 101,657,627 11,501,288 21,342,034 MSF BlackRock Aggressive Growth Investment Division 7,098,644 164,559,851 8,269,136 17,101,074 MSF BlackRock Bond Income Investment Division 758,023 81,119,184 5,805,876 8,666,314 MSF BlackRock Diversified Investment Division 16,022,240 257,117,632 10,350,108 21,365,154 MSF BlackRock Large Cap Value Investment Division 1,285,048 14,463,819 1,424,125 1,183,780 MSF BlackRock Legacy Large Cap Growth Investment Division 295,304 6,820,352 2,393,555 1,606,886 MSF BlackRock Money Market Investment Division 207,938 20,793,802 11,412,230 20,447,498 MSF Davis Venture Value Investment Division 1,808,251 49,447,185 4,062,485 5,416,410 MSF FI Value Leaders Investment Division 46,079 7,447,441 923,988 900,032 MSF Jennison Growth Investment Division 1,166,924 12,586,990 1,020,376 2,289,730 MSF Loomis Sayles Small Cap Core Investment Division 77,854 15,721,460 1,401,272 2,332,479 MSF Loomis Sayles Small Cap Growth Investment Division 817,163 7,507,090 1,535,720 1,011,621 MSF Met/Artisan Mid Cap Value Investment Division 263,619 53,786,669 2,136,634 4,226,880 MSF MetLife Conservative Allocation Investment Division 377,019 4,163,131 1,806,198 1,511,348 MSF MetLife Conservative to Moderate Allocation Investment Division 583,520 6,211,103 1,953,282 2,239,776 MSF MetLife Mid Cap Stock Index Investment Division 4,845,608 58,660,606 7,118,449 5,790,251 MSF MetLife Moderate Allocation Investment Division 3,655,601 37,889,222 6,621,830 3,119,932 MSF MetLife Moderate to Aggressive Allocation Investment Division 6,368,644 66,556,710 8,856,018 4,089,610 MSF MetLife Stock Index Investment Division 22,588,617 678,268,203 42,140,081 42,862,666 MSF MFS Total Return Investment Division 56,913 7,555,188 1,189,902 1,494,750 MSF MFS Value Investment Division 4,281,432 54,455,261 3,888,301 5,180,543 MSF Morgan Stanley EAFE Index Investment Division 5,847,293 64,630,081 9,375,469 5,508,673 MSF Neuberger Berman Genesis Investment Division 6,579,130 94,640,448 2,070,471 5,494,730 MSF Neuberger Berman Mid Cap Value Investment Division 3,749,714 65,181,444 3,309,588 6,247,250 MSF Oppenheimer Global Equity Investment Division 2,695,695 34,380,468 4,561,354 6,449,346
(a) Commenced on May 4, 2009 and began transactions in 2011. (b) For the period May 2, 2011 to December 31, 2011. 175 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, 2011 DECEMBER 31, 2011 ----------------------- ---------------------------- COST OF PROCEEDS SHARES COST ($) PURCHASES ($) FROM SALES ($) --------- ------------- ------------- -------------- MSF Russell 2000 Index Investment Division 4,042,001 47,361,388 4,574,342 7,433,659 MSF T. Rowe Price Large Cap Growth Investment Division 2,845,757 34,332,406 2,728,837 5,712,444 MSF T. Rowe Price Small Cap Growth Investment Division 5,205,391 65,703,613 6,480,374 9,130,453 MSF Van Eck Global Natural Resources Investment Division (b) 975 15,377 15,766 344 MSF Western Asset Management Strategic Bond Opportunities Investment Division 1,809,072 21,952,432 2,218,805 2,678,776 MSF Western Asset Management U.S. Government Investment Division 1,346,097 16,268,088 1,868,479 2,143,284 PIMCO VIT All Asset Investment Division (b) 9,222 97,359 97,359 -- PIMCO VIT Low Duration Investment Division 91,115 926,737 210,299 21,217 Pioneer VCT Emerging Markets Investment Division 16,956 389,995 461,977 837,851 Pioneer VCT Mid Cap Value Investment Division 8,504 129,868 52,297 6,022 Royce Micro-Cap Investment Division 29,823 300,626 22,196 9,860 Royce Small-Cap Investment Division 74,950 753,098 1,012,962 605,050 UIF Emerging Markets Debt Investment Division 50,660 420,498 432,895 19,721 UIF Emerging Markets Equity Investment Division 43,060 599,186 657,354 220,179 Wells Fargo VT Total Return Bond Investment Division 12,806 132,348 134,983 1,089,695
(a) Commenced on May 4, 2009 and began transations in 2011. (b) For the period May 2, 2011 to December 31, 2011. 176 This page is intentionally left blank. 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, 2011, 2010 AND 2009: ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH ALLIANCEBERNSTEIN INTERMEDIATE BOND INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------- ------------------------------------------ 2011 2010 2009 2011 2010 2009 (a) ---------- ---------------------- --------- -------- ---------------------- ---------- Units beginning of year 19,486 25,043 14,644 3,146 2,242 -- Units issued and transferred from other funding options 943,623 5,471 14,289 191 3,226 3,299 Units redeemed and transferred to other funding options (48,897) (11,028) (3,890) (105) (2,322) (1,057) ---------- ---------------------- --------- -------- ---------------------- ---------- Units end of year 914,212 19,486 25,043 3,232 3,146 2,242 ========== ====================== ========= ======== ====================== ==========
AMERICAN FUNDS BOND AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------- ------------------------------------------------- 2011 2010 2009 2011 2010 2009 ----------- ---------------------- ----------- ------------ ---------------------- ------------- Units beginning of year 361,073 335,183 317,147 2,114,920 2,152,577 2,098,117 Units issued and transferred from other funding options 111,528 767,492 631,349 395,698 2,898,451 2,393,707 Units redeemed and transferred to other funding options (104,902) (741,602) (613,313) (473,030) (2,936,108) (2,339,247) ----------- ---------------------- ----------- ------------ ---------------------- ------------- Units end of year 367,699 361,073 335,183 2,037,588 2,114,920 2,152,577 =========== ====================== =========== ============ ====================== =============
AMERICAN FUNDS INTERNATIONAL AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------ ------------------------------------------------------ 2011 2010 2009 2011 2010 2009 --------- ---------------------- --------- -------- ---------------------- ---------------------- Units beginning of year 27,930 17,214 2,335 1,810 4,564 1,808 Units issued and transferred from other funding options 306 13,635 16,414 1,074 398 4,273 Units redeemed and transferred to other funding options (7,197) (2,919) (1,535) (859) (3,152) (1,517) --------- ---------------------- --------- -------- ---------------------- ---------------------- Units end of year 21,039 27,930 17,214 2,025 1,810 4,564 ========= ====================== ========= ======== ====================== ======================
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. 178 ALLIANCEBERNSTEIN INTERNATIONAL VALUE AMERICAN CENTURY VP VISTA INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------- ----------------------------------- 2011 2010 (b) 2011 2010 2009 ------- ----------------------------- --------- -------------- ---------- 73 -- 5,360 13,115 8,686 6 73 753 2,722 17,746 (70) -- (5,434) (10,477) (13,317) ------- ----------------------------- --------- -------------- ---------- 9 73 679 5,360 13,115 ======= ============================= ========= ============== ==========
AMERICAN FUNDS GROWTH AMERICAN FUNDS GROWTH-INCOME INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------ ------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ --------------- ------------- ------------ ---------------- ------------- 1,411,108 1,419,237 1,382,286 1,483,095 1,491,242 1,461,879 236,308 1,491,854 1,183,014 249,184 1,511,750 1,196,222 (294,359) (1,499,983) (1,146,063) (278,334) (1,519,897) (1,166,859) ------------ --------------- ------------- ------------ ---------------- ------------- 1,353,057 1,411,108 1,419,237 1,453,945 1,483,095 1,491,242 ============ =============== ============= ============ ================ =============
DREYFUS VIF INTERNATIONAL VALUE FIDELITY VIP ASSET MANAGER: GROWTH INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------- ------------------------------------ 2011 2010 2009 2011 2010 2009 --------- ------------ ---------- ---------- -------------- ---------- 16,502 21,676 33,156 172,460 181,097 126,890 99 505 2,909 17,093 24,042 70,300 (448) (5,679) (14,389) (51,437) (32,679) (16,093) --------- ------------ ---------- ---------- -------------- ---------- 16,153 16,502 21,676 138,116 172,460 181,097 ========= ============ ========== ========== ============== ==========
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, 2011, 2010 AND 2009: FIDELITY VIP CONTRAFUND FIDELITY VIP EQUITY-INCOME INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------ ----------------------------------- 2011 2010 2009 2011 2010 2009 ---------- -------------- ---------- ---------- ------------- ---------- Units beginning of year 190,755 332,757 218,160 17,040 23,778 72,691 Units issued and transferred from other funding options 22,512 43,442 153,261 2,435 4,102 10,561 Units redeemed and transferred to other funding options (55,817) (185,444) (38,664) (17,926) (10,840) (59,474) ---------- -------------- ---------- ---------- ------------- ---------- Units end of year 157,450 190,755 332,757 1,549 17,040 23,778 ========== ============== ========== ========== ============= ==========
FIDELITY VIP FIDELITY VIP FREEDOM 2030 FREEDOM 2050 INVESTMENT DIVISION INVESTMENT DIVISION --------------------------- ----------------------- 2011 2010 2009 2011 (c) --------- ---------- ------ ------------------------ Units beginning of year 9,011 3,665 3,324 -- Units issued and transferred from other funding options 2,929 9,042 372 1,494 Units redeemed and transferred to other funding options (5,912) (3,696) (31) (2) --------- ---------- ------ ------------------------ Units end of year 6,028 9,011 3,665 1,492 ========= ========== ====== ========================
FIDELITY VIP MID CAP FTVIPT MUTUAL GLOBAL DISCOVERY SECURITIES INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------- -------------------------------------------- 2011 2010 2009 2011 2010 2009 --------- ------------ --------- ---------- ---------------------- ----------- Units beginning of year 16,733 10,051 2,071 53,444 54,588 140,006 Units issued and transferred from other funding options 12,194 7,750 9,260 9,519 32,229 28,222 Units redeemed and transferred to other funding options (3,985) (1,068) (1,280) (18,337) (33,373) (113,640) --------- ------------ --------- ---------- ---------------------- ----------- Units end of year 24,942 16,733 10,051 44,626 53,444 54,588 ========= ============ ========= ========== ====================== ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. 180 FIDELITY VIP FREEDOM 2010 FIDELITY VIP FREEDOM 2020 INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------ ----------------------------- 2011 2010 2009 2011 2010 2009 ------------ ------------- --------- --------- --------- --------- 3,002 1,541 3,089 56,297 56,341 4,617 246 1,471 21 121 829 52,551 (10) (10) (1,569) (2,904) (873) (827) ------------ ------------- --------- --------- --------- --------- 3,238 3,002 1,541 53,514 56,297 56,341 ============ ============= ========= ========= ========= =========
FIDELITY VIP HIGH INCOME FIDELITY VIP INVESTMENT GRADE BOND INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------- ---------------------------------- 2011 2010 2009 (d) 2011 2010 2009 ------------ --------- --------- ---------- ---------- ------------ 294 3,001 -- 38,436 18,087 3,908 2,406 -- 3,022 120,433 87,556 31,638 (23) (2,707) (21) (41,816) (67,207) (17,459) ------------ --------- --------- ---------- ---------- ------------ 2,677 294 3,001 117,053 38,436 18,087 ============ ========= ========= ========== ========== ============
FTVIPT TEMPLETON FOREIGN SECURITIES FTVIPT TEMPLETON GLOBAL BOND SECURITIES INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------- -------------------------------------- 2011 2010 2009 2011 2010 2011 (e) ----------- --------------- ----------- ---------- ------------- ------------- 558,309 520,792 527,866 179 204 -- 26,853 75,062 104,859 25,202 11,325 213 (381,387) (37,545) (111,933) (11,377) (11,350) (9) ----------- --------------- ----------- ---------- ------------- ------------- 203,775 558,309 520,792 14,004 179 204 =========== =============== =========== ========== ============= ==============
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, 2011, 2010 AND 2009: GOLDMAN SACHS MID-CAP VALUE GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------- -------------------------------------------- 2011 2010 2009 2011 2010 2009 --------- ---------------------- ---------- -------- ---------------------- ------------ Units beginning of year 24,643 27,552 102,102 4,258 7,623 6,818 Units issued and transferred from other funding options -- 1 -- 38 436 2,806 Units redeemed and transferred to other funding options (5,409) (2,910) (74,550) (148) (3,801) (2,001) --------- ---------------------- ---------- -------- ---------------------- ------------ Units end of year 19,234 24,643 27,552 4,148 4,258 7,623 ========= ====================== ========== ======== ====================== ============
INVESCO V.I. INTERNATIONAL GROWTH INVESCO V.I. VAN KAMPEN COMSTOCK INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------- ----------------------------------- 2011 2010 2009 (d) 2011 2010 (g) ---------- ---------------------- ---------- --------- ------------------------- Units beginning of year 14,201 1,080 -- 2,966 -- Units issued and transferred from other funding options 320 20,685 1,114 15,242 2,966 Units redeemed and transferred to other funding options (13,213) (7,564) (34) (257) -- ---------- ---------------------- ---------- --------- ------------------------- Units end of year 1,308 14,201 1,080 17,951 2,966 ========== ====================== ========== ========= =========================
JANUS ASPEN JANUS JANUS ASPEN OVERSEAS INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------- -------------------------------------------- 2011 2010 2009 2011 2010 2009 ----------- ---------------------- ---------- ----------- ---------------------- --------- Units beginning of year 741,523 718,894 685,791 11,481 3,135 1,777 Units issued and transferred from other funding options 640 65,451 77,949 181,594 9,125 5,289 Units redeemed and transferred to other funding options (656,372) (42,822) (44,846) (177,539) (779) (3,931) ----------- ---------------------- ---------- ----------- ---------------------- --------- Units end of year 85,791 741,523 718,894 15,536 11,481 3,135 =========== ====================== ========== =========== ====================== =========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. 182 INVESCO V.I. GOVERNMENT INVESCO V.I. GLOBAL REAL ESTATE SECURITIES INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------------- ---------------------- 2011 2010 2009 2011 (f) ---------- ----------------------- ---------- ---------------------- 54,093 59,960 76,172 -- 34,742 6,829 18,609 8,213 (34,833) (12,696) (34,821) (6,643) ---------- ----------------------- ---------- ---------------------- 54,002 54,093 59,960 1,570 ========== ======================= ========== ======================
JANUS ASPEN BALANCED JANUS ASPEN FORTY INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------- -------------------------------------------- 2011 2010 2009 2011 2010 2009 ---------- ---------------------- --------- ---------- ---------------------- ---------- 155,834 99,381 20,633 73,218 61,130 45,182 8,172 79,900 81,253 4,044 22,591 39,687 (82,484) (23,447) (2,505) (31,646) (10,503) (23,739) ---------- ---------------------- --------- ---------- ---------------------- ---------- 81,522 155,834 99,381 45,616 73,218 61,130 ========== ====================== ========= ========== ====================== ==========
MFS VIT GLOBAL EQUITY MFS VIT HIGH INCOME INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------- -------------------------------------------- 2011 2010 2009 2011 2010 2009 ---------- ---------------------- --------- ------------- ---------------- ------------- 14,222 5,543 5,386 9,020 9,209 354 851 11,271 2,627 1 106 9,330 (14,717) (2,592) (2,470) (125) (295) (475) ---------- ---------------------- --------- ------------- ---------------- ------------- 356 14,222 5,543 8,896 9,020 9,209 ========== ====================== ========= ============= ================ =============
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, 2011, 2010 AND 2009: MFS VIT NEW DISCOVERY MFS VIT VALUE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------ ----------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ----------- ----------- --------- ------------ ------------ Units beginning of year 7,814 396 249 5,577 5,803 6,081 Units issued and transferred from other funding options 359 7,766 864 -- -- -- Units redeemed and transferred to other funding options (254) (348) (717) (2,439) (226) (278) ------------ ----------- ----------- --------- ------------ ------------ Units end of year 7,919 7,814 396 3,138 5,577 5,803 ============ =========== =========== ========= ============ ============
MIST AMERICAN FUNDS MODERATE ALLOCATION MIST BLACKROCK LARGE CAP CORE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------ -------------------------------------------------- 2011 2010 2009 2011 2010 2009 --------- ---------------------- --------- ------------- ---------------------- ------------- Units beginning of year 23,584 9,961 593 13,468,383 14,107,746 14,670,780 Units issued and transferred from other funding options 16,729 29,424 11,392 1,797,760 9,046,176 6,882,314 Units redeemed and transferred to other funding options (2,607) (15,801) (2,024) (2,503,416) (9,685,539) (7,445,348) --------- ---------------------- --------- ------------- ---------------------- ------------- Units end of year 37,706 23,584 9,961 12,762,727 13,468,383 14,107,746 ========= ====================== ========= ============= ====================== =============
MIST HARRIS OAKMARK INTERNATIONAL MIST INVESCO SMALL CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- --------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------- ---------- ---------------------- ----------- Units beginning of year 1,473,309 1,439,875 1,337,674 280,254 268,049 230,618 Units issued and transferred from other funding options 324,563 1,994,881 1,598,848 85,976 345,354 285,386 Units redeemed and transferred to other funding options (314,680) (1,961,447) (1,496,647) (86,976) (333,149) (247,955) ------------ ---------------------- ------------- ---------- ---------------------- ----------- Units end of year 1,483,192 1,473,309 1,439,875 279,254 280,254 268,049 ============ ====================== ============= ========== ====================== ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. 184 MIST AMERICAN FUNDS BALANCED ALLOCATION MIST AMERICAN FUNDS GROWTH ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------- ------------------------------------------- 2011 2010 2009 2011 2010 2009 ---------- ---------------------- ---------- ---------- ---------------------- --------- 41,296 23,102 1,427 71,574 15,564 2,439 21,131 70,685 44,911 22,942 90,305 17,809 (11,661) (52,491) (23,236) (11,699) (34,295) (4,684) ---------- ---------------------- ---------- ---------- ---------------------- --------- 50,766 41,296 23,102 82,817 71,574 15,564 ========== ====================== ========== ========== ====================== =========
MIST CLARION GLOBAL REAL ESTATE MIST DREMAN SMALL CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------ ------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------- ------------- ------------ --------------- ------- 1,342,988 1,332,507 1,247,223 1,705 1,271 11 277,732 1,901,957 1,551,482 1,121 1,222 22,145 (308,897) (1,891,476) (1,466,198) (346) (788) (20,885) ------------ ---------------- ------------- ------------ --------------- ------- 1,311,823 1,342,988 1,332,507 2,480 1,705 1,271 ============ ================ ============= ============ =============== =======
MIST JANUS FORTY MIST LAZARD MID CAP INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------- ------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------- ------------- ----------- -------------- ----------- 1,185,626 1,122,196 943,170 360,447 362,314 371,732 250,215 2,258,407 1,816,405 109,194 450,103 378,306 (342,207) (2,194,977) (1,637,379) (111,235) (451,970) (387,724) ------------ ---------------- ------------- ----------- -------------- ----------- 1,093,634 1,185,626 1,122,196 358,406 360,447 362,314 ============ ================ ============= =========== ============== ===========
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, 2011, 2010 AND 2009: MIST LEGG MASON CLEARBRIDGE AGGRESSIVE GROWTH MIST LORD ABBETT BOND DEBENTURE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------ ------------------------------------------------ 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------ ------------ ---------------------- ------------ Units beginning of year 888,257 918,435 929,444 1,222,207 1,300,112 1,205,110 Units issued and transferred from other funding options 760,794 862,843 681,902 200,137 833,058 736,059 Units redeemed and transferred to other funding options (295,500) (893,021) (692,911) (337,033) (910,963) (641,057) ------------ ---------------------- ------------ ------------ ---------------------- ------------ Units end of year 1,353,551 888,257 918,435 1,085,311 1,222,207 1,300,112 ============ ====================== ============ ============ ====================== ============
MIST MET/FRANKLIN MUTUAL SHARES MIST MET/FRANKLIN TEMPLETON FOUNDING STRATEGY INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------ ------------------------------------------------ 2011 2010 2009 2011 2010 2009 -------- ------------------ -------- --------- ---------------------- --------------- Units beginning of year 6,134 2,904 1,208 25,753 21,298 1,503 Units issued and transferred from other funding options 3,078 6,436 2,223 3,131 55,695 44,058 Units redeemed and transferred to other funding options (595) (3,206) (527) (1,191) (51,240) (24,263) -------- ------------------ -------- --------- ---------------------- --------------- Units end of year 8,617 6,134 2,904 27,693 25,753 21,298 ======== ================== ======== ========= ====================== ===============
MIST MFS RESEARCH INTERNATIONAL MIST MORGAN STANLEY MID CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------- ------------------------------------------ 2011 2010 2009 2011 2010 2009 ----------- ---------------------- ----------- ------------- ------------------ --------- Units beginning of year 838,110 885,756 870,603 13,121,650 23,317 1,987 Units issued and transferred from other funding options 223,953 1,201,606 996,145 1,773,282 24,103,485 23,232 Units redeemed and transferred to other funding options (241,725) (1,249,252) (980,992) (2,538,198) (11,005,152) (1,902) ----------- ---------------------- ----------- ------------- ------------------ --------- Units end of year 820,338 838,110 885,756 12,356,734 13,121,650 23,317 =========== ====================== =========== ============= ================== =========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. 186 MIST LORD ABBETT MID CAP VALUE MIST MET/FRANKLIN INCOME INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------- ------------------------------------------ 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ---------- --------- ---------------------- --------- 7,974 9,319 10,463 13,040 5,364 2,408 1,279 620 12,325 7,842 13,379 4,293 (253) (1,965) (13,469) (889) (5,703) (1,337) ------------ ---------------------- ---------- --------- ---------------------- --------- 9,000 7,974 9,319 19,993 13,040 5,364 ============ ====================== ========== ========= ====================== =========
MIST METLIFE MIST MFS AGGRESSIVE EMERGING MIST MET/TEMPLETON GROWTH STRATEGY MARKETS EQUITY INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------- ------------------- ------------------- 2011 2010 2009 2011 (f) 2011 (f) ------- ----------- -------- ------------------- ------------------- 5,088 2,173 480 -- -- 1,929 5,903 2,325 1,234,168 2,117 (1,003) (2,988) (632) (184,382) (47) ------- ----------- -------- ------------------- ------------------- 6,014 5,088 2,173 1,049,786 2,070 ======= =========== ======== =================== ===================
MIST OPPENHEIMER CAPITAL APPRECIATION MIST PIMCO INFLATION PROTECTED BOND INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------- ------------------------------------------- 2011 2010 2009 2011 2010 2009 ---------- ----------------- ----------- ----------- ----------------- ------------- 155,354 155,544 114,986 653,613 618,801 523,888 52,806 284,133 234,271 288,475 1,507,168 1,226,809 (54,766) (284,323) (193,713) (241,931) (1,472,356) (1,131,896) ---------- ----------------- ----------- ----------- ----------------- ------------- 153,394 155,354 155,544 700,157 653,613 618,801 ========== ================= =========== =========== ================= =============
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, 2011, 2010 AND 2009: MIST PIMCO TOTAL RETURN MIST PIONEER FUND INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------- ----------------------------------- 2011 2010 2009 2011 2010 2009 (e) ------------ ---------------- ------------- --------- -------------- ---------- Units beginning of year 2,450,427 2,378,221 2,287,745 17,938 20,277 -- Units issued and transferred from other funding options 620,126 2,765,705 2,051,940 399 399 22,226 Units redeemed and transferred to other funding options (643,462) (2,693,499) (1,961,464) (4,857) (2,738) (1,949) ------------ ---------------- ------------- --------- -------------- ---------- Units end of year 2,427,091 2,450,427 2,378,221 13,480 17,938 20,277 ============ ================ ============= ========= ============== ==========
MIST SSGA GROWTH ETF MIST T. ROWE PRICE LARGE CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------- --------------------------------------------- 2011 2010 2009 2011 2010 2009 ----------- ---------------------- ----------- ----------- ---------------------- ---------- Units beginning of year 237,751 181,473 59,898 601,441 585,353 569,914 Units issued and transferred from other funding options 190,117 355,523 247,780 1,323 46,143 58,321 Units redeemed and transferred to other funding options (128,753) (299,245) (126,205) (494,160) (30,055) (42,882) ----------- ---------------------- ----------- ----------- ---------------------- ---------- Units end of year 299,115 237,751 181,473 108,604 601,441 585,353 =========== ====================== =========== =========== ====================== ==========
MSF ARTIO INTERNATIONAL STOCK MSF BARCLAYS CAPITAL AGGREGATE BOND INDEX INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------ 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------- ------------- -------------------- ------------- Units beginning of year 2,985,340 3,130,833 3,272,041 6,069,208 5,979,612 5,705,639 Units issued and transferred from other funding options 537,715 2,254,216 1,779,165 1,036,792 5,950,976 4,481,852 Units redeemed and transferred to other funding options (575,628) (2,399,709) (1,920,373) (1,738,111) (5,861,380) (4,207,879) ------------ ---------------------- ------------- ------------- -------------------- ------------- Units end of year 2,947,427 2,985,340 3,130,833 5,367,889 6,069,208 5,979,612 ============ ====================== ============= ============= ==================== =============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. 188 MIST RCM TECHNOLOGY MIST SSGA GROWTH AND INCOME ETF INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- -------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------- ---------- ---------------------- ---------- 2,007,835 2,111,049 1,806,845 320,284 149,333 39,742 541,643 3,754,204 2,949,637 139,491 435,343 206,989 (721,355) (3,857,418) (2,645,433) (78,250) (264,392) (97,398) ------------ ---------------------- ------------- ---------- ---------------------- ---------- 1,828,123 2,007,835 2,111,049 381,525 320,284 149,333 ============ ====================== ============= ========== ====================== ==========
MIST T. ROWE PRICE MID CAP GROWTH MIST THIRD AVENUE SMALL CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------- ---------- ---------------------- --------- 1,725,748 1,754,850 1,702,757 96,930 66,457 22,742 685,902 2,400,707 1,928,793 30,935 54,144 49,002 (453,815) (2,429,809) (1,876,700) (73,382) (23,671) (5,287) ------------ ---------------------- ------------- ---------- ---------------------- --------- 1,957,835 1,725,748 1,754,850 54,483 96,930 66,457 ============ ====================== ============= ========== ====================== =========
MSF BLACKROCK AGGRESSIVE GROWTH MSF BLACKROCK BOND INCOME INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- ------------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------- ---------------------- ------------- ------------ ---------------------- ------------- 9,010,506 9,655,662 10,226,808 3,695,898 3,849,026 4,137,787 1,226,282 5,730,219 4,486,979 476,235 2,545,294 1,958,068 (1,623,521) (6,375,375) (5,058,125) (723,318) (2,698,422) (2,246,829) ------------- ---------------------- ------------- ------------ ---------------------- ------------- 8,613,267 9,010,506 9,655,662 3,448,815 3,695,898 3,849,026 ============= ====================== ============= ============ ====================== =============
189 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, 2011, 2010 AND 2009: MSF BLACKROCK DIVERSIFIED MSF BLACKROCK LARGE CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- ------------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------- ---------------------- ------------- ------------ ---------------------- ------------- Units beginning of year 10,826,228 11,480,151 12,136,197 1,026,360 1,018,697 924,995 Units issued and transferred from other funding options 1,401,995 7,504,390 5,841,981 229,911 1,430,731 1,160,670 Units redeemed and transferred to other funding options (2,004,555) (8,158,313) (6,498,027) (219,607) (1,423,068) (1,066,968) ------------- ---------------------- ------------- ------------ ---------------------- ------------- Units end of year 10,223,668 10,826,228 11,480,151 1,036,664 1,026,360 1,018,697 ============= ====================== ============= ============ ====================== =============
MSF DAVIS VENTURE VALUE MSF FI VALUE LEADERS INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ---------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------- ----------- ---------------------- ----------- Units beginning of year 1,632,869 1,661,533 1,580,625 493,819 478,934 451,406 Units issued and transferred from other funding options 320,460 1,634,097 1,319,611 119,587 576,474 447,507 Units redeemed and transferred to other funding options (383,606) (1,662,761) (1,238,703) (123,858) (561,589) (419,979) ------------ ---------------------- ------------- ----------- ---------------------- ----------- Units end of year 1,569,723 1,632,869 1,661,533 489,548 493,819 478,934 ============ ====================== ============= =========== ====================== ===========
MSF LOOMIS SAYLES SMALL CAP GROWTH MSF MET/ARTISAN MID CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------- --------------------------------------------- 2011 2010 2009 2011 2010 2009 ---------------- ----------------- ----------- ---------------- ---------------- ----------- Units beginning of year 597,616 592,149 579,322 222,836 191,339 196,801 Units issued and transferred from other funding options 204,191 595,787 456,755 55,960 303,121 142,199 Units redeemed and transferred to other funding options (162,053) (590,320) (443,928) (91,313) (271,624) (147,661) ---------------- ----------------- ----------- ---------------- ---------------- ----------- Units end of year 639,754 597,616 592,149 187,483 222,836 191,339 ================ ================= =========== ================ ================ ===========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. 190 MSF BLACKROCK LEGACY LARGE CAP GROWTH MSF BLACKROCK MONEY MARKET INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------- -------------------------------------------------- 2011 2010 2009 2011 2010 2009 ----------- ---------------------- ----------- ------------- ---------------------- ------------- 494,998 480,438 413,693 1,663,896 1,962,757 3,533,477 231,277 793,080 696,623 607,896 1,839,931 1,181,172 (192,473) (778,520) (629,878) (1,108,460) (2,138,792) (2,751,892) ----------- ---------------------- ----------- ------------- ---------------------- ------------- 533,802 494,998 480,438 1,163,332 1,663,896 1,962,757 =========== ====================== =========== ============= ====================== =============
MSF JENNISON GROWTH MSF LOOMIS SAYLES SMALL CAP CORE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------ -------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------ ---------- ---------------------- ---------- 1,234,658 1,148,604 1,170,101 115,539 116,312 116,157 212,585 1,009,921 646,258 19,557 70,304 70,176 (380,769) (923,867) (667,755) (39,147) (71,077) (70,021) ------------ ---------------------- ------------ ---------- ---------------------- ---------- 1,066,474 1,234,658 1,148,604 95,949 115,539 116,312 ============ ====================== ============ ========== ====================== ==========
MSF METLIFE CONSERVATIVE ALLOCATION MSF METLIFE CONSERVATIVE TO MODERATE ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------- ---------------------------------------------------- 2011 2010 2009 2011 2010 2009 ----------- ---------------------- ----------- ----------- ---------------------- --------------- 281,025 179,332 133,696 523,187 443,689 336,506 187,246 672,097 463,545 194,728 852,775 631,508 (174,309) (570,404) (417,909) (226,796) (773,277) (524,325) ----------- ---------------------- ----------- ----------- ---------------------- --------------- 293,962 281,025 179,332 491,119 523,187 443,689 =========== ====================== =========== =========== ====================== ===============
191 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, 2011, 2010 AND 2009: MSF METLIFE MID CAP STOCK INDEX MSF METLIFE MODERATE ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------- ------------ ---------------------- ------------- Units beginning of year 3,223,737 3,313,158 3,450,115 2,825,563 2,488,914 2,031,439 Units issued and transferred from other funding options 578,839 3,107,108 2,443,661 818,677 4,421,202 3,488,092 Units redeemed and transferred to other funding options (661,737) (3,196,529) (2,580,618) (593,430) (4,084,553) (3,030,617) ------------ ---------------------- ------------- ------------ ---------------------- ------------- Units end of year 3,140,839 3,223,737 3,313,158 3,050,810 2,825,563 2,488,914 ============ ====================== ============= ============ ====================== =============
MSF MFS TOTAL RETURN MSF MFS VALUE INVESTMENT DIVISION INVESTMENT DIVISION ---------------------------------------------- ----------------------------------------------- 2011 2010 2009 2011 2010 2009 ----------- ---------------------- ----------- ------------ ---------------------- ------------- Units beginning of year 568,106 580,613 469,855 3,975,344 4,056,273 4,061,727 Units issued and transferred from other funding options 110,243 701,621 595,895 685,905 3,454,529 2,678,033 Units redeemed and transferred to other funding options (149,872) (714,128) (485,137) (832,421) (3,535,458) (2,683,487) ----------- ---------------------- ----------- ------------ ---------------------- ------------- Units end of year 528,477 568,106 580,613 3,828,828 3,975,344 4,056,273 =========== ====================== =========== ============ ====================== =============
MSF NEUBERGER BERMAN MID CAP VALUE MSF OPPENHEIMER GLOBAL EQUITY INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------- ------------ ---------------------- ------------- Units beginning of year 3,179,105 3,292,949 3,355,424 2,044,692 2,111,250 2,250,790 Units issued and transferred from other funding options 498,738 3,046,306 2,427,646 348,871 1,375,412 1,043,645 Units redeemed and transferred to other funding options (637,055) (3,160,150) (2,490,121) (475,051) (1,441,970) (1,183,185) ------------ ---------------------- ------------- ------------ ---------------------- ------------- Units end of year 3,040,788 3,179,105 3,292,949 1,918,512 2,044,692 2,111,250 ============ ====================== ============= ============ ====================== =============
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. 192 MSF METLIFE MODERATE TO AGGRESSIVE ALLOCATION MSF METLIFE STOCK INDEX INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------ ----------------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------- ---------------------- ------------- ------------- ---------------------- -------------- 5,118,269 4,732,679 3,956,910 36,664,506 36,924,505 36,120,853 1,298,976 8,011,177 6,445,005 5,857,273 25,845,802 21,105,595 (1,017,009) (7,625,587) (5,669,236) (6,220,079) (26,105,801) (20,301,943) ------------- ---------------------- ------------- ------------- ---------------------- -------------- 5,400,236 5,118,269 4,732,679 36,301,700 36,664,506 36,924,505 ============= ====================== ============= ============= ====================== ==============
MSF MORGAN STANLEY EAFE INDEX MSF NEUBERGER BERMAN GENESIS INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------- ------------ ---------------------- ------------- 4,717,340 4,618,467 4,548,869 4,111,864 4,279,459 4,285,033 1,183,779 5,171,804 3,949,991 590,730 3,571,339 2,810,773 (990,468) (5,072,931) (3,880,393) (786,998) (3,738,934) (2,816,347) ------------ ---------------------- ------------- ------------ ---------------------- ------------- 4,910,651 4,717,340 4,618,467 3,915,596 4,111,864 4,279,459 ============ ====================== ============= ============ ====================== =============
MSF RUSSELL 2000 INDEX MSF T. ROWE PRICE LARGE CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------- ------------ ---------------------- ------------- 2,808,600 2,972,133 2,979,566 3,148,378 3,409,767 3,522,287 516,402 2,633,026 2,105,103 503,272 2,659,923 2,114,300 (671,877) (2,796,559) (2,112,536) (696,890) (2,921,312) (2,226,820) ------------ ---------------------- ------------- ------------ ---------------------- ------------- 2,653,125 2,808,600 2,972,133 2,954,760 3,148,378 3,409,767 ============ ====================== ============= ============ ====================== =============
193 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, 2011, 2010 AND 2009: MSF VAN ECK GLOBAL NATURAL MSF T. ROWE PRICE SMALL CAP GROWTH RESOURCES INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ---------------------- 2011 2010 2009 2011 (f) ------------ ---------------------- ------------- ---------------------- Units beginning of year 4,055,742 4,272,691 4,498,247 -- Units issued and transferred from other funding options 645,717 2,453,679 1,930,920 83 Units redeemed and transferred to other funding options (762,735) (2,670,628) (2,156,476) (2) ------------ ---------------------- ------------- ---------------------- Units end of year 3,938,724 4,055,742 4,272,691 81 ============ ====================== ============= ======================
PIMCO VIT ALL ASSET INVESTMENT PIMCO VIT LOW DURATION DIVISION INVESTMENT DIVISION ------------- ------------------------------------------- 2011 (f) 2011 2010 2009 (e) ------------- --------- ---------------------- ---------- Units beginning of year -- 65,497 66,450 -- Units issued and transferred from other funding options 8,680 16,680 -- 66,978 Units redeemed and transferred to other funding options (31) (1,813) (953) (528) ------------- --------- ---------------------- ---------- Units end of year 8,649 80,364 65,497 66,450 ============= ========= ====================== ==========
ROYCE MICRO-CAP ROYCE SMALL-CAP INVESTMENT DIVISION INVESTMENT DIVISION ---------------------- -------------------------------------------- 2011 2010 (b) 2011 2010 2009 (h) --------- ------------ ---------- ---------------------- ---------- Units beginning of year 19,226 -- 26,235 4,703 -- Units issued and transferred from other funding options 1,095 19,549 66,609 35,416 4,771 Units redeemed and transferred to other funding options (848) (323) (40,769) (13,884) (68) --------- ------------ ---------- ---------------------- ---------- Units end of year 19,473 19,226 52,075 26,235 4,703 ========= ============ ========== ====================== ==========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 and began transactions in 2009. 194 MSF WESTERN ASSET MANAGEMENT MSF WESTERN ASSET MANAGEMENT STRATEGIC BOND OPPORTUNITIES U.S. GOVERNMENT INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------ ------------------------------------------------- 2011 2010 2009 2011 2010 2009 ------------ ---------------------- ------------ ------------ ---------------------- ------------- 1,145,809 1,115,618 1,106,833 1,021,769 1,063,071 1,059,598 190,447 1,232,736 931,022 193,206 1,297,550 1,058,237 (267,433) (1,202,545) (922,237) (257,910) (1,338,852) (1,054,764) ------------ ---------------------- ------------ ------------ ---------------------- ------------- 1,068,823 1,145,809 1,115,618 957,065 1,021,769 1,063,071 ============ ====================== ============ ============ ====================== =============
C> PIONEER VCT EMERGING MARKETS PIONEER VCT MID CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------- ------------------------------------------------------ 2011 2010 2009 2011 2010 2009 (d) ---------- ---------------------- --------- ------------------ ---------------- ------------------ 41,431 37,577 13,031 2,302 586 -- 15,775 11,637 26,780 1,144 1,815 604 (35,090) (7,783) (2,234) (140) (99) (18) ---------- ---------------------- --------- ------------------ ---------------- ------------------ 22,116 41,431 37,577 3,306 2,302 586 ========== ====================== ========= ================= ================ ==================
UIF EMERGING MARKETS DEBT UIF EMERGING MARKETS EQUITY INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------- ---------------------------------------------------- 2011 2010 2009 (h) 2011 2010 2009 (h) --------- ---------------------- ---------- ------------------ ---------------------- ---------- 259 223 -- 13,018 442 -- 14,310 79 302 46,847 13,146 714 (686) (43) (79) (16,430) (570) (272) --------- ---------------------- ---------- ------------------ ---------------------- ---------- 13,883 259 223 43,435 13,018 442 ========= ====================== ========== ================== ====================== ==========
195 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, 2011, 2010 AND 2009: WELLS FARGO VT TOTAL RETURN BOND INVESTMENT DIVISION ---------------------------------------------- 2011 2010 2009 ---------- ------------------------ ---------- Units beginning of year 75,281 39,845 15,329 Units issued and transferred from other funding options 4,877 56,222 36,270 Units redeemed and transferred to other funding options (71,469) (20,786) (11,754) ---------- ------------------------ ---------- Units end of year 8,689 75,281 39,845 ========== ======================== ==========
(a) Commenced on May 1, 2005 and began transactions in 2009. (b) Commenced on November 10, 2008 and began transactions in 2010. (c) Commenced on May 4, 2009 and began transactions in 2011. (d) Commenced on April 28, 2008 and began transactions in 2009. (e) For the period May 4, 2009 to December 31, 2009. (f) For the period May 2, 2011 to December 31, 2011. (g) For the period May 3, 2010 to December 31, 2010. (h) Commenced on November 10, 2008 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 The Company sells a number of variable life products, which have unique combinations of features and fees, some of which directly affect the unit values of the Investment Divisions. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns. The following 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, 2011: AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31 ------------------------------------ --------------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) --------- -------------- ----------- ------------- ----------- ------------------- AllianceBernstein Global 2011 914,212 4.70 4,293,695 0.43 0.00 (23.40) Thematic Growth Investment 2010 19,486 6.13 119,488 1.84 0.00 18.58 Division 2009 25,043 5.17 129,504 -- 0.00 53.14 2008 14,644 3.38 49,447 -- 0.00 (47.48) 2007 8,261 6.43 53,097 -- 0.00 19.96 AllianceBernstein 2011 3,232 14.63 47,286 4.56 0.00 6.38 Intermediate Bond Investment 2010 3,146 13.75 43,265 5.90 0.00 8.93 Division (Commenced 5/1/2005 2009 2,242 12.62 28,308 4.18 0.00 18.20 and began transactions in 2009) AllianceBernstein International 2011 9 15.08 141 1.92 0.00 (19.25) Value Investment Division 2010 73 18.68 1,357 2.40 0.00 13.41 (Commenced 11/10/2008 and began transactions in 2010) American Century VP Vista 2011 679 12.74 8,654 -- 0.00 (7.90) Investment Division 2010 5,360 13.83 74,155 -- 0.00 23.88 2009 13,115 11.17 146,455 -- 0.00 22.47 2008 8,686 9.12 79,193 -- 0.00 (48.63) 2007 1,642 17.75 29,133 -- 0.00 39.76 American Funds Bond 2011 367,699 11.99 - 21.23 4,735,459 3.08 0.00 - 0.90 5.15 - 6.10 Investment Division 2010 361,073 11.41 - 20.00 4,365,031 3.15 0.00 - 0.90 5.49 - 6.44 2009 335,183 10.81 - 18.79 3,760,642 3.37 0.90 11.60 - 12.61 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 American Funds Global Small 2011 2,037,588 23.74 - 30.03 52,474,989 1.33 0.00 - 0.90 (19.87) - (19.14) Capitalization Investment 2010 2,114,920 29.62 - 37.13 67,405,353 1.74 0.00 - 0.90 21.32 - 22.41 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 American Funds Growth 2011 1,353,057 20.02 - 219.03 118,199,510 0.61 0.00 - 0.90 (5.13) - (4.27) Investment Division 2010 1,411,108 20.92 - 228.81 127,437,855 0.73 0.00 - 0.90 17.62 - 18.68 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 American Funds Growth-Income 2011 1,453,945 44.65 - 149.67 71,256,817 1.57 0.00 - 0.90 (2.71) - (1.83) Investment Division 2010 1,483,095 45.89 - 152.46 73,861,194 1.51 0.00 - 0.90 10.43 - 11.43 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
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 -------------------------------- --------------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) ------- ------------- ---------- ------------- ----------- ------------------- American Funds International 2011 21,039 24.94 524,711 1.50 0.00 (13.96) Investment Division 2010 27,930 28.99 809,625 2.23 0.00 7.23 (Commenced 4/28/2008) 2009 17,214 27.03 465,344 1.51 0.00 43.07 2008 2,335 18.89 44,134 2.51 0.00 (39.19) American Funds U.S. Government/ 2011 2,025 22.49 45,539 1.73 0.00 7.57 AAA-Rated Securities 2010 1,810 20.90 37,830 1.49 0.00 5.75 Investment Division 2009 4,564 19.77 90,231 3.32 0.00 2.50 (Commenced 4/28/2008) 2008 1,808 19.29 34,883 2.26 0.00 6.61 Dreyfus VIF International 2011 16,153 11.40 184,061 1.88 0.00 (18.76) Value Investment Division 2010 16,502 14.03 231,464 1.53 0.00 4.22 2009 21,676 13.45 291,742 3.77 0.00 30.67 2008 33,156 10.30 341,560 2.14 0.00 (37.50) 2007 42,550 16.48 701,093 1.66 0.00 3.97 Fidelity VIP Asset Manager: 2011 138,116 10.36 1,430,516 1.33 0.00 (6.27) Growth Investment Division 2010 172,460 11.05 1,905,608 1.12 0.00 16.18 2009 181,097 9.51 1,722,435 1.60 0.00 32.79 2008 126,890 7.16 908,867 1.87 0.00 (35.88) 2007 112,746 11.17 1,259,390 4.07 0.00 18.83 Fidelity VIP Contrafund 2011 157,450 13.67 2,151,649 0.83 0.00 (2.64) Investment Division 2010 190,755 14.04 2,677,373 0.96 0.00 17.11 2009 332,757 11.99 3,988,185 1.48 0.00 35.66 2008 218,160 8.83 1,927,330 0.90 0.00 (42.60) 2007 188,529 15.39 2,902,318 0.91 0.00 11.44 Fidelity VIP Equity-Income 2011 1,549 12.00 18,589 0.35 0.00 0.86 Investment Division 2010 17,040 11.90 202,690 1.60 0.00 15.09 2009 23,778 10.33 245,766 1.95 0.00 30.03 2008 72,691 7.95 577,801 1.89 0.00 (42.69) 2007 87,700 13.87 1,216,664 3.23 0.00 (0.93) Fidelity VIP Freedom 2010 2011 3,238 10.55 34,144 2.18 0.00 (0.63) Investment Division 2010 3,002 10.61 31,860 2.67 0.00 12.45 (Commenced 4/28/2008) 2009 1,541 9.44 - 12.05 14,548 3.32 0.45 23.72 - 24.27 2008 3,089 7.63 - 9.69 23,569 6.53 0.45 (23.71) - (23.48) Fidelity VIP Freedom 2020 2011 53,514 10.01 - 13.53 699,714 2.10 0.00 (1.47) - (1.03) Investment Division 2010 56,297 10.16 - 13.67 738,702 2.26 0.00 13.98 - 14.49 (Commenced 4/28/2008) 2009 56,341 8.91 - 11.94 648,511 4.16 0.45 28.40 - 28.97 2008 4,617 6.94 - 9.26 37,721 4.51 0.45 (30.60) - (30.39) Fidelity VIP Freedom 2030 2011 6,028 9.45 - 13.00 56,970 1.97 0.00 (3.03) - (2.59) Investment Division 2010 9,011 9.75 - 13.35 108,191 2.42 0.00 15.56 - 16.08 (Commenced 4/28/2008) 2009 3,665 8.43 - 11.50 31,738 2.47 0.45 31.07 - 31.66 2008 3,324 6.43 - 8.74 21,387 6.89 0.45 (35.65) - (35.46) Fidelity VIP Freedom 2050 2011 1,492 10.34 15,438 1.77 0.00 (5.36) Investment Division (Commenced 5/4/2009 and began transactions in 2011)
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 ------------------------------ ---------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) ------- ----------- ---------- ------------- ----------- -------------- Fidelity VIP High Income 2011 2,677 16.14 43,223 37.24 0.00 4.03 Investment Division 2010 294 15.52 4,565 4.94 0.00 13.82 (Commenced 4/28/2008 and 2009 3,001 13.63 40,915 26.74 0.00 43.96 began transactions in 2009) Fidelity VIP Investment 2011 117,053 14.93 1,747,852 4.67 0.00 7.21 Grade Bond Investment Division 2010 38,436 13.93 535,344 4.23 0.00 7.68 2009 18,087 12.93 233,950 10.75 0.00 15.67 2008 3,908 11.18 43,701 1.19 0.00 (3.35) 2007 73,675 11.57 852,372 0.68 0.00 4.23 Fidelity VIP Mid Cap 2011 24,942 24.62 613,958 0.03 0.00 (10.85) Investment Division 2010 16,733 27.61 462,031 0.15 0.00 28.57 (Commenced 4/28/2008) 2009 10,051 21.48 215,869 0.29 0.00 39.75 2008 2,071 15.37 31,825 0.15 0.00 (46.25) FTVIPT Mutual Global 2011 44,626 17.56 783,835 2.31 0.00 (2.96) Discovery Securities Investment 2010 53,444 18.10 967,332 1.39 0.00 11.96 Division 2009 54,588 16.17 882,515 0.75 0.00 23.31 2008 140,006 13.11 1,835,518 2.51 0.00 (28.44) 2007 93,103 18.32 1,706,062 1.59 0.00 11.84 FTVIPT Templeton Foreign 2011 203,775 14.83 3,021,785 1.67 0.00 (10.44) Securities Investment Division 2010 558,309 16.56 9,244,694 2.02 0.00 8.67 2009 520,792 15.24 7,935,141 3.61 0.00 37.34 2008 527,866 11.09 5,856,168 2.58 0.00 (40.23) 2007 504,436 18.56 9,363,624 2.07 0.00 15.78 FTVIPT Templeton Global 2011 14,004 20.66 289,345 3.79 0.00 (0.61) Bond Securities Investment 2010 179 20.79 3,728 0.20 0.00 14.71 Division (Commenced 5/4/2009) 2009 204 18.12 3,704 -- 0.00 95.55 Goldman Sachs Mid-Cap Value 2011 19,234 13.95 268,248 0.67 0.00 (6.37) Investment Division 2010 24,643 14.90 367,089 0.70 0.00 25.00 2009 27,552 11.92 328,341 1.09 0.00 33.15 2008 102,102 8.95 913,808 1.06 0.00 (37.33) 2007 84,789 14.28 1,210,921 1.16 0.00 (0.70) Goldman Sachs Structured 2011 4,148 12.12 50,259 0.82 0.00 0.67 Small Cap Equity Investment 2010 4,258 12.04 51,252 0.57 0.00 30.12 Division 2009 7,623 9.25 70,508 1.46 0.00 27.67 2008 6,818 7.24 49,396 0.66 0.00 (33.96) 2007 12,264 10.97 134,527 0.51 0.00 (17.46) Invesco V.I. Global Real 2011 54,002 27.60 1,490,644 4.08 0.00 (6.51) Estate Investment Division 2010 54,093 29.53 1,597,111 5.17 0.00 17.51 2009 59,960 25.13 1,506,522 -- 0.00 31.53 2008 76,172 19.10 1,455,085 5.47 0.00 (44.65) 2007 74,508 34.51 2,571,266 5.97 0.00 (12.34) Invesco V.I. Government 2011 1,570 13.69 21,491 -- 0.00 7.73 Securities Investment Division (Commenced 5/2/2011)
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 ------------------------------ ---------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) ------- ----------- ---------- ------------- ----------- -------------- Invesco V.I. International 2011 1,308 17.89 23,407 1.52 0.00 (6.74) Growth Investment Division 2010 14,201 19.18 272,411 2.40 0.00 12.86 (Commenced 4/28/2008 and 2009 1,080 17.00 18,360 1.38 0.00 35.24 began transactions in 2009) Invesco V.I. Van Kampen 2011 17,951 10.59 190,062 0.44 0.00 (2.11) Comstock Investment Division 2010 2,966 10.82 32,084 -- 0.00 19.94 (Commenced 5/3/2010) Janus Aspen Balanced 2011 81,522 16.43 1,339,788 2.04 0.00 1.36 Investment Division 2010 155,834 16.22 2,526,859 2.71 0.00 8.12 2009 99,381 15.00 1,490,464 2.93 0.00 25.58 2008 20,633 11.94 246,409 3.65 0.00 (16.08) 2007 5,625 14.23 80,035 3.00 0.00 10.31 Janus Aspen Forty 2011 45,616 15.41 703,136 0.24 0.00 (6.94) Investment Division 2010 73,218 16.56 1,212,768 0.24 0.00 6.48 2009 61,130 15.56 950,941 0.01 0.00 46.01 2008 45,182 10.65 475,295 0.01 0.00 (44.31) 2007 27,126 19.13 518,927 0.25 0.00 36.64 Janus Aspen Janus 2011 85,791 10.00 858,094 0.24 0.00 (5.30) Investment Division 2010 741,523 10.56 7,832,002 1.09 0.00 14.52 2009 718,894 9.22 6,630,451 0.54 0.00 36.35 2008 685,791 6.76 4,638,873 0.74 0.00 (39.71) 2007 643,417 11.22 7,219,885 0.74 0.00 15.08 Janus Aspen Overseas 2011 15,536 22.15 344,135 0.10 0.00 (32.34) Investment Division 2010 11,481 32.74 375,851 0.73 0.00 25.02 (Commenced 4/28/2008) 2009 3,135 26.19 82,093 0.46 0.00 79.07 2008 1,777 14.62 25,984 -- 0.00 (52.68) MFS VIT Global Equity 2011 356 15.23 5,414 0.67 0.00 (4.53) Investment Division 2010 14,222 15.95 226,794 0.78 0.00 12.05 2009 5,543 14.23 78,884 2.04 0.00 31.80 2008 5,386 10.80 58,159 0.76 0.00 (33.95) 2007 3,948 16.35 64,569 1.71 0.00 8.93 MFS VIT High Income 2011 8,896 15.21 135,311 8.93 0.00 3.86 Investment Division 2010 9,020 14.65 132,109 7.00 0.00 14.40 2009 9,209 12.80 117,897 1.48 0.00 45.22 2008 354 8.82 3,111 10.38 0.00 (28.67) 2007 1,776 12.36 21,944 9.79 0.00 1.56 MFS VIT New Discovery 2011 7,919 15.46 122,395 -- 0.00 (10.49) Investment Division 2010 7,814 17.27 134,923 -- 0.00 35.94 (Commenced 5/3/2004 and 2009 396 12.70 5,029 -- 0.00 62.92 began transactions in 2007) 2008 249 7.80 1,942 -- 0.00 (39.52) 2007 253 12.89 3,269 -- 0.00 2.25
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 ------------------------------------ --------------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) ---------- ------------- ----------- ------------- ----------- ------------------- MFS VIT Value Investment 2011 3,138 14.12 44,299 1.45 0.00 (0.47) Division 2010 5,577 14.18 79,095 1.32 0.00 11.22 (Commenced 5/3/2004 and 2009 5,803 12.75 74,001 1.24 0.00 22.45 began transactions in 2007) 2008 6,081 10.41 63,334 6.73 0.00 (32.72) 2007 2,966 15.48 45,933 -- 0.00 7.56 MIST American Funds Balanced 2011 50,766 10.16 515,995 1.44 0.00 (1.80) Allocation Investment Division 2010 41,296 10.35 427,406 1.26 0.00 12.40 (Commenced 4/28/2008) 2009 23,102 9.21 212,728 -- 0.00 30.06 2008 1,427 7.08 10,107 5.25 0.00 (29.27) MIST American Funds Growth 2011 82,817 9.43 781,245 1.38 0.00 (4.41) Allocation Investment Division 2010 71,574 9.87 706,300 0.62 0.00 13.78 (Commenced 4/28/2008) 2009 15,564 8.67 134,986 -- 0.00 34.36 2008 2,439 6.45 15,747 8.38 0.00 (35.51) MIST American Funds Moderate 2011 37,706 10.65 401,606 1.66 0.00 0.44 Allocation Investment Division 2010 23,584 10.60 250,094 1.38 0.00 10.15 (Commenced 4/28/2008) 2009 9,961 9.63 95,893 -- 0.00 23.90 2008 593 7.77 4,607 6.80 0.00 (22.46) MIST BlackRock Large Cap 2011 12,762,727 8.43 - 36.66 291,615,739 1.12 0.00 - 0.90 (0.36) - 0.54 Core Investment Division 2010 13,468,383 8.42 - 36.79 309,489,536 1.34 0.00 - 0.90 11.73 - 12.73 (Commenced 4/30/2007) 2009 14,107,746 7.50 - 32.93 291,577,776 1.61 0.45 - 0.90 18.37 - 19.43 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 Clarion Global Real 2011 1,311,823 14.06 - 15.06 19,560,387 4.03 0.00 - 0.90 (6.12) - (5.28) Estate Investment Division 2010 1,342,988 14.98 - 15.90 21,160,564 8.28 0.00 - 0.90 15.24 - 16.28 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) MIST Dreman Small Cap Value 2011 2,480 14.49 35,938 1.63 0.00 (10.12) Investment Division 2010 1,705 16.12 27,489 0.82 0.00 19.53 (Commenced 4/28/2008) 2009 1,271 13.49 17,136 -- 0.00 29.09 2008 11 10.45 120 -- 0.00 (25.08) MIST Harris Oakmark 2011 1,483,192 9.53 - 18.68 27,216,742 0.03 0.00 - 0.90 (14.75) - (13.98) International Investment Division 2010 1,473,309 20.09 - 21.72 31,544,698 2.05 0.00 - 0.90 15.63 - 16.67 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) MIST Invesco Small Cap 2011 279,254 14.80 - 18.28 4,412,967 -- 0.00 - 0.90 (1.73) - (0.85) Growth Investment Division 2010 280,254 15.06 - 18.44 4,469,898 -- 0.00 - 0.90 25.34 - 26.47 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
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 ----------------------------------- --------------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) --------- -------------- ---------- ------------- ----------- ------------------- MIST Janus Forty Investment 2011 1,093,634 10.07 - 329.01 12,484,277 1.80 0.00 - 0.90 (8.16) - (7.32) Division (Commenced 4/30/2007) 2010 1,185,626 10.96 - 355.01 14,254,655 1.71 0.00 - 0.90 8.70 - 9.68 2009 1,122,196 10.08 - 323.68 12,100,411 -- 0.90 41.93 - 43.21 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 Lazard Mid Cap 2011 358,406 12.90 - 17.20 5,277,678 0.92 0.00 - 0.90 (5.98) - (5.13) Investment Division 2010 360,447 13.62 - 18.13 5,585,124 1.05 0.00 - 0.90 22.15 - 23.25 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) MIST Legg Mason ClearBridge 2011 1,353,551 7.98 - 9.38 12,365,794 0.08 0.00 - 0.90 (8.33) - 3.56 Aggressive Growth Investment 2010 888,257 7.56 - 9.05 7,832,576 0.06 0.00 - 0.90 22.94 - 24.05 Division 2009 918,435 6.11 - 7.30 6,533,459 0.12 0.90 32.26 - 33.45 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 MIST Lord Abbett Bond 2011 1,085,311 20.52 - 30.90 25,730,993 5.96 0.00 - 0.90 3.89 - 4.83 Debenture Investment Division 2010 1,222,207 19.75 - 29.48 27,673,730 6.47 0.00 - 0.90 12.16 - 13.18 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 MIST Lord Abbett Mid Cap 2011 9,000 13.43 120,858 0.53 0.00 (3.69) Value Investment Division 2010 7,974 13.94 111,190 0.58 0.00 25.53 2009 9,319 11.11 103,521 2.10 0.00 26.53 2008 10,463 8.78 91,851 0.25 0.00 (38.78) 2007 4,638 14.34 66,500 0.94 0.00 0.63 MIST Met/Franklin Income 2011 19,993 11.88 237,483 4.33 0.00 2.39 Investment Division 2010 13,040 11.60 151,292 3.26 0.00 12.13 (Commenced 4/28/2008) 2009 5,364 10.35 55,505 -- 0.00 28.05 2008 2,408 8.08 19,461 4.29 0.00 (19.19) MIST Met/Franklin Mutual 2011 8,617 9.27 79,913 2.90 0.00 (0.27) Shares Investment Division 2010 6,134 9.30 57,042 -- 0.00 11.23 (Commenced 4/28/2008) 2009 2,904 8.36 24,280 -- 0.00 25.15 2008 1,208 6.68 8,064 3.53 0.00 (33.20) MIST Met/Franklin Templeton 2011 27,693 9.96 275,812 1.86 0.00 (1.45) Founding Strategy Investment 2010 25,753 10.11 260,280 -- 0.00 10.36 Division (Commenced 4/28/2008) 2009 21,298 9.16 195,055 -- 0.00 28.84 2008 1,503 7.11 10,681 7.79 0.00 (28.92) MIST Met/Templeton Growth 2011 6,014 8.90 53,526 1.44 0.00 (6.61) Investment Division 2010 5,088 9.53 48,492 0.98 0.00 7.88 (Commenced 4/28/2008) 2009 2,173 8.83 19,197 0.02 0.00 33.08 2008 480 6.64 3,188 1.08 0.00 (33.62) MIST MetLife Aggressive Strategy 2011 1,049,786 10.97 - 114.35 12,472,661 -- 0.00 - 0.90 (13.94) - (10.95) Investment Division (Commenced 5/2/2011)
202 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 ------------------------------------ --------------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) ---------- ------------- ----------- ------------- ----------- ------------------- MIST MFS Emerging Markets Equity 2011 2,070 11.09 22,950 -- 0.00 (22.19) Investment Division (Commenced 5/2/2011) MIST MFS Research International 2011 820,338 13.07 - 15.26 12,176,899 2.07 0.00 - 0.90 (11.23) - (10.44) Investment Division 2010 838,110 14.64 - 17.04 13,920,818 1.89 0.00 - 0.90 10.65 - 11.65 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 MIST Morgan Stanley Mid Cap 2011 12,356,734 6.22 - 17.47 178,350,417 0.73 0.00 - 0.90 (7.50) - (6.67) Growth Investment Division 2010 13,121,650 6.67 - 18.71 203,754,931 -- 0.00 - 0.90 17.91 - 32.19 (Commenced 5/3/2004 and 2009 23,317 13.14 - 14.13 306,427 -- 0.00 57.27 - 57.83 began transactions in 2007) 2008 1,987 8.35 - 8.96 16,600 1.36 0.00 (46.77) - (43.85) 2007 2,000 15.69 31,371 -- 0.00 23.52 MIST Oppenheimer Capital 2011 153,394 9.79 - 11.52 1,734,835 0.34 0.00 - 0.90 (1.86) - (0.97) Appreciation Investment Division 2010 155,354 9.89 - 11.63 1,779,611 0.66 0.00 - 0.90 8.70 - 9.68 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 MIST PIMCO Inflation 2011 700,157 11.56 - 17.42 10,519,501 1.74 0.00 - 0.90 10.23 - 11.49 Protected Bond Investment 2010 653,613 12.97 - 15.63 8,812,538 2.54 0.00 - 0.90 7.04 - 8.00 Division 2009 618,801 12.12 - 14.47 7,734,444 3.75 0.90 17.31 - 18.37 2008 523,888 10.33 - 12.23 5,523,166 3.28 0.90 (9.73) - (6.61) 2007 80,592 11.16 - 11.33 911,539 1.27 0.90 10.06 - 11.08 MIST PIMCO Total Return 2011 2,427,091 10.79 - 19.95 47,131,879 2.84 0.00 - 0.90 2.50 - 3.42 Investment Division 2010 2,450,427 17.69 - 19.29 46,602,262 3.66 0.00 - 0.90 7.44 - 8.41 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 MIST Pioneer Fund 2011 13,480 13.08 176,354 1.21 0.00 (4.55) Investment Division 2010 17,938 13.71 245,860 0.90 0.00 17.93 (Commenced 5/4/2009) 2009 20,277 11.79 239,136 -- 0.00 17.93 MIST RCM Technology 2011 1,828,123 6.67 - 7.34 13,216,535 -- 0.00 - 0.90 (10.60) - (9.79) Investment Division 2010 2,007,835 7.46 - 8.14 16,113,886 -- 0.00 - 0.90 27.12 - 28.27 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 MIST SSgA Growth and Income 2011 381,525 11.55 - 12.90 4,611,127 1.79 0.00 - 0.90 0.37 - 1.28 ETF Investment Division 2010 320,284 11.51 - 12.74 3,818,907 1.29 0.00 - 0.90 11.60 - 12.61 2009 149,333 10.31 - 11.31 1,581,109 1.61 0.90 23.84 - 24.96 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
203 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 ------------------------------------ --------------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) ---------- ------------- ----------- ------------- ----------- ------------------- MIST SSgA Growth ETF 2011 299,115 10.59 - 12.05 3,309,518 1.76 0.00 - 0.90 (2.75) - (1.86) Investment Division 2010 237,751 10.89 - 12.28 2,679,381 1.57 0.00 - 0.90 13.35 - 14.37 2009 181,473 9.61 - 10.74 1,789,007 1.53 0.90 28.34 - 29.51 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 MIST T. Rowe Price Large 2011 108,604 9.96 1,081,554 0.51 0.00 (3.77) Cap Value Investment Division 2010 601,441 10.35 6,224,061 1.22 0.00 17.33 2009 585,353 8.82 5,163,011 2.45 0.00 18.67 2008 569,914 7.43 - 48.32 4,235,811 1.80 0.00 (36.20) - (32.76) 2007 539,972 11.65 6,289,386 1.00 0.00 4.02 MIST T. Rowe Price Mid Cap 2011 1,957,835 11.07 - 18.03 25,204,627 -- 0.00 - 0.90 (2.28) - (1.39) Growth Investment Division 2010 1,725,748 11.33 - 18.33 21,234,908 -- 0.00 - 0.90 26.93 - 28.07 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 MIST Third Avenue Small Cap 2011 54,483 14.79 806,051 0.92 0.00 (8.98) Value Investment Division 2010 96,930 16.25 1,575,589 1.05 0.00 19.90 2009 66,457 13.56 900,994 0.62 0.00 26.45 2008 22,742 10.72 243,831 0.70 0.00 (29.73) 2007 24,943 15.28 381,064 0.85 0.00 (2.98) MSF Artio International 2011 2,947,427 10.02 - 15.01 35,919,561 1.77 0.00 - 0.90 (20.59) - (19.87) Stock Investment Division 2010 2,985,340 12.56 - 18.74 45,766,876 1.57 0.00 - 0.90 6.25 - 7.21 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 MSF Barclays Capital Aggregate 2011 5,367,889 17.85 - 20.54 108,763,587 3.52 0.00 - 0.90 6.55 - 7.51 Bond Index Investment 2010 6,069,208 16.75 - 19.11 114,484,755 3.72 0.00 - 0.90 5.10 - 6.05 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 MSF BlackRock Aggressive 2011 8,613,267 16.80 - 63.39 184,990,795 0.30 0.00 - 0.90 (3.87) - (3.00) Growth Investment Division 2010 9,010,506 17.39 - 65.35 200,141,525 0.07 0.00 - 0.90 14.27 - 15.30 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 MSF BlackRock Bond Income 2011 3,448,815 18.67 - 88.42 84,065,205 3.92 0.00 - 0.90 5.61 - 6.56 Investment Division 2010 3,695,898 17.52 - 82.97 84,862,836 3.95 0.00 - 0.90 7.37 - 8.34 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 MSF BlackRock Diversified 2011 10,223,668 15.50 - 62.70 255,554,192 2.43 0.00 - 0.90 2.87 - 3.81 Investment Division 2010 10,826,228 14.93 - 60.41 263,102,316 1.90 0.00 - 0.90 8.67 - 9.65 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
204 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 ------------------------------------ --------------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) --------- --------------- ---------- ------------- ----------- ------------------- MSF BlackRock Large Cap 2011 1,036,664 11.95 - 13.03 13,313,052 1.11 0.00 - 0.90 1.43 - 2.35 Value Investment Division 2010 1,026,360 11.78 - 12.73 12,899,137 1.05 0.00 - 0.90 8.24 - 9.22 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 MSF BlackRock Legacy Large 2011 533,802 9.33 - 37.56 7,367,810 0.19 0.00 - 0.90 (9.76) - (8.94) Cap Growth Investment Division 2010 494,998 10.25 - 41.25 7,322,523 0.23 0.00 - 0.90 18.75 - 19.82 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 MSF BlackRock Money Market 2011 1,163,332 17.51 - 17.98 20,783,208 -- 0.00 - 0.90 (0.89) - 0.00 Investment Division 2010 1,663,896 17.66 - 17.98 29,818,336 0.01 0.00 - 0.90 (0.89) - 0.01 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 MSF Davis Venture Value 2011 1,569,723 12.50 - 41.31 53,650,792 1.15 0.00 - 0.90 (4.89) - (4.03) Investment Division 2010 1,632,869 13.03 - 43.04 57,910,618 1.00 0.00 - 0.90 11.00 - 12.00 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 MSF FI Value Leaders 2011 489,548 9.83 - 32.38 6,065,829 1.10 0.00 - 0.90 (6.99) - (6.15) Investment Division 2010 493,819 10.47 - 34.50 6,488,932 1.56 0.00 - 0.90 13.54 - 14.56 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 MSF Jennison Growth 2011 1,066,474 6.47 - 14.29 14,166,486 0.28 0.00 - 0.90 (0.39) - 0.51 Investment Division 2010 1,234,658 6.44 - 14.22 15,408,401 0.59 0.00 - 0.90 10.63 - 11.66 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 MSF Loomis Sayles Small Cap 2011 95,949 16.14 - 357.46 17,443,984 0.11 0.00 - 0.90 (0.31) - 0.59 Core Investment Division 2010 115,539 16.04 - 355.36 18,282,784 0.09 0.00 - 0.90 26.38 - 27.53 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 MSF Loomis Sayles Small Cap 2011 639,754 11.74 - 12.92 8,179,779 -- 0.00 - 0.90 2.06 - 2.98 Growth Investment Division 2010 597,616 11.50 - 12.54 7,430,441 -- 0.00 - 0.90 30.53 - 31.71 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 MSF Met/Artisan Mid Cap 2011 187,483 18.74 - 267.60 47,188,989 0.95 0.00 - 0.90 5.80 - 6.76 Value Investment Division 2010 222,836 17.60 - 250.67 46,601,141 0.74 0.00 - 0.90 7.99 - 15.04 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)
205 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 ------------------------------------ --------------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) ---------- -------------- ---------- ------------- ----------- ------------------- MSF MetLife Conservative 2011 293,962 13.17 - 137.56 4,371,255 2.46 0.00 - 0.90 2.55 - 3.48 Allocation Investment Division 2010 281,025 12.84 - 133.23 4,036,496 3.52 0.00 - 0.90 9.35 - 10.34 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 MSF MetLife Conservative to 2011 491,119 12.75 - 133.03 6,564,562 2.28 0.00 - 0.90 0.37 - 1.28 Moderate Allocation Investment 2010 523,187 12.70 - 131.65 6,925,701 3.39 0.00 - 0.90 10.78 - 11.78 Division 2009 443,689 11.47 - 118.05 5,262,543 3.27 0.90 22.89 - 24.00 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 MSF MetLife Mid Cap Stock 2011 3,140,839 18.32 - 20.31 62,847,615 0.90 0.00 - 0.90 (2.77) - (1.89) Index Investment Division 2010 3,223,737 18.84 - 20.70 65,796,062 0.99 0.00 - 0.90 25.15 - 26.28 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 MSF MetLife Moderate 2011 3,050,810 12.22 - 127.62 39,588,309 1.72 0.00 - 0.90 (2.02) - (1.14) Allocation Investment Division 2010 2,825,563 12.48 - 129.39 37,214,331 2.69 0.00 - 0.90 12.45 - 13.47 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 MSF MetLife Moderate to 2011 5,400,236 11.62 - 12.34 66,170,247 1.59 0.00 - 0.90 (4.42) - (3.55) Aggressive Allocation Investment 2010 5,118,269 12.16 - 126.24 65,064,069 2.27 0.00 - 0.90 13.86 - 14.89 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 MSF MetLife Stock Index 2011 36,301,700 12.50 - 56.01 668,626,167 1.66 0.00 - 0.90 0.93 - 1.84 Investment Division 2010 36,664,506 12.28 - 55.00 671,751,965 1.75 0.00 - 0.90 13.79 - 14.82 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 MSF MFS Total Return 2011 528,477 12.95 - 67.87 7,362,338 2.71 0.00 - 0.90 1.50 - 2.42 Investment Division 2010 568,106 12.76 - 66.27 7,708,272 3.01 0.00 - 0.90 9.09 - 10.08 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 MSF MFS Value Investment 2011 3,828,828 12.53 - 18.20 52,363,369 1.56 0.00 - 0.90 (0.05) - 0.85 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) MSF Morgan Stanley EAFE 2011 4,910,651 9.74 - 13.81 59,759,550 2.43 0.00 - 0.90 (13.28) - (12.50) Index Investment Division 2010 4,717,340 11.23 - 15.78 65,367,829 2.68 0.00 - 0.90 7.22 - 8.19 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
206 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 ----------------------------------- --------------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) --------- ------------- ----------- ------------- ----------- ------------------- MSF Neuberger Berman 2011 3,915,596 18.49 - 20.50 79,279,066 0.74 0.00 - 0.90 4.85 - 5.80 Genesis Investment Division 2010 4,111,864 17.63 - 19.37 78,718,096 0.51 0.00 - 0.90 20.49 - 21.58 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) MSF Neuberger Berman Mid Cap 2011 3,040,788 18.92 - 28.59 69,819,694 0.78 0.00 - 0.90 (7.25) - (6.42) Value Investment Division 2010 3,179,105 20.40 - 30.55 77,987,809 0.83 0.00 - 0.90 25.18 - 26.31 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 MSF Oppenheimer Global 2011 1,918,512 18.89 - 21.58 37,497,219 1.98 0.00 - 0.90 (9.05) - (8.24) Equity Investment Division 2010 2,044,692 20.77 - 23.52 43,706,570 1.54 0.00 - 0.90 15.19 - 16.23 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 MSF Russell 2000 Index 2011 2,653,125 14.59 - 21.28 51,171,784 1.05 0.00 - 0.90 (4.96) - (4.10) Investment Division 2010 2,808,600 15.35 - 22.19 56,596,227 1.10 0.00 - 0.90 25.78 - 26.92 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 MSF T. Rowe Price Large Cap 2011 2,954,760 10.73 - 16.99 42,317,336 0.09 0.00 - 0.90 (1.99) - (1.11) Growth Investment Division 2010 3,148,378 10.95 - 17.18 45,775,087 0.27 0.00 - 0.90 16.00 - 17.05 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 MSF T. Rowe Price Small Cap 2011 3,938,724 20.15 - 23.40 86,825,771 -- 0.00 - 0.90 0.86 - 1.77 Growth Investment Division 2010 4,055,742 19.98 - 22.99 88,004,866 -- 0.00 - 0.90 33.69 - 34.90 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 MSF Van Eck Global Natural 2011 81 162.89 13,179 -- 0.00 (22.34) Resources Investment Division (Commenced 5/2/2011) MSF Western Asset Management 2011 1,068,823 20.28 - 35.25 23,536,888 5.05 0.00 - 0.90 5.19 - 6.14 Strategic Bond Opportunities 2010 1,145,809 19.28 - 33.21 23,786,502 6.04 0.00 - 0.90 11.72 - 12.73 Investment Division 2009 1,115,618 17.25 - 29.46 20,580,082 6.60 0.90 31.04 - 32.22 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 MSF Western Asset Management 2011 957,065 15.77 - 23.91 16,435,798 1.49 0.00 - 0.90 4.56 - 5.51 U.S. Government 2010 1,021,769 15.08 - 22.66 16,633,651 2.70 0.00 - 0.90 4.86 - 5.81 Investment Division 2009 1,063,071 14.38 - 21.41 16,359,270 4.49 0.90 3.40 - 4.33 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 PIMCO VIT All Asset Investment 2011 8,649 11.12 96,138 3.04 0.00 (3.47) Division (Commenced 5/2/2011)
207 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 ----------------------------- ---------------------------------------- EXPENSE(2) TOTAL(3) UNIT VALUE INVESTMENT(1) RATIO RETURN LOWEST TO NET INCOME LOWEST TO LOWEST TO UNITS HIGHEST ($) ASSETS ($) RATIO (%) HIGHEST (%) HIGHEST (%) ------ ----------- ---------- ------------- ----------- -------------- PIMCO VIT Low Duration 2011 80,364 11.77 946,008 1.68 0.00 1.11 Investment Division 2010 65,497 11.64 762,531 1.62 0.00 5.29 (Commenced 5/4/2009) 2009 66,450 11.06 734,746 1.55 0.00 10.57 Pioneer VCT Emerging 2011 22,116 18.14 401,298 -- 0.00 (23.62) Markets Investment Division 2010 41,431 23.75 984,166 0.33 0.00 15.61 (Commenced 4/28/2008) 2009 37,577 20.55 772,123 0.96 0.00 74.02 2008 13,031 11.81 153,859 -- 0.00 (55.11) Pioneer VCT Mid Cap Value 2011 3,306 40.77 134,780 0.87 0.00 (5.64) Investment Division 2010 2,302 43.21 99,478 1.08 0.00 18.22 (Commenced 4/28/2008 and 2009 586 36.55 21,403 -- 0.00 25.58 began transactions in 2009) Royce Micro-Cap Investment 2011 19,473 15.94 310,463 2.46 0.00 (12.10) Division (Commenced 11/10/2008 2010 19,226 18.14 348,709 3.02 0.00 29.96 and began transactions in 2010) Royce Small-Cap Investment 2011 52,075 14.49 754,742 0.36 0.00 (3.28) Division (Commenced 11/10/2008 2010 26,235 14.99 393,142 0.14 0.00 20.52 and began transactions in 2009) 2009 4,703 12.43 58,471 -- 0.00 35.20 UIF Emerging Markets Debt 2011 13,883 30.33 420,998 3.50 0.00 7.03 Investment Division 2010 259 28.33 7,343 4.24 0.00 9.74 (Commenced 11/10/2008 and 2009 223 25.82 5,747 2.19 0.00 30.21 began transactions in 2009) UIF Emerging Markets Equity 2011 43,435 12.42 539,388 0.35 0.00 (18.22) Investment Division 2010 13,018 15.18 197,669 0.57 0.00 19.02 (Commenced 11/10/2008 and 2009 442 12.76 5,643 -- 0.00 69.84 began transactions in 2009) Wells Fargo VT Total Return 2011 8,689 15.56 135,214 2.74 0.00 8.33 Bond Investment Division 2010 75,281 14.37 1,081,415 3.35 0.00 7.04 2009 39,845 13.42 534,737 4.42 0.00 12.00 2008 15,329 11.98 183,674 4.82 0.00 2.41 2007 9,697 11.70 113,479 4.64 0.00 6.17
(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. 208